INDIAN EMULSIFIERS LIMITED

Our Company was originally incorporated on December 05, 2020, as a Private Limited Company under the
name and style of Indian Emulsifiers Private Limited under the provisions of Companies Act, 2013 with the
Registrar of Companies, Mumbai, Maharashtra bearing Registration No. 351364. Thereafter, our Company was
converted from Private Limited to Public Limited and the name of our Company was changed from “Indian
Emulsifiers Private Limited” to “Indian Emulsifiers Limited” vide fresh Certificate of Incorporation dated
January 05, 2024 issued by the Registrar of Companies Mumbai, Maharashtra. For details of change in name of
our Company, please refer to chapter titled “History and Corporate Matters” beginning on page no. 141 of the
Red Herring Prospectus.
Corporate Identity Numbers: U46691MH2020PLC351364
Registered Office: Shop 206, Floor-2, Sumer Kendra, Shivram Seth Amrutwar Road Near Doordarshan Kendra,
Off Pandurang Budhwar Marg, Worli 400 018, Mumbai, Maharashtra, India.
Website: www.indianemulsifiers.com; E-Mail: info@indianemulsifiers.com; Telephone No: 022-4783 8021
Company Secretary and Compliance Officer: Ramraj Singh Thakur
PROMOTER OF THE COMPANY: MR. YASH TIKEKAR
INITIAL PUBLIC ISSUE UPTO 32,11,000 EQUITY SHARES OF FACE VALUE OF ₹10/- EACH OF
INDIAN EMULSIFIERS LIMITED (“ INDIAN EMULSIFIERS”, “IEML” OR THE “COMPANY” OR THE
“ISSUER”) FOR CASH AT A PRICE OF ₹[●]/- PER EQUITY SHARE INCLUDING A SHARE PREMIUM
OF ₹[●]/- PER EQUITY SHARE (THE “ISSUE PRICE”) AGGREGATING TO ₹[●] LAKHS (“THE
ISSUE”), OF WHICH 1,61,000 EQUITY SHARES OF FACE VALUE OF ₹10/- EACH FOR CASH AT A
PRICE OF ₹[●]/- PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF ₹[●]/- PER EQUITY
SHARE AGGREGATING TO ₹[●] LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY MARKET
MAKER TO THE ISSUE (THE “MARKET MAKER RESERVATION PORTION”). THE ISSUE LESS THE
MARKET MAKER RESERVATION PORTION i.e. NET ISSUE OF 30,50,000 EQUITY SHARES OF
FACE VALUE OF ₹10/- EACH AT A PRICE OF ₹[●]/- PER EQUITY SHARE INCLUDING A SHARE
PREMIUM OF ₹[●]/- PER EQUITY SHARE AGGREGATING TO ₹[●] LAKHS IS HEREIN AFTER
REFERRED TO AS THE “NET ISSUE”. THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 26.27%
AND 24.95%, RESPECTIVELY, OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR
COMPANY.
GENERAL INFORMATION DOCUMENT FOR INVESTING IN PUBLIC ISSUES
This General Information Document (“GID”) highlights the key rules, processes and procedures applicable to
public issues in accordance with the provisions of the Companies Act, 2013, Companies Act, 1956 (without
reference to the provisions thereof that have ceased to have effect upon the notification of the Companies Act,
2013), the Securities Contracts (Regulation) Act, 1956, the Securities Contracts (Regulation) Rules, 1957 and
the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Applicants shall not construe the contents of this General Information Document as legal advice and shall
consult their own legal counsel and other advisors in relation to the legal matters concerning the Issue. For
taking an investment decision, the Applicants shall rely on their own examination of the Issuer and the Issue
and shall carefully read the Red Herring Prospectus before investing in the Issue.
SEBI through its circular no. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018 read with its
circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 3, 2019 and circular no.
SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019, has introduced an alternate payment mechanism
using Unified Payments Interface (UPI) and consequent reduction in timelines for listing in a phased manner.
From January 1, 2019, the UPI Mechanism for RIBs applying through Designated Intermediaries was made
effective along with the existing process and existing timeline of T+6 days. (“UPI Phase I”). The UPI Phase
I was effective till June 30, 2019. With effect from July 1, 2019, with respect to Application by retail individual
investors through Designated Intermediaries (other than SCSBs), the existing process of physical movement
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of forms from such Designated Intermediaries to SCSBs for blocking of funds has been discontinued and only
the UPI Mechanism for such Bids with existing timeline of T+6 days will continue for a period of three months
or launch of five main board public issues, whichever is later (“UPI Phase II”). SEBI has vide its circular
SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated November 8, 2019 extended the timeline for implementation of
Phase II till March 31, 2020. On March 30, 2020 wide circular number SEBI/HO/CFD/DIL2/CIR/P/2 SEBI
has further extended UPI Phase II timeline till further notice. Furthermore, SEBI vide press release bearing
number 12/2023 has approved the proposal for reducing the time period for listing of shares in public issue
from existing 6 working days to 3 working days from the date of the closure of the issue. The revised timeline
of T+3 days shall be made applicable in two phases i.e. voluntary for all public issues opening on or after
September 1, 2023 and mandatory on or after December 1, 2023. Further, SEBI has vide its circular no.
SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023 reduced the time taken for listing of specified
securities after the closure of a public issue to three Working Days. Accordingly, the Issue will be made under
UPI Phase III on a mandatory basis, subject to any circulars, clarification or notification issued by the SEBI
from time to time.
The processing fees for applications made by Retail Individual Bidders using the UPI Mechanism may be
released to the remitter banks (SCSBs) only after such banks provide a written confirmation on compliance
with SEBI Circular No: SEBI/ HO/CFD/DIL2/P/CIR/2021/570 dated June 02, 2021 read with SEBI Circular
No: SEBI/HO/CFD/DIL2/CIR/ P/2021/2480/1/M dated March 16, 2021 and as amended pursuant to SEBI
circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 April 20, 2022. Pursuant to SEBI circular no.
SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, applications made using the ASBA facility in initial
public offerings (opening on or after September 1, 2022) shall be processed only after application monies are
blocked in the bank accounts of investors (all categories).
Merchant Banker shall be the nodal entity for any issues arising out of public issuance process.
In terms of regulation 23(5) and regulation 271 of SEBI (Issue of Capital and Disclosure Requirements)
Regulations, 2018, the timelines and processes mentioned in SEBI Circular. No.
SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated November 08, 2019 shall continue to form part of the
agreements being signed between the intermediaries involved in the public issuance process and lead
managers shall continue to coordinate with intermediaries involved in the said process. For delayed
unblock applications, investor must be compensated at a uniform rate of Rs. 100/- per day for the entire
duration of delay since ‘T+2’. Merchant banker will fix the liability on the intermediary responsible for
the delay in unblocking.
Important Note: This General Information Document relates to the Public Issue of Equity Shares of ₹10/- each
fully paid of Indian Emulsifiers Limited (“Company”) for Face Value of ₹10/- for cash at a Price of ₹ [●]/- Per
Equity Share including a share premium of ₹ [●]/- per equity share (The “Issue Price”) aggregating to ₹ [●] Lakhs
(“the Issue”) in Terms of Chapter IX of the SEBI (ICDR) Regulations, 2018 (As amended from time to time),
under the Book Building Mode and are proposed to be listed on the Emerge Platform of National Stock Exchange
of India Limited (“NSE EMERGE”). Accordingly, the Investors are advised to refer to the particulars of this
GID in context of Issue being made under Chapter IX of the SEBI (ICDR) Regulations, 2018.

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 TABLE OF CONTENT

SECTION PARTICULARS PAGE NO.

SECTION 1 PURPOSE OF THE GENERAL INFORMATION DOCUMENT (GID) 2
SECTION 2 BRIEF INTRODUCTION TO IPOs ON SME EXCHANGE 3
SECTION 3 CATEGORY OF INVESTORS ELIGIBLE TO PARTICIPATE IN AN 5
ISSUE
SECTION 4 APPLYING IN THE ISSUE 6
SECTION 5 ISSUE PROCEDURE IN BOOK BUILT ISSUE 25
SECTION 6 ISSUE PROCEDURE IN FIXED PRICE ISSUE 29
SECTION 7 ALLOTMENT PROCEDURE AND BASIS OF ALLOTMENT 30
SECTION 8 INTEREST AND REFUNDS 33
SECTION 9 GLOSSARY AND ABBREVIATIONS 35
SECTION 1: PURPOSE OF THE GENERAL INFORMATION DOCUMENT (GID)
This document is applicable to the public issues undertaken through the Book-Building Process as well as to
the Fixed Price Issues. The purpose of the “General Information Document for Investing in Public Issues” is
to provide general guidance to potential Bidders/Applicants in IPOs and FPOs, and on the processes and
procedures governing IPOs and FPOs, undertaken in accordance with the provisions of the SEBI ICDR
Regulations.
Bidders/Applicants should note that investment in equity and equity related securities involves risk and Bidder/
Applicant should not invest any funds in the Issue unless they can afford to take the risk of losing their
investment. The specific terms relating to securities and/ or for subscribing to securities in an Issue and the
relevant information about the Issuer undertaking the Issue are set out in Red Herring Prospectus filed by the
Issuer with the Registrar of Companies (“RoC”). Bidders/Applicants should carefully read the entire
RHP/Prospectus, the Bid cum Application Form/ Application Form and the Abridged Prospectus of the Issuer
in which they are proposing to invest through the Issue. In case of any difference in interpretation or conflict
and/or overlap between the disclosure included in this document and the Red Herring Prospectus, the
disclosures in the Red Herring Prospectus shall prevail. The Red Herring Prospectus of the Issuer is available
on the websites of stock exchanges, on the website(s) of the Book Running Lead Manager to the Issue and on
the website of Securities and Exchange Board of India (“SEBI”) at www.sebi.gov.in.
For the definitions of capitalized terms and abbreviations used herein Bidders/Applicants may refer to the section
“Glossary and Abbreviations”.

SECTION 2: BRIEF INTRODUCTION TO IPO ON SME EXCHANGE

2.1 Initial public offer (IPO)
An IPO means an offer of specified securities by an unlisted Issuer to the public for subscription and may
include an Offer for Sale of specified securities to the public by any existing holder of such securities in an
unlisted Issuer.
For undertaking an IPO under Chapter IX of the SEBI (ICDR) Regulations, 2018, an Issuer is inter-alia required
to comply with the eligibility requirements of in terms of Regulations 228, 229 and 230 of the SEBI (ICDR)
Regulations, 2018. For details of compliance with the eligibility requirements by the Issuer, Applicants may
refer to the Prospectus.
The present Issue being made under Regulation 229(2) of the SEBI (ICDR) Regulations, 2018.
2.2 Other Eligibility Requirements
In addition to the eligibility requirements specified in paragraphs 2.1, an Issuer proposing to undertake an IPO
is required to comply with various other requirements as specified in the SEBI (ICDR) Regulations, 2018, the
Companies Act, 2013, the Securities Contracts (Regulation) Rules, 1957 (the “SCRR”), industry-specific
regulations, if any, and other applicable laws for the time being in force.
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Following are the eligibility requirements for making an SME IPO under Chapter IX of the SEBI (ICDR)
Regulations, 2018:
a) In accordance with regulation 260 of the SEBI (ICDR) Regulations, 2018, this Issue will be 100%
underwritten and that the BRLM will underwrite at least 15% of the total issue size. For further details
pertaining to underwriting by BRLM and underwriter, please refer to chapter titled “General
Information” beginning on page no. 56 of the Red Herring Prospectus.
b) In accordance with Regulation 268 of the SEBI (ICDR) Regulations, 2018, we shall ensure that the
total number of proposed allotees in the Issue is greater than or equal to fifty, otherwise, the entire
application money will be refunded forthwith. If such money is not repaid within two days from the
date our company becomes liable to repay it, then our company and every officer in default shall, on
and from expiry of two day, be liable to repay such application money, with interest as prescribed
under Section 40 of the Companies Act, 2013.
c) In accordance with Regulation 246 the SEBI (ICDR) Regulations, 2018, we have filed Issue Document
with SEBI however SEBI does issue any observations on Issue Document. We shall also ensure that our
Book Running Lead Manager submits the copy of Red Herring Prospectus along with a Due Diligence
Certificate including additional confirmations to Stock Exchange, Securities Exchange Board of India
and the Registrar of Companies.
d) In accordance with Regulation 261 of the SEBI (ICDR) Regulations, 2018, the Book Running Lead
Manager will ensure compulsory market making for a minimum period of three years from the date of
listing of Equity Shares offered in the Issue. For further details of the market making arrangement, see
chapter titled “General Information” beginning on page no. 56 of the Red Herring Prospectus.
Our Company also complies with the eligibility conditions laid by the Emerge Platform of National Stock
Exchange of India Limited (“NSE Emerge”) for listing of our Equity Shares. The point wise Criteria for
Emerge Platform of National Stock Exchange of India Limited (“NSE Emerge”) and compliance thereof are
given hereunder;
1. The Issuer should be a company incorporated under the Companies Act 1956 / 2013 in India.
Our Company is incorporated under the Companies Act, 2013.
2. The post issue paid up capital of the company (face value) shall not be more than ₹ 25.00 Crore.
The present paid-up capital of our Company is ₹901.12 Lakhs and we are proposing issue of upto 32,11,000
Equity Shares of ₹10/- each at Issue price of ₹[●] per Equity Share including share premium of ₹[●] per
Equity Share, aggregating to ₹[●] Lakh. Hence, our Post Issue Paid up Capital will be ₹[●] Lakhs which is
more than ₹10.00 Crores and less than ₹25.00 Crore.
3. Track Record
A. The company should have a track record of at least 3 years.
a) Our company was incorporated dated December 05, 2020 under the provisions of Companies Act,
2013. Further, the promoter of our company has experience in the same line of business for more than 3
years and is holding atleast 20% of the post issue equity share capital individually. Therefore, we are in
compliance with the eligibility criteria as per the NSE Emerge.
B. The company/entity should have operating profit (earnings before interest, depreciation and tax)
from operations for at least any 2 out of 3 financial years preceding the application and its net-worth
should be positive.
Our Company satisfies the criteria of track record which given hereunder based on Restated Financial
Statement.

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 (₹ In lakh)

For the period / year ended

Particulars December 31,
March 31, 2021 March 31, 2022 March 31, 2023
2023
Operating profit (earnings before
interest, depreciation and tax and (0.37) 79.49 786.19 1,119.22
other income) from operations
Net Worth as per Restated
0.63 814.94 1,204.35 2,636.35
Financial Statement
4. Other Requirements
We confirm that;
i. The Company has not been referred to the Board for Industrial and Financial Reconstruction (BIFR).
ii. There is no winding up petition against the company, which has been admitted by the court or a
liquidator has not been appointed.
iii. No material regulatory or disciplinary action by a stock exchange or regulatory authority in the past
three years against our company.
5. The Company has a website: www.indianemulsifiers.com
6. Disclosures
We confirm that:
i. There is no material regulatory or disciplinary action taken by a stock exchange or regulatory authority in
the past one year in respect of promoters/promoting Company(ies), group companies, companies promoted
by the promoters/promoting companies of the Company.
ii. There is no default in payment of interest and/or principal to the debenture/bond/fixed deposit holders,
banks, FIs by the Company, promoters/promoting Company(ies), group companies, companies promoted
by the promoters/promoting Company(ies) during the past three years.
2.3 Types of Public Issues – Fixed Price Issues and Book Built Issues
In accordance with the provisions of the SEBI (ICDR) Regulations, 2018, an Issuer can either determine the
Issue Price through the Book Building Process (“Book Built Issue”) or undertake a Fixed Price Issue (“Fixed
Price Issue”). An Issuer may mention Floor Price or Price Band in the RHP (in case of a Book Built Issue) and a
Price or Price Band in the Prospectus (in case of a fixed price Issue) and determine the price at a later date before
registering the Prospectus with the Registrar of Companies.
The cap on the Price Band should be less than or equal to 120% of the Floor Price. The Issuer shall announce
the Price or the Floor Price or the Price Band through advertisement in all newspapers in which the pre-issue
advertisement was given at least three Working Days before the Bid/Issue Opening Date, in case of an IPO and
at least one Working Day before the Bid/Issue Opening Date, in case of an FPO.
The Floor Price or the Issue price cannot be lesser than the face value of the securities.

The present issue is Book Building Issue.

