SRIT India Limited

The provided section discusses the global macroeconomic scenario, highlighting various economic forecasts and geopolitical risks. It details the impact of the Israel-US-Iran conflict on global supply chains, noting disruptions to oil, refined fuels, and LNG flows through the Strait of Hormuz. The text also covers regional economic outlooks, including projections for various regions like the Middle East, Asia-Pacific, Latin America, and Sub-Saharan Africa, and discusses the impact of these conflicts on local economies. Furthermore, it outlines broader trends such as the shift towards regionalization in trade, the increasing focus on technology adoption, and the impact of resource nationalism on critical minerals.

This section provides macroeconomic data related to India's economic performance, including Gross Value Added (GVA) growth across various sectors, investment trends, inflation figures, and private consumption. The data shows fluctuations in sector performance, with the services sector remaining the largest contributor to GVA. Investment indicators suggest a healthy and improving environment, with capital formation showing positive trends, while inflation data highlights price changes driven by various commodities.

The text discusses various aspects of the Indian economy, including government initiatives, trade agreements, and domestic demand drivers. Key points include a strong push for supply chain resilience through capital expenditure, the impact of trade agreements like the India-EU FTA and CEPA, and the vulnerability of certain export sectors to geopolitical risks. Furthermore, the text highlights the recovery in domestic demand driven by a growing middle class and improving income levels, alongside projections for India's economic growth and infrastructure development.

The text discusses various aspects related to India's economic growth, urbanization trends, and the role of digital technologies in the economy. It highlights projections for India's GDP growth driven by the service sector, the increasing urbanization of the population, and the demand for infrastructure development. Furthermore, the text details the contribution of various digital verticals, such as telecom, e-healthcare, and e-governance, to the national economy. It also covers the IT-BPM sector, which encompasses IT services and business process outsourcing, noting its evolution from traditional outsourcing to innovation-led services, and the integration of deep technologies like AI and SaaS.

The text discusses the government's focus on digital infrastructure and cloud adoption, spurred by initiatives like the Digital India program, which has led to the development of citizen-centric applications. It highlights the need for hybrid cloud strategies to manage the massive volume of data generated by rapid digitization. Furthermore, the Indian IT-BPM sector is recognized as a global leader in technology services, experiencing robust growth driven by digital adoption and emerging technologies like AI. The market segmentation shows IT services as the largest segment, with Engineering, Research & Development (ER&D) being the fastest-growing component.

The Indian IT-BPM industry is experiencing significant growth, driven by the acceleration of digital transformation across various sectors. Key sectors like Banking, Financial Services, and Insurance (BFSI) are major drivers, benefiting from investments in digital transformation, FinTech integration, and cybersecurity. The market is also seeing a strong push towards digital solutions across sectors such as healthcare, retail, and manufacturing. Furthermore, the growth is supported by government initiatives and the global trend of digital transformation, which is pushing IT companies to focus on cloud computing, AI/ML, and other advanced technologies.

The text discusses the significant impact of digital transformation across various sectors in India, highlighting the growing demand for IT infrastructure and related services. This includes increased demand for cloud computing, data center expansion, and cybersecurity solutions to support the rapid growth of technology start-ups and enterprises. Furthermore, it details the rise of emerging technologies like AI and ML, which necessitate specialized infrastructure like GPU servers and high-performance computing. The text also covers the role of Global Capability Centers (GCCs) in India, noting their expansion and the resulting impact on IT infrastructure spending and talent development.

The text discusses various government initiatives and policy frameworks that drive IT spending and innovation across India, including the BharatNet Programme, which aims to connect rural areas with broadband, and various missions like PMGDISHA and the National Broadband Mission. It also covers frameworks like the National Health Stack (NHS) for digital healthcare, the National Digital Communications Policy (NDCP) which impacts IT spending in areas like SDN/NFV and cybersecurity, and the Open Government Data (OGD) framework which promotes transparency. Furthermore, the text highlights the broader trend of IT modernization in the public domain, the growing demand for digital services, and the integration of AI and emerging technologies into IT-BPM services. The Indian SaaS sector is also noted as a global force, focusing on building scalable, cloud-based solutions.

The text discusses the digital transformation across various sectors, highlighting the growth in E-Commerce, the evolution of the BFSI sector to adopt digital payments and security measures, and the resulting market opportunities for IT/ITeS companies. It also covers challenges related to escalating cybersecurity risks, the rapid adoption of AI, managing software complexity, and integrating Agentic AI into public systems. Furthermore, the text details the Indian healthcare sector, noting its dynamic growth potential, the role of various players, and significant government initiatives like Ayushman Bharat, which are driving digital health ecosystem development.

The Indian healthcare sector is experiencing significant growth and transformation, driven by factors such as an aging population, rising income, and increased health awareness. The sector faces challenges from the COVID-19 impact, including shortages in hospital beds and medical supplies, which necessitate scaling up infrastructure. The industry is seeing opportunities for both public and private players to establish specialty and multi-care hospitals to meet unmet needs. Digital transformation is a key trend, with various digital systems being integrated across the entire operational value chain, from patient intake to data analytics. This includes the adoption of various digital tools and standards to improve efficiency, data accuracy, and patient access across the country.

The provided text details various applications of Artificial Intelligence (AI) in public healthcare, including decision support systems for telemedicine and tools for disease screening. It highlights successes such as the integration of AI into platforms like e-Sanjeevani for teleconsultations and the deployment of AI solutions for tuberculosis screening and diabetic retinopathy. Furthermore, the text discusses the growth and transformation of India's telecom sector, noting significant expansion in broadband subscribers, the role of Multi-System Operators (MSOs), and the impact of digital initiatives like the National Broadband Mission on infrastructure deployment.

The text discusses the rapid growth and evolving trends within the Indian OTT sector, noting increased investment and content production. It highlights the growth in video subscription revenues, the impact of aggregation services on user behavior, and shifts in content monetization strategies. Furthermore, the text details the technological infrastructure in the telecom sector, including the layers of broadband and internet infrastructure, and the role of Indian IT companies in managing complex networks. It also covers advancements in AI and digital intelligence used for fraud detection and network management within the e-telecom space.

The text details the extensive digitalization of governance across various segments, including Government-to-Citizen (G2C), Government-to-Business (G2B), and Government-to-Government (G2G) interactions. These efforts utilize ICTs and mobile technologies to improve efficiency, transparency, and service delivery. Key initiatives include the State Data Centre (SDC) scheme, which aims to consolidate services, and various platforms like UMANG and DigiLocker. Furthermore, the text highlights the impact of digital transformation on reducing corruption, improving accountability through audit trails, and enabling 24x7 citizen service delivery, while also emphasizing the shift towards paperless and cashless services.

