Cedaar Textile Ltd IPO
Status:
Overview
IPO date
30 Jun 2025 to 02 Jul 2025
Face value
₹ 10 per share
Price
₹ 130 to ₹140 per share
Issue Size
4,350,000 shares
(aggregating up to ₹ 60.9 Cr)
(aggregating up to ₹ 60.9 Cr)
Allotment Date
03 Jul 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
Objectives of Cedaar Textile Ltd IPO
Cedaar Textile Ltd IPO Strategy
About Cedaar Textile Ltd
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T&C*
Strengths vs Risks of Cedaar Textile Ltd
Know the pros & cons
Strengths
Experienced and Qualified Management and Employee base.- Strong and Consistent Financial Performance.
- Growing customer base.
- Scalable and reliable business model.
- Experienced Promoters and Senior Management with extensive domain knowledge.
Risks
- Its top ten customers contribute significant portion in the revenue of the Company. Any loss of business
from one or more of them may adversely affect its revenues and profitability.
- The Company has not entered into any long-term contracts with any of its customers and we typically operate
on the basis of purchase orders. Inability to maintain regular order flow would adversely impact our revenues
and profitability.
- Its business depends on the company production facility situated in city of Punjab. Any loss of or shutdown of
operations of the production facility on any grounds could adversely affect its business or results of
operations.
- Any change in the consumer's likes, preferences or a change in their perception regarding the quality of its
products may negatively affect the image and the company reputation and in turn affect its revenues and profitability.
- Its may not be able to prevent unauthorized use of the company logo as the company has not obtained/ applied for
the trademark license. Consequently, its trademarks may be obtained or used by third party(ies), which
may lead to the dilution of the company goodwill.
- Its inability to manage inventory in an effective manner could affect the company business.
- The company does not have any long-term agreement or contract of supply of raw materials and consequently are
exposed to price and supply fluctuations for its raw materials.
- The future operating results are difficult to predict and may fluctuate or adversely vary from the past
performance.
- The loss, shutdown or slowdown of operations of its facility or the under-utilization of any such facility may
have a material effect on its results of operations and financial condition.
- Exporting to Bangladesh involves risks due to political instability, security concerns, and internal tensions.
Issues like border disputes, strikes, and protests can disrupt trade, increase costs, and reduce consumer
demand. Additionally, political instability can affect financial institutions, leading to payment delays and
higher risks for exporters.
- The company has a substantial amount of outstanding indebtedness, which requires significant cash flows to service
and are subject to certain conditions and restrictions in terms of its financing arrangements, which restricts
the company ability to conduct its business and operations in the manner we desire. Any failures to comply with
financial and other restrictive covenants imposed on it under the company financing agreements may affect its
operational flexibility, business, results of operations and prospects.
- The company will continue to be controlled by its Promoter and Promoter Group after the completion of the Issue,
which will allow its Promoters to influence the outcome of matters submitted for approval of the company
shareholders.
- The company has significant power requirements for continuous running of its factories. Any disruption to the company
operations on account of interruption in power supply or any irregular or significant hike in power tariffs
may have an effect on its business, results of operations and financial condition.
- The company is dependent on third party logistic and support service providers for the delivery of raw materials and
finished products and any disruptions in their services including transportation services or a decrease in the
quality of their services may adversely affect its business, financial condition and results of operations.
- The Company had filed certain ROC forms with delayed fees and Company cannot assure that no
proceedings or regulatory actions will be initiated against it in relation to the non-filing and delayed filing.
- Some of its Directors or promoter are unable to provide us an authentic copy of their educational certificate.
- Its directors or promoter are unable to provide an authentic copy of experience certificates and their
experience has been shown as per Affidavit provide to it at the particular places of the RHP.
- The Company, Promoters, and Directors are not involved in certain legal and regulatory proceedings. Any
adverse decision in such proceedings may have a material adverse effect on its business, financial condition,
cash flows and results of operations.
