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Ganga Bath Fittings Ltd IPO
Status: Closed
Overview
IPO date
04 Jun 2025 to 06 Jun 2025
Face value
₹ 10 per share
Price
₹ 46 to ₹49 per share
Issue Size
6,663,000 shares
(aggregating up to ₹ 32.65 Cr)
(aggregating up to ₹ 32.65 Cr)
Allotment Date
09 Jun 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
Ceramic Products
Objectives of Ganga Bath Fittings Ltd IPO
Initial public offer of upto 66,63,000 equity shares of face value of Rs. 10/- each (the "Equity Shares") of Ganga Bath Fittings Limited (formerly known as Ganga Plast Industries Limited) ("The Company" or "GBFL" or "The Issuer") at an issue price of Rs. 49 per equity share for cash, aggregating up to Rs. 32.65 crores ("Public Issue") out of which 3,36,000 equity shares of face value of Rs. 10 each, at an issue price of Rs. 49 per equity share for cash, aggregating Rs. 1.65 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 63,27,000 equity shares of face value of Rs. 10 each, at an issue price of Rs. 49 per equity share for cash, aggregating upto Rs. 31.00 crores is herein after referred to as the "Net Issue". The public issue and net issue will constitute 33% and 28.49% respectively of the post-issue paid-up equity share capital of the company.
Ganga Bath Fittings Ltd IPO Strategy
- Increase geographical presence.
- Diversify our Product Portfolio.
- Better working capital management.
- Leveraging our Market skills and Relationships.
About Ganga Bath Fittings Ltd
Ganga Bath Fittings Limited was formed as Partnership Firm in the name and style 'Ganga Plast Industries' in 2018 with the primary object of carrying on business of ABS Shower, ABS Health faucet, ABS Taps, ABS Accessories and other ancillary products and also undertakes job work for certain clients and acting as traders, dealers, distributors, commission agents, buyers, sellers in all type of Commodities and to do all other things which are incidental, ancillary or conductive to the aforesaid objects.
In year 2020, the said Partnership Firm was converted from Ganga Plast Industries to 'Ganga Plast Industries LLP', for the sake of smooth working, better and effective management and for development of the business. Thereafter, in 2024, the said LLP got converted into a Public Company and incorporated as Ganga Plast Industries Limited dated May 22, 2024, issued for and on behalf of the Jurisdictional Registrar of Companies by the Registrar of Companies, Central Registration Centre.
Pursuant to a Business Transfer Agreement dated June 10, 2024, the business of M/s Ganga Industries Unit, a partnership firm engaged in the business of manufacturing of bath fittings items & their parts, etc and M/s Ganga Bathing Solution, a partnership firm engaged in the business of manufacturing of showers and bath accessories were transferred to the Company. Subsequently, the Company changed its name from Ganga Plast Industries Limited to Ganga Bath Fittings Limited and consequently, a Fresh Certificate of Incorporation was issued on July 03, 2024 by the Registrar of Companies, Central Processing Centre.
Presently, the Company is engaged in the business of manufacturing and supplying Bathroom Accessories including but not limited to bath fittings items such as CP taps and their parts, showers, bath accessories, ABS Shower, ABS Health faucet, ABS Taps, ABS Accessories, floor Spring, Door Handles and Glass Connectors, Belgium Mirrors, Deknudt Bathroom Mirror, Wall Shelves, Designer Mirrors, Locks Without Cutout, Point Connectors, Bathtubs, Bathroom Vanities, Bathroom Sinks, SS Showers, Bathroom Mirrors, Shower Curtains and Hooks, Linear Shower Drains, etc.
The Company launched an IPO of 66,63,000 equity shares having face value of Rs 10 each through fresh issue in June, 2025.
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T&C*
Strengths vs Risks of Ganga Bath Fittings 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.
Risks
- Our business requires working capital. Any failure in arranging adequate working capital for our operations may adversely affect our business, results of operations, cash flows and financial condition.
- We do not own the premises where our manufacturing units are located.
- Trade receivables constitute major portion of our assets, our inability to recover the same can affect our financial position.
- We require certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operate our business, and the failure to obtain, retain and renew such approvals and licenses or comply with such rules and regulations, and the failure to obtain or retain them in a timely manner or at all may adversely affect our operations.
- We have a very limited operating history as a Company, which may make it difficult for investors to evaluate our historical performance or future prospects.
