Manipal Payment and Identity Solutions Limited

This section provides an overview of the industry and market data used in the prospectus, sourced from a Frost and Sullivan report. It details several favorable macroeconomic drivers in India, including robust economic growth, increasing working-age populations, a growing middle class, rising income levels, and the resulting impact on card issuance. The text also covers projections for the growth of various card issuance markets, such as debit, credit, prepaid, and smart cards, and discusses the growth in outstanding cards. Furthermore, it outlines the growth in the banking infrastructure and the potential for card manufacturers, including the company, to capitalize on the market.

This section primarily discusses various macroeconomic projections and trends related to global and regional economies, focusing on growth forecasts, inflation, trade dynamics, and the impact of emerging technologies. It details expected growth rates for advanced economies, emerging markets, and specific regions like the US, UK, Europe, and India. Furthermore, it covers projections on global inflation, trade growth, labor markets, and the transformative role of emerging technologies such as AI, automation, and digital platforms in reshaping industries and global value chains.

The provided text discusses various macroeconomic and demographic aspects of India, highlighting its resilience amidst global challenges. It covers geopolitical risks, the growth of the MSME sector, economic projections, demographic trends, and government initiatives like the Viksit Bharat Scheme. Furthermore, the text details the robust growth within India's financial services market, including mutual funds and wealth management.

The text discusses several aspects of the Indian financial landscape, including the wealth management industry, the equity market performance, the insurance sector growth, and the banking industry expansion. It highlights robust growth in various financial segments, such as IPO activity, insurance premium collection, and the expansion of bank networks and deposits. Furthermore, it notes improvements in asset quality within the banking sector and the increasing adoption of digital financial services.

This section provides an overview of the digital payment landscape in India, highlighting the exponential growth of digital transactions driven by government initiatives and infrastructure. It details statistics on ATM usage, Point of Sale (POS) terminal expansion, and the performance of various digital payment methods like UPI, credit cards, and debit cards. The data shows significant growth in transaction volume and value across these methods, with UPI emerging as a leading method for small transactions, while credit cards are favored for higher-value spending.

The text details the evolving landscape of digital payments in India, highlighting the coexistence and distinct roles of UPI and card-based instruments. UPI has become dominant for small-ticket, everyday transactions, showing a trend towards smaller ticket sizes, whereas credit and debit cards maintain relevance for higher-value purchases. The text also discusses the growth in the market for rewards and loyalty programs, the expansion of the payment infrastructure, and the impact of government initiatives on the shift towards a cashless economy.

The section discusses various aspects related to payment cards in India, including market size forecasts, penetration rates, and trends in card materials. It details the projected growth of payment cards across various segments, the impact of demographic dividends and financial inclusion efforts on card issuance, and the rise of co-branded credit card partnerships. Furthermore, it covers the shift towards sustainable materials like metal cards and the evolving consumer preference for these products across different generations.

The provided text discusses various aspects related to digital payments, government ID cards, and the credit card ecosystem in India. It highlights the projected growth in India's digital payments market, driven by factors like UPI expansion and the integration of CBDC. Furthermore, the text details the market dynamics for smart cards for government IDs, including the circulation and issuance projections for driving licenses, Aadhaar cards, and e-passports. The section also covers the competitive landscape of the credit card market, noting the role of FinTechs, the evolution of business models like co-branded partnerships, and the importance of personalization and certification for payment cards.

The text discusses several aspects related to the payment card industry, including the growth potential of the metal cards market, the factors driving credit card usage in India, and the dynamics of debit and credit card transactions. It highlights how digitalization, the penetration of various payment methods, and government initiatives have shaped the market. Furthermore, it details trends such as the shift towards sustainability, technological innovations, and the expansion of unsecured personal loans within the credit card sector.

The section details various regulatory frameworks and guidelines issued by the Reserve Bank of India (RBI) concerning the credit card industry, focusing heavily on consumer protection, digital payment security, and fair practices. Key areas covered include transparency in billing, handling of promotional offers, timely billing statements, and protection against disputed transactions. Furthermore, the text discusses restrictions on who can issue credit cards and the requirements for data privacy and sharing with partners. It also provides market data on the global payment card landscape, including projections for various card types and the positioning of India as a manufacturing hub for payment cards.

This section discusses the penetration rates of credit and debit cards across various regions, including Asia Pacific, Latin America, and the Middle East & Africa (MEA). It highlights specific trends such as the growth of debit card usage due to financial inclusion initiatives and the rise of digital transactions. Challenges mentioned include regulatory compliance and competition from alternative payment methods. Furthermore, the text details trends in the credit card market, such as the rise in global adoption and the emergence of co-branded cards.