- The company has delayed filed some return of Tax Deducted at Source, Income Tax, Good and Service Tax,
Employee Provident Fund, Employees State Insurance or any other Statutory dues. Delay in making any
Statutory payments viz. Tax Deducted at Source, Income Tax, Good and Service Tax, Employee Provident
Fund, or any other Statutory dues which may attract any penalty or demand raised by statutory authorities
in future will affect financial position of the Company.
- Its business is manpower intensive and any unavailability of the company employees or shortage of labour or any
strikes, work stoppages, increased wage demands by workmen or changes in regulations governing hiring of
labour may have an adverse impact on its cash flows and results of operations.
- The Company's Registered Office, Sales Office and Marketing Office are not owned by the company and taken
on the lease. Any termination of the relevant lease agreement in connection with such property or our failures
to renew the same could adversely affect its operations.
- Its 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.
- The company requires certain approvals and licenses in the ordinary course of business and the failures to successfully
obtain such registrations would adversely affect its operations, results of operations and financial condition.
- Its inability to effectively manage the company growth or to successfully implement its business plan and growth
strategy could have an effect on its business, results of operations and financial condition.
- The company export its products to various countries, on account of which the company may be subject to significant import
duties or restrictions. Further, unavailability of fiscal benefits enjoyed by us or our inability to comply with
related requirements may have an adverse effect on its business and results of operations.
- The unsecured loans availed by the Company from Promoter group may be recalled at any given point of
time.
- Any deficiency in its products could make the Company liable for client claims, which in turn could affect
the Company's results of operations.
- The company face competition in its business from organized and unorganized players, which may adversely affect
its business operation and financial condition.
- Failing to secure future working capital loans would lead to severe liquidity issues, disrupting operations,
causing delayed deliveries, and damaging supplier and client relationships. This would increase short-term
liabilities, reduce assets through forced liquidation, and result in negative operating cash flow, severely
impacting its financial stability and growth potential.
- The average cost of acquisition of Equity Shares by its Promoter could be lower than the Issue Price.
- The company has issued equity shares pursuant to a bonus issue in the last 12 months issued Equity Shares at a price
that may be at lower than the Issue Price, and we will be eligible to issue equity shares pursuant to a bonus
issue only when the company have sufficient reserves.
- The company has entered into and may enter into related party transactions in the future also.
- The company is dependent on technology in carrying out its business activities and it forms an integral part of the company
business. If its face failures of the company information technology systems, its may not be able to compete effectively
which may result in lower revenue, higher costs and would adversely affect the company business and results of operations.
- Its insurance coverage may not be adequate to protect it against all potential losses to which the company may be
subject and this may have a material effect on its business and financial condition.
- There may be potential conflicts of interest if its Promoters or Directors are involved in any business
activities that compete with or are in the same line of activity as the company business operations.
- Within the parameters as mentioned in the chapter titled `Objects of the Issue' beginning on page no. 113
the Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement
and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial
institution. Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus
shall be subject to certain compliance requirements, including prior Shareholders' approval.
- Its success is dependent on the company Promoter, management team and skilled manpower. Its inability to attract
and retain key personnel or the loss of services of the company Promoter or Managing Director and Whole Time
Director may have an adverse effect on its business prospects.
- The Company is yet to place orders for the machineries for the expansion of the proposed business operation
and Installation of Grid-tied Solar PV Rooftop System for Captive evacuation. Any delay in placing orders
of such machinery may delay the schedule of implementation and possibly increase the cost of commencing
operations.
- Its failures to adapt to technological developments or industry trends could affect the performance and
features of the company products, and reduce its attractiveness to the company customers.
- If there is a change in policies related to tax, duties or other such levies applicable to the company, it may affect its
results of operations.
- Its ability to pay dividends in the future may be affected by any material adverse effect on the company future
earnings, financial condition or cash flows.
- The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect
its business, results of operations and prospects.
- The company is subject to the risk of failures of or a material weakness in its internal control systems.