Issue Period
The Issue may be kept open for a minimum of three Working Days (for all category of Applicants) and not
more than ten Working Days. Applicants are advised to refer to the Application Form and Abridged Prospectus
or Red Herring Prospectus or Prospectus for details of the Issue Period. Details of Issue Period are also available
on the website of Stock Exchange.
2.4 Migration To Main Board
SME Issuer may migrate to the Main Board of Stock Exchange from the SME Exchange at a later date subject
to the following;
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If the Paid-up Capital of the company is more than ₹ 10 crores and up to ₹ 25 crores, we may migrate equity
shares to the main board of the stock exchanges if shareholders approve such a migration by passing a special
resolution through postal ballot to this effect and if Company fulfils the eligibility criteria for listing laid down
by the Main Board
Provided that the special resolution shall be acted upon if and only if the votes cast by shareholders other than
promoters in favor of the proposal amount to at least two times the number of votes cast by shareholders other
than promoter shareholders against the proposal.
OR
Where the post-issue face value capital of the Company listed on a SME exchange is likely to increase beyond
twenty five crore rupees by virtue of any further issue of capital by the Company by way of rights issue,
preferential issue, bonus issue, etc. the Company shall migrate its specified securities listed on a SME exchange
to the Main Board and seek listing of the specified securities proposed to be issued on the Main Board subject
to the fulfilment of the eligibility criteria for listing of specified securities laid down by the Main Board:
Provided that no further issue of capital by the Company shall be made unless;
a) The shareholders of the Company have approved the migration by passing a special resolution through
postal ballot wherein the votes cast by shareholders other than promoters in favor of the proposal amount
to at least two times the number of votes cast by shareholders other than promoter shareholders against the
proposal;
b) The Company has obtained an in-principle approval from the Main Board for listing of its entire specified
securities on it.
SECTION 3: CATEGORY OF INVESTORS ELIGIBLE TO PARTICIPATE IN AN ISSUE
Each Bidder/Applicant should check whether it is eligible to apply under applicable law. Furthermore, certain
categories of Bidders/Applicants, such as NRIs, FPIs and FVCIs may not be allowed to Bid/Apply in the Issue
or to hold Equity Shares, in excess of certain limits or in specific sectors as specified under applicable law.
Bidders/ Applicants are requested to refer to the Prospectus for more details.
Subject to the above, an illustrative list of Bidders/ Applicants is as follows:
a) Indian nationals resident in India who are not incompetent to contract under the Indian Contract Act, 1872,
as amended, in single or as a joint application and minors having valid demat account as per Demographic
Details provided by the Depositories. Furthermore, based on the information provided by the Depositories,
our Company shall have the right to accept the Applications belonging to an account for the benefit of
minor (under guardianship);
b) Hindu Undivided Families or HUFs, in the individual name of the Karta. The Applicant should specify
that the application is being made in the name of the HUF in the Application Form as follows: “Name of
Sole or First applicant: XYZ Hindu Undivided Family applying through XYZ, where XYZ is the name of
the Karta”. Applications by HUFs would be considered at par with those from individuals;
c) Companies, corporate bodies and societies registered under the applicable laws in India and authorized to
invest in the Equity Shares under their respective constitutional and charter documents;
d) QIBs;
e) Mutual Funds registered with SEBI;
f) Eligible NRIs on a repatriation basis or on a non-repatriation basis, subject to applicable laws. NRIs other
than Eligible NRIs are not eligible to participate in this Issue;
g) Indian Financial Institutions, scheduled commercial banks, regional rural banks, co-operative banks
(subject to RBI permission, and the SEBI Regulations and other laws, as applicable);
h) FIIs and sub-accounts of FIIs registered with SEBI, other than a sub-account which is a foreign corporate
or a foreign individual under the QIB Portion.
i) Limited Liability Partnerships (LLPs) registered in India and authorized to invest in equity shares;

j) Sub-accounts of FIIs registered with SEBI, which are foreign corporate or foreign individuals only under
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 the Non- Institutional applicant’s category;
k) Venture Capital Funds and Alternative Investment Fund (I) registered with SEBI; State Industrial
Development Corporations;
l) Foreign Venture Capital Investors registered with the SEBI;
m) Trusts/societies registered under the Societies Registration Act, 1860, as amended, or under any other law
relating to Trusts and who are authorized under their constitution to hold and invest in equity shares;
n) Scientific and/or Industrial Research Organizations authorized to invest in equity shares;
o) Insurance Companies registered with Insurance Regulatory and Development Authority, India;
p) Provident Funds with minimum corpus of ₹25 Crores and who are authorized under their constitution to
hold and invest in equity shares;
q) Pension Funds with minimum corpus of ₹25 Crores and who are authorized under their constitution to hold
and invest in equity shares;
r) National Investment Fund set up by Resolution no. F.No. 2/3/2005-DDII dated November 23, 2005 of
Government of India published in the Gazette of India;
s) Insurance funds set up and managed by army, navy or air force of the Union of India;
t) Multilateral and bilateral development financial Institution;
u) Eligible QFIs;
v) Insurance funds set up and managed by army, navy or air force of the Union of India;
w) Insurance funds set up and managed by the Department of Posts, India;
x) Any other person eligible to applying in this Issue, under the laws, rules, regulations, guidelines and policies
applicable to them.
Applications not to be made by:

1. Minors (except under guardianship) 2. Partnership firms or their nominees

3. Foreign Nationals (except NRIs) 4. Overseas Corporate Bodies

SECTION 4: APPLYING IN THE ISSUE

Book Building Issue: Bidders should only use the specified Bid cum Application Form bearing the stamp of the
Designated Intermediary as available or downloaded from the websites of the Stock Exchange.
Bid cum Application Forms will also be available with the Designated Branches of the SCSBs and at the
registered office of the Issuer. Electronic Bid cum Application forms will be available on the website of the
stock exchange at least one day prior to the bid opening date. For further details regarding availability of
Application Forms, Applicants may refer to the Red Herring Prospectus.
Bidders/Applicants should ensure that they apply in the appropriate category. The prescribed color of the Bid
cum Application Form for various categories of Bidders/ Applicants is as follows:

Category Colour of Application

Form*
Anchor Investor** White
Resident Indians, including resident QIBs, Non-Institutional Investors, Retail White
Individual Investors and Eligible NRIs applying on a non-repatriation basis
Non-Residents including eligible NRI's, FPI’s, FIIs, FVCIs, etc. applying on a Blue
repatriation basis (ASBA)
*Electronic Bid cum Application Form will also be available for download on the website of the NSE
(www.nseindia.com).
** Bid cum application for Anchor Investor shall be made available at the Office of the BRLM.

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Securities issued in an IPO can only be in dematerialized form in accordance with Section 29 of the Companies
Act, 2013. Bidders/Applicants will not have the option of getting the Allotment of specified securities in physical
form. However, they may get the specific securities rematerialized subsequent to Allotment.
4.A. Instructions For Filing Application Form/ Application Form (Book Building Issue)
Applicants may note that forms not filled completely or correctly as per instructions provided in this GID, the
Red Herring Prospectus and Application Form are liable to be rejected.
Instructions to fill each field of the Application Form can be found on the reverse side of the Application Form.
The samples of the Common Application Form for resident Applicants and the Application Form for non-
resident Applicants are reproduced below:

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9
10
 Specific instructions for filling various fields of the Resident Bid cum Application Form and Non-Resident
Bid cum Application Form and samples are provided below.

4.1.1 FIELD NUMBER 1: NAME AND CONTACT DETAILS OF THE SOLE/FIRST

BIDDER/APPLICANT
(a) Bidders/Applicants should ensure that the name provided in this field is exactly the same as the name in
which the Depository Account is held.
(b) Mandatory Fields: Bidders/Applicants should note that the name and address fields are compulsory and e-
mail and/or telephone number/mobile number fields are optional. Bidders/Applicants should note that the
contact details mentioned in the Bid-cum Application Form/Application Form may be used to dispatch
communications (including letters notifying the unblocking of the bank accounts of Bidders (other than
Anchor Investors) in case the communication sent to the address available with the Depositories are
returned undelivered or are not available. The contact details provided in the Bid cum Application Form
may be used by the Issuer, Designated Intermediaries and the Registrar to the Issue only for
correspondence(s) related to an Issue and for no other purposes.
(c) Joint Bids/Applications: In the case of Joint Bids/Applications, the Bids /Applications should be made
in the name of the Bidder/Applicant whose name appears first in the Depository account. The name so
entered should be the same as it appears in the Depository records. The signature of only such first
Bidder/Applicant would be required in the Bid cum Application Form/Application Form and such first
Bidder/Applicant would be deemed to have signed on behalf of the joint holders. All communications
may be addressed to such first Bidder/Applicant and may be dispatched to his or her address as per the
Demographic Details received from the Depositories.
(d) Impersonation: Attention of the Bidders/Applicants is specifically drawn to the provisions of sub-section
(1) of Section 38 of the Companies Act, 2013 which is reproduced below:
“Any person who:
(a) makes or abets making of an application in a fictitious name to a company for acquiring, or
subscribing for, its securities; or
(b) makes or abets making of multiple applications to a company in different names or in different
combinations of his name or surname for acquiring or subscribing for its securities; or
(c) otherwise induces directly or indirectly a company to allot, or register any transfer of, securities to him,
or to any other person in a fictitious name,
shall be liable for action under Section 447.”
The liability prescribed under Section 447 of the Companies Act, 2013 includes imprisonment for a term which
shall not be less than six months extending up to 10 years (provided that where the fraud involves public
interest, such term shall not be less than three years) and fine of an amount not less than the amount involved
in the fraud, extending up to three times of such amount.
(e) Nomination Facility to Bidder/Applicant: Nomination facility is available in accordance with the
provisions of Section 72 of the Companies Act, 2013. For Allotment of the Equity Shares in dematerialized
form, there will be no separate nomination as the nomination registered with the Depository may prevail.
For changing nominations, the Bidders/Applicants should inform their respective DP.
4.1.2 FIELD NUMBER 2: PAN OF SOLE/FIRST BIDDER/APPLICANT
(a) PAN (of the sole/ first Bidder/Applicant) provided in the Bid cum Application Form/Application Form
should be exactly the same as the PAN of the person(s) in whose name the relevant beneficiary account
is held as per the Depositories’ records.
(b) PAN is the sole identification number for participants transacting in the securities market irrespective of
the amount of transaction except for Bids/Applications on behalf of the Central or State Government,
Bids/Applications by officials appointed by the courts and Bids/Applications by Bidders/Applicants
residing in Sikkim (“PAN Exempted Bidders/Applicants”). Consequently, all Bidders/Applicants, other
than the PAN Exempted Bidders/Applicants, are required to disclose their PAN in the Bid cum Application

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 Form/Application Form, irrespective of the Bid/Application Amount. A Bid cum Application
Form/Application Form without PAN, except in case of PAN Exempted Bidders/Applicants, is liable to
be rejected. Bids/Applications by the Bidders/Applicants whose PAN is not available as per the
Demographic Details available in their Depository records, are liable to be rejected.
(c) The exemption for the PAN Exempted Bidders/Applicants is subject to (a) the Demographic Details
received from the respective Depositories confirming the exemption granted to the beneficial owner by a
suitable description in the PAN field and the beneficiary account remaining in “active status”; and (b) in
the case of residents of Sikkim, the address as per the Demographic Details evidencing the same.

(d) Bid cum Application Forms/Application Forms which provide the General Index Register Number
instead of PAN may be rejected.
(e) Bids/Applications by Bidders whose demat accounts have been ‘suspended for credit’ are liable to be rejected
pursuant to the circular issued by SEBI on July 29, 2010, bearing number CIR/MRD/DP/22/2010. Such
accounts are classified as “Inactive demat accounts” and Demographic Details are not provided by
depositories.
4.1.3 FIELD NUMBER 3: BIDDERS/APPLICANTS DEPOSITORY ACCOUNT DETAILS
(a) Bidders/Applicants should ensure that DP ID and the Client ID are correctly filled in the Bid cum
Application Form/Application Form. The DP ID and Client ID provided in the Bid cum
Application Form/Application Form should match with the DP ID and Client ID available in the
Depository database, otherwise, the Bid cum Application Form/Application Form is liable to
be rejected.
(b) Bidders/Applicants should ensure that the beneficiary account provided in the Bid cum
Application Form/Application Form is active.
(c) Bidders/Applicants should note that on the basis of the PAN, DP ID and Client ID as provided in
the Bid cum Application Form/Application Form, the Bidder/Applicant may be deemed to have
authorized the Depositories to provide to the Registrar to the Issue, any requested Demographic
Details of the Bidder/Applicant as available on the records of the depositories. These
Demographic Details may be used, among other things, for any correspondence(s) related to the
Issue.
(d) Bidders/Applicants are, advised to update any changes to their Demographic Details as available
in the records of the Depository Participant to ensure accuracy of records. Any delay resulting from
failure to update the Demographic Details would be at the Bidders/Applicants’ sole risk.
4.1.4 FIELD NUMBER 4: BID OPTIONS
(a) Price or Floor Price or Price Band, minimum Bid Lot and Discount (if applicable) may be
disclosed in the Prospectus/RHP by the Issuer. The Issuer is required to announce the Floor Price
or Price Band, minimum Bid Lot and Discount (if applicable) by way of an advertisement in at
least one English, one Hindi and one regional newspaper, with wide circulation at the place where
the Issuer’s registered office is situated, at least two Working Days before Bid/Issue Opening Date
in case of an IPO, and at least one Working Day before Bid/Issue Opening Date in case of an FPO.
(b) The Bidders may Bid at or above Floor Price or within the Price Band for IPOs /FPOs undertaken
through the Book Building Process. In the case of Alternate Book Building Process for an FPO,
the Bidders may Bid at Floor Price or any price above the Floor Price (For further details Bidders
may refer to (Section 5.6 (e))
(c) Cut-Off Price: Retail Individual Investors or Employees or Retail Individual Shareholders in the
Shareholder Reservation Portion (if any) can Bid at the Cut-off Price indicating their agreement to
Bid for and purchase the Equity Shares at the Issue Price as determined at the end of the Book
Building Process. Bidding at the Cut- off Price is prohibited for QIBs and NIIs and such Bids
from QIBs and NIIs are liable to be rejected.
(d) Minimum Application Value and Bid Lot: The Issuer in consultation with the Book Running
Lead Managers may decide the minimum number of Equity Shares for each Bid as prescribed
under SEBI Regulations/Circulars. The minimum Bid Lot is accordingly determined by an Issuer
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 on the basis of such minimum application value.
(e) Allotment: The Allotment of specified securities to each RII shall not be less than the minimum
Bid Lot, subject to availability of shares in the Retail Category, and the remaining available shares,
if any, shall be Allotted on a proportionate basis. For details of the minimum Bid Lot, Bidders
may refer to the RHP/Prospectus or the advertisement regarding the Price Band published by the
Issuer.
4.1.5 Maximum and Minimum Bid Size
(a) The Bidder may Bid for the desired number of Equity Shares at a specific price. Bids by Retail Individual
Investors and Retail Individual Shareholders must be for such number of shares so as to ensure that
the Bid Amount less Discount (as applicable), payable by the Bidder does not exceed ₹200,000.
In case the Bid Amount exceeds ₹200,000 due to revision of the Bid or any other reason, the Bid may
be considered for allocation under the Non-Institutional Category, with it not being eligible for
Discount then such Bid may be rejected if it is at the Cut-off Price.
The maximum bid Amount under the Employee Reservation Portion by an Eligible Employee could
not exceed ₹500,000. However, the initial Allotment to an Eligible Employee in the Employee
Reservation Portion could not exceed ₹200,000. Only in the event of an under- subscription in the
Employee Reservation Portion post the initial Allotment, such unsubscribed portion may be Allotted
on a proportionate basis to Eligible Employees Bidding in the Employee Reservation Portion, for a
value in excess of ₹200,000, subject to the total Allotment to an Eligible
(b) Investors and Retail Individual Shareholders must be for such number of shares so as to ensure that
the Bid Amount less Discount (as applicable), payable by the Bidder does not exceed ₹200,000.
In case the Bid Amount exceeds ₹200,000 due to revision of the Bid or any other reason, the Bid may
be considered for allocation under the Non-Institutional Category, with it not being eligible for
Discount then such Bid may be rejected if it is at the Cut-off Price.
The maximum bid Amount under the Employee Reservation Portion by an Eligible Employee could
not exceed ₹500,000. However, the initial Allotment to an Eligible Employee in the Employee
Reservation Portion could not exceed ₹200,000. Only in the event of an under- subscription in the
Employee Reservation Portion post the initial Allotment, such unsubscribed portion may be Allotted
on a proportionate basis to Eligible Employees Bidding in the Employee Reservation Portion, for a
value in excess of ₹200,000, subject to the total Allotment to an Eligible
Employee not exceeding ₹500,000.
(c) For NRIs, a Bid Amount of up to ₹200,000 may be considered under the Retail Category for the
purposes of allocation and a Bid Amount exceeding ₹200,000 may be considered under the Non-
Institutional Category for the purposes of allocation.
(d) Bids by QIBs and NIIs must be for such minimum number of shares such that the Bid Amount exceeds
₹200,000 and in multiples of such number of Equity Shares thereafter, as may be disclosed in the Bid
cum Application Form and the RHP/Prospectus, or as advertised by the Issuer, as the case may be.
Non-Institutional Investors and QIBs are not allowed to Bid at ‘Cut-off Price’.
(e) RIIs may revise or withdraw their bids until the Bid/Issue Closing Date. QIBs and NII’s cannot
withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage
after bidding and all categories of investors are required to pay the Bid Amount upon submission of
the Bid.
(f) In case the Bid Amount reduces to ₹200,000 or less due to a revision of the Price Band, Bids by the
Non- Institutional Investors who are eligible for allocation in the Retail Category would be considered
for allocation under the Retail Category.
(g) For Anchor Investors, if applicable, the Bid Amount shall be least ₹10 crores. One-third of the Anchor
Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received
from domestic Mutual Funds at or above the price at which allocation is being done to other Anchor
Investors. Bids by various schemes of a Mutual Fund shall be aggregated to determine the Bid Amount.
A Bid cannot be submitted for more than 60% of the QIB Category under the Anchor Investor Portion.

