Pajson Agro India Ltd IPO
Status: Closed
Overview
IPO date
11 Dec 2025 to 15 Dec 2025
Face value
₹ 10 per share
Price
₹ 112 to ₹118 per share
Issue Size
6,309,600 shares
(aggregating up to ₹ 74.45 Cr)
(aggregating up to ₹ 74.45 Cr)
Allotment Date
16 Dec 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
FMCG
Objectives of Pajson Agro India Ltd IPO
Pajson Agro India Ltd IPO Strategy
About Pajson Agro India Ltd
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T&C*
Strengths vs Risks of Pajson Agro India Ltd
Know the pros & cons
Strengths
Strategically Located Processing Facility with Modern Machineries.- In-house packaging unit.
- Leveraging the experience and network of our Promoters.
- Efficient Procurement and Raw Material Management.
- Diverse Customer Base.
- Strong Wholesaler Network and Customer Loyalty.
Risks
- The company significantly (26.00 % for the period ended September 30, 2025 and 96.33% in FY 2025) dependent on Pajson Global DMCC and Pajson International FZCO, Dubai based group companies, for procurement of raw cashew nuts. Any disruption in this arrangement may adversely affect its business operations, financial condition and results of operations.
- The company Profit After Tax (PAT) margins has fluctuated significantly in recent years (i.e. 0.02% in FY23 3.46% in FY24 10.90% in FY25 11.99% for the period ended September 30, 2025), which may impact investor perception of the company financial stability and could adversely affect its valuation and future performance.
- The company limited operating history makes evaluating its business and future prospects difficult.
- Its derives a significant portion of our revenue i.e., 60.10 %, 59.63%, 62.30%, and 56.94% for the period ended September 2025, for the FY 2025, FY 2024, and FY 2023 respectively from the company top 10 customers. The loss of any of these customers, a significant reduction in their purchase volumes, or a decision by any of them to pursue backward integration could adversely affect its business, results of operations, and financial condition. Furthermore, the company not entered into any written agreements or contracts with the customers for the sale of its products, it increases the company exposure to such risks.
- The company derives its revenue primarily from the domestic market out of which substantial portion of the company revenue from its
operations in certain geographical regions especially from Delhi, Andhra Pradesh and Rajasthan. Any adverse developments affecting the company operations in these regions could has an adverse impact on its revenue and results of operations.
- The company processing facilities are critical to its business operations, and any shutdown or disruption of these facilities may
adversely affect the company business, results of operations, and financial condition. Furthermore, as both the company existing and
proposed processing facilities are located in a single region, namely Andhra Pradesh, any inability to operate or expand the company business in this region may has an additional adverse impact on the company cash flows and future business prospects.
- The Company has negative cash flows in the past years, details of which are given below. Sustained negative cash- flow could impact its growth and business.
- The Company ventured into the export and B2C segment through our brand "Royal Mewa" in FY 2024-2025. As this business line is at an early stage of development, the company has a limited operating history in this segment, which may make it difficult for investors to evaluate the company past performance or reliably assess its future growth prospects.
- The company derives a significant portion of its revenue from the sale of cashew kernels which contributed 94.68%, 89.23%, 90.94%,
and 83.62% to the company revenue from operations for the period ended September 30, 2025 and for the FY 2025, 2024 and 2023,
respectively. its inability to anticipate and adapt to evolving consumer tastes, preferences and demand for such product, may adversely impact demand for such product and consequently its business, results of operations, financial condition and cash flows.
- The Restated Financial Statements has been provided by Peer Reviewed Chartered Accountants who is not Statutory Auditor of the Company.
- The Company has entered into related party transactions in the past and may continue to enter into related party transactions in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Exchange rate fluctuations may adversely affect its business, results of operations, financial conditions and cash flows.
- Restrictions on import may adversely impact its business, cash flows and results of operations.
