Bank of baroda

Refund Orders
We shall ensure dispatch of Allotment advice, refund orders and give benefit to the beneficiary account with Depository
Participants and submit the documents pertaining to the Allotment to the Stock Exchanges within two working days of
Allotment of Equity Shares. We shall dispatch refund orders, if any, of value up to Rs. 1,500, “Under Certificate of
Posting”, and shall dispatch refund orders above Rs. 1,500, if any, by registered post or speed post only at the sole or
First Bidder’s sole risk and adequate funds for the purpose shall be made available to the Registrar by us.
We shall use best efforts to ensure that all steps for completion of the necessary formalities for listing and commencement
of trading at the Stock Exchanges where the Equity Shares are proposed to be listed are taken within seven working
days of finalisation of the Basis of Allotment.
In accordance with the requirements of the Stock Exchanges and SEBI Guidelines, we further undertake that:
Allotment shall be made only in dematerialised form within 15 days of the Bid Closing Date/Issue Closing Date;
Dispatch refund orders within 15 days of the Bid Closing Date/Issue Closing Date would be ensured; and
We shall pay interest at 15% per annum (for any delay beyond the 15 day time period as mentioned above), if
Allotment is not made and refund orders are not dispatched and/or demat credits are not made to investors within
the 15 day time prescribed above as per the guidelines issued by the Government of India, Ministry of Finance
pursuant to their letter No. F/8/S/79 dated July 31, 1983, as amended by their letter No. F/14/SE/85 dated September
27, 1985, addressed to the Stock Exchanges, and as further modified by SEBI’s Clarification XXI dated October 27,
1997, with respect to the SEBI Guidelines.
Refunds will be made by cheques, pay orders or demand drafts drawn on the Escrow Collection Bank(s) and payable at
par at places where Bids are received. Bank charges, if any, for cashing such cheques, pay orders or demand drafts at
other centers will be payable by the Bidders.

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