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Accretion Pharmaceuticals Ltd IPO
Status:
Overview
IPO date
14 May 2025 to 16 May 2025
Face value
₹ 10 per share
Price
₹ 96 to ₹101 per share
Issue Size
2,946,000 shares
(aggregating up to ₹ 29.75 Cr)
(aggregating up to ₹ 29.75 Cr)
Allotment Date
19 May 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
Unlock Stock of the Month
T&C*
Strengths vs Risks of Accretion Pharmaceuticals Ltd
Know the pros & cons
Strengths
- Experienced Promoters and Management Team.
- Consistently supplying quality products to our valued customers in time.
- Continually improving the quality standards by implementing process control and prevention techniques.
- Long-standing relationship with clients and suppliers.
- Quality standards.
- Legacy Business Process & Management.
- Strong and experienced R&D team.
Risks
- A significant portion of its revenue is derived from exports, and any decline in export profitability may adversely impact its overall financial performance.
- The Company operates in pharmaceutical sector, which is extensively regulated, any failures on the company part to comply with the existing and future statutory and/or regulatory requirements in the pharmaceutical sector could adversely affect its business, results of operations and financial condition.
- Its manufacturing units are subject to periodic inspections and audits by regulatory authorities and clients. Its may be subject to regulatory action which may damage the company reputation leading to an adverse effect on its business, results of operations, financial condition and cash flows.
- The company has a very limited operating history as a Company, which may make it difficult for investors to evaluate its historical performance or future prospects.
- The company has only one Manufacturing Facility, continued operations of its manufacturing facility is critical to the company business and any disruption in the operation of its manufacturing facility may have a material adverse effect on the company business, results of operations and financial condition.
- The company generate a significant percentage of its revenue from few clients. The loss of any one or more of the company major clients would have a material adverse effect on its business operations and profitability.
- Its inability to accurately forecast demand for the company products or manage its inventory or working capital requirements may have an adverse effect on the company business, results of operations and financial condition.
- There was a Criminal litigation against its promoters cum directors and the company is not sure the same shall not be refiled by the concerned authority. In the event it is refiled, the interest of the promoters may divert from the business of the Company, which may adversely affect the business of the Company.
- Its business operations are working capital intensive, and any inability to meet the company working capital requirements may adversely impact its financial condition and growth prospects.
- The company has certain outstanding litigation against it, an adverse outcome of which may adversely affect its business, reputation and results of operations.
- The company's top ten suppliers contribute majority of the company purchases. Any loss of business with one or more of them may adversely affect its business operations and profitability.
- Its business operations are concentrated in the Gujarat, any adverse developments affecting the company operations in this region could have a significant impact on its revenue and results of operations.
- The company relies on third party providers for carrying out testing of the products manufactured by it. While the company does not have direct control over such tests, any occurrence of non-compliance with applicable regulations, or any errors or comissions during the testing process could adversely affect its business, results of operations and financial condition.
- The company does not have long-term agreements with most of its customers and the loss of one or more of them or a reduction in their demand for its products could adversely affect the company business, results of operations, financial condition and cash flows.
- The company relies on third-party suppliers for the supply of raw materials and any delay, interruption or reduction in such supply could adversely affect its business, results of operations, financial condition and cash flows.
- Its inability to collect receivables and instances of payment default by the company clients could result in the reduction of its profits and affect the company cash flows, adversely affecting business, results of operations, financial condition and cash flows.
- The availability of counterfeit drugs, such as drugs passed off by others as its products, could adversely affect the company goodwill and results of operations.
- The Company is generating revenues through its 3 major market segments, any inherent risk associated with the particular market segment, could impact the business operations and financial performance of the Company.
- The Company has recently obtained Registration under Legal Metrology Act 2009, and rules made thereunder.
- The company is dependent on third party transportation and logistics service providers for delivery of its products to the company customers as well as raw materials to its Manufacturing Facilities. Any delay in delivery of the company products or raw materials or increase in the charges of these entities could adversely affect its business, results of operations and financial condition. The company also may be exposed to the risk of theft, accidents and/or loss of its products in transit.