- Volatility in the supply and pricing of the raw materials and stores & spares may have an adverse effect on our business, financial condition and results of operations
- Our Company procures majority of its raw material for its manufacturing activity from the state of Gujarat any adverse developments affecting operations in this region could have a significant impact on our business, and results of operations.
- The Proforma Unaudited Financial Information included in this Red Herring Prospectus is not indicative of our future financial condition or results of operations.
- We do not have long-term agreements with most of our suppliers or customers and the loss of one or more of them or a reduction in their demand for our products could adversely affect our business, results of operations, financial condition and cash flows. Further, our inability to accurately forecast demand for our products or manage our inventory or working capital requirements may have an adverse effect on our business, results of operations and financial condition.
- Our Company has reported certain negative cash flows from its Operating activity, investing activity and financing activity, details of which are given below. Sustained negative cash flows could impact our growth and business.
- There have been instances of delay in filing of certain e-forms of our Company in compliance with the Companies Act, 2013. Consequently, we may be subject to regulatory actions and penalties for such delays which may adversely impact our business and financial condition.
- The number of employees indicated in the factory license may not necessarily align with the number of employees reported to the Employees' Provident Fund Organization. Discrepancies between these figures can occur due to variations in reporting periods, changes in workforce size, or other factors that may affect the accuracy of the data submitted to each entity.
- Our business is subject to a variety of safety, health and environmental laws, labour, and workplace related laws and regulations. Any failure on our part to comply with these applicable laws and regulations could have an adverse effect on our operations and financial condition.
- The Company is yet to place order of machinery and/or equipment as mentioned in our Objects of the Issue. Any delay in placing orders/ procurement of machinery, may delay our implementation schedule and may also lead to increase in price of these machineries.
- The Company operates in B2C market owing to which it requires to maintain high working capital turnover ratio and a high debtor turnover ratio.
- We generate a significant percentage of our revenue from few clients. The loss of any one or more of our major clients would have a material adverse effect on our business operations and profitability.
- Our top ten suppliers contribute majority of our purchases. Any loss of business with one or more of them may adversely affect our business operations and profitability.
- Our working capital requirements, towards which we intend to deploy Rs. 270.10 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 our results of operations and profitability.
- Our business operations are concentrated in the Gujarat, any adverse developments affecting our operations in this region could have a significant impact on our revenue and results of operations.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- At present, our trademark "GANGA Redefining Bathing Experience" is registered under Class 21. However, this trademark is not actively utilized in any of our business operations. Further, we do not have registration of current trademark under Class 11, pertaining to the activities which align with our primary business. Furthermore trademark TORA currently being used by our GBS Unit is not registered.
- Our operations involve melting of brass scrap in the furnaces which can be extremely dangerous and any accident, could cause serious injury to people or property which may adversely affect our production schedules, costs, sales and ability to meet customer demand.
- We have incurred indebtedness and an inability to comply with repayment and other covenants in our financing agreements could adversely affect our business and financial condition. Further, certain of our financing agreements involve variable interest rates and an increase in interest rates may adversely affect our results of operations and financial condition.
- There have been instances of delays in filing of GST returns in the past.
- There have been instances of delays in filing Employee Provident Fund (EPF) return by erstwhile Ganga Industries, partnership firm, the business of which was acquired by our Company.
- We have certain outstanding litigation against us, an adverse outcome of which may adversely affect our business, reputation and results of operations.
- We are dependent on third party transportation providers for procuring the raw material and for delivery of our finished products. Accordingly, continuing increases in transportation costs or unavailability of transportation services for them, as well the extent and reliability of Indian infrastructure may have an adverse effect on our business, financial condition, results of operations and prospects
- Deepak Trade Corporation, a partnership firm belonging to our Promoter Mr. Tusharkumar Vithaldas Tilva and his wife has objects similar to that of our Company's business and is engaged in the similar line of business / industry in which our Company operates.
- Our Promoters and some of our Directors have interests in our 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 our business.
- If the products we manufacture experience quality defects or if the manufacturing services we provide are found to be deficient, we may lose our customers and may be subject to product liability claims or claims alleging deficiency in service, which may also cause damage to our reputation and/or adversely affect our results of operations and financial condition.
- We have in the past entered into related party transactions and may continue to do so in the future
- If we are unable to establish and maintain an effective system of internal controls and compliances, our business and reputation could be adversely affected.
- Our success depends largely upon the knowledge and experience of our Promoters, other Key Managerial Personnel and Senior Management. Any loss of our key managerial personnel or our ability to attract and retain them could adversely affect our business, operations and financial condition.
