Steamhouse India Limited

This section provides an overview of the macroeconomic environment, detailing global economic trends, inflation dynamics, and manufacturing sector performance. It discusses the resilience of the global economy following the COVID-19 pandemic, the impact of geopolitical tensions on trade and energy markets, and the trajectory of global inflation. Furthermore, it examines the performance of India's manufacturing sector and the increasing share of manufacturing in the GDP of emerging Asian economies.

The text provides an overview of the Indian economic landscape, highlighting its role as an emerging business hub. It details the manufacturing capabilities of various countries, such as China and the United States, and discusses India's growing position. India is noted for its large population and manufacturing output, and the government has implemented schemes to boost industrial growth. The macroeconomic overview covers India's real GDP growth projections and the support provided by various government initiatives.

The Indian manufacturing sector is showing signs of expansion, with PMI readings indicating continued growth despite external influences. India continues to be a leading destination for Foreign Direct Investment (FDI), with inflows showing growth across various sectors. The government is implementing a comprehensive manufacturing strategy focused on creating an integrated ecosystem through various policies, including the National Manufacturing Mission and Production Linked Incentive (PLI) schemes. Key focus areas include developing industrial corridors, boosting electronics and semiconductor manufacturing, supporting MSMEs, and providing export promotion mechanisms.

Industrial gases are essential for various manufacturing processes, supporting the entire industrial value chain from raw material procurement to final product creation across sectors like metals, chemicals, pharmaceuticals, and ceramics. The market is expected to grow due to rapid industrialization and infrastructure development. A key innovation involves transitioning steam production from on-site generation to a service-based model using community boilers, which allows industries to reduce capital expenditure and improve operational efficiency. This shift encourages industries to focus on core production while benefiting from flexible, scalable steam supply.

Steam is a versatile utility used across numerous industries, including food processing, paper and pulp, distilleries, dairy, urea production, wood seasoning, tyre manufacturing, and the chemical sector. The text details specific applications of steam in these sectors, such as for cooking, cleaning, and heating processes. Furthermore, the text discusses the growing market for 'Steam as a Service' and highlights the increasing steam utilization in the pharmaceutical sector due to stringent sterilization standards and expanding drug production.

This section details various applications of steam across different industries, including the chemical, tyre, paper and pulp, distillery, wood, and general fuel sources. It outlines how steam is utilized for processes such as sterilization, heating, distillation, and drying depending on the industry's specific requirements. Furthermore, it discusses the types of fossil fuels used for steam generation, such as coal, diesel, natural gas, and LPG, and provides statistics on the coal industry's production and consumption trends in India.

The text details various aspects related to coal imports, industrial gases, and non-fossil fuels, alongside an introduction to community boiler services. It covers trends in domestic coal imports, the sources of coal, price fluctuations, the nature of industrial gases, and the use of various waste streams as fuels. Furthermore, it discusses the necessity of steam in process industries, the drawbacks of traditional boilers, and the concept of Steam As A Service (SAAS) through community boilers, including the market position of Steamhouse India Limited in this sector.

The text describes various methods for steam generation, including traditional coal-based methods, green steam generation using biomass, industrial wastes, and waste heat recovery. It details the distribution system for steam, including piping networks and provisions for condensate draining. Furthermore, the text outlines several revenue streams for community boilers, such as carbon credit sales, revenue from fly ash and flue gas, sale of chilled water services, and advertising on pipeline infrastructure. Finally, it discusses technological innovations in community boilers, such as the application of IoT, SCADA, drones, and steam traps for enhanced monitoring and maintenance.

The section discusses emerging technologies for community boilers, including green hydrogen, microwave plasma technology, concentrated solar power (CSP), exothermic reactions, and Small Modular Reactors (SMRs) as alternatives to traditional fuels. It then outlines the major steam-consuming industries in India, such as the Textile, Pharmaceutical, Food Processing, and Chemical industries, along with their respective market sizes and production hubs. Furthermore, the text details the status and drivers of the textile industry, including export growth, policy support, and foreign investment, and mentions upcoming major textile projects like the PM Mega Integrated Textile Region and Apparel (PM MITRA) Park Scheme.

The pharmaceutical industry in India is a significant sector, ranking third globally for production volume and eleventh for value, with a large domestic industry and substantial export activity. The sector plays a crucial role in the global generic medicines market and has various market size projections. Key pharmaceutical hubs are identified in Telangana, Andhra Pradesh, and Maharashtra. Drivers for the pharmaceutical sector include accessibility to medical infrastructure, the impact of the Pradhan Mantri Bhartiya Janaushadhi Pariyojna (PMBJP), and epidemiological factors. Furthermore, there are upcoming projects like Bulk Drug Parks in various states, including Gujarat, Himachal Pradesh, and Andhra Pradesh.

The Indian chemicals and petrochemicals industry is projected to grow significantly, with the specialty chemicals market representing about 26% of the total chemicals market. The industry faces challenges from cyclical, geopolitical, regulatory, and structural factors, although the sector is positioned for gradual growth. Key chemical hubs exist in various states, with Gujarat being the leading center for petrochemical production. Several government initiatives aim to boost the chemical sector through policies like 'Make in India' and the BHAVYA-Rasayan scheme. Furthermore, there are numerous upcoming major projects and expansions planned across the country, including refinery expansions and new chemical parks.

The text discusses various aspects of the Indian industry landscape, including the tyre sector, paper and pulp industry, and industrial parks. It highlights investments in the tyre industry to modernize commercial vehicle tyre fleets and the development of rubber plantations. The paper industry shows growth potential, with projected market size increases and shifts in import dynamics. Furthermore, the text details the network of industrial parks, including specific corridors and clusters in various states, which serve as hubs for different industries like automotive, electronics, and semiconductor manufacturing.

This section details the process steam requirements and associated costs across various Indian industries, including pharmaceuticals, textiles, food processing, rice, dairy, paper and pulp, and distilleries. It provides estimates on steam demand, cost as a percentage of sales revenue, and projected growth trends for these sectors over the period up to FY31. The text highlights that steam is a critical input in many manufacturing processes, with varying pressure requirements and consumption rates depending on the specific industry and product.

This section details the steam demand across several major Indian industries, including Fertilizers (Urea), Wood, Tyre, and Chemicals. It provides estimates for current production, steam consumption as a percentage of revenue, and projected growth trajectories for the steam demand in these sectors over the forecast period. Furthermore, it aggregates the total process steam requirement for these eleven major industries and estimates the overall growth of the process steam demand for India. The text also mentions the role of government initiatives in spurring demand for process boilers and heating equipment.

The section discusses recommendations for industrial associations and development agencies to conduct feasibility studies for installing community boilers in industrial areas, suggesting that such systems should be a basic necessity in the planning stage. It also outlines various programs by the Centre for Energy and Environment (CEE) and the Energy and Resources Institute (TERI) aimed at promoting industrial boiler efficiency, including assessments, training, knowledge dissemination, and policy advocacy. Furthermore, the text lists several Indian companies involved in the industrial gas sector, such as Steamhouse India Limited, Linde India Limited, and PR Ecoenergy Limited, and provides a financial comparison of these peers across different financial years.

The text discusses various aspects related to the technology usage in the industry, the growth potential of community boilers in India, and the challenges they face. It highlights that process industries are shifting towards centralized generation and distribution services to manage complexities, maintenance, and capital investments associated with standalone boilers. Furthermore, it outlines threats to community boilers, including maintenance challenges, high operational costs, regulatory compliance issues, difficulty in integrating new technologies, fuel supply vulnerabilities, pressure fluctuations, improper water treatment, fuel quality issues, overheating, and control system failures. Conversely, it identifies business opportunities such as expanding community boilers for industrial parks and leveraging innovative technologies like green hydrogen and microwave plasma for sustainable energy.