- The Company has reported certain negative cash flows from its investing activity and financing activity, details of which are given below. Sustained negative cash flows could impact its growth and business.
- The company export its products to geographies viz. Africa, South-East Asia, and Latin America and a failures to comply with the regulatory and other requirements of such markets could have an adverse effect on its business, financial condition, results of operations and cash flows.
- There have been instances of delay in filing of certain e-forms of the Company in compliance with the Companies Act, 2013. Consequently, its may be subject to regulatory actions and penalties for such delays which may adversely impact its business and financial condition.
- Expanding into new markets carries inherent risks.
- Its business is subject to a variety of safety, health and environmental laws, labour, and workplace related laws and regulations. Any failure on its part to comply with these applicable laws and regulations could have an adverse effect on its operations and financial condition.
- Government price controls or other changes in pricing regulation could restrict the amount that the company is able to charge for its current and future products, which would adversely affect the company revenues and results of operations.
- Its inability to adopt new technologies could adversely affect the company business, results of operations, cash flows and financial condition.
- If any of its products cause, or are perceived to cause, side effects, the company business, results of operations and financial condition could be adversely affected.
- Product reliability, safety and effectiveness concerns can have significant negative impacts on sales and results of operations, lead to litigation and cause reputational damage.
- The Company faces significant regulatory scrutiny, which imposes significant compliance costs and exposes the Company to government investigations, legal actions and penalties.
- The Company is yet to place order towards its capital expenditure requirement as mentioned in our Objects of the Issue. Any delay in placing orders/ procurement of machinery, may delay its implementation schedule and may also lead to increase in price of these machineries.
- Its working capital requirements, towards which the company intend to deploy upto Rs. 1468 Lakhs from the Net Proceeds, are based on certain assumptions. Any change in working capital requirements on account of such assumptions may materially adversely affect its results of operations and profitability.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The company has incurred indebtedness and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company business and financial condition.
- Entities in which its Promoters are interested viz. M/s Accretion Nutraveda Private Limited, M/s Accresha Lifecare Private Limited and M/s Accretion Inc., have objects similar to that of the Company's business and is engaged in the similar line of business / industry in which the Company operates.
- Its Promoters and some of the company Directors have interests in the Company other than the reimbursement of expenses and normal remuneration or benefits. Any such interests may result in a conflict of interest, which may have an adverse effect on its business.
- Any manufacturing or quality control concerns or its inability to deliver products on a timely basis, or at all, could result in the cancellation of purchase orders, breaches of relevant agreements, and termination of agreements by its clients and distributors, which could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Any failures in its quality control processes may adversely affect the company business, results of operations and financial condition.
- The Company's businesses operate in highly competitive product markets and competitive pressures could adversely affect the Company's earnings.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- If the company is unable to establish and maintain an effective system of internal controls and compliances, its business and reputation could be adversely affected.
- The company success depends largely upon the knowledge and experience of its Promoters, other Key Managerial Personnel and Senior Management. Any loss of its key managerial personnel or the company ability to attract and retain them could adversely affect its business, operations and financial condition.
- The underperformance of its products could negatively impact the company business, financial health, and operational outcomes.
- Inadvertent patent infringement could negatively affect its business.
- The company is subject to foreign currency exchange rate fluctuations which could have a material and adverse effect on its results of operations and financial conditions.
- All of its product verticals are extremely competitive segments and the company faces risk of competition affecting its margins and profitability as the company scale its operations.
- Global health crises, pandemics, epidemics, or other outbreaks could adversely disrupt or impact certain aspects of the Company's business, results of operations and financial condition.
- The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- The company has not made any alternate arrangements for meeting its regular working capital requirements. If the company operations do not generate the necessary cash flow, its working capital requirements may negatively affect the company operations and financial performance.
- Its lenders have charge over the company movable properties in respect of finance availed by it.