- All of our product verticals are extremely competitive segments and we face risk of competition affecting our margins and profitability as we scale our operations.
- We face competition in our business from organized and unorganized players, which may adversely affect our business operation 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 our Company.
- We have not made any alternate arrangements for meeting our regular working capital requirements. If our operations do not generate the necessary cash flow, our working capital requirements may negatively affect our operations and financial performance.
- Our lenders have charge over the immovable property owned by M/s Ganga Industries, one of our Promoter Group entity, in respect of finance availed by us.
- Our industry is labour intensive and our business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by our employees or those of our suppliers.
- We could be exposed to risks arising from any disproportionate increase in labour costs including increase in wage/salary demand, labour unrest or labour claims arising from accidents, misconduct, fraud and trading errors by our employees and Business Associates.
- Our Company have inadequate insurance coverage and we are protected against all material hazards, which may adversely affect our business, results of operations and financial condition.
- Delays or defaults in customer payments could result in a reduction of our profits and cash flows.
- The funds proposed to be utilised for general corporate purposes constitute [] % of the Net Issue Proceeds.
- 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 our revenues and results of operations.
- The requirements of being a public listed company may strain our resources and impose additional requirements.
- The Issue Price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue.
- The price of our Equity Shares may be volatile, or an active trading market for our 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 our 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 our major shareholders may adversely affect the trading price of our Equity Shares.
- Our Company has not paid any dividends till now and there can be no assurance that we will pay dividends in future. Our ability to pay dividends in the future will depend upon a variety of factors such as future earnings, financial condition, cash flows, working capital requirements, and restrictive covenants in our financing arrangements.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the EMERGE Platform of NSE in a timely manner, or at all.
Ganga Bath Fittings Ltd Peer Comparison
Understand the company’s industry standing
Ganga Bath Fittings Limited
Hindware Home Innovation Limited
Cera Sanitaryware Limited
Face Value
10
2
5
Standalone / Consolidated
Standalone
Standalone
standalone
Total Income Rs. Cr.
---
---
---
EPS-Basis
2.71
-4.98
183.89
EPS-Diluted
---
---
---
NAV Per Share
16.61
12.05
1032.26
P/E-Basic EPS
18.08
-75.64
36.88
P/E-Diluted EPS
---
---
---
RONW(%)
26.57
-41.33
17.81
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 04 Jun 2025 & closes on 06 Jun 2025.
Ganga Bath Fittings Limited was formed as Partnership Firm in the name and style 'Ganga Plast Industries' in 2018 with the primary object of carrying on business of ABS Shower, ABS Health faucet, ABS Taps, ABS Accessories and other ancillary products and also undertakes job work for certain clients and acting as traders, dealers, distributors, commission agents, buyers, sellers in all type of Commodities and to do all other things which are incidental, ancillary or conductive to the aforesaid objects.
In year 2020, the said Partnership Firm was converted from Ganga Plast Industries to 'Ganga Plast Industries LLP', for the sake of smooth working, better and effective management and for development of the business. Thereafter, in 2024, the said LLP got converted into a Public Company and incorporated as Ganga Plast Industries Limited dated May 22, 2024, issued for and on behalf of the Jurisdictional Registrar of Companies by the Registrar of Companies, Central Registration Centre.
Pursuant to a Business Transfer Agreement dated June 10, 2024, the business of M/s Ganga Industries Unit, a partnership firm engaged in the business of manufacturing of bath fittings items & their parts, etc and M/s Ganga Bathing Solution, a partnership firm engaged in the business of manufacturing of showers and bath accessories were transferred to the Company. Subsequently, the Company changed its name from Ganga Plast Industries Limited to Ganga Bath Fittings Limited and consequently, a Fresh Certificate of Incorporation was issued on July 03, 2024 by the Registrar of Companies, Central Processing Centre.
Presently, the Company is engaged in the business of manufacturing and supplying Bathroom Accessories including but not limited to bath fittings items such as CP taps and their parts, showers, bath accessories, ABS Shower, ABS Health faucet, ABS Taps, ABS Accessories, floor Spring, Door Handles and Glass Connectors, Belgium Mirrors, Deknudt Bathroom Mirror, Wall Shelves, Designer Mirrors, Locks Without Cutout, Point Connectors, Bathtubs, Bathroom Vanities, Bathroom Sinks, SS Showers, Bathroom Mirrors, Shower Curtains and Hooks, Linear Shower Drains, etc.