The provided text discusses several aspects related to Indian governance, energy infrastructure, and the IT-BPM sector. It mentions AI's role in e-Governance by redesigning citizen interfaces, the evolving Indian energy landscape characterized by rising power demand and the mix of generation sources, and the increasing need for transformers due to the expansion of power generation capacity. Furthermore, it highlights the shift in the IT-BPM industry towards digital-first engagement models, the growth of Global Capability Centers (GCCs) in India, and government initiatives supporting digital skilling and AI development.

The Indian IT-BPM industry is experiencing significant growth, with projections indicating substantial revenue expansion through FY 2030. The sector is being reshaped by digital transformation, driven by factors like the rise of SaaS, global outsourcing demand, and investments in emerging technologies. The competitive landscape involves various firms focusing on sector-specific digital solutions, regulatory compliance, and the adoption of new technologies like AI and cloud-native platforms. Key differentiators include domain expertise, ability to manage complex projects, and adherence to evolving data security and regulatory standards.

The provided text describes the services and expertise of two entities, Allied Digital Services Limited and SRIT India Limited. Allied Digital Services Limited is a publicly listed global leader in IT consulting and services, offering comprehensive infrastructure solutions across various industries. Key solutions include software services, cloud and infrastructure services, cybersecurity, digital engineering services for smart cities, and workplace management services. SRIT India Limited focuses on solutions for various verticals, including healthcare, e-Governance, and telecom, emphasizing long-term public-private partnerships. Their product offerings span from hospital information management systems to AI solutions and various software development services.

SRIT has established itself as a trusted technology partner in India's digital transformation, having worked on numerous e-government projects with various state governments and agencies. The company has experience across the e-Healthcare domain, having served over 10 hospitals and recognized establishments alongside working with industry giants like Railtel. The company's ability to handle complex projects is comparable to top-tier technology services firms in the country. The company's business is organized across three main verticals: healthcare, electronic governance, and telecommunications and broadband.

The company provides technology solutions and system integration services across several verticals, including healthcare, electronic governance, and telecommunications and broadband. Services encompass the design, implementation, operation, and maintenance of digital platforms, network infrastructure, and enterprise systems, often tailored to meet sector-specific requirements. The company has executed numerous projects for both Government and Enterprise clients, demonstrating expertise in digital transformation initiatives. Furthermore, the company is developing artificial intelligence-enabled solutions and exploring opportunities in the power utility sector.

The company demonstrates strong financial performance with significant year-on-year growth in revenue from operations. The business leverages a track record spanning twenty-six years in designing, implementing, and operating digital platforms for various sectors. Competitive strengths include expertise in software development, system integration, and managed services, with capabilities extending into artificial intelligence and automation. The company offers a full-service delivery stack, including architecture, design, build, integration, and deployment across various infrastructure and technology solutions.

The company provides a comprehensive range of IT services across the healthcare, electronic governance, telecommunications, and broadband sectors. The core product portfolio includes the Renaissance Health Enterprise Suite (RHES), a web-based hospital platform that integrates clinical, administrative, and financial functions. The company generates revenue from deploying the RHES suite or individual modules, alongside related services such as system integration, customization, implementation, and maintenance. The company's products align with national health initiatives like the Ayushman Bharat Health Mission (ABDM) and the Ayushman Bharat Health Account (ABHA).

The company provides various IT services across healthcare, electronic governance, telecommunications, and broadband sectors. In healthcare IT, they have developed solutions for clinical workflows, revenue cycle management, and have implemented systems for national health insurance projects. They also offer digital outpatient consultation platforms and intend to develop their own healthcare insurance engine. Furthermore, they have expertise in building and deploying solutions for building plan approvals, fire safety verification, and government-to-citizen services. In the telecommunications domain, they offer specialized Revenue Cycle Management for interconnect billing and have developed software for broadband operators, including a platform deployed for RailTel Corporation of India Limited.

The company offers a diverse range of services spanning managed services, AI implementation, optical fibre installation, software as a service (SaaS), and various IT infrastructure support. Key services include managing technology stacks for broadband services, deploying AI-driven solutions across healthcare and traffic management, installing optical fibre networks, and providing maintenance for installed infrastructure. The company also handles third-party product integration, cybersecurity services, and custom software development for various sectors like university management and e-governance systems.

The company has a diverse track record of providing IT solutions and services across various sectors, including state government initiatives, healthcare, and infrastructure. The services have spanned implementation, integration, maintenance, and support for systems ranging from e-district services to national public transport operations. The company has also engaged with various government corporations and private entities in the advanced electronics manufacturing sector, as well as in telecommunications and broadband infrastructure. Ongoing projects include work related to electronic governance, financial management systems, and fiber optic network commissioning.

The company executes turnkey projects on a milestone basis, with project completion periods ranging from three to five years depending on complexity. Revenue recognition is tied to the achievement of defined contractual milestones. Recurring revenue is generated from managed services and operations and maintenance (O&M) projects, some of which have been renewed for further terms. The company follows a structured software development lifecycle, encompassing phases from inception to operations and maintenance. The company derives revenue through various contracting models, including sub-contracting, principal contracting, and consortium arrangements. Marketing and sales functions are primarily handled by the subsidiary, RICT India Private Limited, with project managers handling marketing-related activities at the company level. The company adheres to stringent quality control standards based on globally recognized ISO standards and has a formal framework for risk management and internal controls.

This section details various leased and branch office locations, including corporate offices, branch offices, and guest houses, specifying the location, purpose, lease rent, and validity period for each. It also discusses the workforce structure, which includes permanent employees, contractual employees, and consultants, and outlines the company's strategy for employee development and recognition. Furthermore, the text covers various Indian regulations and policies, such as those related to the Information Technology Act, the Digital Personal Data Protection Act, and guidelines for government websites, as well as rules concerning public procurement and cloud services.

This section details a broad overview of the various Indian laws and regulations that govern business operations, including intellectual property, environmental protection, labour, foreign investment, foreign trade, taxation, and corporate governance. It outlines numerous acts and rules that companies must comply with, such as the GST, Income Tax Act, and various labour laws. Furthermore, it specifies requirements related to professional tax, and compliance with various other central and state laws. Finally, it mentions that the company will be subject to securities laws upon listing and trading.

