X Ltd. wants to issue 1000 shares through a book built offer within a Price Band of ₹130 to ₹150. Bids are received as follows: Bid Price No. of Shares Total Demand 1 ₹150 200 200 2 ₹140 300 500 3 ₹138 500 1000 4 ₹130 10

Regulation 32(1) & 129 (1) of SEBI (ICDR) Regulations, 2018 provides that in a book-built offer, where the issuer fulfils the eligibility criteria regarding net tangible assets, average operating profit, net worth etc., the allocation pattern in the net offer shall be as follows: Not less than 35% to the retail individual investors. Not less than 15% to non-institutional investors. Not more than 50% to the QIBs of which 5 per cent shall be reserved for mutual funds. However, the unsubscribed portion in either of the categories specified in (a) & (b) may be allocated to applicants in any other category. Further, in addition to 5% allocation available in terms of clause (c), mutual funds shall be eligible for allocation under the balance available for qualified institutional buyers.