The company specializes in the generation and centralized distribution of industrial gases, including steam and nitrogen, primarily through a pipeline network. The business involves extracting nitrogen from atmospheric air, and the company engages in coal trading for fuel. The company operates seven community steam boilers in Gujarat, strategically located near Indian ports and customer clusters. Furthermore, the company has established pipeline rights-of-ways and utilizes advanced technology like SCADA and drone mapping for real-time monitoring of gas flow and leakages. The company holds a leading market position by offering energy-efficient solutions and centralized infrastructure to meet the needs of various industries.

The company procures imported coal, which is transported to its sites for use in community boilers, leveraging the proximity to ports to manage shipping costs. The company maintains a strong customer base across various industrial sectors, including pharmaceuticals, chemicals, agro-chemicals, textiles, and others, with established long-term relationships. The company emphasizes sustainability by implementing eco-friendly solutions, such as replacing captive boilers with community boilers, reducing emissions, and transitioning from cryogenic gas cylinders to a distributed pipeline network. Furthermore, the company is expanding its business by exploring new industrial gas offerings and focusing on operational efficiency through cost control measures.

The company specializes in the generation and centralized distribution of industrial gases, primarily steam and nitrogen, via its pipeline network. Key business segments include the generation and distribution of steam through community boilers, the purchase and distribution of steam from other entities, and the separation, compression, and distribution of nitrogen. The company also engages in coal trading, selling excess coal in the open market. The company focuses on reducing its carbon footprint by utilizing alternative fuels such as industrial waste, agro-waste, plastic waste, and waste gas in its boilers, alongside exploring the use of these non-fossil fuels to align with environmental goals and potential carbon credit eligibility.

The company has an annual installed capacity of 21,85,920.00 TPA and distributes steam purchased from Dahej GIDC (Phase 1) and Sachin GIDC. Agreements for steam purchase have been entered into with chemical companies for operations in Dahej SEZ and Haldia. A nitrogen generation and distribution facility is operational in Ankleshwar, and the company has acquired second-hand plant and machinery for upcoming projects on a lease basis. The company is planning several new community industrial gas facilities across various locations, including Gujarat and Maharashtra, with various fuel sources and agreements in place for steam procurement.

The issuer has various future projects planned, including work orders, leases, and licenses for different capacities and durations. The company maintains a pipeline system connecting its facilities to customers, with operational pipelines ranging from 3,000 to 20,000 meters. The company engages in coal trading, selling excess coal in the open market. The business serves a diverse industrial customer base across sectors such as pharmaceuticals, chemicals, textiles, and paints, with revenue heavily concentrated in Gujarat. The company sources raw materials, including coal, from various international and domestic suppliers.

The provided text details various aspects of the company's operations, including supplier relationships, awards, sales and marketing activities, quality control, human resources, and industry competition. The company has received several awards recognizing its business strengths and commitment to environmental responsibility. Sales are predominantly business-to-business, involving direct customer contact through various promotional channels. Quality control involves environmental management plans and routine checks during the steam generation process. The company operates under various regulatory laws concerning safety, health, and environmental protection. Furthermore, the text outlines aspects of inventory management, insurance coverage, workforce composition, and competitive landscape within the industrial gas sector.

The issuer has several trademark registrations in India, including company logos and a word mark, and has pending trademark applications which could potentially impact their business if not approved. The company holds one registered patent related to a system for recovery and charging of bed material in an Atmospheric Fluidized Boiler (AFB). The company's corporate office is leased for an 11-month term, and the prospectus details various property leases and acquisitions. Furthermore, the company is subject to various sector-specific laws and regulations in India, such as the Boilers Act, the Boiler Rules, the Electricity Act, and various state-specific boiler rules.

This section details a broad overview of various Indian laws and regulations that may apply to the company's operations, covering environmental, consumer protection, labour, intellectual property, and foreign investment aspects. It discusses policies related to electricity, industrial development, pollution control, and the framework for various business activities. Furthermore, it outlines specific regulations concerning the handling of hazardous waste, the requirements for obtaining consents for operations, and the legal framework for employment and intellectual property rights in India.

The company is subject to compliance with a wide array of Indian laws and regulations. These include various provisions of the Income Tax Acts, Central and State Goods and Service Tax Acts, and various laws related to professional tax and various taxes. Furthermore, the company must adhere to laws concerning contracts, company regulations, property transfer, central excise, foreign exchange management, corruption prevention, customs, and insolvency and bankruptcy procedures.

The company, originally incorporated as 'Ankleshwar Eco Energy Limited' in Surat, Gujarat, on June 10, 2015, later changed its name to 'Steamhouse India Limited' following resolutions in July and September 2021, and received a fresh certificate of incorporation on September 28, 2021. The company has undergone several changes to its registered office location in 2024. The Memorandum of Association details various business objects, including manufacturing and distribution of steam, trading of natural resources, and trading of industrial gases. Furthermore, the company has made numerous amendments to its Memorandum over the last ten years, including changes to share capital authorization and the insertion/deletion of clauses related to various business activities and agreements.

This section details various powers and permissions granted to the company, covering activities such as acquiring assets, dealing with securities, guaranteeing contracts, and engaging in various business operations. The powers include establishing or promoting other companies, investing funds, undertaking various business transactions, and dealing with property and assets. Furthermore, the text outlines powers related to market activities, research, technical assistance, and dealing with foreign exchange. It also covers provisions for employee benefits, dealing with arbitration, and various other incidental acts required to achieve the company's objectives.

The section details various amendments to the Memorandum of Association (MoA) concerning the increase in authorized share capital, including changes in the number of equity shares and their face value. It also lists several major operational milestones, such as the establishment and expansion of facilities across various Gujarat Industrial Development Corporations, the commencement of certain operations, and the launch of industrial gas distribution plants. Furthermore, the text outlines the corporate structure, noting that the company currently has one subsidiary, Steamhouse Welfare Foundation, which is wholly owned. It also covers aspects related to agreements, including an assignment of a trademark and agreements for the issuance and allotment of equity shares to various funds.

This section details various agreements and guarantees provided by the Promoter Selling Shareholder to third parties, primarily concerning loans, working capital limits, and various financial facilities. It outlines specific guarantees related to repayment, default scenarios, and the availment of working capital limits for different projects and purposes. The agreements cover a wide range of financial institutions and facilities, including term loans, credit cards, and debentures.

This section details various personal guarantees provided by the company, including those related to term loans from Vishal Sanwa rprasa d Budhi and Aditya Birla Capital Limited, for the repayment of facilities used by the company. It also outlines the pledging of a significant portion of the company's equity shares by the promoters for debenture trusteeship purposes. Furthermore, it mentions confirmations from Catalyst and Axis Trustee regarding the release of these pledged shares, contingent upon the company's ability to repay certain debts within agreed timelines.

This section defines various terms and abbreviations used within the Prospectus. It specifies that 'our Company' is Steamhouse India Limited, which is a company incorporated under the Companies Act, 2013, with its registered and corporate office in Surat, Gujarat. The definitions cover terms related to the company, such as its facilities, directors, auditors, and various aspects of the offering process, including different types of investors and the process for allotment.

This section defines various terms used within the context of the offering. It specifies different types of bidders, including Non-Institutional Bidders (NIBs), Non-Resident individuals, and Retail Individual Investors (RIIs). It details the structure of the Offer, which includes a Fresh Issue and an Offer for Sale by the Promoter Selling Shareholder. It also defines various agreements, such as the Offer Agreement and the Share Escrow Agreement, which govern the arrangements related to the offer.