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 Anchor Investors cannot withdraw their Bids or lower the size of their Bids (in terms of quantity of
Equity Shares or the Bid Amount) at any stage after the Anchor Investor Bid/Issue Period and are
required to pay the Bid Amount at the time of submission of the Bid. In case the Anchor Investor
Allocation Price is lower than the Issue Price, the balance amount shall be payable as per the pay-in-
date mentioned in the revised CAN. In case the Issue Price is lower than the Anchor Investor
Allocation Price, the amount in excess of the Issue Price paid by the Anchor Investors shall not be
refunded to them.
(h) A Bid by QIB bidder cannot be submitted for more than the Issue size.
(i) The maximum Bid by any Bidder including QIB Bidder should not exceed the investment limits
prescribed for them under the applicable laws. It is clarified that, multiple Bids by a FPI Bidder
utilizing the multi-investment manager structure shall be aggregated for determining the permissible
maximum Bid.
(j) A Bid by NII bidder cannot be submitted for more than the Issue size excluding QIB portion.
(k) The price and quantity options submitted by the Bidder in the Bid cum Application Form may be treated as
optional bids from the Bidder and may not be cumulated. After determination of the Issue Price, the
number of Equity Shares Bid for by a Bidder at or above the Issue Price may be considered for
Allotment and the rest of the Bid(s), irrespective of the Bid Amount may automatically become invalid.
This is not applicable in case of FPOs undertaken through Alternate Book Building Process (For
details of Bidders may refer to (Section 5.6 (e)).
4.1.5.1 Multiple Bids
(a) Bidder should submit only one Bid cum Application Form. Bidder shall have the option to make a
maximum of Bids at three different price levels in the Bid cum Application Form and such options
are not considered as multiple Bids.
Submission of a second Bid cum Application Form to either the same or to another Designated
Intermediary and duplicate copies of Bid cum Application Forms bearing the same application number
shall be treated as multiple Bids and are liable to be rejected.
(b) Bidders are requested to note the following procedures may be followed by the Registrar to the Issue
to detect multiple Bids:
i. All Bids may be checked for common PAN as per the records of the Depository. For Bidders
other than Mutual Funds and FPIs which utilize the multi-investment manager structure of
the same beneficial owner as provided under Regulation 20 (4)(d)(xiii) of the SEBI Foreign
Portfolio Regulations, 2019, Bids bearing the same PAN may be treated as multiple Bids by
a Bidder and may be rejected.
ii. For Bids from Mutual Funds and FPIs that utilize the multi-investment manager structure,
submitted under the same PAN, as well as Bids on behalf of the PAN Exempted Bidders/
Applicants, the Bid cum Application Forms may be checked for common DP ID and Client
ID. Such Bids which have the same DP ID and Client ID may be treated as multiple Bids and
are liable to be rejected.
(c) The following Bids may not be treated as multiple Bids:
Bids by Eligible Employees and Retail Individual Shareholders in their respective Reservation Portion as well as
Bids made by them in the Net Issue portion in the public category.
i. Separate Bids by Mutual Funds in respect of more than one scheme of the Mutual Fund
provided that the Bids clearly indicate the scheme for which the Bid has been made. Bids by
Mutual Funds submitted with the same PAN but with different beneficiary account numbers,
Client IDs and DP IDs.
ii. Bids by following FPIs, submitted with the same PAN but with different beneficiary account
numbers, Client IDs and DP IDs:
 FPIs which utilize the multi-investment manager structure
 Offshore Derivative Instruments (ODI) which have obtained separate FPI registration for

14
 ODI and proprietary derivative investments.
 Sub funds or separate class of investors with segregated portfolio who obtain separate
FPI registration.
 FPI registrations granted at investment strategy level/sub fund level where a Collective
Investment Scheme or fund has multiple investment strategies/sub- funds with
identifiable differences and managed by a single investment manager.
 Multiple branches in different jurisdictions of foreign bank registered as FPIs.
 Government and Government related investors registered as Category 1 FPIs.
 Entities registered as Collective Investment Scheme having multiple share classes
 The bids belonging to the aforesaid seven structures and having same PAN may be
collated and identified as a single bid in the bidding process. The shares allotted in the
bid may be proportionately distributed to the applicant FPIs (with same PAN).
iii. Bids by Anchor Investors under the Anchor Investor Portion and the QIB Category.
4.1.6 FIELD NUMBER 5: CATEGORY OF BIDDERS
(a) The categories of Bidders identified as per the SEBI ICDR Regulations for the purpose of Bidding,
allocation and allotment in the Issue are RIIs, NIIs and QIBs.
(b) Up to 60% of the QIB Category can be allocated by the Issuer, on a discretionary basis subject to the
criteria of minimum and maximum number of Anchor Investors based on allocation size, to the Anchor
Investors, in accordance with SEBI ICDR Regulations, with one-third of the Anchor Investor Portion
reserved for domestic Mutual Funds subject to valid Bids being received at or above the Issue Price.
For details regarding allocation to Anchor Investors, Bidders may refer to the RHP/Prospectus.
(c) An Issuer can make reservation for certain categories of Bidders/Applicants as permitted under the
SEBI ICDR Regulations. For details of any reservations made in the Issue, Bidders/Applicants may
refer to the RHP/Prospectus.
(d) The SEBI ICDR Regulations, specify the allocation or Allotment that may be made to various
categories of Bidders in an Issue depending upon compliance with the eligibility conditions. Details
pertaining to allocation are disclosed on reverse side of the Revision Form. For Issue specific details in
relation to allocation Bidder/Applicant may refer to the RHP/Prospectus.
4.1.7 FIELD NUMBER 6: BIDDER STATUS
(a) Each Bidder/Applicant should check whether it is eligible to apply under applicable law and ensure
that any prospective Allotment to it in the Issue is in compliance with the investment restrictions under
applicable law.
(b) Certain categories of Bidders/Applicants, such as NRIs, FPIs and FVCIs may not be allowed to
Bid/Apply in the Issue or hold Equity Shares exceeding certain limits specified under applicable law.
Bidders/Applicants are requested to refer to the RHP/Prospectus for more details.
(c) Bidders/Applicants should check whether they are eligible to apply on non-repatriation basis or
repatriation basis and should accordingly provide the investor status. Details regarding investor status
are different in the Resident Bid cum Application Form and Non-Resident Bid cum Application Form.
(d) Bidders/Applicants should ensure that their investor status is updated in the Depository records.
4.1.8 FIELD NUMBER 7: PAYMENT DETAILS
(a) Bidders are required to enter either the ASBA Bank account details or the UPI ID in this field. In case
the Bidder doesn’t provide any of the ASBA Bank account details or the UPI ID then the application
would be rejected. For application submitted by RIIs to Designated Intermediaries (other than SCSBs),
RIIs providing both, the ASBA
(b) Bank account details as well as the UPI ID, the UPI ID will be considered for processing of the
application. NRIs applying in the Issue through the UPI mechanism are advised to enquire with the
relevant Bank, whether their account is UPI linked, prior to making such application through Channel

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(c) The full Bid Amount (net of any Discount, as applicable) shall be blocked based on the authorization
provided in the Bid cum Application Form. If the Discount is applicable in the Issue, the RIIs and
Retail Individual Shareholders and Employees Bidding in the Employee Reservation Portion (if any)
should indicate the full Bid Amount in the Bid cum Application Form and the payment shall be blocked
for the Bid Amount net of Discount. Only in cases where the RHP/Prospectus indicates that part payment
may be made, such an option can be exercised by the Bidder. In case of Bidders specifying more than
one Bid Option in the Bid cum Application Form, the total Bid Amount may be calculated for the
highest of three options at net price, i.e. Bid price less Discount Offered, if any.
(d) RIIs bidding at Cut-off price, the amount shall be blocked based on the Cap Price.
(e) All QIB and NII Bidders (other than Anchor Investors) can participate in the Issue only through the
ASBA mechanism
(f) RIIs submitting their applications through Designated Intermediaries (other than SCSBs) can
participate in the Issue only through the UPI mechanism, using their UPI ID linked with their bank
account. RIIs applying in the Issue through the UPI mechanism shall ensure that the name of the bank,
with which the RII maintains his account, appears in the list of SCSBs displayed on the SEBI website,
which are live on UPI. RIIs shall also ensure that the name of the mobile application and the UPI handle
being used for making the application in the Issue are also appearing in the “list of mobile applications
for using UPI in public issues” displayed on the SEBI website. NRIs applying in the Issue through the
UPI mechanism are advised to enquire with the relevant Bank, whether their account is UPI linked,
prior to making such application through Channel III.
(g) Bid Amount cannot be paid in cash, cheque, demand draft, through money order or through postal order.
4.1.9 Instructions for Anchor Investors:
(a) Anchor Investors shall submit their Bids only with any of the BRLMs to the Issue.
(b) Payments should be made either by direct credit, RTGS, NACH or NEFT.
(c) The Anchor Escrow Bank(s) shall maintain the monies in the Anchor Escrow Account for and on
behalf of the Anchor Investors until the Designated Date.
4.1.10 Payment instructions for Bidders (other than Anchor Investors)
(a) RIIs bidding through Designated Intermediaries should note that with the introduction of UPI as a
payment mechanism, there are three channels of making applications in public issues available to them
in UPI Phase II. The three channels for making applications in public offers available to RIIs bidding
through Designated Intermediaries are as follows:

Channel I Channel II Channel III

RIIs may submit the Bid cum RIIs may submit the Bid cum RIIs may submit the Bid cum
Application Form with ASBA as Application Form online using the Application Form with any of the
the sole mechanism for making facility of linked online trading, Designated Intermediaries (other
payment either physically (at the demat and bank account (3-in-1 than SCSBs) and use bank
branch of the SCSB) or online. type accounts) provided by some of account (3-in-1 type accounts)
For such applications the existing the brokers. provided by some of the brokers.
process of uploading the bid and
blocking of funds in the RIIs
account by the SCSB would
continue.

RIIs bidding in the Issue through UPI shall make such applications only through the SCSBs/mobile
applications whose name appears on the SEBI website – www.sebi.gov.in at the following path:
Home » Intermediaries/Market Infrastructure Institutions » Recognised Intermediaries » Self Certified
Syndicate Banks eligible as Issuer Banks for UPI
Home » Intermediaries/Market Infrastructure Institutions » Recognised Intermediaries » list of mobile
applications for using UPI in public offers

16
RIIs whose bank is not live on UPI may use the other alternate channels available to them, i.e., submission of
application form with SCSB (Channel I) or using the facility of linked online trading, demat and bank account
(Channel II).
NRIs applying in the Issue through the UPI mechanism are advised to enquire with the relevant Bank, whether
their account is UPI linked, prior to making such application through Channel III.
For UPI Phase III, RIIs will also have the option to use the same channels (as described above) for making
applications in a public offer.
Please see below a graphical illustrative process of the investor receiving and approving the UPI Mandate
Request. Please see below a graphical illustrative process of the investor receiving and approving the UPI
mandate request:

ILLUSTRATIVE SMS BLOCK REQUEST SMS TO INVESTOR

17
BLOCK REQUEST INTIMATION THROUGH
UPI APPLICATION BLOCK REQUEST SMS TO INVESTOR

SAMPLE OF IPO DETAILS IATTACHMENT POST VERIFICATION OF DETAILS ABOVE

18
PRE-CONFIRMATION PAGE ENTERING OF UPI PIN

APPROVED MANDATES VISIBLE IN

CONFIRMATION PAGE UPI APPLICATION

19
 BLOCK CONFIRMATION APPLICATION
BLOCK CONFIRMATION SMS TO INVESTOR INTIMATION

(b) QIB and NII Bidders may submit the Bid cum Application Form either
i. to SCSBs in physical or electronic mode through the internet banking facility offered by an SCSB
authorizing blocking of funds that are available in the ASBA account specified in the Bid cum
Application Form, or
ii. in physical mode to any Designated Intermediary.
(c) Bidders must specify the Bank Account number or the UPI ID (for RIIs bidding using the UPI
mechanism), as applicable, in the Bid cum Application Form. The Bid cum Application Form submitted
by a Bidder and which is accompanied by cash, demand draft, cheque, money order, postal order or any
mode of payment other than blocked amounts in the ASBA Account, may not be accepted.
(d) Bidders should note that application made using third party UPI ID or ASBA Account is liable to be rejected.
(e) NRIs applying in the Issue through the UPI mechanism are advised to enquire with the relevant Bank,
whether their account is UPI linked, prior to making such application through Channel III.
(f) Bidders shall note that for the purpose of blocking funds under ASBA facility clearly demarcated funds
shall be available in the ASBA Account.
(g) Bidders (other than RIIs bidding through the non-UPI mechanism) should submit the Bid cum Application
Form only at the Bidding Centers, i.e. to the respective member of the Syndicate at the Specified
Locations, the SCSBs, the Registered Broker at the Broker Centres, the CRTA at the Designated RTA
Locations or CDP at the Designated CDP Locations. RIIs bidding through the non-UPI mechanism should
either submit the physical Bid cum Application Form with the SCSBs or Designated Branches of SCSBs
under Channel I or submit the Bid cum Application Form online using the facility of 3-in1 type accounts
under Channel II.
(h) Bidders (other than RIIs bidding through the non-UPI mechanism) bidding through Designated
Intermediaries other than a SCSB, should note that ASBA Forms submitted to such Designated
Intermediary may not be accepted, if the SCSB where the ASBA Account, as specified in the Bid cum
Application Form, is maintained has not named at least one branch at that location for such Designated
Intermediary, to deposit ASBA Forms.
(i) Bidders bidding directly through the SCSBs should ensure that the Bid cum Application Form is
submitted to a Designated Branch of a SCSB where the ASBA Account is maintained.
(j) Upon receipt of the Bid cum Application Form, the Designated Branch of the SCSB may verify if
sufficient funds equal to the Bid Amount are available in the ASBA Account, as mentioned in the Bid
cum Application Form.

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(k) If sufficient funds are available in the ASBA Account, the SCSB may block an amount equivalent to the
Bid Amount mentioned in the Bid cum Application Form and for application directly submitted to SCSB
by investor, may enter each Bid option into the electronic bidding system as a separate Bid.
(l) If sufficient funds are not available in the ASBA Account, the Designated Branch of the SCSB may not
upload such Bids on the Stock Exchange platform and such bids are liable to be rejected.
(m) Upon submission of a completed Bid cum Application Form each Bidder (not being a RII who has opted
for the UPI mechanism and provided a UPI ID with the Bid cum Application Form) may be deemed to
have agreed to block the entire Bid Amount and authorized the Designated Branch of the SCSB to block
the Bid Amount specified in the Bid cum Application Form in the ASBA Account maintained with the
SCSBs. For details regarding blocking of Bid Amount for RIIs who have provided a UPI ID with the
Application Form please refer to paragraph 4.1.7.4.
(n) The Bid Amount may remain blocked in the aforesaid ASBA Account until finalisation of the Basis of
Allotment and consequent transfer of the Bid Amount against the Allotted Equity Shares to the Public
Issue Account, or until withdrawal or failure of the Issue, or until withdrawal or rejection of the Bid, as
the case may be.
(o) SCSBs bidding in the Issue must apply through an Account maintained with any other SCSB; else their
Bids are liable to be rejected.
4.1.7.1. Unblocking of ASBA Account
(a) Once the Basis of Allotment is approved by the Designated Stock Exchange, the Registrar to the Issue
may provide the following details to the controlling branches of each SCSB or the Sponsor Bank, as the
case may be, along with instructions to unblock the relevant ASBA Accounts and for successful
applications transfer the requisite money to the Public Issue Account designated for this purpose, within
the specified timelines: (i) the number of Equity Shares to be Allotted against each Bid, (ii) the amount to
be transferred from the relevant ASBA Account to the Public Issue Account, for each Bid, (iii) the date
by which funds referred to in (ii) above may be transferred to the Public Issue Account, (iv) the amount
to be unblocked, if any in case of partial allotments and (v) details of rejected ASBA Bids, if any, along
with reasons for rejection and details of withdrawn or unsuccessful Bids, if any, to enable the SCSBs or
the Sponsor Bank, as the case may be, to unblock the respective ASBA Accounts.
(b) On the basis of instructions from the Registrar to the Issue, the SCSBs or the Sponsor Bank, as the case
may be, may transfer the requisite amount against each successful Bidder to the Public Issue Account and
may unblock the excess amount, if any, in the ASBA Account.
(c) In the event of withdrawal or rejection of the Bid cum Application Form and for unsuccessful Bids, the
Registrar to the Issue may give instructions to the SCSB or to the Sponsor Bank to revoke the mandate
and, as the case may be, to unblock the Bid Amount in the relevant account within two Working Days of
the Bid/ Issue Closing Date.
4.1.7.2. Additional Payment Instructions for RIIs bidding through Designated Intermediaries (other
than SCSBs) using the UPI mechanism
(a) Before submission of the application form with the Designated Intermediary, an RII shall download the
mobile application, associated with the UPI ID linked bank account, for UPI and create a UPI ID
(xyz@bankname) of not more than 45 characters with its bank and link it to his/ her bank account where
the funds equivalent to the application amount is available. RIIs shall also ensure that the name of the
mobile application and the UPI handle being used for making the application in the Issue are appearing in
the following path on SEBI website – www.sebi.gov.in:
Home » Intermediaries/Market Infrastructure Institutions » Recognised Intermediaries » list of mobile
applications for using UPI in public Issues
It is clarified that if a RII makes an application through a UPI handle not covered in the prescribed list (as
mentioned in the path above), such an application is liable to be rejected.

