According to Rule 9A(1)(a)b of the Companies (Prospectus and Allotment of Securities) Rules, 2014, the firm is beneath the commitment to provide the new security in Demat form only. Thus this makes rights offer to physical security owners however with the disclaimer that their application is to be accepted only if they interchange the mentioned holding to the Demat form and apply for the new securities in the Demat form only.