- The company could be exposed to risks arising from misconduct, fraud and trading errors by its employees and Business Associates.
- The Company has adequate insurance coverage and the company is protected against all material hazards, which may adversely affect its business, results of operations and financial condition.
- Delays or defaults in customer payments could result in a reduction of its profits and cash flows.
- Any disproportionate increase in labour costs including increase in wage/salary demand, labour unrest, labour strike or lasbour claims arising from accidents may adversely affect its business operations and financial conditions.
- The funds proposed to be utilised for general corporate purposes constitute [*] % of the Net Issue Proceeds.
- Majority of the Directors of or Company does not have any prior experience of directorship in a listed entity.
- The Company has availed Unsecured Loans, and any demand for Repayment or Inability to Secure Further Financing Could Adversely Affect its Financial Condition.
- The Promoters will hold significant part of the equity shares of the Company post the proposed Issue and will continue to control the Company.
- Loans availed by the Company has been secured on personal properties and guarantees of its Directors, Promoters, Promoter Group, Group Companies and third party. The company business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by its Directors, Promoters, Promoter Group, Group Companies and third party.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects / schedule of implementation of this Issue which would in turn affect its revenues and results of operations.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The Issue Price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue.
- The price of its Equity Shares may be volatile, or an active trading market for the company Equity Shares may not develop.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- You will not be able to sell immediately on Stock Exchange any of the Equity Shares you purchase in the Issue until the Issue receives appropriate trading permissions.
- Sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Any future issuance of Equity Shares may dilute your shareholdings, and sales of the Equity Shares by its major shareholders may adversely affect the trading price of the company Equity Shares.
- The Company has not paid any dividends till now and there can be no assurance that the company will pay dividends in future. Its ability to pay dividends in the future will depends upon a variety of factors such as future earnings, financial condition, cash flows, working capital requirements, and restrictive covenants in its financing arrangements.
- Operational Disruptions Due to Lack of Backup Power Supply.
Accretion Pharmaceuticals Ltd Peer Comparison
Understand the company’s industry standing
Accretion Pharmaceuticals Ltd
Sakar Healthcare Ltd
Lincoln Pharmaceuticals Ltd
Face Value
10
10
10
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
---
---
---
EPS-Basis
8.74
5.64
46.58
EPS-Diluted
---
---
---
NAV Per Share
17.09
120.65
295.98
P/E-Basic EPS
11.56
48.89
12.30
P/E-Diluted EPS
---
---
---
RONW(%)
38.54
4.45
15.74
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 14 May 2025 & closes on 16 May 2025.
Accretion Pharmaceuticals was incorporated in year 2012, the Promoters Mr. Harshad Nanubhai Rathod, Mr. Vivek Ashok Kumar Patel, Mr. Mayur Popatlal Sojitra and Mr. Hardik Mukundbhai Prajapati, came together to establish a pharmaceutical manufacturing unit, to provide health care products. Thus, the foundation of 'Accretion Pharmaceuticals' was laid down, which was started as a Partnership Firm in the name of 'M/s Accretion Pharmaceuticals', pursuant to a deed of partnership dated December 18, 2012.
The manufacturing facility which is currently located at Ahmedabad, in Sanand District of Gujarat, commenced its manufacturing operations in 2014. Thereafter, the Partnership Firm was converted into a Limited Company in the name of 'Accretion Pharmaceuticals Limited' and a certificate of incorporation dated November 29, 2023 was issued by the Registrar of Companies, Central Registration Centre, for and on behalf of the jurisdictional Registrar of Companies.
Presently, Company is engaged in the business of manufacturing and marketing of Tablets, Capsules, Oral Liquid, External Preparations (Ointment, Cream, Gel, Lotion, Medicated Shampoo, Mouthwash, Dusting Powder), And Oral Powder (Sachet, Dry Syrup) etc. either for direct sales, loan licence and/or contract manufacturing.
The Company is ISO 9001:2015, ISO 14001:2015 and ISO 22000:2018 certified and is led by a experienced board of directors, and a professional and experienced management team with extensive experience in the pharmaceutical.
