RST Ltd is preparing to issue a 10 crore specified securities offered at ₹600 per share. The total specified securities also include offer made to: Qualified Institutional Buyers (QIBs) - 6.66 crore specified securities

2. As per Regulation 47 of SEBI (Issue of Capital and Disclosures) Requirements Regulations, 2018 a person shall not make an application in the net offer category for a number of specified securities that exceeds the total number of specified securities offered to the public. However, the maximum application by non-institutional investors shall not exceed total number of specified securities offered in the issue less total number of specified securities offered in the issue to qualified institutional buyers. Accordingly, the maximum number of specified securities which a non-institutional investor can apply are: Securities offered in the issue (A) 10 crore Less: Securities offered to QIB (B) 6.66 crore Net available to non-institutional investors (A-B) 3.34 crore Thus, the total number of specified securities to non-institutional investors shall not exceed 3.34 crore.