- The future operating results are difficult to predict and may fluctuate or adversely vary from the past
performance.
- The company is subject to quality requirements and strict technical specifications by its customers. The company failures to
comply with the quality standards and technical specifications prescribed by such customers may lead to loss
of business from such customers and could negatively impact our reputation, which would have an adverse
impact on its business prospects and results of operations.
- The company has not independently verified certain data in this Red Herring Prospectus.
- Any Penalty or demand raise by statutory authorities in future will affect its financial position of the
Company.
- Its labors are subject to Health and Safety Hazards
- Certain Agreements, deeds or licenses may be in the previous name of the company.
- Supply Chain Disruptions can hamper its sale of goods.
- The requirements of being a listed company may strain its resources and distract management.
- The directors of the company don't have the experience of the listed company and the requirements of being
a listed company may strain its resources.
- The Company's board of directors will be utilizing the Net Proceeds from the Issue in the objects of the issue.
The deployment of Net Proceeds from the Issue is subject to any monitoring by any independent agency as
in terms of Regulation 262 of the ICDR Regulations, the Company is required to appoint a monitoring agency
since the Issue size is in not in excess of Rs. 10,000.00 lakhs.
- A third party could be prevented from acquiring control of the Company because of anti-takeover provisions
under Indian law.
- Portion of its Issue Proceeds are proposed to be utilized for general corporate purposes which constitute [?]
of the Issue Proceed. As on date the company has not identified the use of such funds.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be
subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- The company has not identified any alternate source of raising the working capital mentioned as its `Objects of the
Issue'. Any shortfall in raising / meeting the same could adversely affect the company growth plans, operations and
financial performance.
- Its Promoter, Directors and Key Managerial Personnel hold Equity Shares in the Company and are
therefore interested in the Company's performance in addition to their remuneration and reimbursement of
expenses.
- The present promoters of the Company are first generation entrepreneurs.
- Although the company has consistently received payments on or before the due date, its cannot guarantee timely
payments in the future.
- Contingent liabilities from GST and income tax demands could lead to significant financial obligations,
impacting liquidity, increasing tax burdens, and straining cash flow, with potential legal costs, penalties, and
interest charges.
- Its spinning and dyeing machines have been underutilized, leading to inefficient capital use, higher per-unit
costs, and reduced profitability. This inefficiency limits production capacity, hinders competitiveness, and
poses a risk to its financial stability and growth prospects.
- Its Promoters have provided personal guarantees to certain loan facilities availed by it, which if revoked
may requires alternative guarantees, repayment of amounts due or termination of the facilities.
Cedaar Textile Ltd Peer Comparison
Understand the company’s industry standing
Cedaar Textile Limited
Shiva Texyarn Limited
Vardhman Textiles Limited
Face Value
10
10
2
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
---
---
---
EPS-Basis
8.63
-8.55
21.01
EPS-Diluted
---
---
---
NAV Per Share
63.7
94.78
304.49
P/E-Basic EPS
---
22.7
17.03
P/E-Diluted EPS
---
---
---
RONW(%)
16.44
8.63
7.11
Latest NAV Period
---
---
---
Latest NAV
---
---
---
How to check the allotment status of Cedaar Textile Ltd IPO?
Follow the steps
Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 30 Jun 2025 & closes on 02 Jul 2025.
Cedaar Textile Limited was incorporated as a Private Limited Company as 'Cedaar Textile Private Limited' vide Certificate of Incorporation dated September 28, 2020 with the Registrar of Companies, Bangalore. Thereafter, Company was converted into a Public Limited Company on August 23, 2024 with effect from August 23, 2024 attaining the name of the Company as 'Cedaar Textile Limited'.
The Company was founded by Mr. Rajesh Mittal on September 29, 2020 and got the certificate of Registration by Registrar of Companies, ROC Bangalore. The Company received the first export order on 30-12-2020 a very first month, it has started as Cedaar Textiles from Tex global PTE for the value of Rs. 41 Lacs.