- The company business is significantly dependent on its wholesalers and a majority of the company revenue from operations is generated from the wholesalers representing 46.93%, 64.08%,60.05%, and 67.56% to its revenue from operations for the period
ended September 30, 2025 and in FY 2025, 2024 and 2023, respectively. An inability to expand or effectively manage the company
distributor network, or any disruptions in its distribution network may has an adverse effect on the company business, results of
operations, financial condition and cash flows.
- The processing of raw cashew nuts involves multiple stages, during which cashew kernels may break, potentially affecting profitability.
- The company registered office, packaging unit and warehouse are not owned by it and are taken on rental basis. If its unable
to renew the company existing rental agreements or relocate the company operations on commercially reasonable terms, there may be a material adverse effect on its business, financial condition, results of operations and cash flows could be adversely affected.
- The procurement of raw material is subject to seasonal factors. Consequently, Its inability to accurately forecast demand for the company cashew kernels, may has an adverse effect on its business, results of operations, cash flows and financial condition.
- Any disruption at the port of Visakhapatnam of India may adversely affect its business and operational performance.
- Its business requires working capital. Any failure in arranging adequate working capital for the company operations may adversely affect its business, results of operations, cash flows and financial condition.
- The company business is capital intensive, and its may require significant financing to support the company growth strategies and expansion plans. Any failure to raise additional financing could has an adverse effect on its business, results of operations, financial condition and cash flows.
- The company has not entered into definitive arrangements to utilize certain portions of the Net Proceeds of the Issue and the costs
to be incurred in relation to such Objects are based on the quotations received from the vendors or estimates of the management. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment or services in a timely manner, or at all, it may result in time and cost over-runs and our business, prospects and results of operations may be adversely affected.
- The company funding requirements and proposed deployment of Net Proceeds of the Issue are based on management estimates and
has not been independently appraised by a bank or a financial institution and if there are any delays or cost overruns, the company business, financial condition and results of operations may be adversely affected.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Any significant delay in receiving equipment's plants and machinery purchased from outside India could adversely impact its business, operations, cash flows and financial conditions.
- The company Directors, key managerial personnel, senior management team, and other qualified personnel are critical to the company
continued success and its may be unable to attract and retain such personnel in the future.
- Its business may be adversely affected by work stoppages, increased wage demands by the company employees, or an increase in
minimum wages, and if its unable to engage new employees at commercially attractive terms.
- The company has been certain instances of delays in payment of statutory dues by it in the past. Any delay in payment of statutory dues by it in future, may result in the imposition of penalties and in turn may has an adverse effect on the company business, financial condition, results of operation and cash flows.
- Majority of the company Directors are or were not directors of listed companies and hence lack of such adequate experience to address complexities associated with listed companies, could has an adverse impact on the company business and operations.
- Any inability to accurately manage inventory and forecast demand for the company products may has an adverse effect on its business, results of operations, financial condition and cash flows.
- The company has power and fuel requirements and any disruption to power and fuel sources could increase its production costs
and adversely affect the company business, results of operations, financial condition and cash flows.
- After the completion of the Issue, The Promoters will continue to collectively hold majority of the shareholding in the Company, which will allow them to influence the outcome of matters requiring shareholder approval.
- Some of the company Directors, Key Managerial Personnel and Senior Management has interests in it other than reimbursement of expenses incurred, normal remuneration or benefits.
- Technology failures could disrupt its operations and adversely affect the company business, results of operations, financial condition and cash flows.
- Information relating to the company production capacities and the historical capacity utilization of its manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
- Information relating to historical installed capacity of the company processing facility included in this Red Herring Prospect it is based on various assumptions and estimates and the company future production and capacity utilization may vary. Under utilization of the company processing capacity and an inability to effectively utilize the company expanded processing facilities may has an adverse effect on the company business, future prospects and future financial performance.
- Internal or external fraud or misconduct by the company employees could adversely affect its reputation and the company results of
operations.
- The company inability to adopt new technologies for the company processing processes could adversely affect the company business, results of operations, financial condition and cash flows. Changes in technology may render the company current technologies obsolete or require it to undertake substantial capital investments, which could adversely affect its results of operations.