21
(b) RIIs shall ensure that the bank, with which it has its bank account, where the funds equivalent to the
application amount is available for blocking has been notified as Issuer Banks for UPI. A list of such
banks is available at the following path on SEBI website – www.sebi.gov.in:
Home » Intermediaries/Market Infrastructure Institutions » Recognised Intermediaries » Self Certified
Syndicate Banks eligible as Issuer Banks for UPI
It is clarified that if a RII makes an application using a bank account of an SCSB or bank which is not covered
in the prescribed list (as mentioned in the path above), such an application is liable to be rejected.
(c) RIIs shall mention his / her UPI ID along with the bid details in the Bid cum Application Form in capital
letters and submit the Bid cum Application Form to any of the Designated Intermediaries (other than
SCSBs). It is clarified that if an RII submits a third-party UPI ID instead of his/her own UPI ID in the Bid
cum Application Form, the application is liable to be rejected.
(d) The Designated Intermediary (other than SCSBs) upon receipt of the Bid cum Application Form will
upload the bid details along with UPI ID in the stock exchange bidding platform.
(e) Once the bid has been entered into the Stock Exchange bidding platform, the stock exchange will validate
the PAN and Demat Account details of the RII with the Depository. The Depository will validate the
aforesaid details on a real time basis and send a response to the stock exchange which will be shared by
the stock exchange with the respective Designated Intermediary through its bidding platform, for
corrections, if any.
(f) Once the bid details have been validated by the Depository, the stock exchange will, on a continuous
basis, electronically share the bid details along with the UPI ID of the concerned RII with the Sponsor
Bank appointed by the Issuer.
(g) The Sponsor Bank will validate the UPI ID of the RII before initiating the Mandate request.
(h) The Sponsor Bank after validating the UPI ID will initiate a UPI Mandate Request for valid UPIID on the
RII which will be electronically received by the RII as an SMS / intimation on his / her mobile number /
mobile app associated with the UPI ID linked account. The RII shall ensure that the details of the Bid are
correct by opening the attachment in the UPI Mandate Request and then proceed to authorize the UPI
Mandate Request using his/her UPI PIN. Upon the authorization of the mandate using his/her UPI PIN,
an RII may be deemed to have verified the attachment containing the application details of the RII in the
UPI Mandate Request and have agreed to block the entire Bid Amount mentioned in the Bid Cum
Application Form and subsequent debit in case of Allotment.
(i) Upon successful validation of the block request by the RII, the said information would be electronically
received by the RII’s bank, where the funds, equivalent to the application amount would get blocked in the
ASBA Account of the RII. Intimation regarding confirmation of such blocking of funds in the ASBA
Account of the RII would also be received by the RII. Information on the block status request would be
shared with the Sponsor Bank which in turn would share it with the stock exchange which in turn would
share it with the Registrar in the form of a file for the purpose of reconciliation and display it on the stock
exchange bidding platform for the information of the Designated Intermediary.
(j) RIIs may continue to modify or withdraw the Bid till the closure of the Bidding Period. For each
modification of the Bid, the RII will submit a revised Bid and will receive a UPI Mandate Request from
the Sponsor Bank to be validated as per the process indicated above.
(k) RIIs to check the correctness of the details on the mandate received before approving the Mandate Request.
(l) Post closure of the Offer, the stock exchange will share the Bid details with the Registrar along with the
final file received from the Sponsor Bank containing status of blocked funds or otherwise, along with the
ASBA Account details with respect to applications made by RIIs using UPI ID.
4.1.7.3. Discount (if applicable)
(a) The Discount is stated in absolute rupee terms.
(b) Bidders applying under Retail Category, Retail Individual Shareholder and Employees under Employee
Reservation Portion are only eligible for discount. For Discounts offered in the Issue, Bidders may refer
to the RHP/Prospectus.

22
(c) The Bidders entitled to the applicable Discount in the Issue may block their ASBA Account for an amount
i.e. the Bid Amount less Discount (if applicable).
(d) Bidder (other than employees) may note that in case the net amount blocked (post Discount) is more than
two lakh Rupees, the Bidding system automatically considers such applications for allocation under Non-
Institutional Category. These applications are neither eligible for Discount nor fall under Retail Category.
4.1.11 FIELD NUMBER 8: SIGNATURES AND OTHER AUTHORISATIONS
(a) Only the First Bidder/Applicant is required to sign the Bid cum Application Form/Application Form.
Bidders/Applicants should ensure that signatures are in one of the languages specified in the Eighth
Schedule to the Constitution of India.
(b) The signature has to be correctly affixed in the authorization/undertaking box in the Bid cum Application
Form/Application Form, or an authorization has to be provided to the SCSB or using the UPI to the
Sponsor Bank, via the electronic mode, for blocking funds in the ASBA Account equivalent to the Bid
Amount mentioned in the Bid cum Application Form/Application Form.
(c) Bidders/Applicants must note that Bid cum Application Form/Application Form without signature of
Bidder/Applicant and /or ASBA Account holder is liable to be rejected.
4.1.12 ACKNOWLEDGEMENT AND FUTURE COMMUNICATION
(a) Bidders should ensure that they receive the Acknowledgment slip or the acknowledgement number duly
signed and stamped by a Designated Intermediary, as applicable, for submission of the Bid cum
Application Form.
(b) All communications in connection with Bids/Applications made in the Issue should be addressed as under:
i. In case of queries related to Allotment, non-receipt of Allotment Advice, credit of Allotted Equity
Shares, unblocking of funds, the Bidders/Applicants should contact the Registrar to the Issue.
ii. In case of Bids submitted to the Designated Branches of the SCSBs, the Bidders/Applicants should
contact the relevant Designated Branch of the SCSB.
iii. In case of queries relating to uploading of Syndicate ASBA Bids, the Bidders/Applicants should
contact the relevant Syndicate Member.
iv. In case of queries relating to uploading of Bids by a Designated Intermediary, the Bidders/Applicants
should contact the relevant Designated Intermediary.
v. In case of queries relating to uploading of Bids through the UPI Mechanism, the Bidders/Applicants
should contact the Designated Intermediary/BRLM.
vi. Bidder/Applicant may contact the Company Secretary and Compliance Officer or BRLM(s) in case of
any other complaints in relation to the Issue.
(c) The following details (as applicable) should be quoted while making any queries –
i. full name of the sole or First Bidder/Applicant, Bid cum Application Form number,
Applicants’/Bidders’ DP ID, Client ID, PAN, number of Equity Shares applied for, amount paid on
application.
ii. name and address of the Designated Intermediary, where the Bid was submitted along with the
acknowledgment slip from Designated Intermediary or
iii. Bids, ASBA Account number or the UPI ID (for RIIs who make the payment of Bid Amount through
the UPI Mechanism) linked to the ASBA Account where the Bid Amount was blocked.
For further details, Bidder/Applicant may refer to the RHP/Prospectus and the Bid cum Application Form.
4.2 INSTRUCTIONS FOR FILING THE REVISION FORM
(a) During the Bid/ Issue Period, any Bidder/Applicant (other than QIBs and NIIs, who can only revise their
bid upwards) who has registered his or her interest in the Equity Shares at a particular price level is free
to revise his or her Bid within the Price Band using the Revision Form, which is a part of the Bid cum
Application Form.

23
(b) RII may revise their Bids or withdraw their bids until Bid/ Issue Closing date.
(c) Revisions can be made in both the desired number of Equity Shares and the Bid Amount by using the
Revision Form.
(d) The Bidder/Applicant can make this revision any number of times during the Bid/ Issue Period. However,
for any revision(s) in the Bid, the Bidders/Applicants will have to use the services of the same Designated
Intermediary through which such Bidder/Applicant had placed the original Bid. It is clarified that RIIs
whose original Bid is made using the UPI mechanism can make revision(s) to their Bid using the UPI
mechanism only, whereby each time the Sponsor Bank will initiate a new UPI Mandate Request.
Bidders/Applicants are advised to retain copies of the blank Revision Form and the Bid(s) must be made
only in such Revision Form or copies thereof.

24
A sample revision form is reproduced below:

Instructions to fill each field of the Revision Form can be found on the reverse side of the Revision Form.
Other than instructions already highlighted at paragraph 4.1 above, point wise instructions regarding filling
up various fields of the Revision Form are provided below:

25
4.2.1 FIELDS 1, 2 AND 3: NAME AND CONTACT DETAILS OF SOLE/FIRST BIDDER/APPLICANT,
PAN OF SOLE/FIRST BIDDER/APPLICANT & DEPOSITORY ACCOUNT DETAILS OF THE
BIDDER/APPLICANT
Bidders/Applicants should refer to instructions contained in paragraphs 4.1.1, 4.1.2 and 4.1.3.
4.2.2 FIELD 4 & 5: BID OPTIONS REVISION ‘FROM’ AND ‘TO’
(a) Apart from mentioning the revised options in the Revision Form, the Bidder/Applicant must also mention
the details of all the bid options given in his or her Bid cum Application Form or earlier Revision Form.
For example, if a Bidder/Applicant has Bid for three options in the Bid cum Application Form and such
Bidder/Applicant is changing only one of the options in the Revision Form, the Bidder/Applicant must
still fill the details of the other two options that are not being revised, in the Revision Form. The
Designated Intermediaries may not accept incomplete or inaccurate Revision Forms.
(b) In case of revision, Bid options should be provided by Bidders/Applicants in the same order as provided
in the Bid cum Application Form.
(c) In case of revision of Bids by RIIs and Retail Individual Shareholders, such Bidders/Applicants should
ensure that the Bid Amount, subsequent to revision, does not exceed ₹200,000. In case the Bid Amount
exceeds ₹200,000 due to revision of the Bid or for any other reason, the Bid may be considered, subject
to eligibility, for allocation under the Non-Institutional Category, not being eligible for Discount (if
applicable) and such Bid may be rejected if it is at the Cut- off Price. The Cut-off Price option is given
only to the RIIs, Employees and Retail Individual Shareholders indicating their agreement to Bid for
and purchase the Equity Shares at the Issue Price as determined at the end of the Book Building Process.
(d) In case of revision of Bids by Employees, such Bidders/Applicants should ensure that the Bid Amount,
subsequent to revision, does not exceed ₹500,000.
(e) If, however, the RII does not either revise the Bid or make additional payment and the Issue Price is
higher than the cap of the Price Band prior to revision, the number of Equity Shares Bid for shall be
adjusted downwards for the purpose of allocation, such that no additional payment would be required
from the RII and the RII is deemed to have approved such revised Bid at Cut-off Price.
(f) In case of a downward revision in the Price Band, RIIs and Bids by Employees and Retail Individual
Shareholders under the Reservation Portion, who have bid at the Cut-off Price could either revise their
Bid or the excess amount paid at the time of Bidding will be unblocked.
4.2.3 FIELD 6: PAYMENT DETAILS
(a) All Bidders/Applicants are required to authorize blocking of the full Bid Amount (less Discount (if
applicable) at the time of submitting the Bid Revision Form. In case of Bidders/Applicants specifying
more than one Bid Option in the Bid cum Application Form, the total Bid Amount may be calculated
for the highest of three options at net price, i.e. Bid price less discount Issued, if any.
(b) Bidder/Applicant may issue instructions to block the revised amount based on cap of the revised Price
Band (adjusted for the Discount (if applicable) in the ASBA Account, to the same Designated
Intermediary through whom such Bidder/Applicant had placed the original Bid to enable the relevant
SCSB to block the additional Bid Amount, if any.
(c) In case of a downward revision in the Price Band, RIIs, Employees and Retail Individual Shareholders,
who have bid at the Cut-off Price, could either revise their Bid or the excess amount paid at the time of
Bidding may be unblocked.
4.2.4 FIELD 7: SIGNATURES AND ACKNOWLEDGEMENTS
Bidders/Applicants may refer to instructions contained at paragraphs 4.1.8 and 4.1.9 for this purpose.
4.3 INSTRUCTIONS FOR FILING APPLICATION FORM IN ISSUES MADE OTHER THAN
THROUGH THE BOOK BUILDING PROCESS
4.3.1 FIELDS 1, 2, 3 NAME AND CONTACT DETAILS OF SOLE/FIRST BIDDER/APPLICANT,
PAN OF SOLE/FIRST BIDDER/APPLICANT & DEPOSITORY ACCOUNT DETAILS OF THE
BIDDER/APPLICANT
Applicants should refer to instructions contained in paragraphs 4.1.1, 4.1.2 and 4.1.3.

26
4.3.2 FIELD 4: PRICE, APPLICATION QUANTITY & AMOUNT
(a) The Issuer may mention Price or Price Band in the draft Red Herring Prospectus. However, a prospectus
registered with RoC contains one price or coupon rate (as applicable).
(b) Minimum Application Value and Bid Lot: The Issuer in consultation with the Book Running Lead
Manager to the Issue (BRLM) may decide the minimum number of Equity Shares for each Bid to ensure that
the minimum application value is within the range as prescribed under SEBI circulars/regulations. The
minimum Lot size is accordingly determined by an Issuer on basis of such minimum application value.
(c) Applications by RIIs and Retail Individual Shareholders, must be for such number of shares so as to
ensure that the application amount less Discount (as applicable) payable does not exceed ₹200,000.
(d) Applications by Employees must be for such number of shares that the application amount payable less
Discount (as applicable) does not exceed ₹500,000.
(e) Applications by other investors must be for such minimum number of shares such that the application amount
exceeds
₹ 200,000 and in multiples of such number of Equity Shares thereafter, as may be disclosed in the
application form and the Red Herring Prospectus, or as advertised by the Issuer, as the case may be.
(f) An application cannot be submitted for more than the Issue size.
(g) The maximum application by any Applicant should not exceed the investment limits prescribed for them
under the applicable laws.
(h) Multiple Applications: An Applicant should submit only one Application Form. Submission of a second
Application Form to either the same or other SCSB and duplicate copies of Application Forms bearing
the same application number shall be treated as multiple applications and are liable to be rejected.
(i) For details regarding the procedures to be followed by the Registrar to detect multiple applications.
Applicants should refer to paragraphs 4.1.4.2(b) and 4.1.4.2(c).
4.3.3 FIELD NUMBER 5: CATEGORY OF APPLICANTS
(a) The categories of applicants identified as per the SEBI ICDR Regulations for the purpose of Bidding,
allocation and Allotment in the Issue are RIIs, individual applicants other than RII’s and other investors
(including corporate bodies or institutions, irrespective of the number of specified securities applied for).
(b) An Issuer can make reservation for certain categories of Applicants permitted under the SEBI ICDR
Regulations. For details of any reservations made in the Issue, applicants may refer to the Red Herring
Prospectus.
(c) The SEBI ICDR Regulations specify the allocation or Allotment that may be made to various categories of
applicants in an Issue depending upon compliance with the eligibility conditions. Details pertaining to
allocation are disclosed on reverse side of the Revision Form. For Issue specific details in relation to
allocation applicant may refer to the Red Herring Prospectus.
4.3.4 FIELD NUMBER 6: INVESTOR STATUS
Applicants should refer to instructions contained in paragraphs 4.1.6.
4.3.5 FIELD 7: PAYMENT DETAILS
(a) Bidders are required to enter either the ASBA Bank account details or the UPI ID in this field. In case the
Bidder doesn’t provide any of the ASBA Bank account details or the UPI ID then the application would
be rejected. For application submitted to Designated Intermediaries (other than SCSBs), Bidder providing
both the ASBA Bank account details as well as the UPIID, the UPI ID will be considered for processing
of the application.
(b) All Applicants (other than Anchor Investors) are required to make use of ASBA for applying in the Issue.
(c) RIIs applying through Designated Intermediaries (other than SCSBs) may make use of the UPI
mechanism for applying in the Issue. If RIIs are applying in the Issue through non-UPI mechanism, then it
shall either submit physical Bid cum Application Form with the SCSBs or the Designated Branches of the
SCSBs under Channel I or submit the Bid cum Application Form online using the facility of 3-in1 type

27
 accounts under Channel II.
(d) Application Amount cannot be paid in cash, cheques or demand drafts through money order or through
postal order or through stock invest.
4.3.5.1 Payment instructions for Applicants
Applicants should refer to instructions contained in paragraphs 4.1.7.2.
4.3.5.2 Unblocking of ASBA Account
Applicants should refer to instructions contained in paragraph 4.1.7.3.
4.3.5.3 Additional Payment Instructions for RIIs bidding through Designated Intermediaries
using the UPI mechanism.
Applicants should refer to instructions contained in paragraph 4.1.7.4.
4.3.5.4 Discount (if applicable)
Applicants should refer to instructions contained in paragraph 4.1.7.5.
4.3.6 FIELD NUMBER 8: SIGNATURES AND OTHER AUTHORISATIONS AND FUTURE
COMMUNICATION
Applicants should refer to instructions contained in paragraphs 4.1.8 & 4.1.9.
4.4 SUBMISSION OF BID CUM APPLICATION FORM/ REVISION FORM/APPLICATIONFORM
4.4.1 Bidders/Applicants may submit completed Bid-cum-application form / Revision Form in the
following manner:-

Mode of Application Submission of Bid cum Application Form

Anchor Investors To one of the Book Running Lead Managers at the Specified Locations
Application Form mentioned in the Bid cum Application Form
Applications from QIBs To members of the Syndicate in the Specified Locations or Registered Brokers at the
and NIIs Broker Centres or the CRTAs at the Designated RTA Locations or the CDPs at the
Designated CDP Locations; and
To the Designated Branches of the SCSBs where the ASBA Account is maintained
Applications from RIIs (a) To members of the Syndicate in the Specified Locations or Registered Brokers
applying through UPI at the Broker Centres or the CRTAs at the Designated RTA Locations or
mechanism the CDPs at the Designated CDP Locations; and
Applications from RIIs To the Designated Branches of the SCSBs where the ASBA Account is
applying through non- maintained
UPI mechanism To the Brokers providing the facility of linked online trading, demat and bank
account (3- in-1 type accounts) online
(a) Bidders/Applicants should submit the Revision Form to the same Designated Intermediary through which
such Bidder/Applicant had submitted the original Bid.
(b) Upon submission of the Bid-cum-Application Form, the Bidder/Applicant will be deemed to have
authorized the Issuer to make the necessary changes in the RHP and the Bid cum Application Form as
would be required for filing Red Herring Prospectus with the Registrar of Companies (RoC) and as would
be required by the RoC after such filing, without prior or subsequent notice of such changes to the relevant
Bidder/Applicant.
(c) Upon determination of the Issue Price and filing of the Red Herring Prospectus with the RoC, the Bid-
cum- Application Form will be considered as the application form.