The Company offers the widest range of Raw white Yarns, Melange Yarns, Solid Top dyed Yarns, and Grey Fancy Yarns in Cotton, Polyester, Acrylic, Viscose, Tencel, Modal, and other Fibers. All Yarns are being offered with sustainability as the prime focus, in 100% Organic, Recycle Fibers (Polyester & Cotton) for a Green Environment and Conservation of natural resources.
The Company's focus is on Innovation, Customer Orientation, R & D, Technology Up Gradation, Digitalization, ERP, Continuous Improvement, and Moving towards Green Energy. It manufacture and sells its products like Yarn, Technical Textile IFR, Fabrics, and Dyed Yarn. It is engaged in the manufacturing of Quality Melange Yarn for use in the household textile, woven goods, and hosiery. The Company objective is to cater the Top Line Customers Overseas and in India, who produce Garments for renowned Fashion Brands.
In 2023-24, Company has installed and commissioned 2 MW Solar plant in the factory and running the same and is planning for second project as well.
The Company launched the IPO of 43,50,000 equity shares of Rs 10 each and raised Rs 60.9 crores in July 2025.
Cedaar Textile Ltd IPO will close on 02 Jul 2025.
- Experienced and Qualified Management and Employee base.
- Strong and Consistent Financial Performance.
- Growing customer base.
- Scalable and reliable business model.
- Experienced Promoters and Senior Management with extensive domain knowledge.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Rajesh Mittal | 3845208 | 40.35 | 3845208 | 27.71 |
| 2 | Virendra Goyal | 1744186 | 18.3 | 1744186 | 12.57 |
| 3 | Bachangada Nachappa Monnappa | 3789176 | 39.77 | 3789176 | 27.3 |
| 4 | Bachangada Monnappa Saraswathi | 150000 | 1.57 | 150000 | 1.08 |
| 5 | Upma Goyal | 10 | --- | 10 | --- |
| 6 | Naveen Mittal | 10 | --- | 10 | --- |
| 7 | Chetna Mittal | 10 | --- | 10 | --- |
- Its top ten customers contribute significant portion in the revenue of the Company. Any loss of business from one or more of them may adversely affect its revenues and profitability.
- The Company has not entered into any long-term contracts with any of its customers and we typically operate on the basis of purchase orders. Inability to maintain regular order flow would adversely impact our revenues and profitability.
- Its business depends on the company production facility situated in city of Punjab. Any loss of or shutdown of operations of the production facility on any grounds could adversely affect its business or results of operations.
- Any change in the consumer's likes, preferences or a change in their perception regarding the quality of its products may negatively affect the image and the company reputation and in turn affect its revenues and profitability.
- Its may not be able to prevent unauthorized use of the company logo as the company has not obtained/ applied for the trademark license. Consequently, its trademarks may be obtained or used by third party(ies), which may lead to the dilution of the company goodwill.
- Its inability to manage inventory in an effective manner could affect the company business.
- The company does not have any long-term agreement or contract of supply of raw materials and consequently are exposed to price and supply fluctuations for its raw materials.
- The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.
- The loss, shutdown or slowdown of operations of its facility or the under-utilization of any such facility may have a material effect on its results of operations and financial condition.
- Exporting to Bangladesh involves risks due to political instability, security concerns, and internal tensions. Issues like border disputes, strikes, and protests can disrupt trade, increase costs, and reduce consumer demand. Additionally, political instability can affect financial institutions, leading to payment delays and higher risks for exporters.
- The company has a substantial amount of outstanding indebtedness, which requires significant cash flows to service and are subject to certain conditions and restrictions in terms of its financing arrangements, which restricts the company ability to conduct its business and operations in the manner we desire. Any failures to comply with financial and other restrictive covenants imposed on it under the company financing agreements may affect its operational flexibility, business, results of operations and prospects.
- The company will continue to be controlled by its Promoter and Promoter Group after the completion of the Issue, which will allow its Promoters to influence the outcome of matters submitted for approval of the company shareholders.