This section primarily defines various technical terms, abbreviations, and financial metrics used throughout the Draft Red Herring Prospectus. It includes definitions for various industrial terms, financial performance indicators like Revenue from operations, EBITDA, Profit After Tax, and Return on Equity, as well as operational KPIs such as distribution capacity and capacity utilization. The text also defines various legal and regulatory terms, including those related to Indian laws, accounting standards (Ind AS, IGAAP), and various SEBI regulations.

This section discusses the rounding practices for financial figures and percentages used in the Prospectus, stating that figures are derived from Restated Financial Information and rounded to specified decimal places. It also details the use of Non-GAAP financial measures, such as PAT Margin and EBITDA, noting that these are not defined under Ind AS, IFRS, or Indian GAAP, and their comparability may be limited. The text covers currency references, stating that 'Rupees' refer to the Indian Rupee, and defines various units like lakh, million, crore, billion, and trillion. Furthermore, it outlines the sources for industry and market data, including a report commissioned by the company, and includes disclaimers regarding the reliability and currency of such industry data.

This section provides general information regarding the company's incorporation history and details about the various parties involved in the offering process. It outlines the company's name changes and the details of its registered and corporate office. Furthermore, it lists the directors of the Board and details various intermediaries such as Book Running Lead Managers, Statutory Auditors, and various Banks and other entities involved in the offer process.

This section details various procedural aspects related to the issuance, including rules for different types of bidders and the appointment of various intermediaries. It outlines requirements for applying through UPI mechanisms, lists for Syndicate Banks, Registered Brokers, Registrars and Transfer Agents, and Designated Collecting Depository Participants. Furthermore, it specifies expert opinions received from Chartered Accountants, a practicing company secretary, and an Independent Chartered Engineer, and names CRISIL Ratings Limited as the monitoring agency. The text also covers the process for book building, the nature of the underwriting agreement, and the parties involved in the underwriting commitment.

This section details the various components of the company's capital structure, including authorized, issued, and paid-up share capital, as well as details regarding recent share allotments and history. It outlines the total authorized share capital, the issued share capital before the offer, and the details of the current offer, which includes both a fresh issue and an offer for sale. Furthermore, the section provides a history of share allotments, including various private placements and bonus issues, which show changes in the equity share count and face value.

The company has not issued any preference shares since its incorporation, nor has it issued equity shares out of revaluation reserves. The text details several allotments of equity shares, including bonus issues, which occurred on November 1, 2022, and October 5, 2023. Furthermore, the document outlines various transactions involving the transfer and allotment of equity shares to different parties, including the promoters and members of the Promoter Group. The shareholding structure shows that Promoters hold a significant portion of the equity, while the Promoter Group holds a smaller percentage.

This section details various transactions involving the allotment and transfer of equity shares, including events like share subdivision and bonus issues. It also outlines specific provisions regarding the locking-in of promoter shareholdings, including requirements for minimum promoter's contribution and various lock-in periods for different classes of shares. Furthermore, the text discloses significant instances where equity shares were pledged by a promoter in favor of debenture trustees for the company's non-convertible debentures.

This section details the pre-offer and post-offer shareholding structure involving Promoters, the Promoter Group, and Additional top 10 Shareholders. It provides a breakdown of the shareholding percentage across different price bands for the pre-offer and post-offer scenarios. Furthermore, it discloses significant details regarding the pledging of equity shares by the Promoter, including the number and percentage of shares pledged to various trustees.

This section details the major shareholders of the company, showing their holdings as of the date of filing of the Prospectus, 10 days prior, and one year prior to the filing date. The data shows that the top shareholder, Vishal Sanwarprasad Budhia, held a significant percentage of the equity capital across all reported periods. Furthermore, the section covers various disclosures related to the Employee Stock Option Plan 2024, including the details of options granted and the nature of the underlying assumptions used for fair value calculations.

The provided text snippet details the shareholding structure for the company for specific periods. It mentions the period from April 1, 2026, up to the date of the Prospectus, and also provides data for the year ended March 31, 2026 and the year ended March 31, 2025 regarding employee equity shares.

The Offer involves a Fresh Issue of 4,35,80,246 Equity Shares and an Offer for Sale of 75,30,864 Equity Shares by the Promoter Selling Shareholder. The proceeds from the Offer for Sale will be retained by the Promoter Selling Shareholder, and the company will not receive any proceeds from this sale. The Net Proceeds from the Fresh Issue are estimated at ₹317.25 Crore after deducting estimated offer-related expenses. These net proceeds are proposed for various uses, including debt repayment, funding capital expenditure for infrastructure augmentation, and general corporate purposes.

The company has secured various loans and facilities from different lenders, with purposes ranging from equipment financing to working capital and raw material procurement. The financing structure involves a mix of debt and internal accruals, with some facilities requiring specific utilization clauses such as margin coverage or prepayment windows. The company is expanding its infrastructure by funding the acquisition of property, plant & equipment and capital work-in-progress for capacity expansion across several facilities. Furthermore, the company is involved in distributing steam through a pipeline network to supply customers.

The text details the plans for capacity expansion of the Ankleshwar Facility (Phase 3), which involves installing a new boiler to increase the installed capacity. The proposed capital expenditure for this expansion is estimated at ₹37.98 Crore, which is to be funded from the Net Proceeds. The breakdown of this estimated cost includes various components such as boiler parts, plant and machinery, steel structure, electrical, instrumental, and labour costs. The total estimated cost is based on a certificate issued by Dr. P. J. Gandhi, Chartered Engineer, and the funds are approved by the Board for utilization towards this expansion.

This section details various quotations received from third-party vendors for equipment and services related to the proposed expansion. The quotations cover a wide range of items, including fans, dosing systems, structural components, instrumentation, and boiler-related materials. The total estimated cost for plant and machinery for the expansion is ₹9.32 Crore, with a detailed breakdown provided for funding from the net proceeds.

This section details various quotations received from third-party vendors for plant and machinery, instrumentation, and civil works related to the proposed expansion. The quotations cover items such as valves, motors, various analytical equipment, and significant civil and electrical components. The total estimated costs for these various components and works are detailed, with a note that the quoted amounts are subject to price revisions based on market conditions. The proposed expansion includes funding for these items through the net proceeds.

This section details various quotations received from third-party vendors for different aspects of the proposed expansion and pipeline work. It lists numerous items such as labour charges for fabrication, various materials, pipeline components, and consultancy services. Furthermore, it outlines the estimated cost for a pipeline expansion, which is to be funded by the net proceeds. The section also discusses the need for various government approvals and sets timelines for commissioning the facility based on the receipt of net proceeds.

The section details the particulars and estimated amounts to be funded through the net proceeds, primarily concerning pipeline costs and boiler components for a proposed expansion. The total estimated cost for Boiler and boiler parts is ₹9.31 Crore, based on a certificate issued by Dr. P. J. Gandhi, Chartered Engineer. The text provides a detailed breakdown of various components, including deaerator, feed water pumping, boiler pressure parts, furnace elements, and various piping and control stations.

This section details various components and equipment for which quotations were provided, categorized across different systems. The listed items include components for fans, air ducting, combustor systems, fuel storage, chemical dosing systems, and structural elements. The provided text lists numerous parts such as fans, various ducting elements, combustor components, hoppers, fuel storage mechanisms, dosing pumps, and structural supports for various levels and equipment.

The provided text details various quotations received from third-party vendors for equipment and services related to a proposed expansion, including plant and machinery. The quotations cover a wide range of items such as field instruments, boiler components, civil works, and various plant and machinery like turbines, pumps, and fans. The total estimated cost for plants and machinery is ₹9.32 Crore, which is proposed to be funded from the Net Proceeds. The text also includes various details regarding the scope of work, validity of quotations, and potential price revisions.