The company's history began with its incorporation as 'Sobha Renaissance Information Technology Private Limited' on September 09, 1999. The company underwent several name and structure changes, including a name change in 2014 and a conversion to a public limited company in 2025. The Memorandum of Association has seen amendments, such as a change in the face value of equity shares in 2024 and the name change to 'SRIT India Limited' in 2025. The company has a history of various project awards, service engagements, and technological certifications over the years. The company has not undertaken any mergers, amalgamations, or material acquisitions in the last ten years.

The company's history involves the formation and subsequent restructuring of a Limited Liability Partnership (LLP) named Sharp and Turner LLP, which later became a subsidiary. Key milestones include the induction of a designated partner and subsequent amendments to the LLP agreement. The company also has relationships with other entities through various agreements, including a strategic incubation agreement with Carnot Research Private Limited and a term sheet with Blossom Multi Speciality Hospital for a proposed acquisition. The company also has subsidiaries like RICT India Private Limited and SRIT Life Sciences LLP, which have specific business lines and shareholding patterns.

This section discusses terms related to a proposed transaction, including the availability of an inter-corporate deposit facility, conditions precedent for the transaction, and the intended governance structure post-closing. It outlines the requirements for prior approval on various material matters, such as capital alteration, borrowings, and acquisitions, and clarifies the post-closing shareholding structure. Furthermore, it confirms the lack of certain agreements and regulatory findings that need disclosure.

This section provides various definitions and abbreviations used within the Red Herring Prospectus. It defines terms related to the company, such as the Issuer, various Board committees, key personnel, and subsidiaries. It also details terms related to the issue process, including different types of bidders, allotment procedures, and timelines. Key entities like the Book Running Lead Manager and the various banks involved in the issue are also defined.

The section details various agreements, parties, and mechanisms related to the issue process, including agreements with various parties for fund collection and transfer. It specifies different types of investors, such as QIBs, NRIs, and Retail Individual Investors, and outlines the structure of the issue, including different portions allocated to various investor categories. It also mentions the entities involved in collecting bids, such as Syndicate Members, Registered Brokers, and various Depository Participants.

This section primarily lists various legal and technical terms and abbreviations used within the prospectus. It defines terms related to stock brokers, depository participants, and registrars, as well as various circulars and regulations from SEBI and stock exchanges. It also defines concepts related to payment mechanisms like UPI, various financial terms, and IT/technology concepts.

This section primarily lists various technical and industry terms, including concepts related to government, technology, and various industry acronyms. It also details conventions regarding the use of geographical references, time, and financial data within the prospectus. It specifies that references to 'India' pertain to the Republic of India and its territories, and references to 'Government' relate to the Government of India. Furthermore, it outlines the financial year structure and the sources from which the financial information is derived, noting differences between Indian Accounting Standards (Ind AS), US GAAP, and IFRS.

This section details various rounding conventions for figures in the Red Herring Prospectus, stating that discrepancies in tables are due to rounding off to the second decimal place for amounts and two decimal places for percentages. It clarifies that certain percentage figures are derived from Restated Consolidated Financial Information or non-GAAP financial measures. The text also discusses the use of industry and market data, which is sourced from a Dun & Bradstreet report, and notes that reliance on this information for investment decisions carries inherent risks. Furthermore, the document provides details on currency conversions and exchange rates, including historical rates for USD and QAR against the Indian Rupee.

The introduction section details the structure for an equity issue, specifying the face value of the equity shares. The issue involves various portions of equity shares, including a QIB portion and Non-Institutional and Retail portions. It outlines different allocation rules for these portions, including provisions for anchor investors and mutual funds, as well as rules for allocation to other bidders. The text also mentions the authorization of the issue by the Board and shareholders.

This section details various financial flows and contingent liabilities for the period ended March 31, 2026, including income, finance costs, and cash flow movements. It also summarizes contingent liabilities as of March 31, 2026, covering bank guarantees, supplier disputes, TDS defaults, and disputed goods and services tax demands. Furthermore, it outlines several ongoing legal and arbitration proceedings related to contractual disputes, subcontractor claims, and issues under the MSME Act.

This section details the capital structure of the company as of the date of the Draft Red Herring Prospectus, including authorized and issued share capital. It provides a comprehensive history of equity share allotments, including various transactions such as initial subscriptions, further issues, bonus issues, conversions of loans into equity shares, buy-backs, and private placements. The text also clarifies that the company has not issued equity shares for consideration other than cash or as a bonus issue since its incorporation, and confirms no allotments under certain schemes of arrangement.

The section details the shareholding of the company's Promoters and members of the Promoter Group, including a comprehensive table showing the history of share transactions since the company's incorporation. The Promoters collectively held 4,02,26,747 Equity Shares as of the date of the Draft Red Herring Prospectus, representing 84.74% of the issued, subscribed, and paid-up Equity Share capital. The section also outlines various lock-in requirements concerning the Promoters' holdings, including provisions for Minimum Promoters' Contribution and restrictions on the transfer or encumbrance of certain shares.

The section discusses various aspects related to the capital structure, including conditions for loan collateral, share lock-in periods, and promoter shareholding. It details that 50% of Equity Shares allotted to Anchor Investors are locked-in for 30 days, while the remaining 50% are locked-in for 90 days. Furthermore, it provides a detailed breakdown of the shareholding pattern of the company, including the percentage held by the Promoter Group and other major shareholders.

This section details various aspects related to the company's capital structure, including pre-issue and post-issue shareholding, disclosures regarding related parties, and restrictions on future securities issuance. It outlines the shareholding of key shareholders and directors, confirms the status of equity shares, and specifies limitations on transactions and future issuances. Furthermore, it clarifies that certain parties do not hold shares and sets forth rules regarding the issue process and subsequent transactions.

The company proposes to use the net proceeds from the fresh issue to fund various operational and strategic objectives. These objects include funding for capital expenditure related to modernizing existing products and redevelopment, funding for working capital requirements, and pursuing inorganic growth through acquisitions and general corporate purposes. Furthermore, the company anticipates benefits from the listing of its equity shares and enhanced visibility. The utilization of funds is detailed across different fiscal years, with specific amounts allocated for these purposes.

The company plans to utilize a total of ₹12.86 Crore from the net proceeds for various operational needs, including infrastructure upgrades and manpower hiring. A significant portion of the proceeds is earmarked for hiring skilled technical manpower to modernize the company's software suite. Furthermore, the company anticipates needing to fund incremental working capital requirements, which are projected to increase substantially over the next few fiscal years. This funding will be sourced through a combination of internal accruals, bank financing, and support from product-specific contractors or consortium partners.