The Company issued and allotted 29,46,000 equity shares of Rs 10 each by raising Rs 29.75 crores in May, 2025.
Accretion Pharmaceuticals Ltd IPO will close on 16 May 2025.
- Experienced Promoters and Management Team.
- Consistently supplying quality products to our valued customers in time.
- Continually improving the quality standards by implementing process control and prevention techniques.
- Long-standing relationship with clients and suppliers.
- Quality standards.
- Legacy Business Process & Management.
- Strong and experienced R&D team.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Harshad Nanubhai Rathod | 1966500 | 24.07 | 1966500 | 17.61 |
| 2 | Vivek Ashok Kumar Patel | 1966500 | 24.07 | 1966500 | 17.61 |
| 3 | Mayur Popatlal Sojitra | 1966500 | 24.07 | 1966500 | 17.61 |
| 4 | Hardik Mukundbhai Prajapati | 1966500 | 24.07 | 1966500 | 17.61 |
| 5 | Ankita Vivek Patel | 76000 | 0.93 | 76000 | 0.68 |
| 6 | Rathod Pooja Harshad | 76000 | 0.93 | 76000 | 0.68 |
| 7 | Shweta Sojitra | 76000 | 0.93 | 76000 | 0.68 |
| 8 | Vaishaki Hardik Prajapati | 76000 | 0.93 | 76000 | 0.68 |
- A significant portion of its revenue is derived from exports, and any decline in export profitability may adversely impact its overall financial performance.
- The Company operates in pharmaceutical sector, which is extensively regulated, any failures on the company part to comply with the existing and future statutory and/or regulatory requirements in the pharmaceutical sector could adversely affect its business, results of operations and financial condition.
- Its manufacturing units are subject to periodic inspections and audits by regulatory authorities and clients. Its may be subject to regulatory action which may damage the company reputation leading to an adverse effect on its business, results of operations, financial condition and cash flows.
- The company has a very limited operating history as a Company, which may make it difficult for investors to evaluate its historical performance or future prospects.
- The company has only one Manufacturing Facility, continued operations of its manufacturing facility is critical to the company business and any disruption in the operation of its manufacturing facility may have a material adverse effect on the company business, results of operations and financial condition.
- The company generate a significant percentage of its revenue from few clients. The loss of any one or more of the company major clients would have a material adverse effect on its business operations and profitability.
- Its inability to accurately forecast demand for the company products or manage its inventory or working capital requirements may have an adverse effect on the company business, results of operations and financial condition.
- There was a Criminal litigation against its promoters cum directors and the company is not sure the same shall not be refiled by the concerned authority. In the event it is refiled, the interest of the promoters may divert from the business of the Company, which may adversely affect the business of the Company.
- Its business operations are working capital intensive, and any inability to meet the company working capital requirements may adversely impact its financial condition and growth prospects.
- The company has certain outstanding litigation against it, an adverse outcome of which may adversely affect its business, reputation and results of operations.
- The company's top ten suppliers contribute majority of the company purchases. Any loss of business with one or more of them may adversely affect its business operations and profitability.
- Its business operations are concentrated in the Gujarat, any adverse developments affecting the company operations in this region could have a significant impact on its revenue and results of operations.
- The company relies on third party providers for carrying out testing of the products manufactured by it. While the company does not have direct control over such tests, any occurrence of non-compliance with applicable regulations, or any errors or comissions during the testing process could adversely affect its business, results of operations and financial condition.
- The company does not have long-term agreements with most of its customers and the loss of one or more of them or a reduction in their demand for its products could adversely affect the company business, results of operations, financial condition and cash flows.
- The company relies on third-party suppliers for the supply of raw materials and any delay, interruption or reduction in such supply could adversely affect its business, results of operations, financial condition and cash flows.
- Its inability to collect receivables and instances of payment default by the company clients could result in the reduction of its profits and affect the company cash flows, adversely affecting business, results of operations, financial condition and cash flows.