The section details various estimated costs for the proposed expansion, categorized into plant and machinery, steel structures, electrical expenses, instrumentation, and labour. The total estimated cost for steel structures is ₹1.45 Crore, while electrical expenses are estimated at ₹2.38 Crore. Furthermore, instrumentation is estimated at ₹28.80 Lakh, and labour costs for civil construction and installation works are estimated at ₹5.90 Crore. Finally, the estimated cost for pipeline laying is ₹8.83 Crore.

The section details various quotations received from third-party vendors for potential expansion works, including epoxy paints, crane rentals, civil footing work, and labour charges for pipeline fabrication. It also outlines consultancy expenses for setting up the plant, which are proposed to be funded by the Net Proceeds. Furthermore, the company is planning to fund a significant capital expenditure for setting up a new manufacturing facility at Dahej GIDC (Phase 2), with the total estimated cost being approximately ₹38.17 Crore. This funding plan involves utilizing the Net Proceeds to cover various components of the expansion project.

This section details various components and piping related to different parts of the boiler system, including the BFW pump, boiler pressure parts, furnace components, and various steam and water control systems. It lists numerous items such as headers, valves, safety devices, and piping connections across different sections of the plant. The components cover aspects from isolation and monitoring to various fluid and gas systems.

This section details various components and systems for which quotations were provided, likely related to the construction or maintenance of a power plant or industrial equipment. The items listed cover components such as air heater bypass ducting, combustor systems, fuel storage mechanisms, chemical dosing systems, structural elements, and instrumentation. The scope includes various parts for the boiler, economizer, and air-pre-heater, along with necessary support structures and surface preparations.

This section details various quotations received from third-party vendors for different components and services related to the proposed project, including boiler parts, plant and machinery, and civil works. The quotations cover a wide range of items such as paint, foundation bolts, various equipment, and specialized systems. The total estimated cost for plant and machinery is ₹8.97 Crore, and the section provides a detailed breakdown of these estimated costs which are proposed to be funded from the Net Proceeds. The text includes disclaimers regarding potential price revisions and the reliance on third-party vendors.

The section details various quotations received from third-party vendors for different aspects of the proposed expansion, including electrical components, instrumentation, civil works, and pipeline laying. The total estimated cost for electrical expenses amounts to ₹2.38 Crore, while instrumentation expenses are estimated at ₹28.80 Lakh. Furthermore, significant costs are estimated for labour-intensive civil construction, totaling ₹6.45 Crore, and pipeline laying expenses estimated at ₹8.83 Crore. Consultancy expenses for guiding the plant setup are also estimated at ₹50.00 Lakh.

The section details various aspects related to the offer, including the validity of quotations and the management's discretion over the use of net proceeds. It outlines that no definitive agreements have been made for the purchase of plant and machinery, and the quantity of equipment is based on management estimates. Furthermore, the company has not had its funding requirements appraised by any independent agency, granting management broad discretion over the deployment of net proceeds. The text also specifies the process for utilizing net proceeds, including provisions for general corporate purposes and limitations on the percentage of gross proceeds that can be allocated to such purposes.

The section discusses various disclosure requirements related to the utilization of funds and the process for determining the offer price. It mandates that Gross Proceeds must be utilized fully before any statement is certified by the Statutory Auditor and provided to the Monitoring Agency. Furthermore, the company is required to furnish quarterly statements to Stock Exchanges detailing any deviations or variations in the utilization of Net Proceeds. The section also outlines restrictions on varying the objects of the company without shareholder authorization and clarifies that no part of the Net Proceeds will be used as consideration for promoters or management. Finally, it details the basis for the Offer Price, which is determined by consultation with the BRLM based on market demand, and specifies the face value and multiplier for the offer price calculation.

The text discusses the duration for which the company will continue to disclose Key Performance Indicators (KPIs) after the listing date or until the utilization of offer proceeds, as per the 'Objects of the Offer' section. It also details various historical financial KPIs, including revenue, EBITDA, profit after tax, and return metrics, for different fiscal years. Furthermore, the section covers details regarding weighted average cost of acquisition and secondary transactions involving promoters or promoter group entities.

This section details various aspects related to the offer, including adjustments to equity shares and justifications for the offer price. It outlines different weighted average cost of acquisition calculations for primary and secondary transactions, and provides justifications based on market position, barriers to entry, customer relationships, and management expertise. Furthermore, it includes a statement regarding possible special tax benefits available to the company and its shareholders under various provisions of the Income-tax Act.

This section details various tax provisions related to the company's operations and shareholder benefits under Indian tax laws. It discusses provisions concerning depreciation, inter-corporate dividends, preliminary expenses for public issues, and tax implications for dividends and capital gains. Furthermore, it outlines the status of tax benefits under the Central Goods and Services Tax Act, the Foreign Trade Policy, and the Customs Act. The document emphasizes that these are summaries of the law and not comprehensive tax advice for investors.

This section details the examination and reporting of Restated Financial Information by the auditors for Steamhouse India Limited, covering financial statements for the years ended March 31, 2026 and March 31, 2025, as well as the year ended March 31, 2024. The report confirms that the financial information was prepared in accordance with Indian Accounting Standards (Ind AS) and other accepted accounting principles. The auditors relied on prior audit reports and confirmed that the Restated Financial Information incorporated necessary adjustments for changes in accounting policies and errors.

This section presents the restated Profit and Loss statement for Steamhouse India Limited, detailing revenue, expenses, and profit figures across different fiscal years. The statement shows a significant change in profit before tax and profit after tax, along with various tax expenses. The subsequent sections detail the changes in equity share capital and other equity components, including retained earnings and various reserves. Finally, the cash flow statement is provided, outlining cash movements from operating, investing, and financing activities.

This section details the accounting policies and presentation of the restated financial information for Steamhouse India Limited and its subsidiary, Steamhouse Welfare Foundation. The financial information has been prepared in accordance with Indian Accounting Standards (Ind AS). The financial statements cover the years ended March 31, 2026, March 31, 2025, and March 31, 2024. The company has established a wholly-owned subsidiary to fulfill its Corporate Social Responsibility (CSR) obligations.

This section primarily details accounting policies, judgments, assumptions, and fair value measurement methodologies used in the preparation of the restated financial information. It outlines criteria for classifying liabilities, defines the operating cycle, and discusses the judgments management makes regarding various estimates and assumptions. Furthermore, it covers going concern assumptions, fair value measurement hierarchies, and accounting treatments for investments in subsidiaries, associates, and joint ventures.

This section details various accounting policies and explanatory notes related to the financial statements, covering aspects such as the capitalization of professional fees and borrowing costs, the classification of assets like property, plant, and equipment, and the treatment of disposals and subsequent costs. It also outlines policies for depreciation, including the straight-line method and considerations for residual value, as well as rules for handling finance leases, including the recognition and measurement of Right-of-Use assets and lease liabilities. Finally, the notes cover the recognition and measurement criteria for intangible assets.

This section details various accounting policies related to the financial statements, including treatment for intangible assets, financial instruments, and financial liabilities. It outlines how different types of assets and liabilities are measured, including concepts like capitalization of development expenditure, amortization of intangible assets, and the recognition of gains or losses upon derecognition. Furthermore, it specifies the measurement and impairment models used for financial assets and liabilities, such as the Expected Credit Loss (ECL) model for certain assets.

This section details various accounting policies and explanatory notes related to the restated financial information, covering aspects such as the amortization of financial liabilities, the treatment of business combinations, impairment of non-financial assets, inventory valuation, cash and cash equivalents, provisions, contingent liabilities, and employee benefits. It outlines specific methods for measuring and recognizing different financial and non-financial items in the financial statements.