The company proposes to utilize ₹124.00 Crore from the net proceeds of the fresh issue to fund working capital requirements for Fiscal 2027 and Fiscal 2028. The funding pattern involves short-term borrowing from banks and internal accruals, with the net proceeds being the primary source for the working capital deployment. Furthermore, the company intends to deploy a portion of the net proceeds for strategic acquisitions and inorganic growth initiatives, subject to certain limits. General corporate purposes are also allocated a portion of the net proceeds, capped at 25% of the gross proceeds, to cover various operational and funding needs.

This section details the various estimated expenses related to the issue, including fees payable to various parties and other miscellaneous costs. It outlines specific commission structures for different bidder types and clarifies conditions under which these charges apply based on the type of bidder and the procurement method. Furthermore, it discusses rules regarding the blocking and uploading of funds, as well as stipulations on the utilization of net proceeds and the monitoring of fund usage by a credit rating agency.

This section provides various quantitative factors derived from the Restated Consolidated Financial Information, including growth in revenue and profitability metrics. It details the experience of the promoters and senior management team, including their domain knowledge and induction of new board members to strengthen AI and technology capabilities. Furthermore, it outlines various Key Performance Indicators (KPIs) used to analyze the company's business performance, which are intended as supplemental measures to the audited financial statements.

The section details various Key Performance Indicators (KPIs) that the Company uses to determine the Issue Price, which have been approved by the Audit Committee. The KPIs include financial metrics such as Revenue from Operations, EBITDA, PAT, Net Worth, Debt-Equity Ratio, ROE/RoNW, and ROCE, as well as operational metrics like the number of active orders, recurring orders, and the number of clients served. The text also specifies that the Company will continue to disclose these KPIs periodically for a duration determined by the Board or the utilization of issue proceeds.

This section primarily details various formulas for calculating Key Performance Indicators (KPIs) related to the company's financial performance, such as Revenue from Operations, EBITDA, PAT, and various ratios like Debt to Equity Ratio and Return on Equity. It also outlines criteria for determining the weighted average cost of acquisition for equity shares, distinguishing between primary and secondary issuances. Furthermore, the text discusses justifications for the issue price based on comparisons with historical KPIs and financial ratios, and mentions the reliance on various financial statements and risk factors for investor information.

This section discusses various special tax benefits available to the Company and its Material Subsidiary under Direct and Indirect Taxation Laws. It details provisions related to corporate tax rates, deductions for employment and dividends, and tax treatment for shareholders concerning capital gains and dividend income. Furthermore, it outlines opportunities for claiming GST refunds on zero-rated supplies and clarifies that the availability of these benefits depends on the fulfillment of prescribed conditions.

The provided text snippet is very brief and only contains a numerical value, '155', without any accompanying descriptive text regarding the offer-for-sale percentage or the categorized use of proceeds. Therefore, no detailed summary or key points regarding the utilization of funds can be extracted from this segment.

This section details the independent auditor's examination report on the restated consolidated financial statements of SRIT India Limited for the purpose of the Proposed Initial Public Offering. The report confirms that the financial statements were prepared in accordance with Indian Accounting Standards (Ind AS) and other accepted accounting principles, with necessary adjustments made for changes in accounting policies and regrouping/reclassifications. The auditors relied on previous auditors' reports and confirmed compliance with relevant legal and regulatory requirements, including those of the Companies Act, SEBI ICDR Regulations, and the Guidance Note. Specific points were noted regarding the classification of receivables/payables, write-offs of investments due to company strike-off, and provisions for extinguishment of liability.

This section details various disclaimers and financial statement restatements, including limitations on the scope of the audit and the treatment of subsidiaries. It notes that the restated financial statements do not reflect subsequent events and clarifies that the report is not a re-issuance of previous audit opinions. Furthermore, it details the financial position and performance of certain subsidiaries, including the write-off of investments in non-operational subsidiaries. The text also provides comparative data for revenues, expenses, and profits across different fiscal years.

This section details the cash flow statement for the years ended March 31, 2026, 2025, and 2024, covering operating, investing, and financing activities. The cash flow from operating activities shows significant variations across the three years, with operating cash flow before working capital changes ranging from Rs. 666.19 to ₹42.24 Crore. Investing activities include purchases of property, plant, and equipment, and movements in investments and deposits. Financing activities detail interest paid, borrowings, and share buybacks. The document also provides various notes on accounting policies, including revenue recognition, the write-off of investments in non-operational subsidiaries, and the basis for preparing the consolidated financial information.

This section details various accounting policies related to revenue recognition, contract accounting, employee benefits, and property, plant, and equipment. It outlines specific methods for recognizing revenue based on contract types, including time and material basis, fixed-price maintenance, and percentage-of-completion methods. The text also covers judgments in allocating transaction prices, accounting for variable consideration, and handling of contract costs and revenue recognition over time. Furthermore, it describes policies for accounting for various employee benefits, including short-term and long-term benefits, and the treatment of different types of financial assets and intangible assets.

This section details various accounting policies and schedules related to the financial statements, including treatment of tax assets and liabilities, borrowing costs, financial instruments, and accounting for property, plant and equipment, goodwill, and intangible assets. It outlines specific rules for recognizing and measuring these items, such as the offset of certain tax items and the initial measurement of financial assets and liabilities at fair value. Furthermore, it provides detailed schedules for the movement in Property, Plant and Equipment, Goodwill, and Software, including additions, disposals, and accumulated depreciation/amortization over several fiscal years.

This section details various financial and investment components of the company, including the movement in Right-of-Use assets, non-controlling interests, investments, and various assets and liabilities. It shows trends in these items across fiscal years, alongside details on share capital structure and promoter holdings. Furthermore, it mentions significant corporate actions such as the write-off of investments due to subsidiary strike-offs and various equity share allotments and buybacks.

This section details the changes in the company's equity, borrowings, lease liabilities, provisions, and other financial liabilities over several fiscal years. Key financial figures include movements in retained earnings, securities premium, other comprehensive income, various types of borrowings (secured and unsecured), lease obligations, and provisions for various liabilities. The data spans from March 31, 2024, to March 31, 2026, providing a snapshot of the company's financial structure and obligations.

This section details various financial line items, including revenue recognition, other income, sub-contracting fees, employee benefits, finance costs, depreciation, and other expenses for three consecutive years. It also provides information on income tax expense, employee benefit plans (defined contribution and defined benefit), and various adjustments related to tax and accounting principles.