The provided text discusses various trends and challenges within the financial technology sector, including security concerns, regulatory changes, and economic fluctuations affecting credit card issuers. Key trends highlighted include product diversification, a shift in consumer preference from points to cashback, integration with mobile payments, and the growth of co-branded cards. Furthermore, the text explores the transformative role of Fintech, the rise of neobanking, and the growth of the wearables market, which is driven by health and fitness needs. It details how wearables are evolving to integrate technology with daily life, offering features like health monitoring, convenience, and contactless payments.

The provided text discusses several distinct areas, including wearable payments technology, the growth of the global payment wearables market, challenges in this sector, India's Aadhaar system, and the passport market. Wearable payments involve contactless transactions using various technologies like Host card emulation (HCE) and NFC, offering benefits like user data access and personalization. The global payment wearables market is projected to grow significantly. India's Aadhaar system was established to provide a unique digital identity for residents, streamlining government services, though it faces challenges related to data security and inclusion. Furthermore, the passport market is shifting towards electronic passports (ePassports) to enhance security and facilitate international travel.

This section details various aspects related to security documents, market trends, and financial instruments in India. It discusses the implementation of ePassports for national security and border control, the growth drivers for driving licenses, the transition to polycarbonate cards, and the relevance of cheque books in the financial ecosystem. Furthermore, it covers the growth in the used car market, the expansion of the new car market, and the continued role of cheque books despite digital payment advancements.

The text discusses various aspects related to banking regulations, the shift towards digital payments, and the growth of different payment instruments and markets in India. It covers regulatory support for cheque usage, challenges posed by digital methods, the rise of transit cards for urban mobility, and the development of various card types. Furthermore, it details the growth of the Indian retail market, the increasing share of online retail, and the evolution of payment methods from cash to cards, alongside the manufacturing landscape for various payment cards.

The section details the various technologies used in payment card transactions, including magnetic stripe, NFC, RFID, EMV chip-based, and dual interface cards. The manufacturing process is highly automated, involving encrypted networks and machines to encode private information onto cards, followed by strict quality checks. There is a growing trend towards environmentally conscious manufacturing, with Indian manufacturers exploring biodegradable and recycled materials. The industry is characterized by high operational intensity, requiring a blend of advanced technology and secure infrastructure, and entry is restricted by the need for multiple global certifications from entities like Visa and Mastercard. Furthermore, the industry faces challenges related to regulatory changes, cybersecurity threats, consumer behavior shifts towards digital payments, and environmental concerns.

This section details the various aspects of the Radio Frequency Identification (RFID) ecosystem, including its different frequency bands and the roles of various stakeholders. It outlines market trends, growth drivers, and opportunities across various industries. Key trends include the demand for passive UHF tags for large-scale operations, the optimization of the supply chain through tracking, and the integration of RFID with IoT for digital transformation. The text further breaks down market growth by region, highlighting significant expansion in North America, Europe, and APAC, with India showing strong growth driven by logistics and manufacturing needs.

This section details the broad applications and growing trends of Radio Frequency Identification (RFID) technology across various industries. The text covers its use in retail innovations, library management, key-fobs, EV battery charging, access control, and its crucial role in the solar energy sector. Furthermore, it discusses the benefits of RFID in the export sector, logistics, and the growing push for localization of RFID manufacturing in India to achieve self-reliance.

The text discusses the evolution of tax stamps in India, noting their progression from simple paper stamps to sophisticated 'phygital' systems that combine physical security features with digital traceability. The liquor industry is highlighted as the primary driver of this market, with massive annual consumption. The market is evolving to address various high-risk goods, including tobacco and pan masala, through digital identification codes, aiming to curb tax evasion and enhance supply chain transparency. Key trends include the integration of digital elements like QR codes and track-and-trace systems, alongside a focus on sustainability through eco-friendly materials.

The text discusses the growing trend of using secure QR codes in India to combat counterfeiting and enhance traceability across various sectors. This trend is driven by regulatory mandates, the ubiquity of digital infrastructure, and the need for corporate brand protection. Secure QR codes are being applied to ensure authenticity in pharmaceuticals, agrochemicals, alcohol, consumer electronics, and official government documents. While this technology offers significant benefits for supply chain transparency and consumer trust, challenges such as implementation cost and the need for continuous enforcement remain.