- The Company has control over the quality of cashews processed by it but not that of the sourced items such as raisins, almonds and pistachios.
- If its unable to foresee or respond effectively to significant competition, the company business, results of operations and financial condition could be adversely affected.
- The company has included in this Red Herring Prospectus certain non-GAAP financial measures and certain other industry measures related to the company operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- An inability to establish and maintain effective internal controls could lead to an adverse effect on the company business, results
of operations, cash flows and financial condition.
- The company has incurred financial indebtedness, also certain of the company financing arrangements involve variable interest rates and an increase in interest rates may adversely affect its results of operations and financial condition.
- The company Promoters has provided personal guarantees for loan facilities obtained by the Company, and any failure or default
by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters and thereby, impact the company business and operations.
- The Company has availed unsecured loans which may be recalled by the lenders on demand.
- The company insurance coverage may not be adequate or its may incur uninsured losses or losses in excess of the company insurance
coverage which could has an adverse impact on its business, results of operations, financial condition and cash flows.
- There are certain discrepancies/errors/delay filings noticed in some of the company corporate records relating to forms filed with
the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.
- Its subject to various laws and extensive government regulations and if its fail to obtain, maintain or renew the company statutory and regulatory licenses, permits and approvals required in the ordinary course of its business, including environmental, health and safety laws and other regulations, the company business financial condition, results of operations and cash flows may be adversely affected.
- Its dependent on third-party transportation providers for the supply of raw material and delivery of the company products. Accordingly, continuing increases in transportation costs or unavailability of transportation services for them, as well the extent and reliability of Indian infrastructure may has an adverse effect on its business, financial condition, results of operations and prospects.
- The company has neither commissioned an industry report for the disclosures made in the section titled `Industry Overview' nor sought consent from the quoted websites. The disclosures has been made on the basis of the data available on the internet and such data has not been independently verified by it.
- The company has applied for registration of trademarks including the company name, and there can be no assurance that its will
be able to successfully register the trademark, or that it will not be infringed upon.
- Certain educational qualification documents of the company Management personnel are not traceable.
- The average cost of acquisition of Equity Shares by its Promoters could be lower than the Price Band to be decided by the Company in consultation with the Book Running Lead Manager in accordance with the SEBI ICDR Regulations.
- Stringent food safety, consumer goods, health and safety laws and regulations may result in increased liabilities and increased capital expenditures.
- Compliance with, and changes in, safety, health and environmental laws and regulations may adversely affect the company business, prospects, financial condition and results of operations.
Pajson Agro India Ltd Peer Comparison
Understand the company’s industry standing
Pajson Agro India Ltd
Krishival Foods Limited
Prospect Consumer Products Limited
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
187.2683
202.2324
30.9911
EPS-Basis
11.67
6.08
4.19
EPS-Diluted
11.67
6.08
4.19
NAV Per Share
25.26
63.55
44.98
P/E-Basic EPS
---
78.39
17.00
P/E-Diluted EPS
---
---
---
RONW(%)
46.18
9.56
8.95
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 11 Dec 2025 & closes on 15 Dec 2025.
Pajson Agro India Limited was originally incorporated under the name 'Pajson Agro India Private Limited' dated September 17, 2021, with the Registrar of Companies, Central Registration Centre. Subsequently the status of the Company was changed to Public Limited and the name of Company was changed to 'Pajson Agro India Limited' w.e.f. February 08, 2025.
At present, Company is into processing of raw cashew nuts into cashew kernels and supplies to domestic and international markets. The product comprises various grades of cashew nuts, which are processed and packaged in bulk as well as consumer-oriented retail packs. Additionally, Company market select dry fruits under its white-label brand 'Royal Mewa' through a combination of e-commerce platforms and offline distribution channels. It operate through a multi-channel sales and distribution structure comprising four key verticals: Wholesale Mandis, Institutional Sales, Exports, and the B2C brand, Royal Mewa.