This section provides notes to the restated consolidated financial information, detailing various assumptions, contingent liabilities, related party transactions, and legal proceedings. It outlines the methodology used for calculating gratuity obligations, the utilization of various bank guarantees, outstanding demands from tax authorities, and details concerning disputes with other parties. Furthermore, it lists related party transactions involving key management personnel and entities, including write-offs of assets and various financial dealings with directors and related entities.

This section details various transactions and balances related to related parties and financial instruments for the years ended March 31, 2026, 2025, and 2024. It includes records of advances given, payments, interest income and expense, and various accounts payable and receivable balances. Furthermore, it provides extensive details on lease liabilities, including movements, breakdown into current and non-current components, and contractual maturities.

This section details various financial line items, including lease receivables, recognized profit and loss amounts, micro, small, and medium enterprise related disclosures, corporate social responsibility spending, and fair value reporting. It also outlines the Group's exposure to different types of financial risks, such as interest rate, currency, and liquidity risks.

This section details various financial and capital management aspects of SRIT India Limited, including changes in borrowings, equity, and total capital structure over several years. It also covers impairment assessments for Property, Plant and Equipment (PPE) and details the process for writing off assets and investment in subsidiaries that had ceased operations. Furthermore, the text outlines the management's approach to capital structure, including the use of a gearing ratio to ensure compliance with debt covenants.

This section details the transition of financial information to Indian Accounting Standards (Ind AS) and outlines various accounting policy changes. It covers adjustments made for first-time adoption of Ind AS, including the treatment of financial assets, leases, and revenue recognition. Specific adjustments are noted for items such as audit qualifications, prior period items, changes in accounting policies, and deferred tax impacts. The text also discusses the application of Ind AS 116 for leases and Ind AS 115 for revenue from contracts with customers.

This section details various financial ratios and key financial metrics for SRIT India Limited across different fiscal years. It presents data such as earnings per share, return on net worth, net asset value per equity share, profit after tax, EBITDA, operating EBITDA, current and debt ratios, and various turnover ratios. The data is provided for March 31, 2026, March 31, 2025, and March 31, 2024, with variance explanations provided for several ratios.

This section provides details regarding the audited financial statements, capitalization structure, and financial indebtedness of the company. It outlines the calculation methodologies for various financial ratios and details the components of borrowings, including fund-based and non-fund-based facilities. Furthermore, it describes the principal terms associated with the borrowings availed by the company, such as interest rates, tenor, security provisions, and restrictive covenants.

This section outlines various legal and financial risks, including breach of covenants in borrowing arrangements, and the potential consequences thereof, such as lenders withdrawing facilities or demanding repayment. It also discusses the limitations of the financial information provided, noting that certain non-GAAP measures are supplemental and not standardized for comparison across different companies. The company's business is described as an IT/ITes solutions provider with a long track record in implementing digital platforms for various entities. The revenue from operations showed growth, and the company's revenue dependency on government tenders is highlighted as a key factor in its business prospects.

The provided text discusses various non-GAAP financial measures, including EBITDA, EBITDA Margin, PAT, PAT Margin, Return on Capital Employed (RoCE), and Return on Equity (ROE), which are supplemental measures not required by Indian GAAP, IFRS, or US GAAP. It also details calculations for these measures and outlines the basis for preparing restated consolidated financial information, including compliance with various regulations and accounting standards. The text covers aspects of revenue recognition, contract accounting, and the treatment of various contract types and associated costs and revenues.

This section details various accounting treatments for different financial items, including provisions for estimated losses, recognition of various employee benefits (short-term, post-employment, and long-term), accounting for social security contributions, treatment of property, plant, and equipment, intangible assets, impairment of financial assets, and lease accounting for both lessee and lessor aspects. It also covers the recognition and measurement of financial instruments, including debt instruments and equity instruments, under different fair value models.

This section details various accounting treatments and components of the financial statements, including tax considerations, provisions, and cash flow reporting methods. It outlines the principal components of the Statement of Profit and Loss, detailing revenue from operations derived from product sales and services, and provides a breakdown of revenue across different industry segments and geographic regions. Furthermore, it describes the nature of various expenses, such as sub-contracting, employee benefits, finance costs, and depreciation.

This section details the company's operating performance, including revenue, expenses, and profitability across fiscal years 2026, 2025, and 2024, expressed as a percentage of total income. The company reported significant growth in revenue from operations, driven by several factors related to infrastructure projects and new service mandates. While total expenses increased, the company managed to improve its profit before tax margin. The analysis also highlights changes in revenue recognition timing and the impact of various project scopes on cost and revenue proportions.

The financial performance showed significant growth between Fiscal 2024 and Fiscal 2025, with total income increasing by 41.91%. Profit After Tax (PAT) also saw a substantial rise, growing by 28.82% year-on-year. While revenue from operations grew significantly, the percentage of total expenses against revenue increased slightly, suggesting higher costs associated with executing large turnkey projects. Cash flow activities showed fluctuations, with net cash used in operating activities increasing from Fiscal 2024 to Fiscal 2025, and investing activities showing higher cash usage in Fiscal 2026 compared to the previous year.

This section details various financial aspects of the company, including cash flow from financing activities, a breakdown of total borrowings, contingent liabilities, and capital expenditures. It also outlines the Group's risk management policies concerning market risks such as interest rate risk, foreign currency risk, and credit risk. The text also mentions various legal and contractual disputes, as well as observations from statutory auditors regarding the classification of receivables and provisions for liabilities.

The company has maintained consistent accounting policies for the fiscal years 2026, 2025, and 2024, with no changes disclosed. The revenue bifurcation shows that Electronic governance, Telecommunications and broadband sectors, and Healthcare constitute the main industry segments. The company operates without new offerings or business verticals, and its business is not seasonal. Significant revenue concentration risk is highlighted by the high contribution of top customers to total revenue from operations. Furthermore, the company relies on a limited number of suppliers for essential hardware and software products and services.

Investors should be aware that a significant portion of the company's revenue relies on securing contracts from government entities through a competitive bidding process. The competitive nature of the industry, coupled with increased scrutiny from government clients regarding cybersecurity and data localization, poses a risk to profitability. Furthermore, the company faces execution risks related to project delays, cost overruns, or contract modifications, especially when dealing with government clients. There is also a dependency on a small number of top customers, and the business is heavily concentrated in the electronic governance sector, making it vulnerable to sector-specific downturns or changes in strategic priorities.