- The company has significant power requirements for continuous running of its factories. Any disruption to the company operations on account of interruption in power supply or any irregular or significant hike in power tariffs may have an effect on its business, results of operations and financial condition.
- The company is dependent on third party logistic and support service providers for the delivery of raw materials and finished products and any disruptions in their services including transportation services or a decrease in the quality of their services may adversely affect its business, financial condition and results of operations.
- The Company had filed certain ROC forms with delayed fees and Company cannot assure that no proceedings or regulatory actions will be initiated against it in relation to the non-filing and delayed filing.
- Some of its Directors or promoter are unable to provide us an authentic copy of their educational certificate.
- Its directors or promoter are unable to provide an authentic copy of experience certificates and their experience has been shown as per Affidavit provide to it at the particular places of the RHP.
- The Company, Promoters, and Directors are not involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, financial condition, cash flows and results of operations.
- The company has delayed filed some return of Tax Deducted at Source, Income Tax, Good and Service Tax, Employee Provident Fund, Employees State Insurance or any other Statutory dues. Delay in making any Statutory payments viz. Tax Deducted at Source, Income Tax, Good and Service Tax, Employee Provident Fund, or any other Statutory dues which may attract any penalty or demand raised by statutory authorities in future will affect financial position of the Company.
- Its business is manpower intensive and any unavailability of the company employees or shortage of labour or any strikes, work stoppages, increased wage demands by workmen or changes in regulations governing hiring of labour may have an adverse impact on its cash flows and results of operations.
- The Company's Registered Office, Sales Office and Marketing Office are not owned by the company and taken on the lease. Any termination of the relevant lease agreement in connection with such property or our failures to renew the same could adversely affect its operations.
- Its 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.
- The company requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain such registrations would adversely affect its operations, results of operations and financial condition.
- Its inability to effectively manage the company growth or to successfully implement its business plan and growth strategy could have an effect on its business, results of operations and financial condition.
- The company export its products to various countries, on account of which the company may be subject to significant import duties or restrictions. Further, unavailability of fiscal benefits enjoyed by us or our inability to comply with related requirements may have an adverse effect on its business and results of operations.
- The unsecured loans availed by the Company from Promoter group may be recalled at any given point of time.
- Any deficiency in its products could make the Company liable for client claims, which in turn could affect the Company's results of operations.
- The company face competition in its business from organized and unorganized players, which may adversely affect its business operation and financial condition.
- Failing to secure future working capital loans would lead to severe liquidity issues, disrupting operations, causing delayed deliveries, and damaging supplier and client relationships. This would increase short-term liabilities, reduce assets through forced liquidation, and result in negative operating cash flow, severely impacting its financial stability and growth potential.
- The average cost of acquisition of Equity Shares by its Promoter could be lower than the Issue Price.
- The company has issued equity shares pursuant to a bonus issue in the last 12 months issued Equity Shares at a price that may be at lower than the Issue Price, and we will be eligible to issue equity shares pursuant to a bonus issue only when the company have sufficient reserves.
- The company has entered into and may enter into related party transactions in the future also.
- The company is dependent on technology in carrying out its business activities and it forms an integral part of the company business. If its face failures of the company information technology systems, its may not be able to compete effectively which may result in lower revenue, higher costs and would adversely affect the company business and results of operations.
- Its insurance coverage may not be adequate to protect it against all potential losses to which the company may be subject and this may have a material effect on its business and financial condition.
- There may be potential conflicts of interest if its Promoters or Directors are involved in any business activities that compete with or are in the same line of activity as the company business operations.
- Within the parameters as mentioned in the chapter titled `Objects of the Issue' beginning on page no. 113 the Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution. Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.
- Its success is dependent on the company Promoter, management team and skilled manpower. Its inability to attract and retain key personnel or the loss of services of the company Promoter or Managing Director and Whole Time Director may have an adverse effect on its business prospects.