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 SECTION 5: ISSUE PROCEDURE IN BOOK BUILT ISSUE
Book Building, in the context of the Issue, refers to the process of collection of Bids within the Price Band or
above the Floor Price and determining the Issue Price based on the Bids received as detailed in Schedule XIII
of SEBI ICDR Regulations 2018. The Issue Price is finalized after the Bid/Issue Closing Date. Valid Bids
received at or above the Issue Price are considered for allocation in the Issue, subject to applicable regulations
and other terms and conditions.
5.1 SUBMISSION OF BIDS
(a) During the Bid/Issue Period, ASBA Bidders/Applicants may approach any of the Designated Intermediary
to register and submit their Bids. Anchor Investors who are interested in subscribing for the Equity Shares
should approach one of the Book Running Lead Managers on the Anchor Investor Bidding Date to register
and submit their Bid.
(b) In case of Bidders/Applicants (excluding NIIs and QIBs) bidding at Cut-off Price, the Bidders/Applicants may
instruct the SCSBs or the Sponsor Bank, as applicable, to block Bid Amount based on the Cap Price less
discount (if applicable).
(c) For details of the timing on acceptance and upload of Bids in the Stock Exchanges Platform
Bidders/Applicants are requested to refer to the RHP.
5.2 ELECTRONIC REGISTRATION OF BIDS
The Designated Intermediary may register the Bids using the on-line facility of the Stock Exchanges. The
Designated Intermediaries can also set up facilities for off-line electronic registration of Bids, subject to
the condition that they may subsequently upload the off-line data file into the on-line facilities for Book
Building on a regular basis before the closure of the issue.
(a) On the Bid/Issue Closing Date, the Designated Intermediaries may upload the Bids till such time as may
be permitted by the Stock Exchanges.
(b) Only Bids that are uploaded on the Stock Exchanges Platform would be considered for allocation/
Allotment. In UPI Phase II, the Designated Intermediaries are given time till the Bid/Issue Closing Date to
modify select fields uploaded in the Stock Exchange Platform during the Bid/Issue Period after which the
Stock Exchange(s) send the bid information to the Registrar to the Issue for further processing.
5.3 BUILD UP OF THE BOOK
(a) Bids received from various Bidders/Applicants through the Designated Intermediaries may be electronically
uploaded on the Bidding Platform of the Stock Exchanges’ on a regular basis. The book gets built up at
various price levels. This information may be available with the Book Running Lead Managers at the end
of the Bid/Issue Period.
(b) Based on the aggregate demand and price for Bids registered on the Stock Exchanges Platform, a
graphical representation of consolidated demand and price as available on the websites of the Stock
Exchanges may be made available at the Bidding centres during the Bid/Issue Period.
5.4 WITHDRAWAL OF BIDS
(a) RIIs can withdraw their Bids until Bid/Issue Closing Date. In case a RII wishes to withdraw the Bid, the
same can be done by submitting a request for the same to the concerned Designated Intermediary, who
shall do the requisite, including unblocking of the funds in the ASBA Account.
(b) The Registrar to the Issue shall give instruction to the SCSB or the Sponsor Bank, as applicable, for
unblocking the ASBA Account upon or after the finalization of basis of Allotment. QIBs and NIIs can
neither withdraw nor lower the size of their Bids at any stage.
5.5 REJECTION & RESPONSIBILITY FOR UPLOAD OF BIDS
(a) The Designated Intermediaries are individually responsible for the acts, mistakes or errors or omission in
relation to
i. the Bids accepted by the Designated Intermediary;
ii. the Bids (including UP ID, as applicable) uploaded by the Designated Intermediary; and

29
 iii. the Bid cum application forms accepted but not uploaded by the Designated Intermediaries.
(b) The Book Running Lead Managers and their affiliate Syndicate Members, as the case may be, may reject
Bids if all the information required is not provided and the Bid cum Application Form is incomplete in
any respect.
(c) The SCSBs or the Sponsor Banks, as applicable, shall have no right to reject Bids, except in case of
unavailability of adequate funds in the ASBA Account or on technical grounds.
(d) In case of QIB Bidders, only the (i) SCSBs (for Bids other than the Bids by Anchor Investors); and (ii)
Book Running Lead Managers and their affiliate Syndicate Members (only in the specified locations)
have the right to reject bids. However, such rejection shall be made at the time of receiving the Bid and
only after assigning a reason for such rejection in writing.All bids by QIBs, NIIs & RIIs Bids can be
rejected on technical grounds listed herein.
5.5.1 GROUNDS FOR TECHNICAL REJECTIONS
Bid cum Application Forms/Application Form can be rejected on the below mentioned technical grounds either
at the time of their submission to any of the Designated Intermediaries, or at the time of finalization of the
Basis of Allotment. Bidders/Applicants are advised to note that the Bids/Applications are liable to be rejected,
among other things, on the following grounds, which have been detailed at various places in this GID :-
(a) Bid/Application by persons not competent to contract under the Indian Contract Act, 1872, as
amended, (other than minors having valid Depository Account as per Demographic Details provided
by Depositories);
(b) Bids/Applications of Bidders (other than Anchor Investors) accompanied by cash, draft, cheques,
money order or any other mode of payment other than amounts blocked in the Bidders’ ASBA
Account;
(c) Bids/Applications by OCBs;
(d) In case of partnership firms, Bid/Application for Equity Shares made in the name of the firm. However,
a limited liability partnership can apply in its own name;
(e) In case of Bids/Applications under power of attorney or by limited companies, corporate, trust etc.,
relevant documents are not being submitted along with the Bid cum application form/Application
Form;
(f) Bids/Applications by persons prohibited from buying, selling or dealing in the shares directly or
indirectly by SEBI or any other regulatory authority;
(g) Bids/Applications by any person outside India if not in compliance with applicable foreign and Indian
laws;
(h) DP ID and Client ID not mentioned in the Bid cum Application Form/Application Form;
(i) ASBA Account number or UPI ID not mentioned or incorrectly mentioned in the Bid cum
Application Form/Application Form;
(j) In case of Bids by RIIs (applying through the UPI mechanism) through a UPI handle not covered in
the prescribed list of SEBI.
(k) In case of Bids by RIIs (applying through the UPI mechanism) using a bank account of an SCSB or
bank which is not covered in the prescribed list of SEBI.
(l) PAN not mentioned in the Bid cum Application Form/Application Form except for Bids/Applications
by or on behalf of the Central or State Government and officials appointed by the court and by the
investors residing in the State of Sikkim, provided such claims have been verified by the Depository
Participant;
(m) In case no corresponding record is available with the Depositories that matches the DP ID, the Client
ID and the PAN;
(n) Bids/Applications for lower number of Equity Shares than the minimum specified for that category of
investors;
(o) Bids/Applications at a price less than the Floor Price & Bids/Applications at a price more than the Cap
Price;

30
(p) Bids/Applications at Cut-off Price by NIIs and QIBs;
(q) The amounts mentioned in the Bid cum Application Form/Application Form does not tally with the
amount payable for the value of the Equity Shares Bid/Applied for;
(r) Bids/Applications for amounts greater than the maximum permissible amounts prescribed by the
regulations;
(s) Submission of Bid cum Application Forms/Application Form using third party UPI ID or ASBA Bank
Account;
(t) Submission of more than one Bid cum Application Form per UPI ID by RIIs bidding through
Designated Intermediaries other than SCSBs (except for RIIs applying as Retail Individual
Shareholders also);
(u) Submission of more than one Bid cum Application Form per ASBA Account by Bidders bidding
through Designated Intermediaries (except in case of joint account holders);
(v) In case of joint Bids, submission of Bid cum Application Forms/Application Form using second or
third party’s UPI ID or ASBA Bank Account;
(w) Bids/Applications for number of Equity Shares which are not in multiples of Equity Shares as
specified in the RHP;
(x) Multiple Bids/Applications as defined in this GID and the RHP/Prospectus;
(y) Bid cum Application Forms/Application Forms are not delivered by the Bidders/Applicants within
the time prescribed as per the Bid cum Application Forms/Application Form, Bid/Issue Opening Date
advertisement and as per the instructions in the RHP and the Bid cum Application Forms;
(z) Bank account mentioned in the Bid cum Application Form (for Bidders applying through the
non-UPI
mechanism) may not be an account maintained by SCSB. Inadequate funds in the ASBA Account to
block the Bid/Application Amount specified in the Bid cum Application Form/ Application Form at
the time of blocking such Bid/Application Amount in the ASBA Account;
(aa) In case of Bids by RIIs (applying through the UPI mechanism), the UPI ID mentioned in the Bid
cum Application Form is linked to a third party bank account;
(bb) In case of Bids by RIIs (applying through the UPI mechanism), the UPI ID is not mentioned in the
Bid cum Application Form;
(cc) In case of Anchor Investors, Bids/Applications where sufficient funds are not available in Escrow
Accounts as per final certificate from the Anchor Escrow Bank;
(dd) Where no confirmation is received from SCSB or the Sponsor Bank, as applicable, for blocking of
funds;
(ee) Bids/Applications by QIB and NII Bidders (other than Anchor Investors) not submitted through
ASBA process;
(ff) Bid cum Application Form submitted to Designated Intermediaries at locations other than the
Bidding Centers or to the Anchor Escrow Bank (assuming that such bank is not a SCSB where the
ASBA Account is maintained), to the issuer or the Registrar to the Issue;
(gg) Bid cum Application Form submitted physically by RIIs bidding through the non-UPI mechanism to
Designated Intermediaries other than SCSBs;
(hh) Bids/Applications not uploaded on the terminals of the Stock Exchanges;
(ii) Bids/Applications by SCSBs wherein a separate account in its own name held with any other
SCSB is not mentioned as the ASBA Account in the Bid cum Application Form/Application Form.
(jj) The UPI Mandate is not approved by Retail Individual Investor; and
(kk) The original Bid/Application is made using the UPI mechanism and revision(s) to the
Bid/Application is made using ASBA either physically or online through the SCSB, and vice- versa.
(ll) Bidders are required to enter either the ASBA Bank account details or the UPI ID in the Bid cum
Application Form. In case the Bidder doesn’t provide any of the ASBA Bank account details or the
UPI ID then the application would be rejected. For application submitted to Designated
31
 Intermediaries (other than SCSBs), Bidder providing both the ASBA Bank account details as well as
the UPI ID, the UPI ID will be considered for processing of the application.
(mm) RIIs shall ensure that the bank, with which they have their bank account, where the funds equivalent
to the application amount is available for blocking, has been notified as Issuer Banks for UPI. A list
of such banks is available on SEBI website – www.sebi.gov.in:
(nn) Home » Intermediaries/Market Infrastructure Institutions » Recognised Intermediaries » Self Certified
Syndicate Banks eligible as Issuer Banks for UPI
(oo) In case of revision of Bids by RII Bidders, if UPI Mandate Request for the revised Bid is not
approved, the Application is liable to be rejected.
5.6 BASIS OF ALLOCATION
(a) The SEBI ICDR Regulations specify the allocation or Allotment that may be made to various categories
of Bidders/Applicants in an Issue depending on compliance with the applicable eligibility conditions.
Certain details pertaining to the percentage of Issue size available for allocation to each category is
disclosed overleaf of the Bid cum Application Form and in the RHP / Prospectus. For details in relation to
allocation, the Bidder/Applicant may refer to the RHP / Prospectus.
(b) Under-subscription in any category (except QIB category) is allowed to be met with spill-over from any other
category or combination of categories at the discretion of the Issuer and in consultation with the Book
Running Lead Managers and the Designated Stock Exchange and in accordance with the SEBI ICDR
Regulations. Unsubscribed portion in QIB Category is not available for subscription to other categories.
(c) In case of under subscription in the Net Issue, spill-over to the extent of such under-subscription may be
permitted from the Reserved Portion to the Net Issue. For allocation in the event of an under-subscription
applicable to the Issuer, Bidders/Applicants may refer to the RHP.
(d) Illustration of the Book Building and Price Discovery Process
Bidders should note that this example is solely for illustrative purposes and is not specific to the Issue; it also
excludes Bidding by Anchor Investors.
Illustration of the Book Building and Price Discovery Process: Bidders should note that this example is solely
for illustrative purposes and is not specific to the Issue; it also excludes Bidding by Anchor Investors. Bidders
can bid at any price within the Price Band. For instance, assume a Price Band of ₹20 to ₹24 per share, Issue
size of 3,000 Equity Shares

and receipt of five Bids from Bidders, details of which are shown in the table below. The illustrative book
given below shows the demand for the Equity Shares of the Issuer at various prices and is collated from Bids
received from various investors.

Bid Quantity Bid Amount (₹) Cumulative Quantity Subscription

500 24 500 16.67%
1,000 23 1,500 50.00%
1,500 22 3,000 100.00%
2,000 21 5,000 166.67%
2,500 20 7,500 250.00%
The price discovery is a function of demand at various prices. The highest price at which the Issuer is able to
Issue the desired number of equity shares is the price at which the book cuts off, i.e., ₹ 22.00 in the above
example. The issuer, in consultation with the Book Running Lead Managers, may finalize the Issue Price at or
below such cut-off price, i.e., at or below ₹22.00. All bids at or above this Issue Price and cut-off bids are valid
bids and are considered for allocation in the respective categories.
(e) Alternate Method of Book Building
In case of FPOs, Issuers may opt for an alternate method of Book Building in which only the Floor Price is
specified for the purposes of Bidding (“Alternate Book Building Process”).
The Issuer may specify the Floor Price in the RHP or advertise the Floor Price at least one Working Day prior
to the Bid/Issue Opening Date. QIBs may Bid at a price higher than the Floor Price and the Allotment to the
QIBs is made on a price priority basis. The Bidder with the highest Bid Amount is allotted the number of

32
Equity Shares Bid for and then the second highest Bidder is Allotted Equity shares, and this process continues
until all the Equity Shares have been allotted. RIIs, NIIs and Employees are Allotted Equity Shares at the Floor
Price and allotment to these categories of Bidders is made proportionately. If the number of Equity Shares Bid
for at a price is more than available quantity, then the Allotment may be done on a proportionate basis. Further,
the Issuer may place a cap either in terms of number of specified securities or percentage of issued capital of
the Issuer that may be Allotted to a single Bidder, decide whether a Bidder be allowed to revise the bid upwards
or downwards in terms of price and/or quantity and also decide whether a Bidder be allowed single or multiple
bids.
SECTION 6: ISSUE PROCEDURE IN FIXED PRICE ISSUE
This being the Book Built Issue this section is not applicable for this Issue.