This section details various accounting policies and explanatory notes related to the restated financial information. It covers treatments for re-measurements, interest calculations, tax expenses (current and deferred), revenue recognition criteria for different streams, handling of late payment charges, interest income, non-operating income, project grants, foreign currency transactions, and share-based payments.

This section details various accounting policies, disclosures, and recent accounting pronouncements relevant to the financial statements. It covers how borrowing costs are treated, the commencement and cessation of capitalization for assets, the classification of assets and operations as held for sale or discontinued operations, the computation of Earnings Per Share, the reporting of cash flows, and updates on recent Indian Accounting Standards (Ind AS) amendments and future standards.

This section details the restated financial information for Steamhouse India Limited, covering Property, Plant & Equipment, Right of Use assets, Lease Liabilities, and Intangible Assets. The data includes carrying values, additions, disposals, and depreciation charges for various periods, with figures presented in INR Millions. Specific details are provided for the movement of these assets and liabilities over time.

This section details various financial and structural information for Steamhouse India Limited, including intangible assets, financial assets, and share capital details. It presents ageing schedules for intangible assets under development across different reporting dates, information on financial assets such as investments, fixed deposits, and trade receivables, and breakdowns of current and non-current assets. Furthermore, it provides a comprehensive overview of the company's share capital structure, including authorized, issued, and subscribed shares, along with details on shareholding by promoters and the history of share allotments.

This section provides details regarding the shareholding structure, including promoter and trust details, and various financial liabilities and deposits. It details the shareholding breakdown as of March 31, 2025, and shows changes in shareholding percentage over the year. Furthermore, it outlines various financial instruments, including loans, deposits, and the terms of security related to these liabilities for different years.

This section details various terms of security and repayment for different financial facilities, including loans, working capital loans, and cash credit facilities, across different tenure periods. The terms specify the sanctioned amounts, interest rates, and durations for facilities provided by various financial institutions like Bajaj Finance Limited, Federal Bank Limited, and HDFC Bank Limited. Furthermore, the documentation outlines the collateral and guarantees involved, such as pari passu charges on current and movable fixed assets, and personal and corporate guarantees.

This section details various terms of security and financing facilities provided by different banks for Steamhouse India Limited. It outlines specific limits, interest rates, tenures, and the nature of the charges, including primary security by way of pari passu charge on current assets and movable/immovable fixed assets, as well as personal and corporate guarantees.

This section details various financial and tax-related information for Steamhouse India Limited, including security details, deferred tax balances, and current liabilities. It lists various financial instruments and their associated interest rates and tenures, as well as the movement in deferred tax assets and liabilities over the years. Furthermore, it provides a breakdown of current liabilities such as trade payables, provisions for employee benefits, and income tax provisions, along with the tax effect of various items on the profit and loss statement.

This section details various financial and operational aspects of Steamhouse India Limited across three fiscal years (ending March 31, 2024, 2025, and 2026). It includes data on contingent liabilities, revenue from operations, cost of materials consumed, employee benefits, finance costs, depreciation, amortization, and other operating expenses. The data is presented in millions of INR.

This section provides various financial and ratio details for Steamhouse India Limited across different fiscal years, including details on expenses, earnings per share, and key financial metrics. It details various payments, including to auditors, training, CSR, and administrative costs, alongside information on debt, liquidity, and sales figures. The data is presented for the years ended March 31, 2026, March 31, 2025, and March 31, 2024, for both Standalone and Consolidated figures.

This section details various aspects of the company's financial structure, including exposure to currency, interest, and credit risks, as well as the composition of its borrowings and liabilities. The company manages credit risk by collecting security deposits and using an expected credit loss model for trade receivables. Currency risk arises from foreign currency transactions, primarily USD and EURO, for which no hedging policy is followed. Interest rate risk is noted concerning changes in the Marginal Cost of Funds based Lending Rate (MCLR). The company's capital structure is monitored via a debt-equity ratio, and various provisions related to employee benefits and financial instrument fair value measurements are disclosed.

This section provides detailed disclosures regarding Corporate Social Responsibility (CSR) spending, employee stock option plans, and various related party transactions for Steamhouse India Limited across three fiscal years. The data covers amounts spent, transactions with various entities like Sanjoo Dyeing & Printing Mills Pvt Ltd, and compensation paid to directors and Key Managerial Personnel. Specific figures are provided for different financial statement components and related party dealings.

This section primarily details actuarial valuation reports for defined benefit plans, showing changes in the present value of the benefit obligation, fair value of plan assets, and various interest and service costs over three fiscal years. It also includes disclosures related to a service concession agreement, noting the recognition of construction revenue for a project, and provides details on the classification of the service arrangement.

This section details the restatement of financial information, including equity and profit/loss figures, across three fiscal years (ending March 31, 2024, 2025, and 2026). It also provides a breakdown of the Statement of Profit and Loss, showing various income, expenses, and financing costs. Furthermore, the section includes regulatory information regarding loans and advances, including disclosures about the company's dealings with various parties and compliance with certain regulations.

This section provides details on the audited financial statements and various accounting ratios for the financial years ended March 31, 2026, 2025, and 2024. It details key financial metrics such as earnings per share, EBITDA, net worth, and revenue from operations, along with reconciliation notes for these figures. The text also discusses the company's business operations, including its specialization in industrial gases, its expansion plans, and details about its pipeline network and customer base.

The company's raw material sourcing is heavily dependent on imports, particularly coal, which is procured from overseas suppliers, creating risks related to political and economic instability in exporting countries, transportation disruptions, and currency exchange rate fluctuations. The company mitigates some exposure through linking steam pricing to coal prices, but this may introduce timing lags. Furthermore, the company faces risks from volatile raw material prices and potential shortages, which could materially impact revenue and operations. The company has a diverse customer base, but its ability to sustain relationships is critical, and it relies on long-term contracts to govern sales terms. The company is expanding into industrial gases, including nitrogen supply, as a complement to its core steam generation business.

The company's business operations are heavily concentrated in the state of Gujarat, which exposes the business to various local and regional risks. The profitability and viability of steam and industrial gas projects are significantly dependent on supportive government policies and regulatory frameworks. Furthermore, the company faces risks from potential changes in legislation, such as amendments to the Indian Boilers Act, 2025, and restrictions on coal usage. The financial reporting includes various non-GAAP measures for assessing operating performance, which are noted as excluding certain expenses and incomes required under Ind AS.

This section details various accounting policies and judgments related to the preparation of financial information in conformity with Ind AS. It covers classifications for liabilities, the definition of the operating cycle, judgments made in applying accounting policies, assumptions and estimation uncertainties, going concern assumptions, fair value measurement techniques, investments in subsidiaries and associates, accounting for property, plant and equipment, leases, and intangible assets. Specific rules are provided for recognition, measurement, depreciation, and impairment for these various asset and liability categories.

This section details various accounting treatments and measurement principles for different financial statement components, including intangible assets, financial instruments, and liabilities. It outlines rules for impairment, derecognition, and subsequent measurement for financial assets and liabilities, specifying different models like amortized cost, fair value through profit or loss, and fair value through other comprehensive income. Furthermore, the text covers business combinations, impairment of non-financial assets, inventory valuation, cash and cash equivalents, provisions, contingent liabilities, employee benefits, and tax expenses.

This section details various accounting treatments and recognition criteria for different types of revenue, transactions, and financial reporting aspects. It outlines how revenue from contracts, services, late payment charges, interest income, and various non-operating income streams are recognized. Furthermore, it discusses the functional currency, treatment of foreign currency transactions, share-based payment accounting, borrowing costs, capitalization policies, classification of assets for sale or discontinued operations, earnings per share calculations, and the methodology for restated cash flows.