Holostik India Ltd. is a pioneer in anti-counterfeiting and holographic technologies, extending its solutions to include secure QR code printing for product authentication. Shriram Veritech Solutions specializes in brand protection and secure packaging, focusing on QR code-enabled packaging, serialization, and warranty management for various industries. The text also discusses the thermal paper industry, highlighting the strategic segment of the Voter-Verified Paper Audit Trail (VVPAT) roll used with Electronic Voting Machines (EVMs), which offers a tangible audit record. Growth drivers for the thermal paper sector include regulatory certainty, rising electorate numbers, receipt digitalization, and a robust security manufacturing ecosystem.

The section details various macro themes driving deals across the industry, including the vertical integration of secure identity solutions, the trend towards biometric authentication technologies, the integration of next-generation smart card features, and the focus on personalization for loyalty and financial cards. Furthermore, the text outlines the competitive landscape in the global payment cards manufacturing domain, listing top-ranked manufacturers according to a Nilson report. It then provides a detailed overview of key Indian card manufacturers, including Manipal Payments and Identity Solutions Ltd., and describes their capabilities, market position, and various product offerings.

The company provides a range of solutions including payments, identification, secure solutions, and smart tagging/IoT solutions to various entities such as banks, fintechs, NBFCs, and governments, both domestically and internationally. The core offerings encompass payment cards, cheque solutions, NFC/QR codes, payment-enabled wearables, digital automation, driving licenses, registration certificates, national identity cards, secure logistics, and security-enhanced packaging. The company has acquired various businesses, including variable data printing and secure logistics, and smart tagging/IoT solutions. The company holds significant market positions, having been among the largest manufacturers of payment cards globally and in India, and pioneering certain products like the Rupay card and polycarbonate-based driving license cards.

The company serves a diverse customer base, including private banks, PSBs, fintechs, and government organizations, by providing various payment and identification solutions. The company has a history of enabling the transition of payment cards from magstripe to chip-embedded cards. Key operations involve printing, laminating, and embedding electronic chips, supported by a robust technology platform for card personalization and dispatch management. The company holds numerous certifications from payment networks and has a significant market position as a manufacturer of payment cards. Furthermore, the company offers a wide suite of products including various card types, cheque solutions, identification documents, and specialized security-enhanced products.

The company focuses on technology-driven facilities and operations, emphasizing security compliance with payment network standards. They hold various certifications, and their operations involve handling sensitive data through strict security measures. The company manufactures and personalizes payment cards, has achieved certifications from major payment networks, and is positioned as a leading manufacturer in India. Furthermore, they are involved in various identity solutions for government projects and are expanding their market reach globally. The business strategy includes increasing market share, focusing on metal cards, and diversifying offerings across various product categories.

The company offers a diverse range of payment solutions, including various types of cards made from different materials, and provides services for card personalization. These services cover a wide spectrum of card types, such as metal, colour core, recycled PVC, LED, crystal, hot foil stamping, and others, to meet different branding and functionality requirements. The company also provides services for cheque books, customized for various brands, and produces contactless tags like NFC and QR code stickers for payment and identification. Furthermore, they offer solutions for digital automation, including instant card issuance kiosks and intelligent transit management systems. The company also handles national identity card printing and provides services for driving licenses and registration certificates, alongside secure logistics for card delivery.

The company offers a range of services centered around high-volume print capacity, multi-layer security features, and reliable delivery infrastructure. They manufacture holograms for various purposes, including tax stamps, payment schemes, and identity cards, and produce coated products such as airway bills, VVPAT rolls, and event tickets. The company has acquired a business focused on smart tagging and IoT solutions, which involves multiple manufacturing facilities. They serve a diverse customer base including state governments, banks, and retailers, and hold several industry certifications. Furthermore, they supply tax stamps for liquor control and offer end-to-end track and trace solutions, including smartphone-based authentication for excise departments.

The company operates through various manufacturing facilities across India, including specialized units for card manufacturing, cheque printing, and smart tagging/IoT solutions. The company is involved in the production and personalization of various identification documents, including national identity cards, driving licenses, and vehicle registration certificates. The business markets its products to a diverse clientele, spanning banking, finance, and government departments, and maintains a broad geographic reach through both domestic and international sales consultants and agent networks. The company has a significant track record in government projects and has established relationships with numerous financial institutions and fintech companies.

The company engages with various customers, including Public Sector Banks (PSBs), private banks, payment banks, small finance banks, and fintechs, through service provider agreements for card and cheque products. These agreements cover various durations, with contracts ranging from one year to five years depending on the customer type. The company also deals with government projects, such as manufacturing driving licenses and vehicle registration certificates for certain states. Furthermore, the business involves the procurement and management of raw materials for card manufacturing, cheques, and tax stamps, requiring stringent quality control and vendor screening processes.