SECTION 7: ALLOTMENT PROCEDURE AND BASIS OF ALLOTMENT

The Allotment of Equity Shares to Bidders/Applicants other than Retail Individual Investors and Anchor
Investors may be on proportionate basis. For Basis of Allotment to Anchor Investors, Bidders/Applicants may
refer to RHP/Prospectus. No Retail Individual Investor will be allotted less than the minimum Bid Lot subject to
availability of shares in Retail Individual Investor Category and the remaining available shares, if any will be
Allotted on a proportionate basis. The Issuer is required to receive a minimum subscription of 90% of the Issue
(excluding any Issue for Sale of specified securities). However, in case the Issue is in the nature of Issue for
Sale only, then minimum subscription may not be applicable.
7.1 ALLOTMENT TO RIIs
Bids received from the RIIs at or above the Issue Price may be grouped together to determine the total demand
under this category. If the aggregate demand in this category is less than or equal to the Retail Category at or
above the Issue Price, full Allotment may be made to the RIIs to the extent of the valid Bids. If the aggregate
demand in this category is greater than the allocation in the Retail Category at or above the Issue Price, then the
maximum number of RIIs who can be Allotted the minimum Bid Lot will be computed by dividing the total
number of Equity Shares available for Allotment to RIIs by the minimum Bid Lot (“Maximum RII
Allottees”). The Allotment to the RIIs will then be made in the following manner:
(a) In the event the number of RIIs who have submitted valid Bids in the Issue is equal to or less than
Maximum RII Allottees; (i) all such RIIs shall be Allotted the minimum Bid Lot; and (ii) the balance
available Equity Shares, if any, remaining in the Retail Category shall be Allotted on a proportionate basis
to the RIIs who have received Allotment as per (i) above for the balance demand of the Equity Shares Bid
by them (i.e. who have Bid for more than the minimum Bid Lot).
(b) In the event the number of RIIs who have submitted valid Bids in the Issue is more than Maximum RII
Allottees, the RIIs (in that category) who will then be Allotted minimum Bid Lot shall be determined on
the basis of draw of lots.
7.2 ALLOTMENT TO NIIs
Bids received from NIIs at or above the Issue Price may be grouped together to determine the total demand
under this category. The Allotment to all successful NIIs may be made at or above the Issue Price. If the
aggregate demand in this category is less than or equal to the Non-Institutional Category at or above the Issue
Price, full Allotment may be made to NIIs to the extent of their demand. In case the aggregate demand in this
category is greater than the Non- Institutional Category at or above the Issue Price, Allotment may be made
on a proportionate basis up to a minimum of the Non- Institutional Category.
7.3 ALLOTMENT TO QIBs
For the Basis of Allotment to Anchor Investors, Bidders/Applicants may refer to the SEBI ICDR Regulations
or RHP / Prospectus. Bids received from QIBs Bidding in the QIB Category (net of Anchor Portion) at or above
the Issue Price may be grouped together to determine the total demand under this category. The QIB Category
may be available for Allotment to QIBs who have Bid at a price that is equal to or greater than the Issue Price.
Allotment may be undertaken in the following manner:
(a) In the first instance allocation to Mutual Funds for up to 5% of the QIB Category may be determined as
follows:
(i) In the event that Bids by Mutual Fund exceeds 5% of the QIB Category, allocation to Mutual Funds
may be done on a proportionate basis for up to 5% of the QIB Category; (ii) In the event that the

33
 aggregate demand from Mutual Funds is less than 5% of the QIB Category then all Mutual Funds may
get full allotment to the extent of valid Bids received above the Issue Price; and (iii) Equity Shares
remaining unsubscribed, if any and not allocated to Mutual Funds may be available for allotment to
all QIBs as set out at paragraph 7.4(b) below.
(b) In the second instance, allotment to all QIBs may be determined as follows: (i) In the event of
oversubscription in the QIB Category, all QIBs who have submitted Bids above the Issue Price may be
Allotted Equity Shares on a proportionate basis for up to 95% of the QIB Category; (ii) Mutual Funds,
who have received allocation as per (a) above, for less than the number of Equity Shares Bid for by them,
are eligible to receive Equity Shares on a proportionate basis along with other QIBs; and (iii) Under-
subscription below 5% of the QIB Category, if any, from Mutual Funds, may be included for allocation
to the remaining QIBs on a proportionate basis.

7.4 ALLOTMENT TO ANCHOR INVESTOR (IF APPLICABLE)

(a) Allocation of Equity Shares to Anchor Investors at the Anchor Investor Issue Price will be at the discretion
of the issuer subject to compliance with the following requirements:
i. not more than 60% of the QIB Category will be allocated to Anchor Investors;
ii. one-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid
Bids being received from domestic Mutual Funds at or above the price at which allocation is being done
to other Anchor Investors; and
iii. allocation to Anchor Investors shall be on a discretionary basis and subject to:
 a maximum number of two Anchor Investors for allocation up to ₹2 crores;
 a minimum number of two Anchor Investors and maximum number of 15 Anchor Investors for
allocation of more than ₹2 crores and up to ₹25 crores subject to minimum allotment of ₹1 crores per
such Anchor Investor; and
 in case of allocation above 25 crore rupees; a minimum number of five Anchor Investors and a
maximum number of Fifteen Anchor Investors for allocation up to ₹25 crores and an additional 10
Anchor Investors for every additional ₹25 crores or part thereof, subject to minimum allotment of
₹1 crores per such Anchor Investor.
(b) A physical book is prepared by the Registrar on the basis of the Bid cum Application Forms received
from Anchor Investors. Based on the physical book and at the discretion of the issuer in consultation with
the BRLMs, selected Anchor Investors will be sent a CAN and if required, a revised CAN.
(c) In the event that the Issue Price is higher than the Anchor Investor Issue Price: Anchor Investors
will be sent a revised CAN within one day of the Pricing Date indicating the number of Equity Shares
allocated to such Anchor Investor and the pay-in date for payment of the balance amount. Anchor
Investors are then required to pay any additional amounts, being the difference between the Issue Price
and the Anchor Investor Issue Price, as indicated in the revised CAN within the pay-in date referred to in
the revised CAN. Thereafter, the Allotment Advice will be issued to such Anchor Investors.
(d) In the event the Issue Price is lower than the Anchor Investor Issue Price: Anchor Investors who
have been Allotted Equity Shares will directly receive Allotment Advice.

7.5 BASIS OF ALLOTMENT FOR QIBs (OTHER THAN ANCHOR INVESTORS), NIIs AND
RESERVED CATEGORY IN CASE OF OVER-SUBSCRIBED ISSUE
In the event of the Issue being over-subscribed, the Issuer may finalize the Basis of Allotment in consultation
with the Designated Stock Exchange in accordance with the SEBI ICDR Regulations.
The allocation may be made in marketable lots, on a proportionate basis as explained below:
(a) Bidders may be categorized according to the number of Equity Shares applied for.
(b) The total number of Equity Shares to be Allotted to each category as a whole may be arrived at on a
proportionate basis, which is the total number of Equity Shares applied for in that category (number of
Bidders in the category multiplied by the number of Equity Shares applied for) multiplied by the inverse
of the over-subscription ratio.

34
(c) The number of Equity Shares to be Allotted to the successful Bidders may be arrived at on a proportionate
basis, which is total number of Equity Shares applied for by each Bidder in that category multiplied by
the inverse of the over-subscription ratio.
(d) In all Bids where the proportionate Allotment is less than the minimum Bid Lot decided per Bidder, the
Allotment may be made as follows: the successful Bidders out of the total Bidders for a category may be
determined by a draw of lots in a manner such that the total number of Equity Shares Allotted in that
category is equal to the number of Equity Shares calculated in accordance with (b) above; and each
successful Bidder may be Allotted a minimum of such Equity Shares equal to the minimum Bid Lot
finalized by the Issuer.
(e) If the proportionate Allotment to a Bidder is a number that is more than the minimum Bid Lot but is not a
multiple of one (which is the marketable lot), the decimal may be rounded off to the higher whole number
if that decimal is 0.5 or higher. If that number is lower than 0.5 it may be rounded off to the lower whole
number. Allotment to all Bidders in such categories may be arrived at after such rounding off.
(f) If the Equity Shares allocated on a proportionate basis to any category are more than the Equity Shares
Allotted to the Bidders in that category, the remaining Equity Shares available for allotment may be first
adjusted against any other category, where the Allotted Equity Shares are not sufficient for proportionate
Allotment to the successful Bidders in that category. The balance Equity Shares, if any, remaining after
such adjustment may be added to the category comprising Bidders applying for minimum number of
Equity Shares.
7.6 DESIGNATED DATE AND ALLOTMENT OF EQUITY SHARES
(a) Designated Date: On the Designated Date, the Anchor Escrow Bank shall transfer the funds represented by
allocation of Equity Shares to Anchor Investors from the Escrow Accounts, as per the terms of the Cash
Escrow Agreement, into the Public Issue Account with the Bankers to the Issue. The balance amount after
transfer to the Public Issue Account shall be transferred to the Refund Account. Payments of refund to
the Bidders applying in the Anchor Investor Portion shall be made from the Refund Account as per the
terms of the Cash Escrow Agreement and the RHP. On the Designated Date, the Registrar to the Issue shall
instruct the SCSBs or the Sponsor Bank, as applicable, to transfer funds represented by allocation of
Equity Shares from ASBA Accounts into the Public Issue Account.
(b) Issuance of Allotment Advice: Upon approval of the Basis of Allotment by the Designated Stock
Exchange, the Registrar shall upload the same on its website. On the basis of the approved Basis of
Allotment, the Issuer shall pass necessary resolutions and undertake corporate actions to facilitate the
Allotment and credit of Equity Shares to successful Bidders/Applicants. Bidders/Applicants are advised
to instruct their Depository Participant to accept the Equity Shares that may be allotted to them pursuant
to the Issue.
Pursuant to confirmation of such corporate actions, the Registrar will dispatch Allotment Advice
to the Bidders/Applicants who have been Allotted Equity Shares in the Issue.
(c) The dispatch of Allotment Advice shall be deemed a valid, binding and irrevocable contract.
(d) Issuer will ensure that: (i) the Allotment of Equity Shares; and (ii) credit of shares to the successful
Bidders/Applicants Depository Account will be completed within two Working Days of the Bid/Issue
Closing Date.
SECTION 8: INTEREST AND REFUNDS
8.1 COMPLETION OF FORMALITIES FOR LISTING & COMMENCEMENT OF TRADING
The Issuer may ensure that all steps for the completion of the necessary formalities for listing and commencement
of trading at all the Stock Exchanges are taken within three Working Days of the Bid/Issue Closing Date.
8.2 GROUNDS FOR REFUND
8.2.1 NON-RECEIPT OF LISTING PERMISSION
An Issuer makes an application to the Stock Exchange(s) for permission to deal in/list and for an official
quotation of the Equity Shares. All the Stock Exchanges from where such permission is sought are disclosed
in RHP/Prospectus. The Designated Stock Exchange will be disclosed in the RHP/Prospectus with which the
Basis of Allotment may be finalized.
If the Issuer fails to make application to the Stock Exchange(s) and obtain permission for listing of the Equity
Shares, in accordance with the provisions of Section 40 of the Companies Act, 2013, the Issuer may be
35
punishable with a fine which shall not be less than ₹ 5 lakhs but which may extend to ₹ 50 lakhs and every
officer of the Issuer who is in default shall be punishable with imprisonment for a term which may extend to
one year or with fine which shall not be less than ₹ 50,000 but which may extend to ₹ 3 lakhs, or with both.
If the permissions to deal in and for an official quotation of the Equity Shares are not granted by any of the
Stock Exchange(s), the Issuer may forthwith take steps to refund, without interest, all moneys received from
the Bidders/Applicants in pursuance of the RHP/Prospectus.
If such money is not refunded to Bidders within the prescribed time after the Issuer becomes liable to repay
it, then the Issuer and every director of the Issuer who is an officer in default may, on and from such expiry of
such period, be liable to repay the money, with interest at such rate, as disclosed in the RHP/Prospectus.
8.2.2 NON RECEIPT OF MINIMUM SUBSCRIPTION
If the Issuer does not receive a minimum subscription of 90% of the Net Issue (excluding any Issue for sale of
specified securities), including devolvement to the Underwriters, as applicable, the Issuer may forthwith, take
steps to unblock the entire subscription amount received within two Working Days of the Bid/ Issue Closing
Date and repay, without interest, all moneys received from Anchor Investors. This is further subject to the
compliance with Rule 19(2) (b) of the SCRR. In case the Issue is in the nature of Issue for Sale only, then
minimum subscription may not be applicable. In case of under- subscription in the Issue, the Equity Shares in
the Issue will be issued prior to the sale of Equity Shares in the Issue for Sale.
If there is a delay beyond the prescribed time after the Issuer becomes liable to pay or unblock the amount
received from Bidders, then the Issuer and every director of the Issuer who is an officer in default may on and
from expiry of prescribed time period under applicable laws, be jointly and severally liable to repay the money,
with interest at the rate of 15% per annum in accordance with the Companies (Prospectus and Allotment of
Securities) Rules, 2014, as amended.
8.2.3 MINIMUM NUMBER OF ALLOTTEES
The Issuer may ensure that the number of prospective Allottees to whom Equity Shares may be allotted may
not be less than 1,000 failing which the entire application monies may be refunded forthwith.
8.2.4 IN CASE OF ISSUES MADE UNDER COMPULSORY BOOK BUILDING
In case an Issuer not eligible under Regulation 6(1) of the SEBI ICDR Regulations comes for an Issue under
Regulation 6(2) of SEBI ICDR Regulations but fails to Allot at least 75% of the Issue to QIBs, in such case full
subscription money is to be refunded.
8.3 MODE OF REFUND
1. In case of ASBA Bids: Within two Working Days of the Bid/Issue Closing Date, the Registrar to the Issue
may give instructions to SCSBs or in case of Bids by RIIs applying through the UP mechanism to the
Sponsor Bank to revoke the mandate and for unblocking the amount for unsuccessful Bids or for any
excess amount blocked on Bidding.
2. In case of Anchor Investors: Within two Working Days of the Bid/Issue Closing Date, the Registrar to the
Issue may dispatch the refund orders for all amounts payable to unsuccessful Anchor Investors.
3. In case of Anchor Investors, the Registrar to the Issue may obtain from the depositories the Bidders’ bank
account details, including the MICR code, on the basis of the DP ID, Client ID and PAN provided by the
Anchor Investors in their Bid cum Application Forms for refunds. Accordingly, Anchor Investors are
advised to immediately update their details as appearing on the records of their depositories. Failure to do
so may result in delays in dispatch of refund orders or refunds through electronic transfer of funds, as
applicable, and any such delay may be at the Anchor Investors’ sole risk and neither the Issuer, the
Registrar to the Issue, the Escrow Collection Banks, or the Syndicate, may be liable to compensate the
Anchor Investors for any losses caused to them due to any such delay, or liable to pay any interest for
such delay. Please note that refunds shall be credited only to the bank account from which the Bid Amount
was remitted to the Escrow Bank.

4. In the case of Bids from Eligible NRI Bidders and FPIs, refunds, if any, may generally be payable in
Indian Rupees only and net of bank charges and/or commission. If so desired, such payments in Indian
Rupees may be converted into U.S. Dollars or any other freely convertible currency as may be permitted
by the RBI at the rate of exchange prevailing at the time of remittance and may be dispatched by registered
post. The Company may not be responsible for loss, if any, incurred by the Bidder/Applicant on account
of conversion of foreign currency.
36
8.3.1 Electronic mode of making refunds for Anchor Investors
The payment of refund, if any, may be done through various electronic modes as mentioned below: NACH—
National Automated Clearing House is a consolidated system of ECS. Payment of refund would be done through
NACH for Anchor Investors having an account at any of the centres specified by the RBI where such facility
has been made available. This would be subject to availability of complete bank account details including
Magnetic Ink Character Recognition (MICR) code wherever applicable from the depository. The payment of
refund through NACH is mandatory for Anchor Investors having a bank account at any of the centres where
NACH facility has been made available by the RBI (subject to availability of all information for crediting the
refund through NACH including the MICR code as appearing on a cheque leaf, from the depositories), except
where the applicant is otherwise disclosed as eligible to get refunds through NEFT or Direct Credit or RTGS.
i. NEFT—Payment of refund may be undertaken through NEFT wherever the branch of the Anchor
Investors’ bank is NEFT enabled and has been assigned the Indian Financial System Code (“IFSC”),
which can be linked to the MICR of that particular branch. The IFSC may be obtained from the website of
RBI as at a date prior to the date of payment of refund, duly mapped with MICR numbers. Wherever the
Anchor Investors have registered their nine- digit MICR number and their bank account number while
opening and operating the demat account, the same may be duly mapped with the IFSC of that particular
bank branch and the payment of refund may be made to the Anchor Investors through this method. In the
event NEFT is not operationally feasible, the payment of refunds may be made through any one of the
other modes as discussed in this section.
ii. Direct Credit—Anchor Investors having their bank account with the Refund Banker may be eligible to
receive refunds, if any, through direct credit to such bank account.
iii. RTGS—Anchor Investors having a bank account with a bank branch which is RTGS enabled as per the
information available on the website of RBI and whose refund amount exceeds ₹0.2 million, shall be
eligible to receive refund through RTGS, provided the Demographic Details downloaded from the
Depositories contain the nine digit MICR code of the Anchor Investor’s bank which can be mapped with
the RBI data to obtain the corresponding IFSC. Charges, if any, levied by the Anchor Escrow Bank for
the same would be borne by our Company. Charges, if any, levied by the Anchor Investor’s bank
receiving the credit would be borne by the Anchor Investor.
Please note that refunds through the abovementioned modes shall be credited only to the bank account from
which the Bid Amount was remitted to the Escrow Bank.
For details of levy of charges, if any, for any of the above methods, Bank charges, if any, for cashing such
cheques, pay orders or demand drafts at other centers etc. Bidders/Applicants may refer to RHP/Prospectus.
8.4 INTEREST IN CASE OF DELAY IN ALLOTMENT OR REFUND
The Issuer may pay interest at the rate of 15% per annum if refund orders, as applicable, are not dispatched or
if, in a case where the refund or portion thereof is made in electronic manner, the refund instructions have not
been given to the clearing system in the disclosed manner and/or demat credits are not made to
Bidders/Applicants or instructions for unblocking of funds in the ASBA Account are not dispatched within the
six Working Days of the Bid/Issue Closing Date.
The Issuer may pay interest at 15% per annum for any delay beyond 15 days from the Bid/ Issue Closing Date,
if Allotment is not made.