The Company launched an IPO of 66,63,000 equity shares having face value of Rs 10 each through fresh issue in June, 2025.
Ganga Bath Fittings Ltd IPO will close on 06 Jun 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.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Tusharkumar Vithaldas Tilva | 2361895 | 15.19 | 2361895 | 10.64 |
| 2 | Jimmy Tusharkumar Tilva | 5067740 | 32.6 | 5067740 | 22.82 |
| 3 | Sajan Tusharbhai Tilva | 5685365 | 36.57 | 5685365 | 25.6 |
| 4 | Niruben Tusharkumar Tilva | 1264448 | 8.13 | 1264448 | 5.69 |
| 5 | Tilva Komal Jimmy | 489850 | 3.15 | 489850 | 2.21 |
| 6 | Tilva Rency Sajan | 489850 | 3.15 | 489850 | 2.21 |
- Our business requires working capital. Any failure in arranging adequate working capital for our operations may adversely affect our business, results of operations, cash flows and financial condition.
- We do not own the premises where our manufacturing units are located.
- Trade receivables constitute major portion of our assets, our inability to recover the same can affect our financial position.
- We require certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operate our business, and the failure to obtain, retain and renew such approvals and licenses or comply with such rules and regulations, and the failure to obtain or retain them in a timely manner or at all may adversely affect our operations.
- We have a very limited operating history as a Company, which may make it difficult for investors to evaluate our historical performance or future prospects.
- Volatility in the supply and pricing of the raw materials and stores & spares may have an adverse effect on our business, financial condition and results of operations
- Our Company procures majority of its raw material for its manufacturing activity from the state of Gujarat any adverse developments affecting operations in this region could have a significant impact on our business, and results of operations.
- The Proforma Unaudited Financial Information included in this Red Herring Prospectus is not indicative of our future financial condition or results of operations.
- We do not have long-term agreements with most of our suppliers or customers and the loss of one or more of them or a reduction in their demand for our products could adversely affect our business, results of operations, financial condition and cash flows. Further, our inability to accurately forecast demand for our products or manage our inventory or working capital requirements may have an adverse effect on our business, results of operations and financial condition.
- Our Company has reported certain negative cash flows from its Operating activity, investing activity and financing activity, details of which are given below. Sustained negative cash flows could impact our growth and business.
- There have been instances of delay in filing of certain e-forms of our Company in compliance with the Companies Act, 2013. Consequently, we may be subject to regulatory actions and penalties for such delays which may adversely impact our business and financial condition.
- The number of employees indicated in the factory license may not necessarily align with the number of employees reported to the Employees' Provident Fund Organization. Discrepancies between these figures can occur due to variations in reporting periods, changes in workforce size, or other factors that may affect the accuracy of the data submitted to each entity.
- Our business is subject to a variety of safety, health and environmental laws, labour, and workplace related laws and regulations. Any failure on our part to comply with these applicable laws and regulations could have an adverse effect on our operations and financial condition.
- The Company is yet to place order of machinery and/or equipment as mentioned in our Objects of the Issue. Any delay in placing orders/ procurement of machinery, may delay our implementation schedule and may also lead to increase in price of these machineries.
- The Company operates in B2C market owing to which it requires to maintain high working capital turnover ratio and a high debtor turnover ratio.
- We generate a significant percentage of our revenue from few clients. The loss of any one or more of our major clients would have a material adverse effect on our business operations and profitability.
- Our top ten suppliers contribute majority of our purchases. Any loss of business with one or more of them may adversely affect our business operations and profitability.
- Our working capital requirements, towards which we intend to deploy Rs. 270.10 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 our results of operations and profitability.
- Our business operations are concentrated in the Gujarat, any adverse developments affecting our operations in this region could have a significant impact on our revenue and results of operations.
- Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.
- At present, our trademark "GANGA Redefining Bathing Experience" is registered under Class 21. However, this trademark is not actively utilized in any of our business operations. Further, we do not have registration of current trademark under Class 11, pertaining to the activities which align with our primary business. Furthermore trademark TORA currently being used by our GBS Unit is not registered.
- Our operations involve melting of brass scrap in the furnaces which can be extremely dangerous and any accident, could cause serious injury to people or property which may adversely affect our production schedules, costs, sales and ability to meet customer demand.