- The availability of counterfeit drugs, such as drugs passed off by others as its products, could adversely affect the company goodwill and results of operations.
- The Company is generating revenues through its 3 major market segments, any inherent risk associated with the particular market segment, could impact the business operations and financial performance of the Company.
- The Company has recently obtained Registration under Legal Metrology Act 2009, and rules made thereunder.
- The company is dependent on third party transportation and logistics service providers for delivery of its products to the company customers as well as raw materials to its Manufacturing Facilities. Any delay in delivery of the company products or raw materials or increase in the charges of these entities could adversely affect its business, results of operations and financial condition. The company also may be exposed to the risk of theft, accidents and/or loss of its products in transit.
- The Company has reported certain negative cash flows from its investing activity and financing activity, details of which are given below. Sustained negative cash flows could impact its growth and business.
- The company export its products to geographies viz. Africa, South-East Asia, and Latin America and a failures to comply with the regulatory and other requirements of such markets could have an adverse effect on its business, financial condition, results of operations and cash flows.
- There have been instances of delay in filing of certain e-forms of the Company in compliance with the Companies Act, 2013. Consequently, its may be subject to regulatory actions and penalties for such delays which may adversely impact its business and financial condition.
- Expanding into new markets carries inherent risks.
- Its business is subject to a variety of safety, health and environmental laws, labour, and workplace related laws and regulations. Any failure on its part to comply with these applicable laws and regulations could have an adverse effect on its operations and financial condition.
- Government price controls or other changes in pricing regulation could restrict the amount that the company is able to charge for its current and future products, which would adversely affect the company revenues and results of operations.
- Its inability to adopt new technologies could adversely affect the company business, results of operations, cash flows and financial condition.
- If any of its products cause, or are perceived to cause, side effects, the company business, results of operations and financial condition could be adversely affected.
- Product reliability, safety and effectiveness concerns can have significant negative impacts on sales and results of operations, lead to litigation and cause reputational damage.
- The Company faces significant regulatory scrutiny, which imposes significant compliance costs and exposes the Company to government investigations, legal actions and penalties.
- The Company is yet to place order towards its capital expenditure requirement as mentioned in our Objects of the Issue. Any delay in placing orders/ procurement of machinery, may delay its implementation schedule and may also lead to increase in price of these machineries.
- Its working capital requirements, towards which the company intend to deploy upto Rs. 1468 Lakhs from the Net Proceeds, are based on certain assumptions. Any change in working capital requirements on account of such assumptions may materially adversely affect its results of operations and profitability.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- The company has incurred indebtedness and an inability to comply with repayment and other covenants in its financing agreements could adversely affect the company business and financial condition.
- Entities in which its Promoters are interested viz. M/s Accretion Nutraveda Private Limited, M/s Accresha Lifecare Private Limited and M/s Accretion Inc., have objects similar to that of the Company's business and is engaged in the similar line of business / industry in which the Company operates.
- Its Promoters and some of the company Directors have interests in the Company other than the reimbursement of expenses and normal remuneration or benefits. Any such interests may result in a conflict of interest, which may have an adverse effect on its business.
- Any manufacturing or quality control concerns or its inability to deliver products on a timely basis, or at all, could result in the cancellation of purchase orders, breaches of relevant agreements, and termination of agreements by its clients and distributors, which could have an adverse effect on its business, results of operations, financial condition and cash flows.
- Any failures in its quality control processes may adversely affect the company business, results of operations and financial condition.
- The Company's businesses operate in highly competitive product markets and competitive pressures could adversely affect the Company's earnings.
- The company has in the past entered into related party transactions and may continue to do so in the future.
- If the company is unable to establish and maintain an effective system of internal controls and compliances, its business and reputation could be adversely affected.
- The company success depends largely upon the knowledge and experience of its Promoters, other Key Managerial Personnel and Senior Management. Any loss of its key managerial personnel or the company ability to attract and retain them could adversely affect its business, operations and financial condition.