37
 SECTION 9: GLOSSARY AND ABBREVIATIONS

Terms Description
Abridged Prospectus Abridged Prospectus means a memorandum containing such salient
features of a Prospectus as may be specified by SEBI in this behalf.
Acknowledgement Slip The slip or document issued by the Designated Intermediary to an Applicant
as proof of registration of the Application.
Allotment Advice A note or advice or intimation of Allotment, sent to all the Bidders who have
Bid in the Issue after approval of the Basis of Allotment by the Designated
Stock Exchange.
Allotment/Allot/Allotted Unless the context otherwise requires, allotment of Equity Shares offered
pursuant to the Fresh Issue pursuant to successful Bidders.
Allottee A successful Bidder to whom the Equity Shares are Allotted.
Anchor The price at which Equity Shares will be allocated to Anchor Investors during
Investor the Anchor Investor Bid/Issue Period in terms of the Red Herring Prospectus
Allocation and the Prospectus, which will be decided by our Company in consultation
Price with the Book Running Lead Manager.
Anchor Form used by an Anchor Investor to Bid in the Anchor Investor Portion and
Investor which will be considered as an application for Allotment in terms of the Red
Application Herring Prospectus and the Prospectus.
Form
Anchor Investor The day, being one Working Day prior to the Bid/Issue Opening Date, on
Bidding Date which Bids by Anchor Investors shall be submitted, prior to and after which
the Book Running Lead Manager will not accept any Bids from Anchor
Investor, and allocation to Anchor Investors shall be completed.
Anchor Investor The final price at which the Equity Shares will be issued and Allotted to
Issue Price Anchor Investors in terms of the Red Herring Prospectus and the Prospectus,
which price will be equal to or higher than the Issue Price but not higher than
the Cap Price. The Anchor Investor Issue Price will be decided by our
Company in consultation with the Book Running Lead Manager.
Anchor Investor Portion Up to 60% of the QIB Portion, which may be allocated by our Company, in
consultation with the Book Running Lead Manager, to Anchor Investors on
a discretionary basis in accordance with the SEBI ICDR Regulations, out of
which one third shall be reserved for domestic Mutual Funds, subject to valid
Bids being received from domestic Mutual Funds at or above the Anchor
Investor Allocation Price, in accordance with the SEBI ICDR Regulations.
Anchor Investor(s) A Qualified Institutional Buyer, applying under the Anchor Investor Portion
in accordance with the requirements specified in the SEBI ICDR Regulations
and the Red Herring Prospectus who has Bid or an amount of at least ₹100
Lakhs
Application Form The Form in terms of which the applicant shall apply for the Equity Shares
of our Company
Application Supported by An application, whether physical or electronic, used by ASBA Bidders to
Blocked Amount or ASBA make a Bid and authorizing an SCSB to block the Bid Amount in the relevant
ASBA Account and will include applications made by UPI Bidders where the
Bid Amount will be blocked upon acceptance of UPI Mandate Request by
UPI Bidders.
ASBA Account An account maintained with the SCSB and specified in the application form
submitted by ASBA applicant for blocking the amount mentioned in the
application form.
ASBA Bidder A bank account maintained with an SCSB by an ASBA Bidder, as specified
in the ASBA Form submitted by ASBA Bidders for blocking the Bid Amount
mentioned in the relevant ASBA Form and includes the account of a UPI
Bidder which is blocked upon acceptance of a UPI Mandate Request made
by the UPI Bidder.
Bankers to the Issue and Collectively, the Escrow Collection Bank(s), Refund Bank(s), Public Issue
Refund Banker Account Bank(s) and the Sponsor Bank(s), as the case may be
Basis of Allotment The basis on which equity shares will be allotted to successful applicants
under the Issue and which is described in paragraph titled ‘Basis of allotment’
under chapter titled “Issue Procedure” beginning from page no. 251 of this
Red Herring Prospectus.
ECPL Ekadrisht Capital Private Limited
Bid Amount The highest value of optional Bids indicated in the Bid cum Application
Form and, in the case of RIBs Bidding at the Cut off Price, the Cap Price
multiplied by the number of Equity Shares Bid for by such RIBs and
mentioned in the Bid cum Application Form and payable by the Bidder or
blocked in the ASBA Account of the ASBA Bidder, as the case may be,
upon submission of the Bid.
Bid cum Application
Form Anchor Investor Application Form or the ASBA Form, as the context
requires.
Bid Lot [●] Equity Shares and in multiples of [●] Equity Shares thereafter
Bid An indication to make an Issue during the Bid/Issue Period by an ASBA
Bidder pursuant to submission of the ASBA Form or during the Anchor
Investor Bid/ Issue Period by an Anchor Investor, pursuant to submission of
the Anchor Investor Application Form, to subscribe to or purchase the Equity
Shares at a price within the Price Band, including all revisions and
modifications thereto as permitted under the SEBI ICDR Regulations and in
terms of the Red Herring Prospectus and the relevant
Bid cum Application Form. The term “Bidding” shall be construed
accordingly.
Bid/Issue Closing Date Except in relation to any Bids received from the Anchor Investors, the date
after which the Syndicate, the Designated Branches and the Registered
Brokers shall not accept the Bids, which shall be notified in in all editions
of the English national newspaper Financial Express, all editions of Hindi
national newspaper Jansatta and Mumbai edition of Regional newspaper
Pratahkaal where the registered office of the company is situated, each with
wide circulation, and in case of any revision, the extended Bid/ Issue closing
Date also to be notified on the website and terminals of the Syndicate,
SCSB’s and Sponsor Bank, as required under the SEBI (ICDR) Regulations.

Our Company, in consultation with the BRLM, may, consider closing the
Bid/Issue Period for QIBs One Working Day prior to the Bid/ Issue Closing
Date in accordance with the SEBI ICDR Regulations. In case of any
revision, the extended Bid/ Issue Closing Date shall be widely disseminated
by notification to the Stock Exchanges, and also be notified on the websites
of the BRLM and at the terminals of the Syndicate Members, if any and
communicated to the Designated Intermediaries and the Sponsor Bank,
which shall also be notified in an advertisement in same newspapers in
which the Bid/ Issue Opening Date was published, as required under the
SEBI ICDR Regulations.
Bid/Issue Opening Date Except in relation to any Bids received from the Anchor Investors, the date on
which the Syndicate, the Designated Branches and the Registered Brokers shall
start accepting Bids, which shall be notified in in all editions of the English
national newspaper Financial Express, all editions of Hindi national newspaper
Jansatta and Mumbai edition of Regional newspaper Pratahkaal where the
registered office of the company is situated, each with wide circulation, and in
 case of any revision, the extended Bid/ Issue Opening Date also to be notified on
the website and terminals of the Syndicate and SCSBs, as required under the SEBI
(ICDR) Regulations.

Bid/ Issue Period Except in relation to any Bids received from the Anchor Investors, the period
between the Bid/ Issue Opening Date and the Bid/ Issue Closing Date,
inclusive of both days, during which prospective Bidders can submit their
Bids, including any revisions thereof in accordance with the SEBI ICDR
Regulations and the terms of the Red Herring Prospectus. Provided, however,
that the Bidding shall be kept open for a minimum of three Working Days
for all categories of Bidders.

Our Company in consultation with the Book Running Lead Manager may
consider closing the Bid/Issue Period for the QIB Portion One Working Day
prior to the Bid/Issue Closing Date which shall also be notified in an
advertisement in same newspapers in which the Bid/Issue Opening Date was
published, in accordance with the SEBI ICDR Regulations.

In cases of force majeure, banking strike or similar circumstances, our

Company in consultation with the BRLM, for reasons to be recorded in
writing, extend the Bid / Issue Period for a minimum of three Working Days,
subject to the Bid/ Issue Period not exceeding 10 Working Days
Bidder or Applicant Any prospective investor who makes a bid for Equity Shares in terms of Red
Herring Prospectus and the Bid cum Application Form, and unless otherwise
stated or implied, includes an Anchor Investor.
Bidding Centres Centres at which the Designated Intermediaries shall accept the Bid cum
Application Forms i.e. Designated SCSB Branch for SCSBs, Specified
Locations for members of the Syndicate, Broker Centres for Registered
Brokers, Designated RTA Locations for RTAs and Designated CDP
Locations for CDPs
Book Building Process Book building process, as provided in Part A of Schedule XIII of the SEBI
ICDR Regulations, in terms of which the Issue is being made
BRLM / Book Running Lead Book Running Lead Manager to the Issue, in this case being Ekadrisht Capital
Manager Private Limited, SEBI Registered Category I Merchant Banker.
Broker Centers Broker centers notified by the Stock Exchanges where investors can submit
the Application Forms to a Registered Broker. The details of such Broker
Centers, along with the names and contact details of the Registered Brokers
are available on the websites of the Stock Exchange.
CAN or Confirmation of The note or advice or intimation of allocation of the Equity Shares sent to
Allocation Note Anchor Investors who have been allocated Equity Shares on / after the
Anchor Investor Bidding Date.
Cap Price The higher end of the Price Band, above which the Issue Price and the Anchor
Investor Issue Price will not be finalised and above which no Bids will be
accepted.

The Cap Price shall be at least 105% of the Floor Price and shall not be more
than 120% of the Floor Price.
Cash Escrow and Agreement dated April 18, 2024 amongst our Company, the Registrar to the
Sponsor Banks Agreement Issue, the Book Running Lead Manager, the Syndicate Members, the Escrow
Collection Bank(s), Public Issue Bank(s), Sponsor Bank and Refund Bank(s)
in accordance with UPI Circulars, for inter alia, the appointment of the
Sponsor Bank in accordance, for the collection of the Bid Amounts from
Anchor Investors, transfer of funds to the Public Issue Account(s) and where
applicable, refunds of the amounts collected from
Bidders, on the terms and conditions thereof.
Client Id Client Identification Number maintained with one of the Depositories in
relation to demat account.
Collecting Depository A depository participant as defined under the Depositories Act, 1996,
Participants or CDPs registered with SEBI and who is eligible to procure bids at the Designated
CDP Locations in terms of circular no. CIR/CFD/POLICYCELL/11/2015
dated November 10, 2015 issued by SEBI and the UPI Circulars, and as per
the list available on the websites of BSE and NSE.
Controlling Branches of Such branches of the SCSBs which coordinate with the BRLM, the Registrar
the SCSBs to the Issue and the Stock Exchange.
Cut-off Price Issue Price, finalised by our Company in consultation with the Book Running
Lead Manager, which shall be any price within the Price Band.

Only RIBs Bidding in the Retail Portion are entitled to Bid at the Cut-off
Price. QIBs (including Anchor Investors) and Non-Institutional Bidders are
not entitled to Bid at the Cutoff Price.
Demographic Details Details of the Bidders including the Bidders’ address, name of the Bidders’
father/husband, investor status, occupation, bank account details and UPI ID,
wherever applicable
Depository A depository registered with SEBI under the SEBI (Depositories and
Participants) Regulations, 2018.
Designated Date The date on which amounts blocked by the SCSBs are transferred from the
ASBA Accounts, as the case may be, to the Public Issue Account or the
Refund Account, as appropriate, in terms of the Red Herring Prospectus, after
finalisation of the Basis of Allotment in consultation with the Designated
Stock Exchange, following which the Board of Directors may Allot Equity
Shares to successful Bidders in the Issue.
Designated SCSB Branches Such branches of the SCSBs which shall collect the ASBA Bid cum
Application Form from the ASBA bidder and a list of which is available on
the website of SEBI at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&
intm Id=34 &
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&
intmId=35
Recognized-Intermediaries or at such other website as may be prescribed by
SEBI from time to time
Designated CDP Locations Such locations of the CDPs where bidder can submit the Bid cum Application
Forms to Collecting Depository Participants.

The details of such Designated CDP Locations, along with names and contact
details of the Collecting Depository Participants eligible to accept Bid cum
Application Forms are available on the websites of the Stock Exchange i.e.
www.nseindia.com
Designated RTA Locations Such locations of the RTAs where bidder can submit the Bid cum Application
Forms to RTAs. The details of such Designated RTA Locations, along with
names and contact details of the RTAs eligible to accept Bid cum Application
Forms are available on the websites of the Stock Exchange i.e.
 www.nseindia.com
Designated Collectively, the members of the Syndicate, sub-syndicate or agents, SCSBs
Intermediarie (other than in relation to RIBs using the UPI Mechanism), Registered
s/ Collecting Agent Brokers, CDPs and RTAs, who are authorised to collect Bid cum Application
Forms from the relevant Bidders, in relation to the Issue.

In relation to ASBA Forms submitted by RIBs (not using the UPI

mechanism) by authorising an SCSB to block the Bid Amount in the ASBA
Account, Designated Intermediaries shall mean SCSBs.

In relation to ASBA Forms submitted by UPI Bidders where the Bid Amount
will be blocked upon acceptance of UPI Mandate Request by such UPI
Bidder, Designated Intermediaries shall mean Syndicate, sub-
Syndicate/agents, Registered Brokers, CDPs, SCSBs and RTAs.

In relation to ASBA Forms submitted by QIBs and Non-Institutional Bidders

(not using the UPI mechanism), Designated Intermediaries shall mean
Syndicate, sub- Syndicate/ agents, SCSBs, Registered Brokers, the CDPs and
RTAs.
Depository Participant A Depository Participant as defined under the Depositories Act, 1996
Designated Stock Exchange Emerge Platform of National Stock Exchange of India Limited (“NSE
EMERGE”)
DP ID Depository Participant’s Identity Number
Draft Red Herring This Draft Red Herring Prospectus dated February 10, 2024 issued in accordance
Prospectus with the SEBI ICDR Regulations, which does not contain complete particulars
of the price at which the Equity Shares will be Allotted and the size of the Issue.
Engagement Letter The Engagement letter dated February 05, 2024 executed between Issuer and
BRLM.
Eligible FPIs FPIs from such jurisdictions outside India where it is not unlawful to make
an offer/ invitation under the Issue and in relation to whom the Bid cum
Application Form and the Red Herring Prospectus constitutes an invitation to
purchase the Equity Shares offered thereby.
Eligible NRI NRI(s) eligible to invest under the relevant provisions of the FEMA Rules,
from jurisdictions outside India where it is not unlawful to make an offer or
invitation under the Issue and in relation to whom the Bid cum Application
Form and the Red Herring Prospectus will constitute an invitation to purchase
the Equity Shares.
Emerge Platform of NSE The Emerge Platform of NSE for Listing of Equity Shares offered under
Chapter IX of SEBI (ICDR) Regulations which was approved by SEBI as an
NSE Emerge on October 14, 2011.
Electronic Transfer of Funds Refunds through ECS, NEFT, Direct Credit or RTGS as applicable.
Eligible QFIs QFIs from such jurisdictions outside India where it is not unlawful to make
an Issue or invitation under the Issue and in relation to whom the Prospectus
constitutes an invitation to purchase the Equity Shares Issued thereby and
who have opened demat accounts with SEBI registered qualified depositary
participants.
Escrow Account The ‘no-lien’ and ‘non-interest bearing’ account(s) opened with the Escrow
Collection Bank(s) and in whose favour Anchor Investors will transfer money
through direct credit/NEFT/ RTGS/NACH in respect of Bid Amounts when
submitting a Bid.
First or Sole bidder The Bidder whose name shall be mentioned in the Bid cum Application Form
or the Revision Form and in case of joint Bids, whose name shall also appear
as the first holder of the beneficiary account held in joint names.
Floor Price The lower end of the Price Band, subject to any revision(s) thereto, not being
less than the face value of Equity Shares, at or above which the Issue Price and
Anchor Investor Issue Price will be finalized and below which no Bids will
be accepted
Foreign Venture Foreign Venture Capital Investors registered with SEBI under the SEBI
Capital Investors (Foreign Venture Capital Investor) Regulations, 2000
FPI / Foreign Portfolio A Foreign Portfolio Investor who has been registered pursuant to the of
Investor Securities and Exchange Board of India (Foreign Portfolio Investors)
Regulations, 2014, provided that any FII or QFI who holds a valid certificate
of registration shall be deemed to be a foreign portfolio investor till the expiry
of the block of three years for which fees have been paid as per the SEBI
(Foreign Institutional Investors) Regulations, 1995, as amended
Fresh Issue The Fresh Issue of 35,00,000 Equity Shares aggregating up to ₹ [●] Lakhs.
Fugitive Economic Offender An individual who is declared a fugitive economic offender under Section
12 of the Fugitive Economic Offenders Act, 2018
Fraudulent Borrower A company or person, as the case may be, categorised as a fraudulent borrower
by any bank or financial institution (as defined under the Companies Act) or
consortium thereof, in accordance with the guidelines on fraudulent
borrowers issued by the RBI and as defined under Regulation 2(1)(lll) of the
SEBI ICDR Regulations.
General Information The general information document for investing in public issues, prepared and
Document (GID) issued in accordance with the circular (SEBI/HO/CFD/DIL1/CIR/P/2020/37)
dated March 17, 2020 and the circular
(SEBI/HO/CFD/DIL2/CIR/P/2020/50) dated March 30, 2020 notified by
SEBI and the UPI Circulars and any subsequent circulars or notifications
issued by SEBI, as amended from time to time.