The Company acquired the cashew processing plant located at Anakapalli, Andhra Pradesh w.e.f February 16, 2022. Initially the processing unit had processing capacity of 7,000 metric tonnes till the FY 2023. Further, through strategic investments in technology, the capacity has increased to 12,000 metric tonnes in FY 2025. Now the current capacity is 18,000 metric tonnes.
The Company work with mandi traders who possess established networks and handle both whole and broken cashew grades. It supply products to entities such as Bikanervala, More Retail, Nutraj, Farmley, Reliance Retail, and Haldiram, among others. The Company also exported to UAE in FY 2024-2025.
Company is planning the IPO of issuing 63,09,600 equity shares having the face value of Rs 10 each through Fresh Issue.
Pajson Agro India Ltd IPO will close on 15 Dec 2025.
- Strategically Located Processing Facility with Modern Machineries.
- In-house packaging unit.
- Leveraging the experience and network of our Promoters.
- Efficient Procurement and Raw Material Management.
- Diverse Customer Base.
- Strong Wholesaler Network and Customer Loyalty.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Aayush Jain | 4325000 | 24.71 | 4325000 | 18.16 |
| 2 | Anjali Jain | 50000 | 0.29 | 50000 | 0.21 |
| 3 | Pulkit Jain | 10499995 | 60 | 10499995 | 44.1 |
- The company significantly (26.00 % for the period ended September 30, 2025 and 96.33% in FY 2025) dependent on Pajson Global DMCC and Pajson International FZCO, Dubai based group companies, for procurement of raw cashew nuts. Any disruption in this arrangement may adversely affect its business operations, financial condition and results of operations.
- The company Profit After Tax (PAT) margins has fluctuated significantly in recent years (i.e. 0.02% in FY23 3.46% in FY24 10.90% in FY25 11.99% for the period ended September 30, 2025), which may impact investor perception of the company financial stability and could adversely affect its valuation and future performance.
- The company limited operating history makes evaluating its business and future prospects difficult.
- Its derives a significant portion of our revenue i.e., 60.10 %, 59.63%, 62.30%, and 56.94% for the period ended September 2025, for the FY 2025, FY 2024, and FY 2023 respectively from the company top 10 customers. The loss of any of these customers, a significant reduction in their purchase volumes, or a decision by any of them to pursue backward integration could adversely affect its business, results of operations, and financial condition. Furthermore, the company not entered into any written agreements or contracts with the customers for the sale of its products, it increases the company exposure to such risks.
- The company derives its revenue primarily from the domestic market out of which substantial portion of the company revenue from its operations in certain geographical regions especially from Delhi, Andhra Pradesh and Rajasthan. Any adverse developments affecting the company operations in these regions could has an adverse impact on its revenue and results of operations.
- The company processing facilities are critical to its business operations, and any shutdown or disruption of these facilities may adversely affect the company business, results of operations, and financial condition. Furthermore, as both the company existing and proposed processing facilities are located in a single region, namely Andhra Pradesh, any inability to operate or expand the company business in this region may has an additional adverse impact on the company cash flows and future business prospects.
- The Company has negative cash flows in the past years, details of which are given below. Sustained negative cash- flow could impact its growth and business.
- The Company ventured into the export and B2C segment through our brand "Royal Mewa" in FY 2024-2025. As this business line is at an early stage of development, the company has a limited operating history in this segment, which may make it difficult for investors to evaluate the company past performance or reliably assess its future growth prospects.
- The company derives a significant portion of its revenue from the sale of cashew kernels which contributed 94.68%, 89.23%, 90.94%, and 83.62% to the company revenue from operations for the period ended September 30, 2025 and for the FY 2025, 2024 and 2023, respectively. its inability to anticipate and adapt to evolving consumer tastes, preferences and demand for such product, may adversely impact demand for such product and consequently its business, results of operations, financial condition and cash flows.
- The Restated Financial Statements has been provided by Peer Reviewed Chartered Accountants who is not Statutory Auditor of the Company.
- The Company has entered into related party transactions in the past and may continue to enter into related party transactions in the future, which may potentially involve conflicts of interest with the equity shareholders.