- The underperformance of its products could negatively impact the company business, financial health, and operational outcomes.
- Inadvertent patent infringement could negatively affect its business.
- The company is subject to foreign currency exchange rate fluctuations which could have a material and adverse effect on its results of operations and financial conditions.
- All of its product verticals are extremely competitive segments and the company faces risk of competition affecting its margins and profitability as the company scale its operations.
- Global health crises, pandemics, epidemics, or other outbreaks could adversely disrupt or impact certain aspects of the Company's business, results of operations and financial condition.
- The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- The company has not made any alternate arrangements for meeting its regular working capital requirements. If the company operations do not generate the necessary cash flow, its working capital requirements may negatively affect the company operations and financial performance.
- Its lenders have charge over the company movable properties in respect of finance availed by it.
- The company could be exposed to risks arising from misconduct, fraud and trading errors by its employees and Business Associates.
- The Company has adequate insurance coverage and the company is protected against all material hazards, which may adversely affect its business, results of operations and financial condition.
- Delays or defaults in customer payments could result in a reduction of its profits and cash flows.
- Any disproportionate increase in labour costs including increase in wage/salary demand, labour unrest, labour strike or lasbour claims arising from accidents may adversely affect its business operations and financial conditions.
- The funds proposed to be utilised for general corporate purposes constitute [*] % of the Net Issue Proceeds.
- Majority of the Directors of or Company does not have any prior experience of directorship in a listed entity.
- The Company has availed Unsecured Loans, and any demand for Repayment or Inability to Secure Further Financing Could Adversely Affect its Financial Condition.
- The Promoters will hold significant part of the equity shares of the Company post the proposed Issue and will continue to control the Company.
- Loans availed by the Company has been secured on personal properties and guarantees of its Directors, Promoters, Promoter Group, Group Companies and third party. The company business, financial condition, results of operations, cash flows and prospects may be adversely affected in case of invocation of any personal guarantees provided by its Directors, Promoters, Promoter Group, Group Companies and third party.
- In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects / schedule of implementation of this Issue which would in turn affect its revenues and results of operations.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The Issue Price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue.
- The price of its Equity Shares may be volatile, or an active trading market for the company Equity Shares may not develop.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- You will not be able to sell immediately on Stock Exchange any of the Equity Shares you purchase in the Issue until the Issue receives appropriate trading permissions.
- Sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
- You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Any future issuance of Equity Shares may dilute your shareholdings, and sales of the Equity Shares by its major shareholders may adversely affect the trading price of the company Equity Shares.
- The Company has not paid any dividends till now and there can be no assurance that the company will pay dividends in future. Its ability to pay dividends in the future will depends upon a variety of factors such as future earnings, financial condition, cash flows, working capital requirements, and restrictive covenants in its financing arrangements.
- Operational Disruptions Due to Lack of Backup Power Supply.
The Issue type of Accretion Pharmaceuticals Ltd is Book Building - SME.
The minimum application for shares of Accretion Pharmaceuticals Ltd is 1200.
The total shares issue of Accretion Pharmaceuticals Ltd is 2946000.
Initial public offer of upto 29,46,000 equity shares of face value of Rs. 10/- each (the equity shares) of Accretion Pharmaceuticals Limited (the company or accretion or the issuer) at an issue price of Rs. 101 per equity share for cash, aggregating up to Rs. 29.75 crores (public issue) out of which 1,47,600 equity shares of face value of Rs. 10 each, at an issue price of Rs. 101 per equity share for cash, aggregating Rs. 1.49 crores will be reserved for subscription by the market maker to the issue (the market maker reservation portion). The public issue less market maker reservation portion i.e., issue of 27,98,400 equity shares of face value of Rs. 10 each, at an issue price of Rs. 101 per equity share for cash, aggregating upto Rs. 28.26 crores is herein after referred to as the net issue. The public issue and net issue will constitute 26.50% and 25.17% respectively of the post-issue paid-up equity share capital of our company.