valid as on 22/05/2024

Regulation 31 - Face value of equity shares
Effective from 26-08-2009

(1) Subject to the provisions of the Companies Act, 1956, the Act and these regulations, an issuer making an initial public offer may determine the face value of the equity shares in the following manner:

a) if the issue price per equity share is five hundred rupees or more, the issuer shall have the option to determine the face value at less than ten rupees per equity share:
Provided that the face value shall not be less than one rupee per equity share;

(b) if the issue price per equity share is less than five hundred rupees, the face value of the equity shares shall be ten rupees per equity share:
Provided that nothing contained in this sub-regulation shall apply to initial public offer made by any government company, statutory authority or corporation or any special purpose vehicle set up by any of them, which is engaged in infrastructure sector.

(2) The disclosure about the face value of equity shares (including the statement about the issue price being “X” times of the face value) shall be made in the advertisements, offer documents and application forms in identical font size as that of issue price or price band.

Explanation: For the purposes of this regulation, the term “infrastructure sector” includes the facilities or services as specified in .

To view the schedule,Click Here

ICDR – Schedule X

[See Explanation to regulations 26(6), 31, 33(1)(b) and 41(2)(b)]

For the purposes of these regulations, the expression ―infrastructure sector shall include the following facilities/services:

(1) Transportation (including inter modal transportation), including the following:

(a) Roads, national highways, state highways, major district roads, other district roads and village roads, including toll roads, bridges, highways, road transport providers and other road-related services;

(b) Rail system, rail transport providers, metro rail roads and other railway related services;

(c) Ports (including minor ports and harbours), inland waterways, coastal shipping including shipping lines and other port related services;

(d) Aviation, including airports, heliports, airlines and other airport related services;

(e) Logistics services;

(2) Agriculture, including the following:

(a) Infrastructure related to storage facilities;
(b) Construction relating to projects involving agro-processing and supply of inputs to
(c) Construction for preservation and storage of processed agro-products, perishable goods such as fruits, vegetables and flowers including testing facilities for quality;

(3) Water management, including the following:

(a) Water supply or distribution;
(b) Irrigation;
(c) Water treatment, etc.

(4) Telecommunication, including the following:

(a) Basic or cellular, including radio paging;
(b) Domestic satellite service (i.e., satellite owned and operated by an Indian company for providing telecommunication service);
(c) Network of trunking, broadband network and internet services;

(5) Industrial, Commercial and Social development and maintenance, including the following:

(a) Real estate development, including an industrial park or special economic zone;
(b) Tourism, including hotels, convention centres and entertainment centres;
(c) Public markets and buildings, trade fair, convention, exhibition, cultural centres, sports and recreation infrastructure, public gardens and parks;
(d) Construction of educational institutions and hospitals;
(e) Other urban development, including solid waste management systems, sanitation and sewerage systems, etc.;

(6) Power, including the following:

(a) Generation of power through thermal, hydro, nuclear, fossil fuel, wind and other
renewable sources;
(b) Transmission ,distribution or trading of power by laying a network of new transmission or distribution lines;

(7) Petroleum and natural gas, including the following:

(a) Exploration and production;
(b) Import terminals;
(c) Liquefaction and re-gasification;
(d) Storage terminals;
(e) Transmission networks and distribution networks including city gas infrastructure;

(8) Housing, including the following:

(a) Urban and rural housing including public / mass housing, slum rehabilitation etc;
(b) Other allied activities such as drainage, lighting, laying of roads, sanitation facilities etc.;

(9) Services provided by recognised stock exchanges and registered depositories, in relation to securities

(10) Other miscellaneous facilities/services, including the following:

(c) Mining and related activities;
(d) Technology related infrastructure;
(e) Manufacturing of components and materials or any other utilities or facilities required by the infrastructure sector like energy saving devices and metering devices, etc;
(f) Environment related infrastructure;
(g) Disaster management services;
(h) Preservation of monuments and icons;
(i) Emergency services (including medical, police, fire, and rescue);

(11) Such other facility/service which, in the opinion of the Board, constitutes infrastructure sector.

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