This section details various compliance and disclosure aspects related to the financial statements, including amendments to accounting standards, restrictions on transactions with related parties, and details regarding borrowings and property. It also covers the lack of changes in accounting policies over the last three fiscal years and outlines the components of the Restated Statement of Profit and Loss, specifically detailing revenue from operations.

This section details the revenue breakdown and operating results for the company across Fiscal 2026, Fiscal 2025, and Fiscal 2024, including revenue from the sale of products and services. Revenue from operations showed significant growth, driven by increases in steam and coal sales, while the sale of services included new construction revenue related to a service concession agreement. Other income saw notable changes due to increased interest income and write-backs of trade payables.

The financial performance showed significant growth in certain areas, with Cost of Goods Sold increasing faster than revenue from operations due to a higher proportion of coal sales. Employee benefits expenses rose substantially, driven by business expansion and new operations. Finance costs saw a decrease in some components but an increase in interest expenses. Total borrowings also increased to fund capital expenditure and business expansion. Revenue from operations grew, with a notable increase in the sale of coal, and the company commenced a new service project. Other income saw a massive increase, largely due to interest on fixed deposits and asset sales.

This section details various expense and income movements between Fiscal 2024 and Fiscal 2025, highlighting changes in operational costs, financing activities, and asset structure. Cost of Goods Sold increased significantly, partly due to higher material costs related to increased steam sales. Employee benefits expenses rose, linked to the full operation of the Nandesari unit. Finance costs saw an increase driven by higher interest expenses and LC commitment charges. Depreciation and amortization expenses grew due to new fixed assets and pipelines. Other expenses showed a mixed trend, with some decreases offset by increases in travel and credit loss provisions. Overall, profit before tax declined, while profit after tax showed an increase.

The financial statements show changes in various balance sheet components between fiscal years, including increases in current assets, changes in cash balances, and fluctuations in liabilities and borrowings. Other equity saw increases driven by comprehensive income and share-based payments. Non-current liabilities showed increases in deferred tax liabilities and lease liabilities. Current liabilities saw significant growth due to increased utilization of working capital facilities and changes in trade payables. Total borrowings have increased, primarily due to the availability of letters of credit and term loans.

The company met its funding requirements for Fiscal 2026, including debt obligations, capital expenditure, investments, and working capital needs, primarily through operational cash flows, non-convertible debentures, and bank borrowings. Liquidity requirements historically involve financing working capital needs, capital expenditures, and debt service obligations, which are met through cash flows, bank borrowings, overdraft facilities, and revolving credit facilities. The company reported cash and cash equivalents of ₹17.90 Lakh as of March 31, 2026, along with various other balances. Various cash flow figures for Fiscal 2026, 2025, and 2024 are provided, detailing net cash flows from operating activities, investing activities, and financing activities.

This section details various aspects of the company's financial standing, including debt structure, sensitivity analysis, risk factors, and customer concentration. It mentions the impact of interest rate changes on profit before tax, the nature of commodity exposure, and the dependence on customers. Furthermore, it discusses recent developments such as the discontinuation of coal trading and the utilization of debenture tranches.

Investing in the company involves significant risk, and the risks described are not exhaustive. The company's operations are geographically limited, depending on finding suitable land for facilities near customers and securing rights of way for pipelines. Revenue is heavily dependent on a small number of top customers, and there is a risk of losing these customers or experiencing contract terminations. Furthermore, the business is highly dependent on the availability and cost of coal, which is subject to various commodity and trade risks.

The company has not had material disruptions to its coal supply chain during the past fiscal years, but assurance for the future is not provided. The company faces currency exposure due to importing raw materials in foreign currencies, which could impact cash outflows and profit margins. Furthermore, there is a risk regarding future related party transactions, as they may not be on an arm's length basis or may involve significant capital outlay without guaranteed returns. The business is dependent on third-party suppliers for raw materials, and disruptions in their supply, including issues with material quality or price fluctuations, pose a risk to operations. The company is also exposed to risks from regulatory actions, including potential penalties or revocation of permits, and the timely acquisition or renewal of various licenses and approvals required for operations.

The company faces significant risks related to regulatory compliance, including potential interruptions and penalties from authorities due to non-compliance with terms or conditions. There are past violations, such as operating a boiler before final approval and receiving closure notices from pollution control boards. Furthermore, the company is subject to potential penalties for failing to renew necessary approvals and permits, which could negatively impact operations and financial condition. Several contractual risks exist, such as royalty payments to municipal corporations for facility operations, and potential penalties for delays in facility commencement. There are also risks associated with steam supply agreements, where failure to receive steam can result in interest payments to the seller. The company also faces risks related to the termination of customer agreements, the expiration of rights of usage for pipelines, and potential liabilities arising from past amalgamation schemes and outstanding legal proceedings.

The company faces risks related to its operational agreements, including dependence on asset owners for facilities and agreements with group companies, which could negatively impact cash flows. There are also risks associated with the development of new steam and industrial gas projects, including potential delays and cost overruns. Furthermore, the company is exposed to various risks concerning raw material sourcing, regulatory changes, and potential disruptions in the Gujarat region. There are also concerns regarding the lack of experience of promoters in aircraft services and potential regulatory actions related to new operations.

This section details various risks across the business, primarily focusing on operational hazards, financial strain, and external dependencies. Key operational risks include potential accidents, mechanical failures in boilers, and the impact of fluctuating demand on revenue. There are concerns regarding the aging infrastructure leading to higher maintenance costs and the potential for obsolescence if technology is not updated. Furthermore, the business faces risks related to securing financing, managing working capital, and dependence on external factors such as government policies, fuel availability, and water supply. Competition is also noted as a threat to market share.

The company faces several risks related to personnel, technology, and operations. Risks include high employee attrition, difficulty in attracting and retaining skilled personnel due to competition, and the potential for equipment obsolescence if new technologies are not invested in. There are also operational risks concerning unplanned outages in cogeneration plants, which can lead to reduced electricity generation or contractual penalties. Furthermore, there are concerns about delays in constructing new solar power projects, which could increase costs, and dependencies on external factors like weather for solar project performance. Receivables collection issues pose a risk to cash flows, and there is a risk associated with supplier defaults on advance payments.

The company's financial position shows that total borrowings have been increasing over the past three fiscal years, resulting in a Net Debt/Equity Ratio that has trended upwards. The company's secured borrowings are charged against current and fixed assets, which grants lenders rights to enforce security and potentially shut down operations if debt obligations are not met. Furthermore, there are risks related to the accuracy of flow meter readings, which could impact revenue if tampering or technical issues occur. The company is exposed to various risks concerning insurance coverage, potential liability from operational incidents, and the possibility of future regulatory actions or delays in obtaining necessary approvals for new projects.

The company faces risks related to the timely payment of statutory dues, which could lead to penalties and fines impacting its financial condition. There is a significant control issue as the Promoters and Promoter Group retain substantial shareholding post-offer, potentially affecting business strategy. Furthermore, the company has issued equity shares at prices potentially lower than the offer price, and the nature of the offer involves an Offer for Sale where the company will not receive proceeds. Risks also exist concerning the utilization of net proceeds, as management cannot guarantee funds will be used as intended, and there are uncertainties regarding the timely procurement of equipment and machinery for new facilities. Operational risks include dependence on third-party logistics providers for raw materials, which could be disrupted, and exposure to theft or loss of products in transit. Finally, there is a pending legal matter related to the theft of imported coal.