- The Company is yet to place orders for the machineries for the expansion of the proposed business operation and Installation of Grid-tied Solar PV Rooftop System for Captive evacuation. Any delay in placing orders of such machinery may delay the schedule of implementation and possibly increase the cost of commencing operations.
- Its failures to adapt to technological developments or industry trends could affect the performance and features of the company products, and reduce its attractiveness to the company customers.
- If there is a change in policies related to tax, duties or other such levies applicable to the company, it may affect its results of operations.
- Its ability to pay dividends in the future may be affected by any material adverse effect on the company future earnings, financial condition or cash flows.
- The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect its business, results of operations and prospects.
- The company is subject to the risk of failures of or a material weakness in its internal control systems.
- The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.
- The company is subject to quality requirements and strict technical specifications by its customers. The company failures to comply with the quality standards and technical specifications prescribed by such customers may lead to loss of business from such customers and could negatively impact our reputation, which would have an adverse impact on its business prospects and results of operations.
- The company has not independently verified certain data in this Red Herring Prospectus.
- Any Penalty or demand raise by statutory authorities in future will affect its financial position of the Company.
- Its labors are subject to Health and Safety Hazards
- Certain Agreements, deeds or licenses may be in the previous name of the company.
- Supply Chain Disruptions can hamper its sale of goods.
- The requirements of being a listed company may strain its resources and distract management.
- The directors of the company don't have the experience of the listed company and the requirements of being a listed company may strain its resources.
- The Company's board of directors will be utilizing the Net Proceeds from the Issue in the objects of the issue. The deployment of Net Proceeds from the Issue is subject to any monitoring by any independent agency as in terms of Regulation 262 of the ICDR Regulations, the Company is required to appoint a monitoring agency since the Issue size is in not in excess of Rs. 10,000.00 lakhs.
- A third party could be prevented from acquiring control of the Company because of anti-takeover provisions under Indian law.
- Portion of its Issue Proceeds are proposed to be utilized for general corporate purposes which constitute [?] of the Issue Proceed. As on date the company has not identified the use of such funds.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- The company has not identified any alternate source of raising the working capital mentioned as its `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect the company growth plans, operations and financial performance.
- Its Promoter, Directors and Key Managerial Personnel hold Equity Shares in the Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.
- The present promoters of the Company are first generation entrepreneurs.
- Although the company has consistently received payments on or before the due date, its cannot guarantee timely payments in the future.
- Contingent liabilities from GST and income tax demands could lead to significant financial obligations, impacting liquidity, increasing tax burdens, and straining cash flow, with potential legal costs, penalties, and interest charges.
- Its spinning and dyeing machines have been underutilized, leading to inefficient capital use, higher per-unit costs, and reduced profitability. This inefficiency limits production capacity, hinders competitiveness, and poses a risk to its financial stability and growth prospects.
- Its Promoters have provided personal guarantees to certain loan facilities availed by it, which if revoked may requires alternative guarantees, repayment of amounts due or termination of the facilities.
The Issue type of Cedaar Textile Ltd is Book Building - SME.
The minimum application for shares of Cedaar Textile Ltd is 1000.
The total shares issue of Cedaar Textile Ltd is 4350000.
Public issue of 43,50,000 equity shares of face value Rs. 10/- each of Cedaar Textile Limited. ("Cedaar" or the "Company" or the "Issuer") for cash at a price of Rs. 140/- per equity share ("Issue Price") including a share premium of Rs.130/- per equity share), aggregating to Rs. 60.90 crores ("the Issue"), out of which, 2,18,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 140/- per equity share aggregating to Rs. 3.05 crores will be reserved for subscription by market maker ("Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. issue of 41,32,000 equity shares of face value of Rs. 10/- each at an issue price of Rs. 140/- per equity share aggregating to
Rs. 57.85 crores is hereinafter referred to as the "Net Issue". The issue and the net issue will constitute 31.34% and 29.77%, respectively of the post issue paid up equity share capital of the company.