Section 32 — Red herring prosp ectus

(1) A company proposing to make an offer of securities may issue a
red herring prospectus prior to the issue of a prospectus.
(2) A company proposing to issue a red herring prospectus under sub -section (1) shall file it with the
Registrar at least three days prior to the opening of the subscription list and the offer.
(3) A red herring prospectus shall carry the same obligations as are applicable to a prospectus and any
variation between the red herring prospectus and a prospectus shall be highlighte d as variations in the
prospectus.
(4) Upon the closing of the offer of securities under this section, the prospectus stating therein the total
capital raised, whether by way of debt or share capital, and the closing price of the securities and any other
details as are not included in the red herring prospectus shall be filed with the Registrar and the Securities
and Exchange Board.