The company faces several risks related to market dynamics, operational execution, and compliance. Risks include the difficulty in adapting to evolving sectoral constraints, potential competition leading to pricing pressure, and reliance on third-party subcontractors whose performance can cause delays or cost overruns. Furthermore, there are significant risks associated with trade receivables and contract assets, including potential non-collection due to macroeconomic turmoil or client payment delays. The company is also exposed to litigation from third parties, potential non-compliance with regulatory filings, and substantial cybersecurity threats that could compromise data and operations.

The company faces risks related to cybersecurity, including the possibility of future incidents despite existing quality certifications, and the lack of a dedicated insurance policy. There is also a risk of errors or defects in customer solutions being discovered only after customer usage, which could damage reputation and market acceptance. Furthermore, the order book is not indicative of future performance due to various execution uncertainties, such as cancellations or delays. Contracts with clients expose the company to risks like delays, scope changes, or termination by the client, which can lead to financial losses or reputational harm. The company is also dependent on securing financial guarantees from clients, and the ability to obtain such guarantees may be limited, impacting new contract acquisition.

The company faces several risks related to its leased properties, including the potential inability to renew leases or relocate on commercially acceptable terms, which could materially affect its business and cash flows. There are also concerns regarding the registration status of certain lease agreements and the reliance on third parties for obtaining necessary permits and licenses, which could lead to regulatory action. The auditors have raised several observations, including the classification of receivables and payables as non-current, the write-off of a subsidiary, and provisions for liability extinguishment. Furthermore, the company cannot assure that future audit reports will not contain such observations, and there is a lack of certainty regarding the sufficiency of internal controls. The business is highly working capital intensive, and variations in key assumptions could lead to financing needs issues. Risks also exist concerning the execution of customized projects, where actual costs and timelines may differ from bid assumptions, potentially leading to cost overruns or delays. Finally, there are significant risks related to intellectual property, including the inability to protect trademarks, the possibility of infringement claims, and the risk of misappropriation of trade secrets.

The company faces risks related to potential negative cash flows over extended periods or in the short term, which could materially impact its ability to operate and implement growth plans. The success of the business is contingent upon the ability to effectively implement various growth strategies, including enhancing service offerings, entering new markets, expanding geographically, and strengthening recurring revenue streams. Furthermore, the company is exposed to various external risks, such as delays in paying statutory dues, reliance on third-party Original Equipment Manufacturers (OEMs) for critical components, and exposure to risks inherent in international business operations.

The company faces risks related to the integration of acquired businesses, where expected synergies or cost savings might not be realized, potentially disrupting ongoing operations. There are constraints on investing in foreign subsidiaries due to various international investment laws, and there is a risk of non-compliance with these laws. Outstanding legal proceedings involving the company and its key personnel could negatively impact the business. Furthermore, the company is vulnerable to rapid technological changes, where the inability to develop new services or respond to advances could lead to product obsolescence. Reliance on software solutions exposes the company to risks from system failures, and competitive pressures from both established and new entrants are expected to intensify.

The company faces risks related to market competition, the reliance on third-party services for AI solutions, and potential issues with third-party licenses and software. Furthermore, increasing employee costs and regulatory changes in the labor market could negatively impact profit margins. There are also risks associated with sub-contracted projects, including potential penalties from primary contractors, and uncertainties regarding the success of marketing campaigns. Revenue generation is heavily dependent on customer sales and the ability to manage relationships with partners.

The company engages in strategic partnerships to expand market penetration through subscription-based and cloud-enabled solutions. There is a risk that unsuccessful marketing campaigns could negatively impact business growth and financial performance. Subsidiaries operate in similar lines of business, creating potential conflicts of interest that the company attempts to manage through internal procedures. The company faces risks related to obtaining and renewing statutory and regulatory permits, which are subject to limited durations and potential suspension or revocation. Furthermore, the company relies on personal guarantees from promoters for facilities, and the revocation of these guarantees could affect lenders' ability to secure financing. There is also a risk associated with the interpretation of laws and regulations, which could be time-consuming and costly. Finally, the company is exposed to risks from changes in technology, the use of open-source software licenses, and potential issues with related party transactions.

The company faces several risks related to foreign exchange fluctuations, as expenses incurred in foreign currencies impact operations, and there is no formal hedging policy in place. Furthermore, the company is exposed to risks concerning insurance coverage, as existing policies may not be adequate or may expire without timely renewal, potentially leading to uninsured losses. There are also contingent liabilities, including unsecured loans from a subsidiary, which could be recalled, and various disputed liabilities such as tax defaults and civil litigation. Compliance with evolving laws and regulations, including data protection laws (like the DPDP Act) and various other laws, poses a risk of fines and penalties. Additionally, the company's operations are subject to various laws and regulations, and non-compliance could lead to adverse outcomes. The company's reliance on industry reports for investment decisions is also noted as a risk, and there are industry-specific challenges regarding scalability and competition.

This section outlines several material risks for the company, primarily concerning execution, funding, governance, and external environment. Risks include uncertainties in capital expenditure due to vendor agreements, potential delays, and issues in procuring necessary equipment. The utilization of funds is not fully vetted by external financial institutions, and the deployment of proceeds relies heavily on management estimates. Governance risks are highlighted by the significant control held by the Promoter, which may conflict with shareholder interests and impede business combinations. Furthermore, the company faces risks from market volatility, political instability in India, global economic disruptions, and potential competition law issues.

The company faces various risks stemming from evolving legal and regulatory frameworks in India, including potential adverse effects from the Competition Act and its amendments, which could lead to penalties or increased compliance costs. Furthermore, changes in tax laws and the uncertainty surrounding future legislation may impact the company's financial results. There are also risks related to foreign investment restrictions, changes in capital gains tax, and the potential for adverse changes in market conditions and exchange rates. Finally, the listing and trading of the equity shares introduce risks related to market development, investor rights, and the potential for future issuances to affect the trading price.

The section outlines various disclosures regarding legal and regulatory matters, stating that except as disclosed, there are no outstanding criminal proceedings, regulatory actions, tax claims, or other material litigation involving the Company, its Subsidiaries, Promoters, or Directors. It details specific pending civil proceedings, including arbitration claims, writ petitions, and complaints, against the Company. Furthermore, it details tax proceedings, including show cause notices and appeals, against the Company, as well as tax proceedings against its Subsidiaries.