- Exchange rate fluctuations may adversely affect its business, results of operations, financial conditions and cash flows.
- Restrictions on import may adversely impact its business, cash flows and results of operations.
- The company business is significantly dependent on its wholesalers and a majority of the company revenue from operations is generated from the wholesalers representing 46.93%, 64.08%,60.05%, and 67.56% to its revenue from operations for the period ended September 30, 2025 and in FY 2025, 2024 and 2023, respectively. An inability to expand or effectively manage the company distributor network, or any disruptions in its distribution network may has an adverse effect on the company business, results of operations, financial condition and cash flows.
- The processing of raw cashew nuts involves multiple stages, during which cashew kernels may break, potentially affecting profitability.
- The company registered office, packaging unit and warehouse are not owned by it and are taken on rental basis. If its unable to renew the company existing rental agreements or relocate the company operations on commercially reasonable terms, there may be a material adverse effect on its business, financial condition, results of operations and cash flows could be adversely affected.
- The procurement of raw material is subject to seasonal factors. Consequently, Its inability to accurately forecast demand for the company cashew kernels, may has an adverse effect on its business, results of operations, cash flows and financial condition.
- Any disruption at the port of Visakhapatnam of India may adversely affect its business and operational performance.
- Its business requires working capital. Any failure in arranging adequate working capital for the company operations may adversely affect its business, results of operations, cash flows and financial condition.
- The company business is capital intensive, and its may require significant financing to support the company growth strategies and expansion plans. Any failure to raise additional financing could has an adverse effect on its business, results of operations, financial condition and cash flows.
- The company has not entered into definitive arrangements to utilize certain portions of the Net Proceeds of the Issue and the costs to be incurred in relation to such Objects are based on the quotations received from the vendors or estimates of the management. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment or services in a timely manner, or at all, it may result in time and cost over-runs and our business, prospects and results of operations may be adversely affected.
- The company funding requirements and proposed deployment of Net Proceeds of the Issue are based on management estimates and has not been independently appraised by a bank or a financial institution and if there are any delays or cost overruns, the company business, financial condition and results of operations may be adversely affected.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- Any significant delay in receiving equipment's plants and machinery purchased from outside India could adversely impact its business, operations, cash flows and financial conditions.
- The company Directors, key managerial personnel, senior management team, and other qualified personnel are critical to the company continued success and its may be unable to attract and retain such personnel in the future.
- Its business may be adversely affected by work stoppages, increased wage demands by the company employees, or an increase in minimum wages, and if its unable to engage new employees at commercially attractive terms.
- The company has been certain instances of delays in payment of statutory dues by it in the past. Any delay in payment of statutory dues by it in future, may result in the imposition of penalties and in turn may has an adverse effect on the company business, financial condition, results of operation and cash flows.
- Majority of the company Directors are or were not directors of listed companies and hence lack of such adequate experience to address complexities associated with listed companies, could has an adverse impact on the company business and operations.
- Any inability to accurately manage inventory and forecast demand for the company products may has an adverse effect on its business, results of operations, financial condition and cash flows.
- The company has power and fuel requirements and any disruption to power and fuel sources could increase its production costs and adversely affect the company business, results of operations, financial condition and cash flows.
- After the completion of the Issue, The Promoters will continue to collectively hold majority of the shareholding in the Company, which will allow them to influence the outcome of matters requiring shareholder approval.
- Some of the company Directors, Key Managerial Personnel and Senior Management has interests in it other than reimbursement of expenses incurred, normal remuneration or benefits.
- Technology failures could disrupt its operations and adversely affect the company business, results of operations, financial condition and cash flows.
- Information relating to the company production capacities and the historical capacity utilization of its manufacturing facilities included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
- Information relating to historical installed capacity of the company processing facility included in this Red Herring Prospect it is based on various assumptions and estimates and the company future production and capacity utilization may vary. Under utilization of the company processing capacity and an inability to effectively utilize the company expanded processing facilities may has an adverse effect on the company business, future prospects and future financial performance.
