"An issuer can offer specified securities at different prices". Comment.

Under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, an issuer can offer specified securities at different prices, subject to the following: retail individual investors or retail individual shareholders or employees entitled for reservation may be offered specified securities at a price not lower than by more than ten per cent. of the price at which net offer is made to other categories of applicants, excluding anchor investors; In other words, if the issue price to the other categories of applicants is ₹100 the price at which the securities can be offered to the reserved categories shall not be less than ₹90; in case of a book built issue, the price of the specified securities offered to an anchor investor should not be lower than the price offered to other applicants; in case of a composite issue, the price of the specified securities offered in the public issue can be different from the price offered in rights issue and justification for such price difference should be given in the offer document; in case the issuer opts for the alternate method of book building, the issuer may offer the specified securities to its employees at a price not lower by more than 10% of the floor price.