The section details several instances of litigation and regulatory matters. A criminal proceeding was initiated against a Non-Executive Director concerning a mortgage loan. There are no outstanding actions by regulatory or statutory authorities mentioned. Furthermore, there are no material civil proceedings filed by the company or its directors. The section also lists tax proceedings involving the company, amounting to ₹68.30 Lakh in direct tax, including accrued interest.

The section details various certifications and approvals related to the company's operations, including software development, occupational health and safety, and medical device standards, which have various validity periods. It also lists several regulatory approvals, such as various tax registrations, professional tax enrollments, and approvals related to the company's material subsidiary, including incorporation and labour-related approvals. Furthermore, the section confirms compliance with SEBI regulations regarding the issuance of the Draft Red Herring Prospectus and eligibility criteria for the issue.

The section primarily addresses compliance and legal status concerning the company's promoters and directors, confirming they are not declared as Fugitive Economic Offenders or Wilful Defaulters. It details agreements made for the dematerialization of equity shares with CDSL and NSDL. Furthermore, it confirms that all equity shares are fully paid-up and that there are no outstanding warrants, options, or rights convertible instruments. The text also covers approvals received from BSE and NSE for listing and specifies NSE as the Designated Stock Exchange. A significant portion of the text is dedicated to various disclaimers from the company, its directors, and the BRLM, outlining limitations on responsibility and reliance on external information. Finally, it lists various past public and rights issues handled by the BRLM.

This section primarily details the listing and issue information for the Equity Shares, including various aspects related to the issuance process and shareholder rights. It outlines the legal framework governing the issue, the ranking of equity shares, the mode of dividend payment, and the terms related to the issue price and price band. Furthermore, it specifies the requirements for the allotment of equity shares in dematerialized form and the tripartite agreements established for trading.

This section primarily details various procedural aspects related to the allotment and listing of equity shares, including nomination procedures, timelines for bid submission, and provisions for dealing with bid withdrawals or delays. It outlines rules regarding the nomination of persons to receive equity shares upon the death of the original holder(s) and sets strict timelines for the closing of the bid period. Furthermore, it specifies penalties or compensation mechanisms for delays in unblocking funds and outlines the company's obligations concerning the timely completion of formalities for listing and trading.

This section details the structure and rules for an equity issue being made through the Book Building Process, in compliance with specific SEBI regulations. It outlines various allocation rules for different investor categories, including QIBs, Non-Institutional Investors, and Retail Individual Investors, specifying minimum and maximum allocations. The text also discusses the mode of bidding (ASBA/UPI), the process for allocating portions of the issue, and the timelines and procedures for handling bids and fund blocking.

This section details various aspects of the book-building procedure, including rules regarding the allocation of equity shares to different investor categories, compliance requirements for bidders, and the phased implementation of the UPI mechanism. It outlines specific rules for handling investor grievances, the process for releasing processing fees, and the requirements for electronic bid registration and validation. Furthermore, it specifies cut-off times for accepting UPI mandate requests and the handling of bid modifications.

This section details various restrictions and requirements concerning different categories of investors and entities when bidding for equity shares in the Issue. It outlines rules for investors such as Mutual Funds, Eligible NRIs, HUFs, FPIs, and various financial institutions like banking companies, insurance companies, and NBFC-SI. Specific rules are provided regarding holding limits, required documentation, and how different investor types are treated for allocation purposes. Furthermore, there are specific provisions for Anchor Investors and various other investor groups.

This section details various rules and instructions pertaining to the bidding process for the equity shares, including different categories of investors like Anchor Investors, QIBs, and Retail Individual Investors (RIIs). It outlines conditions related to bid withdrawals, the format and timing for publishing pre-issue and allotment advertisements, and strict guidelines on how bids must be submitted, including requirements for correct documentation, fund availability, and adherence to various regulatory compliance standards.

This section primarily outlines procedures for investors regarding issues related to share certificates, demat credit, refund orders, and unblocking funds, directing them to the Company Secretary and Compliance Officer for details. It also details various technical grounds for the rejection of bids, including issues related to bid submission formats, documentation, and the use of certain payment mechanisms. Furthermore, the text specifies timelines and processes for resolving investor grievances related to fund blocking/unblocking and the coordination role of the Book Running Lead Manager (BRLM) in the public issuance process. The section also covers undertakings by the Company concerning the timely handling of complaints, refunds, and the process for proceeding with or withdrawing the issue.

The section discusses provisions related to impersonation under Section 38 of the Companies Act, 2013, detailing liability for fraud involving securities. It also covers regulations concerning foreign investment in Indian securities, referencing the Industrial Policy, 1991, and FEMA. The text details various rules and notifications from different government bodies, such as the DPIIT and the Ministry of Finance, regarding FDI and foreign exchange. Furthermore, it outlines conditions under which the transfer of shares between an Indian resident and a non-resident is permitted, including stipulations related to the Consolidated FDI Policy and SEBI Takeover Regulations.

The text primarily discusses the restrictions on the registration and sale of Equity Shares under U.S. securities laws. It clarifies that the shares will not be registered or listed in any jurisdiction outside of India, and sales are restricted to 'offshore transactions' as defined under Regulation S of the U.S. Securities Act.

This section summarizes related party transactions for the fiscal years 2026, 2025, and 2024, derived from restated consolidated financial information. The disclosed transactions include services rendered by an erstwhile subsidiary, various director-related remuneration and loans, and fees paid to certain individuals. Specific transactions involve services rendered by SRIT Healthcare Solutions Private Limited, write-offs of assets, director remuneration, loan conversions, and various payments to directors and consultants.

This section primarily details various investor grievance procedures and lists of entities involved in the public issue process, including Book Running Lead Managers, Legal Counsel, Statutory Auditors, and various intermediaries. It outlines specific procedures for handling grievances related to the Issue, such as those concerning allotment, refunds, and different payment mechanisms like ASBA and UPI. Furthermore, it provides references to lists of Self-Certified Syndicate Banks (SCSBs), Registered Brokers, Collecting Depository Participants (CDPs), and Collecting Registrars and Transfer Agents (RTAs) as prescribed by SEBI circulars.

This section primarily covers various regulatory and procedural aspects related to the issuance process, including details on collecting RTAs, the eligibility for brokers, the requirements for debenture trustees, and the appointment of experts. It also details the appointment of a monitoring agency and various filing procedures with SEBI and the Registrar of Companies (RoC). Furthermore, it outlines the book-building process, including how the issue price will be determined and the procedures for potential bidders, such as the use of the ASBA process and restrictions on different types of investors.