The company faces risks related to its strategy to reduce its carbon footprint, primarily concerning the timely and cost-effective installation of non-fossil fuel boilers. There is a risk that the complexity, upfront costs, and availability of non-fossil fuels may lead to cost overruns or delays. Furthermore, the demand for the company's steam and industrial gases is susceptible to changes in customer preferences or technological breakthroughs that could render the company's processes obsolete. The company is also exposed to various labor-related risks, including industrial unrest, the increasing stringency of Indian labor laws, and potential disruptions from contract labor issues. Intellectual property protection is also a concern, as unauthorized use of trademarks or the inability to enforce rights could negatively impact the business.

The risk factors outlined in this section cover several areas, including lease agreements, IT system vulnerabilities, operational hazards, employee misconduct, and regulatory compliance. Risks include potential issues with lease renewals, the vulnerability of IT systems to cyber-attacks or physical damage, and risks associated with site operations involving various physical hazards. Furthermore, there are concerns regarding employee misconduct, potential legal penalties related to fraud, and the increased scrutiny faced as a publicly listed company. The business is also exposed to macroeconomic risks, global financial instability, and evolving Indian regulations.

The risk factors discussed cover various aspects related to operating in India, including susceptibility to changes in laws and regulations, natural disasters, and civil unrest. There are concerns regarding the impact of political tensions on the economy and market perception, as well as risks associated with the Indian legal framework concerning land acquisition and property title. Furthermore, the section highlights potential issues with the availability and reliability of physical infrastructure, differences in accounting standards, exposure to competition laws, and potential scrutiny under the Competition Act. Finally, risks related to the enforceability of foreign judgments, volatility in exchange rates, and potential restrictions on trading and market liquidity post-listing are also noted.

The prospectus highlights several risks related to market volatility and the potential for promoter share sales, which could impact the trading price of equity shares. There is also a lack of assurance regarding the future payment of dividends, as the ability to pay dividends depends on various future operational and financial factors. Furthermore, investors face various tax implications concerning capital gains and dividends, and there are concerns about potential adverse changes in laws and regulations. The process for listing and trading of equity shares is not guaranteed to be timely, and there are potential restrictions on the ability of existing shareholders to exercise pre-emptive rights, which could lead to dilution of ownership.

This section presents summary financial information for the fiscal years ended March 31, 2026, 2025, and 2024, derived from restated financial statements. The data includes breakdowns of assets, liabilities, equity, profit and loss, and cash flows. The financial statements are intended to be reviewed alongside the full Financial Statements and Management’s Discussion and Analysis provided elsewhere.

The provided text details various aspects of the company's financial position, including cash flow, contingent liabilities, related party transactions, and capital commitments. Key financial data shows net cash generation from financing activities and the status of contingent liabilities and capital commitments as of different fiscal years. Furthermore, there are extensive disclosures regarding transactions with related parties, such as loans, interest expenses, and payments for services, involving various companies and directors.

The section details the status of various legal and regulatory matters, including criminal proceedings, actions by regulatory or statutory authorities, tax claims, and other pending litigation involving the Company, its subsidiaries, promoters, and directors. The company asserts that there are no outstanding criminal proceedings or actions by regulatory authorities against Key Managerial Personnel and Senior Management. Specific details are provided regarding various pending litigation, such as disputes with the Gujarat Pollution Control Board and stamp duty assessments, as well as pending appeals and proceedings before various courts. Furthermore, the section outlines materiality thresholds for certain disputes based on turnover, net worth, and profit or loss, and details outstanding dues to creditors and MSMEs.

The section details various aspects of the company's regulatory compliance, including approvals, corporate details, and intellectual property. It lists numerous material approvals and licenses obtained from various governmental and regulatory bodies across different acts and rules. It also specifies the company's incorporation details, agreements with Depositories and Registrars, and various tax registrations. Furthermore, it outlines trademark registrations and pending trademark applications.

The section details the identification of 'Group Companies' based on SEBI ICDR Regulations, which includes companies with related party transactions or those that form part of the Promoter Group and have significant transactions with the Company. Four specific companies were identified as Group Companies. The text also confirms that the Group Companies are not involved in any litigation that materially impacts the Company, nor do they have common business pursuits with the Company, nor do they have business interests in the Company's past acquisitions or transactions for land, construction, or machinery. Furthermore, the section outlines various regulatory approvals and confirmations related to the Offer, including board resolutions, promoter participation, and compliance with various regulations.

The section details various compliance confirmations related to the offer, including conditions for the Offer to RIBs, confirmations regarding the Promoter Selling Shareholder's holding period and compliance with SEBI ICDR Regulations, and assurances regarding the number of allottees. It also lists several confirmations that the Company and its related parties are not debarred from accessing capital markets or being fraudulent borrowers, and confirms the dematerialization status of equity shares. Furthermore, the text includes extensive disclaimers from SEBI, BSE, and NSE regarding the accuracy of the prospectus content and the responsibility of various parties. It also outlines procedures for listing, including the requirement to repay funds if listing permissions are not granted within a specified timeframe.

The section details various consents obtained from different entities for the inclusion of names in the Draft Red Herring Prospectus, including consent from Frost & Sullivan for an industry report, and various consents from Chartered Accountants, a practicing company secretary, and a Chartered Engineer, related to examination reports and tax benefits. It also clarifies that these consents have not been withdrawn. Furthermore, the text covers aspects related to capital issues, stating that no capital issues were made in the preceding three years, and confirms that the company does not have any listed subsidiaries, group companies, or associate entities. The latter part of the section provides extensive details on the price information of past issues handled by the Book Running Lead Manager, including a summary of various IPOs, and outlines the mechanism for redressal of investor grievances.

The section details various provisions related to the SEBI ICDR Master Circular concerning the UPI Mechanism, including requirements for nodal officers, SMS alerts, and statistical sharing by Sponsor Banks. It outlines redressal mechanisms for investors whose bids were not considered for allotment, including timelines for complaints and compensation for delays. Furthermore, it specifies compensation structures for various issues such as delayed unblocking of applications, blocking of multiple amounts, and blocking more amount than the bid amount. The text also covers the process for releasing processing fees to remitter banks and the general framework for investor grievance redressal by the Company, including the establishment of a Stakeholders’ Relationship Committee.

This section details various procedural timelines and conditions related to the process of applying for and blocking funds in ASBA accounts, including compensation for delays. It outlines specific timelines for the Registrar to submit details of cancelled/withdrawn applications to SCSBs, and sets out requirements for the Book Running Lead Manager (BRLM) to submit compliance reports regarding listing procedures. Furthermore, it specifies the time windows for submitting different types of electronic and physical applications, and clarifies rules regarding the processing of bids and the handling of discrepancies in data.

This section details various aspects of the allotment process for different investor categories, including QIBs, Non-Institutional Bidders, and Retail Individual Bidders, outlining the proportionate allocation rules. It specifies minimum bid sizes, bidding modes such as ASBA and UPI, and the responsibilities of various parties regarding the allotment and payment procedures. The text also references compliance with various SEBI regulations and circulars governing public issues.

This section details various procedural requirements and compliance aspects related to the book-building process for the offer, including rules regarding bidder eligibility, documentation, and the handling of different investor categories. It outlines procedures for handling shares under various regulations, such as those related to the SEBI ICDR Regulations, and specifies requirements for UPI bidders and the processing of application fees. Furthermore, it discusses the handling of investor grievances and the timelines for processing bids, including cut-off times for mandate requests.

This section details various restrictions and requirements concerning who can bid in the Offer, including different categories of investors such as Eligible NRIs, HUFs, FPIs, NRIs, and various financial entities. It outlines specific rules regarding bid forms, payment methods, holding limits based on FEMA rules, and documentation required for different investor types. Furthermore, it specifies investment restrictions for SEBI registered entities like VCFs, AIFs, and FVCIs, and sets out investment exposure norms for insurance companies.

