(1)
The allocation in the issue shall be as follows:
(a) at least fifty per cent. of the issue shall be allotted to qualified institutional buyers on proportionate basis as per illustration given in Part A of Schedule XIV;
(b) the remaining portion of the issue may be allocated among the categories of non-institutional investors and retail individual investors including employees, at the discretion of the issuer and the manner of allocation shall be disclosed in the offer document. Allotment to investors within a category shall be on proportionate basis:
(2)
A person shall not make an application in the net offer category for a number of IDRs which exceeds the total number of IDRs offered to the public.