The company's Board comprises ten Directors, including one Managing Director and several Independent Directors. The Board structure adheres to corporate governance norms prescribed by the Companies Act and SEBI Listing Regulations. The key personnel include the Managing Director, Prasaktha Vakkiyl Nambiar, and Martin Poovakkulam Chacko, who are also noted as Promoters. Various directors are listed with their designations, terms, and directorships in other companies.

The section details the appointment and remuneration terms for several key personnel, including the Chairman and Managing Director, the Whole-time Director, and other directors. Dr. Nambiar Raghavan Madhusoodan was appointed as Chairman and MD for five years, with subsequent changes appointing him as CEO. Prasaktha Vakkiyl Nambiar was appointed as Whole-time Director, and Martin Poovakkulam Chacko was also appointed as a Whole-time Director. Various sitting fees and remuneration details for Independent Directors and the Non-Executive Director are also disclosed. The text also covers various aspects of director interests, including loans, transactions, and agreements with other entities.

The management section details recent changes to the Board composition and outlines various committees constituted by the company. The text confirms that no Directors have been declared fugitive economic offenders. It specifies the authorization for the Board to borrow money up to ₹500.00 Crore and details the composition and terms of reference for the Audit Committee and the Nomination and Remuneration Committee.

The section details various committees constituted by the Board, including the Stakeholders’ Relationship Committee, the Corporate Social Responsibility Committee, and the Risk Management Committee, outlining their respective terms of reference and functions in compliance with relevant laws. It also lists the composition of these committees with the designation of the members. Furthermore, the text describes the constitution of the IPO Committee. The latter part of the section focuses on the Key Managerial Personnel and Senior Management, detailing the roles of the Managing Director, Whole-time Directors, Chief Financial Officer, Company Secretary and Compliance Officer, and other Senior Management members, along with their associations with the company and compensation details.

The management section confirms the absence of conflicts of interest between Key Managerial Personnel (KMPs) and senior management regarding immovable properties, except as disclosed on page 306. The section details recent changes in Key Managerial Personnel or Senior Management over the last three years, including resignations and appointments for various roles such as Company Secretary, Chief Financial Officer, and General Manager. Furthermore, the company states that no non-salary related amounts or benefits have been paid to officers within the two preceding years, other than those in the ordinary course of employment.

The company's promoters are Dr. Nambiar Raghavan Madhusoodan, Prasaktha Vakkiyl Nambiar, and Martin Poovakkulam Chacko, collectively holding 84.74% of the pre-Issue equity shares. The document details the individual profiles of these promoters, including their ages, dates of birth, and Permanent Account Numbers. The document also confirms that there has been no change in control of the company since incorporation and that the promoters have extended personal guarantees and unsecured loans to the company. Furthermore, the document lists various relationships within the Promoter Group and discloses certain aspects regarding the company's operations and dealings with related parties.

The company has identified one Group Company, Ojus Healthcare Private Limited, which is considered a group company based on related party transactions. The Group Company does not have any interest in the promotion or formation of the company, nor is it interested in properties acquired by the company in the past three years or proposed to be acquired by the company. However, the Group Company has taken on a lease agreement with the company for office space, and two of the company's directors and promoters are also directors and shareholders of the Group Company. There are no pending litigations involving the Group Company that could materially impact the company's business. Furthermore, the company's dividend policy is subject to various factors, and there is a risk that the company may be unable to pay dividends in the future.

This section details the main provisions of the Articles of Association of the Company, clarifying that the provisions are subject to the Companies Act, 2013, and other applicable laws. It defines various terms such as 'Board', 'Director', 'Shareholder', and 'Board Meeting'. The provisions cover various aspects related to share capital, including the Board's power to issue shares, including those with differential rights, and the rules governing preference shares, such as their redemption. Furthermore, the section outlines rules regarding the recognition of holders, joint holders, and the process for making and paying calls on shares.

This section details various provisions concerning shareholder rights, including lien rights, forfeiture procedures, and transfer restrictions. The Company has a first and paramount lien on shares for unpaid amounts, which can extend to dividends and bonuses. The Board has the power to sell shares subject to certain conditions, and non-compliance with payment requirements can lead to forfeiture. Furthermore, there are specific provisions regarding the transfer of shares, including restrictions on who can transfer them, and provisions related to the transmission of shares upon the death or insolvency of a member.

This section details various provisions concerning the handling and transfer of securities, particularly those held in Depositories. It outlines the Company's ability to dematerialize, rematerialize, or issue securities electronically, and establishes rules for how beneficial ownership is recorded and transferred. It also addresses the rights of Depositories and Beneficial Owners, including limitations on third-party claims, and procedures for handling the surrender of securities. Furthermore, the section covers rules for the capitalization of profits and the maintenance of various registers related to members and security holders.

This section details various procedural and substantive provisions governing the conduct of general meetings, board operations, and shareholder voting rights. It outlines requirements for convening meetings, the role of the Chairperson, rules for adjournment, and specific rules concerning voting, including the distinction between show of hands and poll voting. Furthermore, the provisions cover proxy appointments, inspection of minutes, director composition limits, remuneration for directors, and the powers vested in the Board of Directors.

The provisions detail various powers granted to the company, including securing debts through various forms of security, appointing trustees, and handling legal proceedings. The Articles also grant the Board significant power to manage investments, set aside profits for various funds, and determine the appointment or removal of employees. Furthermore, the rules cover the handling of dividends, the inspection of company accounts, and various secrecy obligations for company personnel.

The section discusses the company's compliance with legal provisions and the handling of material contracts and documents. It states that the company may amend certain clauses in the Memorandum and Articles of Association subject to relevant laws. Furthermore, it confirms that no material clauses affecting the issue or disclosures have been omitted, and the Articles of Association are compliant with the Companies Act and securities laws as of the Red Herring Prospectus date. The section details various agreements, documents, and resolutions related to the issue, including agreements with various financial and advisory entities.

The provided section primarily consists of declarations signed by various directors affirming compliance with relevant laws and regulations. These declarations certify that the statements and disclosures made in the Draft Red Herring Prospectus adhere to the provisions of the Companies Act, 2013, SEBI regulations, SCRA, SCRR, and the SEBI Act, as amended. The declarations are signed by Whole-Time Directors and Independent Directors.

The provided section consists entirely of declarations affirming compliance with various laws and regulations, including the Companies Act, 2013, and guidelines issued by the Government of India or SEBI. These declarations are signed by different directors and officers, certifying that the statements and disclosures in the Draft Red Herring Prospectus are true and correct.