The NCD allotment process involves following steps-
The Registrar to the Issue aggregates all the Applications.
All eligible applications are grouped on the basis of investor categories- 'Institutional', 'Non-Institutional', 'High Net Worth Individual' and 'Retail Individual Investors'.
Allotments are done on first come first serve basis for each category as per their resrved quota.
In case of under subscription in any Category, priority is given to the Retail Individual Investors, High Net Worth Individual Investors, and rest, if any, shall be first made to applicants of the Non Institutional investors, followed by the Institutional investors on a first come first serve basis,
In case of an oversubscription, allotments to the maximum extent is made on a first-come first-serve basis and thereafter on proportionate basis. This means full allotment is done to the Applicants on a first come first basis who have applied one day prior to the date of oversubscription. The rest are proportionately alloted, irrespective of their application size. So, if 1000 NCDs are left and then there are 1000 applicants left, each will get 1 NCD. If the applicants are more than the number of NCDs left then eligible applicants are picked using a draw of lots.