The objective of the book building process is to identify the price that the market is willing to pay for the securities being issued by the Company. The Company and its lead managers specify a price band within which investors can bid. When the issue opens, investors put in bid applications specifying the price and the number of securities bid at that price. The price should be within the price band. The issuer, in consultation with the book running lead manager decides cut-off price which is the price at which the issue gets subscribed
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