These are the steps involved in NCD allotment.
All Applications are compiled by the Registrar to the Issue.
All eligible applications will be grouped based on investor categories: 'Institutional' or 'Non-Institutional,' 'High-Net Worth Individual', and 'Retail Individual Investments'.
Allotments will be made according to the resrved criteria for each category.
If there is a shortage of subscriptions in any category, preference will be given to the Retail Individual Investors and High Net Worth Individual Investors. The rest, if any are made, to applicants from the Non-Institutional investors. Institutional investors will follow on a first come, first served basis.
Oversubscriptions will result in allotments being made to the maximum extent on a first-come, first-served basis, and then on a proportionate basis. This means that applicants who applied within one day of the oversubscription date are given full allocation. All other applicants are equally allocated, regardless of the size of their applications. If there are 1000 NCDs left, then there will be 1000 applicants, so each applicant will receive 1 NCD. If there are more applicants than NCDs, then the eligible applicants will be selected using a lot.