- We have incurred indebtedness and an inability to comply with repayment and other covenants in our financing agreements could adversely affect our business and financial condition. Further, certain of our financing agreements involve variable interest rates and an increase in interest rates may adversely affect our results of operations and financial condition.
- There have been instances of delays in filing of GST returns in the past.
- There have been instances of delays in filing Employee Provident Fund (EPF) return by erstwhile Ganga Industries, partnership firm, the business of which was acquired by our Company.
- We have certain outstanding litigation against us, an adverse outcome of which may adversely affect our business, reputation and results of operations.
- We are dependent on third party transportation providers for procuring the raw material and for delivery of our finished products. Accordingly, continuing increases in transportation costs or unavailability of transportation services for them, as well the extent and reliability of Indian infrastructure may have an adverse effect on our business, financial condition, results of operations and prospects
- Deepak Trade Corporation, a partnership firm belonging to our Promoter Mr. Tusharkumar Vithaldas Tilva and his wife has objects similar to that of our Company's business and is engaged in the similar line of business / industry in which our Company operates.
- Our Promoters and some of our Directors have interests in our 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 our business.
- If the products we manufacture experience quality defects or if the manufacturing services we provide are found to be deficient, we may lose our customers and may be subject to product liability claims or claims alleging deficiency in service, which may also cause damage to our reputation and/or adversely affect our results of operations and financial condition.
- We have in the past entered into related party transactions and may continue to do so in the future
- If we are unable to establish and maintain an effective system of internal controls and compliances, our business and reputation could be adversely affected.
- Our success depends largely upon the knowledge and experience of our Promoters, other Key Managerial Personnel and Senior Management. Any loss of our key managerial personnel or our ability to attract and retain them could adversely affect our business, operations and financial condition.
- All of our product verticals are extremely competitive segments and we face risk of competition affecting our margins and profitability as we scale our operations.
- We face competition in our business from organized and unorganized players, which may adversely affect our business operation 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 our Company.
- We have not made any alternate arrangements for meeting our regular working capital requirements. If our operations do not generate the necessary cash flow, our working capital requirements may negatively affect our operations and financial performance.
- Our lenders have charge over the immovable property owned by M/s Ganga Industries, one of our Promoter Group entity, in respect of finance availed by us.
- Our industry is labour intensive and our business operations may be materially adversely affected by strikes, work stoppages or increased wage demands by our employees or those of our suppliers.
- We could be exposed to risks arising from any disproportionate increase in labour costs including increase in wage/salary demand, labour unrest or labour claims arising from accidents, misconduct, fraud and trading errors by our employees and Business Associates.
- Our Company have inadequate insurance coverage and we are protected against all material hazards, which may adversely affect our business, results of operations and financial condition.
- Delays or defaults in customer payments could result in a reduction of our profits and cash flows.
- The funds proposed to be utilised for general corporate purposes constitute [] % of the Net Issue Proceeds.
- 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 our revenues and results of operations.
- The requirements of being a public listed company may strain our resources and impose additional requirements.
- The Issue Price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue.
- The price of our Equity Shares may be volatile, or an active trading market for our 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 our 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 our major shareholders may adversely affect the trading price of our Equity Shares.
- Our Company has not paid any dividends till now and there can be no assurance that we will pay dividends in future. Our ability to pay dividends in the future will depend upon a variety of factors such as future earnings, financial condition, cash flows, working capital requirements, and restrictive covenants in our financing arrangements.
- There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the EMERGE Platform of NSE in a timely manner, or at all.
The Issue type of Ganga Bath Fittings Ltd is Book Building - SME.
The minimum application for shares of Ganga Bath Fittings Ltd is 3000.
The total shares issue of Ganga Bath Fittings Ltd is 6663000.
Initial public offer of upto 66,63,000 equity shares of face value of Rs. 10/- each (the "Equity Shares") of Ganga Bath Fittings Limited (formerly known as Ganga Plast Industries Limited) ("The Company" or "GBFL" or "The Issuer") at an issue price of Rs. 49 per equity share for cash, aggregating up to Rs. 32.65 crores ("Public Issue") out of which 3,36,000 equity shares of face value of Rs. 10 each, at an issue price of Rs. 49 per equity share for cash, aggregating Rs. 1.65 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 63,27,000 equity shares of face value of Rs. 10 each, at an issue price of Rs. 49 per equity share for cash, aggregating upto Rs. 31.00 crores is herein after referred to as the "Net Issue". The public issue and net issue will constitute 33% and 28.49% respectively of the post-issue paid-up equity share capital of the company.
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