This section details various procedural requirements and conditions related to bids and applications for securities offerings, differentiating between different investor categories such as Anchor Investors, Qualified Institutional Buyers (QIBs), and various Bidder types. It outlines rules concerning bid amounts, allocation limits, documentation, and the handling of bids by various intermediaries. Specific instructions are provided for compliance regarding PAN, bank accounts, UPI mandates, and the submission of bid forms to designated centers.

This section primarily outlines various procedural and compliance requirements for investors bidding on the securities, including restrictions on the number of bids, the type of accounts used, and the amounts involved. It details numerous technical grounds for the rejection of bids, such as submitting forms without proper stamps, using incorrect identification numbers, or submitting bids outside specified timeframes. Furthermore, it specifies undertakings by the Company and the Promoter Selling Shareholder regarding the collection of forms, timely completion of formalities, and the handling of funds and refunds.

The section primarily discusses the disclosure requirements related to the utilization of funds received from the Offer and the handling of unutilized monies. It mandates that all funds received must be credited to a separate bank account, distinct from the one mentioned in Section 40 of the Companies Act, 2013. Furthermore, details of utilized funds must be disclosed in the balance sheet, and any unutilized funds must also be disclosed with details on how they were invested. The text also includes provisions regarding liability for fraud under Section 447 of the Companies Act, 2013, which specifies penalties based on the amount involved relative to the company's turnover.

This section primarily defines various legal and corporate terms such as 'Lock-in Period,' 'Managing Director,' 'Member,' 'Memorandum,' 'Ordinary Resolution,' 'Paid up Capital,' 'Person,' 'Preference Share Capital,' 'Proxy,' 'Public Company,' 'Registrar,' 'RBI,' 'Seal,' 'Secretary,' 'Securities,' 'Shares,' 'Share Capital,' and 'Special Resolution.' It also details provisions regarding the authorized share capital, the control of shares by the Board, the power to issue shares, the terms for offering shares to existing holders, the handling of debentures and loans, the power to issue American Depository Receipts, and various provisions concerning the transfer, lien, and calls on shares.

This section primarily details the procedures for the transfer and registration of shares, including requirements for instruments of transfer, the Board's power to refuse transfers under certain conditions, and provisions related to the death or insolvency of a member. It also outlines rules concerning the forfeiture of shares due to non-payment of calls, the handling of capital changes, and provisions for the lock-in of pledged securities in connection with an Initial Public Offering (IPO).

This section primarily details the procedural rules and provisions governing various aspects of General Meetings, including notice requirements, quorum, voting procedures, and adjournment of meetings. It outlines how notices are to be forwarded, the business transacted at meetings, and the rules for handling various voting methods like show of hands versus polls. Furthermore, it covers the powers of the Chairperson, the conduct of directors, and the appointment and tenure of directors, including provisions related to directors residing in India.

This section primarily outlines various procedural and governance provisions related to the company's directors, meetings, accounts, and dividends. It details rules concerning director appointments, removal, quorum requirements for Board meetings, the power of the Board to manage company assets, and the procedures for handling unpaid or unclaimed dividends. It also covers indemnification for company officers and rules regarding commissions and brokerage.

This section primarily details various provisions related to the ownership, transfer, and maintenance of the Company's shares and securities, including provisions for dematerialization, the handling of member registers, and the rights of shareholders. It outlines procedures for subscribing to shares, opting out of depository holdings, and the rules concerning the issuance and maintenance of share certificates. Furthermore, the text covers aspects related to the appointment and powers of directors, borrowing powers, and the duties of officers regarding secrecy and auditing.

This section details the material contracts and documents that were attached to the Draft Red Herring Prospectus, which were available for inspection at the Registered and Corporate Office and on the company's website until the Bid/Offer Closing Date. The section lists numerous material contracts, including Offer Agreements, various agreements with different parties like the Promoter Selling Shareholder, Registrars, and various banks, as well as resolutions passed by the Board and Shareholders approving the Offer and the Fresh Issue. It also includes various certified documents, resolutions, and consents from auditors, legal counsel, and other experts, along with various reports and agreements related to the offering process.

The provided section consists entirely of declarations certifying compliance with various laws and regulations, including the Companies Act, 2013, SEBI regulations, SCRA, and SCRR. These declarations are signed by different directors and officers, affirming that the statements and disclosures made in the Prospectus are true and correct.

This section contains a declaration by the Promoter, Vishal Sanwarprasad Budhia, confirming the truth and correctness of statements and disclosures made in the Prospectus concerning him as the Selling Shareholder and the Offered Shares. The Promoter explicitly assumes no responsibility for any other statements, disclosures, or undertakings related to the Company or any other person included in the Prospectus.

The company's Board comprises six Directors, including a Managing Director, two Executive Directors, and three Independent Directors, one of whom is a woman. The company affirms compliance with corporate governance regulations set by the Companies Act, 2013, and SEBI Listing Regulations. The Board details include the appointment terms and remuneration structures for the various directors. Specific details are provided regarding the directorships, experience, and relationship disclosures among the directors.

The section details various aspects of the company's borrowing powers, director interest disclosures, and corporate governance structures. It specifies that the Board has been authorized to borrow funds up to ₹800.00 Crore, subject to certain conditions. Furthermore, it clarifies that no directors are party to performance-linked bonus or profit-sharing plans. It outlines various deemed interests of directors concerning remuneration, payments to related entities, and transactions involving the company's contracts. The text also describes the constitution and scope of various Board committees, including the Audit Committee and the Nomination and Remuneration Committee.

The management section outlines various policies and criteria related to director qualifications, remuneration, and performance evaluation. This includes establishing criteria for director appointments, defining remuneration structures for directors and senior management, and setting policies for Board diversity. Furthermore, the text details the composition and functions of specialized committees, such as the Stakeholders’ Relationship Committee, the Risk Management Committee, and the Corporate Social Responsibility Committee, including their mandates regarding investor grievances, risk mitigation, and CSR activities.

This section details the management organization chart and provides profiles for various Key Managerial Personnel (KMP) and Senior Management. Key personnel include the Chief Financial Officer, Company Secretary and Compliance Officer, Chief Project Officer, Deputy Chief Operating Officer, and details regarding their associations, remuneration, and service contracts. The text also confirms that KMP and Senior Management are permanent employees, that no service contracts relating to appointment benefits exist, and that there are no conflicts of interest or outstanding loans from the company by these personnel.

The company's promoters include Vishal Sanwarprasad Budhia, Ritu Budhia, VSB Business Trust, Budhia Business Trust, and VB Business Trust, with the listed shareholding details provided. Vishal Sanwarprasad Budhia holds the largest stake, with a significant portion of his equity shares pledged to Catalyst Trusteeship Limited and Axis Trustee Services Limited. Several promoter trusts were detailed, including VSB Business Trust, Budhia Business Trust, and VB Business Trust, which have specific trustees and beneficiaries. The document also confirms that the promoters have not been declared as willful defaulters or fraudulent borrowers, and details regarding their interest in transactions with the company and related parties are provided.

This section lists various individuals who are identified as promoters, including family members of the spouse, and details a disclaimer regarding the disclosure of information related to one promoter, Ambika Agarwal, and her connected entities. The text also mentions assurances regarding the lack of conflict of interest between the company's lessors/suppliers and the promoters or their group members. Furthermore, it outlines the board's dividend distribution policy, stating that dividend payments depend on various factors like profits, capital requirements, and business expansion plans, and confirms that no dividends were declared in recent fiscal years.

This section primarily details the framework for related party transactions and financial indebtedness as required by accounting standards and regulations. It references financial statements for further details and outlines various aspects of borrowings, including the tenor, interest rates, security requirements, and repayment terms. Furthermore, it specifies the details of two issuances of non-convertible debentures and lists various corporate actions that require prior written consent from debenture trustees.