As per the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, what are the conditions for offering specified securities at differential prices ?

According to Regulation 29 of the SEBI (ICDR) Regulations, 2009, an issuer may offer specified securities at different prices, subject to the following: Retail individual investors or retail individual shareholders or employees entitled for reservation made under regulation 42 making an application for specified securities of value not more than two lakh rupees, may be offered specified securities at a price lower than the price at which net offer is made to other categories of applicants. Provided that such difference shall not be more than ten per cent of the price at which specified securities are offered to other categories of applicants; In case of a book building issue, the price of the specified securities offered to an anchor investor shall 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 may be different from the price offered in rights issue and justification for such price difference shall be given in the offer document. In case the issuer opts for the alternate method of book building in terms of Part D of Schedule XI, the issuer may offer specified securities to its employees at a price lower than the floor price: Provided that the difference between the floor price and the price at which specified securities are offered to employees shall not be more than ten per cent of the floor price.