- Internal or external fraud or misconduct by the company employees could adversely affect its reputation and the company results of operations.
- The company inability to adopt new technologies for the company processing processes could adversely affect the company business, results of operations, financial condition and cash flows. Changes in technology may render the company current technologies obsolete or require it to undertake substantial capital investments, which could adversely affect its results of operations.
- The Company has control over the quality of cashews processed by it but not that of the sourced items such as raisins, almonds and pistachios.
- If its unable to foresee or respond effectively to significant competition, the company business, results of operations and financial condition could be adversely affected.
- The company has included in this Red Herring Prospectus certain non-GAAP financial measures and certain other industry measures related to the company operations and financial performance. These non-GAAP measures and industry measures may vary from any standard methodology that is applicable across the industry, and therefore may not be comparable with financial or industry related statistical information of similar nomenclature computed and presented by other companies.
- An inability to establish and maintain effective internal controls could lead to an adverse effect on the company business, results of operations, cash flows and financial condition.
- The company has incurred financial indebtedness, also certain of the company financing arrangements involve variable interest rates and an increase in interest rates may adversely affect its results of operations and financial condition.
- The company Promoters has provided personal guarantees for loan facilities obtained by the Company, and any failure or default by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters and thereby, impact the company business and operations.
- The Company has availed unsecured loans which may be recalled by the lenders on demand.
- The company insurance coverage may not be adequate or its may incur uninsured losses or losses in excess of the company insurance coverage which could has an adverse impact on its business, results of operations, financial condition and cash flows.
- There are certain discrepancies/errors/delay filings noticed in some of the company corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for non-compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.
- Its subject to various laws and extensive government regulations and if its fail to obtain, maintain or renew the company statutory and regulatory licenses, permits and approvals required in the ordinary course of its business, including environmental, health and safety laws and other regulations, the company business financial condition, results of operations and cash flows may be adversely affected.
- Its dependent on third-party transportation providers for the supply of raw material and delivery of the company products. Accordingly, continuing increases in transportation costs or unavailability of transportation services for them, as well the extent and reliability of Indian infrastructure may has an adverse effect on its business, financial condition, results of operations and prospects.
- The company has neither commissioned an industry report for the disclosures made in the section titled `Industry Overview' nor sought consent from the quoted websites. The disclosures has been made on the basis of the data available on the internet and such data has not been independently verified by it.
- The company has applied for registration of trademarks including the company name, and there can be no assurance that its will be able to successfully register the trademark, or that it will not be infringed upon.
- Certain educational qualification documents of the company Management personnel are not traceable.
- The average cost of acquisition of Equity Shares by its Promoters could be lower than the Price Band to be decided by the Company in consultation with the Book Running Lead Manager in accordance with the SEBI ICDR Regulations.
- Stringent food safety, consumer goods, health and safety laws and regulations may result in increased liabilities and increased capital expenditures.
- Compliance with, and changes in, safety, health and environmental laws and regulations may adversely affect the company business, prospects, financial condition and results of operations.
The Issue type of Pajson Agro India Ltd is Book Building - SME.
The minimum application for shares of Pajson Agro India Ltd is 2400.
The total shares issue of Pajson Agro India Ltd is 6309600.
Initial public offer of up to 63,09,600 equity shares of face value of Rs.10/- each (the "Equity Shares") of Pajson Agro India Limited ("the Company" or "Pajson" or "the Issuer") for cash at a price of Rs. 118 per equity share including a share premium of Rs. 108 per equity share (the "Issue Price") Aggregating to Rs. 74.45 crores ("the Issue"), of which up to 3,57,600 equity shares of face value of Rs. 10/-each for cash at a price of Rs. 118 per equity share including a share premium of Rs. 108 per equity share aggregating to Rs. 4.22 crores 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 up to 59,52,000 equity shares of face value of Rs.10/- each at a price of Rs. 118 per equity share including a share premium of Rs. 108 per equity share aggregating to Rs. 70.23 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 26.50 % and 25.00% respectively of the post issue paid up equity share capital of the company.