Distinguish between the following: 'Red-Herring Prospectus' and 'Abridged Prospectus'.

According to explanation to Section 32, the expression 'red herring prospectus' means a prospectus which does not include complete particulars of the quantum or price of the securities included therein. Red-Herring Prospectus is issued prior to the issue of a prospectus by a company proposing to make an offer of securities. It is required to be filed with the Registrar of Companies at least 3 days prior to the opening of the subscription list and the offer. It carries same obligations as are applicable to a prospectus and any variation between such prospectus and the prospectus shall be highlighted as variations in the prospectus. Upon closing of the offer of securities, the prospectus stating therein the total capital raised, whether by way of debt or share capital and closing price of the securities and any other details as are not included in such prospectus shall be filed with the Registrar and the SEBI. This is issued during book building process and contains either the floor price of securities offered or a price band along with the range within which bids can move. [Sec.32]. Whereas, Abridged Prospectus means a memorandum containing such salient features of a prospectus as may be specified by the SEBI by making regulations in this behalf. No form of application for purchase of any securities of a company issued without attaching an abridged prospectus. However, this is not applicable (a) where the offer is made in connection with the bona fide invitation to a person to enter into an underwriting agreement with respect to such securities; (b) where the securities are not offered to the public; (c) where the offer is made only to the existing members or debenture holders of the company with or without a right to renounce; and (d) where the shares or debentures offered are in respect uniform with the shares or debentures already issued and quoted on a recognized stock exchange. [Sec.33].