The General Information Document shall be available on the websites of the

Stock Exchanges and the BRLM.
Gross Proceeds Gross proceeds of the Fresh Issue that will be available to our Company.
IPO or Issue or Issue Size Public issue of 32,11,000 Equity Shares of face value of ₹10 each of our
or Public Issue Company for cash at a price of ₹[●] per Equity Share (including a share premium
of ₹[●] per Equity Share) aggregating to ₹[●] Lakhs and [●] Equity Shares of
face value ₹10 each for cash at a price of ₹[●] per Equity Share aggregating to
₹[●] Lakhs will be reserved for the subscription by the Market Maker.
Issue Agreement The agreement dated February 05, 2024 entered amongst our Company and
the Book Running Lead Manager and includes any supplementary agreement
thereto, pursuant to the SEBI ICDR Regulations, based on which certain
arrangements are agreed to in relation to the Issue.
Issue document Includes Red Herring Prospectus and Prospectus filed with Registrar of
Companies.
Issue Period The periods between the Issue Opening Date and the Issue Closing Date
inclusive of both days and during which prospective Applicants may submit
their Bidding application
Issue Proceeds Proceeds to be raised by our Company through this Fresh Issue, for further
details please refer to the chapter titled “Objects of the Issue” beginning from
page no. 79 of this Red Herring Prospectus.
Issue Price ₹ [●] per Equity Share, being the final price within the Price Band at which the
Equity Shares will be Allotted to successful Bidders other than Anchor
Investors. Equity Shares will be Allotted to Anchor Investors at the Anchor
Investor Issue Price in terms of the Red Herring Prospectus. The Issue Price
will be decided by our Company, in consultation with the Book Running
Lead Manager, in accordance with the Book Building Process on the Pricing
Date and in terms of the Red Herring Prospectus.
Listing Agreement The Equity Listing Agreement to be signed between our Company and the
National Stock Exchange of India Limited.
Market Making Agreement The Market Making Agreement dated February 05, 2024 between our
Company, Book Running Lead Manager and Market Maker.
Market Maker The Market Maker to the Issue, in this case being SS Corporate Securities
Limited.
Market Maker Reservation The reserved portion of 1,61,000 Equity Shares of ₹ 10 each at an Issue price
Portion of ₹ [●] each aggregating to ₹ [●] Lakhs to be subscribed by Market Maker
in this Issue.
Mutual Fund Portion The portion of this Issue being 5% of the Net QIB Portion, or Not less than
30,000 Equity Shares which shall be available for allocation to Mutual Funds
only on a proportionate basis, subject to valid Bids being received at or above
the Issue Price
Mutual Funds A mutual fund registered with SEBI under the SEBI (Mutual Funds)
Regulations, 1996, as amended from time to time
Net Issue The Issue (excluding the Market Maker Reservation Portion) of 30,50,000
Equity Shares of ₹10 each at ₹[●] per Equity Share including share premium
of ₹[●] per Equity Share aggregating to ₹[●] Lakhs by our company.
Net Proceeds Proceeds of the Fresh Issue less our Public Issue expenses. For further details
about use of the Net Proceeds and the Issue related expenses, please refer to the
chapter titled “Objects of the Issue” beginning from page no. 79 of the Red
Herring Prospectus
Net QIB Portion QIB Portion, less the number of Equity Shares Allotted to the Anchor
Investors.
Non-Institutional Investors All Bidders, including FPIs other than individuals, corporate bodies and
or NII(s) or Non- family offices, registered with SEBI that are not QIBs (including Anchor
Institutional Bidders or Investors) or Retail Individual Investors, who have Bid for Equity Shares for
NIB(s) an amount of more than ₹ 200,000 (but not including NRIs other than Eligible
NRIs)
Non-Institutional The portion of the Issue being not less than 15% of the Issue, consisting of
Portion not less than 444800 Equity Shares, which shall be available for allocation to
Non-Institutional Bidders on a proportionate basis, subject to valid Bids being
received at or above the Issue Price.
NPCI NPCI, a Reserve Bank of India (RBI) initiative, is an umbrella organization
for all retail payments in India. It has been set up with the guidance and
support of the Reserve Bank of India (RBI) and Indian Banks Association
(IBA).
Person/Persons Any individual, sole proprietorship, unincorporated association,
unincorporated organization, body corporate, corporation, company,
partnership, limited liability company, joint venture, or trust or any other
entity or organization validly constituted and/or incorporated in the
jurisdiction in which it exists and operates, as the context requires.
Price Band The price band of a minimum price of ₹[●] per Equity Share (Floor Price) and
the maximum price of ₹[●] per Equity Share (Cap Price) including any revisions
thereof.

The Price Band and the minimum Bid Lot size for the Issue will be decided
by our Company in consultation with the Book Running Lead Managers, and
will be advertised, at least two Working Days prior to the Bid/ Issue Opening
Date, in all editions of Financial Express, an English national daily
newspaper, all editions of Jansatta, a Hindi national daily newspaper and
regional edition of Pratahkaal, a Marathi newspaper, Marathi being the
regional language of Maharashtra, where our Registered and Corporate Office
is located, each with wide circulation and shall be made available to the Stock
Exchanges for the purpose of uploading on their respective websites.
Prospectus The Prospectus to be filed with the RoC in accordance with the Companies
Act, 2013, and the SEBI ICDR Regulations containing, inter alia, the Issue
Price that is determined at the end of the Book Building Process, the size of
the Issue and certain other information, including any addenda or corrigenda
thereto.
Public Issue Account The ‘no-lien’ and ‘non-interest bearing’ account to be opened in accordance
with Section 40(3) of the Companies Act, with the Public Issue Account
Bank(s) to receive money from the Escrow Account(s) and from the ASBA
Accounts on the Designated Date.
Public Issue Account Bank A bank which is a clearing member and registered with SEBI as a banker to
an issue, and with whom the Public Issue Account will be opened, in this case
being Axis Bank Limited
Qualified Institutional The qualified institutional buyers as defined under Regulation 2(1)(ss) of the
Buyers or QIBs SEBI ICDR Regulations.
QIB Bidders QIBs who Bid in the Issue
QIB Portion The portion of the Issue (including the Anchor Investor Portion) being not
more than 50% of the Issue, consisting of not more than 15,20,000 Equity
Shares which shall be Allotted to QIBs, including the Anchor Investors on a
proportionate basis, including the Anchor Investor Portion (which allocation
shall be on a discretionary basis, as determined by our Company, in
consultation with the Book Running Lead Manager up to a limit of 60% of
the QIB Portion) subject to valid Bids being received at or above the Issue
Price or Anchor Investor Issue Price (for Anchor Investors), as applicable
Red Herring Prospectus The Red Herring Prospectus to be issued in accordance with Section 32 of
or RHP the Companies Act, 2013 and the provisions of the SEBI ICDR Regulations,
which will not have complete particulars of the price at which the Equity
Shares will be Issued and the size of the Issue, including any addenda or
corrigenda thereto.

The red herring prospectus will be filed with the RoC at least three working
days before the Bid/ Issue Opening Date and will become the Prospectus
upon filing with the RoC on or after the Pricing Date.
Refund Account The ‘no-lien’ and ‘non-interest bearing’ account to be opened with the
Refund Bank(s), from which refunds, if any, of the whole or part, of the Bid
Amount to the Anchor Investors shall be made.
Refund Bank(s)/Refund Bank(s) which is / are clearing member(s) and registered with the SEBI as
Banker(s) Bankers to the Issue at which the Refund Accounts will be opened in case
listing of the Equity Shares does not occur, in this case being Axis Bank
Limited.
Registered Broker Stockbrokers registered under the Securities and Exchange Board of India
(Stock- Brokers) Regulations, 1992, with the Stock Exchanges having
nationwide terminals, other than the BRLM and the Syndicate Members and
eligible to procure Bids in terms of Circular No. CIR/ CFD/ 14/ 2012 dated
October 4, 2012 issued by SEBI
Registrar Agreement The agreement dated February 05, 2024, entered into between our Company, and
the Registrar to the Issue in relation to the responsibilities and obligations of the
Registrar to the Issue pertaining to the Issue.
Registrar or RTA or Registrar to the Issue being Maashitla Securities Private Limited.
Registrar to the Issue
Regulations Unless the context specifies something else, this means the SEBI (Issue of
Capital and Disclosure Requirements) Regulations, 2018.
Resident Indian A person resident in India, as defined under FEMA.
Retail Individual Investors Individual investors (including HUFs applying through their Karta and
or RII(s) or Retail Eligible NRI Bidders) who applies or bids for the Equity Shares of a value of
Individual Bidders or not more than ₹ 2,00,000.
RIB(s)
Retail Portion The portion of the Issue being not less than 35% of the Issue consisting of
not less than 10,70,000 Equity Shares which shall be available for allocation to
Retail Individual Bidders in accordance with the SEBI ICDR Regulations,
which shall not be less than the minimum Bid Lot, subject to valid Bids being
received at or above the Issue Price.
Reserved Category/ Categories of persons eligible for making bid under reservation portion.
Categories
Reservation Portion The portion of the Issue reserved for category of eligible bidders as provided
under the SEBI (ICDR) Regulations, 2018
Revision Form The form used by the bidders to modify the quantity of Equity Shares or the
bid Amount in any of their Bid cum Application Forms or any previous
Revision Form(s).

QIB Bidders and Non-Institutional Bidders are not allowed to withdraw or

lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at
any stage. Retail Individual Bidders Bidding in the Retail Portion can revise
their Bids during the Bid/Issue Period and withdraw their Bids until Bid/Issue
Closing Date.
Self-Certified Syndicate The banks registered with SEBI, offering services: (a) in relation to ASBA
Bank(s) or SCSB(s) (other than using the UPI Mechanism), a list of which is available on the
website of SEBI at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=y
es&intmId=34 &
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=y
es&intmId=35, as applicable or such other website as may be prescribed by
SEBI from time to time; and

(b) in relation to ASBA (using the UPI Mechanism), a list of which is

available on the website of SEBI at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&
intm Id=40, or such other website as may be prescribed by SEBI from time
to time.

Applications through UPI in the Issue can be made only through the SCSBs
mobile applications (apps) whose name appears on the SEBI website. A list
of SCSBs and mobile application, which, are live for applying in public issues
using UPI Mechanism is available on the website of SEBI at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&
intm Id=43, as updated from time to time
Specified Locations The Bidding centres where the Syndicate shall accept Bid cum Application
Forms from relevant Bidders, a list of which is available on the website of
SEBI (www.sebi.gov.in), and updated from time to time.
Sponsor Bank The Banker to the Issue registered with SEBI and appointed by our Company
to act as a conduit between the Stock Exchanges and the NPCI in order to push
the mandate collect requests and / or payment instructions of the Retail
Individual Bidders into the UPI and carry out other responsibilities, in terms
of the UPI Circulars.
Sub-Syndicate Members The sub-syndicate members, if any, appointed by the BRLM and the
Syndicate Members, to collect ASBA Forms and Revision Forms
Syndicate Agreement Agreement to be entered into among our Company, the Book Running Lead
Manager, and the Syndicate Members in relation to collection of Bid cum
Application Forms by the Syndicate.
Syndicate Members Intermediaries (other than Book Running Lead Manager) registered with
SEBI who are permitted to accept bids, application and place orders with
respect to the Issue and carry out activities as an underwriter.
Syndicate or members of Together, the Book Running Lead Manager and the Syndicate Members
the Syndicate
Transaction Registration The slip or document issued by a member of the Syndicate or an SCSB
Slip/ TRS (only on demand) to the bidders, as proof of registration of the bid.
Underwriter The BRLM who has underwritten this Issue pursuant to the provisions of the
SEBI (ICDR) Regulations and the Securities and Exchange Board of India
(Underwriters) Regulations, 1993, as amended from time to time.
Underwriting Agreement The Agreement entered into between the Underwriter and our Company
dated February 05, 2024.
UPI Unified payment Interface, which is an instant payment mechanism,
developed by NPCI.
UPI Bidders Collectively, individual Bidders applying as Retail Individual Bidders in the
Retail Portion, and individual Bidders applying as Non-Institutional Bidders
with a Bid Amount of up to ₹500,000 in the Non-Institutional Portion by
using the UPI Mechanism.

Pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/P/2022/45 dated

April 5, 2022, all individual investors applying in public issues where the
application amount is up to ₹500,000 shall use the UPI Mechanism and shall
provide their UPI ID in the Bid cum Application Form submitted with: (i) a
Syndicate Member, (ii) a stock broker registered with a recognized stock
exchange (whose name is mentioned on the website of the stock exchange as
eligible for such activity), (iii) a depository participant (whose name is
mentioned on the website of the stock exchange as eligible for such activity),
and (iv) a registrar to an issue and share transfer agent (whose name is
mentioned on the website of the stock exchange as eligible for such activity).
UPI Circular SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated
November 1, 2018, SEBI circular number
SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 3, 2019, SEBI circular
number SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019, SEBI
circular number SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019,
SEBI circular number SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated
November 8, 2019, SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2020
dated March 30, 2020, SEBI circular number SEBI/HO/CFD/DIL-
2/CIR/P/2021/2480/1/M dated March 16, 2021, SEBI circular number
SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, SEBI circular
number SEBI/HO/CFD/DIL2/CIR/P/2022/45 dated April 5, 2022, SEBI
circular number SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022,
SEBI circular number SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30,
2022, SEBI circular number SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated
August 9, 2023, SEBI master circular with circular number
SEBI/HO/MIRSD/POD-1/P/CIR/2023/70 dated May 17, 2023 (to the extent
that such circulars pertain to the UPI Mechanism), SEBI master circular
number SEBI/HO/CFD/PoD- 2/P/CIR/2023/00094 dated June 21, 2023
along with the circular issued by the National Stock Exchange of India
Limited having reference no. 25/2022 dated August 3, 2022 and the circular
issued by BSE Limited having reference no. 20220803-40 dated August 3,
2022 and any subsequent circulars or notifications issued by SEBI and Stock
 Exchanges in this regard

UPI ID ID created on UPI for single-window mobile payment system developed by

the NPCI.
UPI Mandate Request A request (intimating the Retail Individual Bidder by way of a notification
on the Mobile App and by way of a SMS directing the Retail Individual
Bidder to such Mobile App) to the Retail Individual Bidder initiated by the
Sponsor Bank to authorize blocking of funds on the Mobile App equivalent to
Bid Amount and Subsequent debit of funds in case of Allotment.

In accordance with the applicable UPI Circulars, UPI Bidders Bidding may
apply through the SCSBs and mobile applications whose names appears on
the website of the SEBI
(https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes
&int mId=40) and
(https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes
&intmId=43) respectively, as updated from time to time.
UPI Mechanism The bidding mechanism that may be used by a RII to make a Bid in the
Offer in accordance with the UPI Circulars.
UPI PIN Password to authenticate UPI transactions.
WACA Weighted Average Cost of Acquisition
Wilful Defaulter A wilful defaulter or a fraudulent borrower, as defined under the SEBI
ICDR Regulations.
Working Days In accordance with Regulation 2(1)(mmm) of SEBI ICDR Regulation,
working day means all days on which commercial banks in the city as
specified in the Red Herring Prospectus are open for business:-
However, in respect of announcement of price band and Issue Period,
working day shall mean all days, excluding Saturday, Sundays and Public
holidays, on which commercial banks in the city as notified in this
Prospectus are open for business. In respect to the time period between
the Issue closing date and the listing of the specified securities on the
stock exchange, working day shall mean all trading days of the Stock
Exchanges, excluding Sundays and bank holiday in accordance with
circular issued by SEBI.
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