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In an offer for sale price is discovered by the price at which bidding is done.
Right now the shares earmarked for retail category is oversubscribed by CUT OFF bidders.
This means that the issue is oversubscribed by retail bidders who have agreed to buy the shares on offer at any price.
In this scenario how will price bidders get any shares?
Becatheoretically the highest bid may have come from someone at Rs 285.But by opting for CUT OFF even if the offer price is Rs 285.10, it will be fully taken up as the issue is oversubscribed by CUT OFF price bidders itself.
No one other than bidders at CUT OFF will get any share, and the issuer will be able to sell them at the maximum price.
Is this a correct interpretation.
Please clarify URGENTLY as the issue will close at 3.30