The provided text details various aspects of the company's operations, including data privacy, quality control for payment cards and cheques, adherence to various industry standards and certifications, human resources, research and development activities, and corporate social responsibility initiatives. The company emphasizes rigorous quality checks across different product lines and maintains compliance with regulatory requirements. Furthermore, the company holds intellectual property such as patents for metal card manufacturing and is aware of the competitive landscape within the global payment card industry.

This section details various insurance policies, including Industrial All Risk, Vehicle Package, Business Package, Fire-Floater Stock, and Burglary policies, along with associated tenures and values. It also lists the registered and corporate office location in Manipal, Karnataka, and provides extensive information regarding numerous leased properties, such as manufacturing facilities, personalization bureaus, and cheque printing facilities across various locations in Karnataka, Maharashtra, and West Bengal. Furthermore, the text outlines numerous applicable laws and regulations in India, including various labour laws, the Code on Wages, the Legal Metrology Act, and various environmental and electricity acts.

The section details various pieces of legislation applicable to the company's operations, including environmental laws such as the Water Act, Hazardous Waste Rules, and Plastic Waste Management Rules, which govern waste handling and pollution control. It also covers liability provisions like the Public Liability Insurance Act, which mandates insurance for hazardous substance owners. Furthermore, the text outlines regulations concerning electronic waste, including rules for manufacturers and recyclers. The section also lists numerous tax laws applicable to company operations, such as various GST acts and customs laws. Finally, it discusses IT-related regulations, including the Information Technology Act, which addresses electronic transactions and liabilities, and rules concerning the disclosure and handling of sensitive personal data, including the Digital Personal Data Protection Act and related rules.

The company's history began with its incorporation as "MCT Cards & Technology Private Limited" on February 19, 2008, in Karnataka, India. The company underwent several significant changes, including conversions to a public limited company and subsequent name changes. Key amendments to the Memorandum of Association occurred throughout the years, reflecting changes in business scope and authorized share capital. Major milestones include the commencement of various card offerings, receipt of compliance certificates, and significant acquisitions of business divisions from Manipal Technologies Limited (MTL).

This section details various agreements, corporate structures, and subsidiaries related to the company. It outlines terms regarding the appointment of directors and observers, information rights, and transfer restrictions under a Shareholders' Agreement (SHA). Furthermore, it describes the relationship with Manipal Technologies Limited (MTL) concerning brand trademarks, including royalty payments. The text also details the corporate information, capital structure, and financial summaries for four subsidiaries: MPI Nigeria, MPI UK, and MPI USA, including their incorporation dates and shareholding patterns.

The section details various financial and corporate confirmations, including information regarding fiscal years, accumulated profits, and relationships with other entities. It outlines the incorporation of MPI Global Limited in the UAE and clarifies the lack of business operations for that entity at the time of the prospectus. Furthermore, it extensively lists various guarantees provided by the Promoter Selling Shareholder to third parties, including banks and other entities, and confirms the absence of certain agreements with shareholders, promoters, or related parties.

This section provides various definitions and abbreviations used within the Prospectus. It defines terms related to the company, such as the Issuer, various committees, key personnel, and agreements. It also details terms related to the offer process, including different types of bidders, the process for allotment, and the roles of various intermediaries. Key definitions cover aspects like the company's legal identity, the nature of the equity shares, and the process for receiving bids.

This section details various terms and definitions relevant to the offering, including eligibility criteria for investors, types of accounts, and various financial and regulatory terms. It specifies different categories of investors such as Eligible FPIs, Eligible NRIs, and Retail Individual Bidders. It also defines various aspects of the offer structure, such as the Fresh Issue and Offer for Sale components, the pricing mechanism, and the various parties involved in the process.

This section primarily defines various financial and legal terms used within the prospectus. It includes definitions for financial metrics like revenue sources, working capital components, and various legal and regulatory terms. It also specifies conventions regarding the use of currency, time, and the source of financial data, including exchange rates for USD, GBP, and NGN.

The section discusses the compilation of restated standalone financial information, including various financial statements for different years, and details the reliance of statutory auditors on reports from various entities. It also covers significant differences between accounting standards (Ind AS, US GAAP, IFRS) and the limitations on the reader's ability to reconcile these differences. Furthermore, the text includes disclosures regarding non-GAAP financial measures, industry data sources, and various risks related to operational disruptions, customer/supplier dependencies, regulatory compliance, and guarantees provided by promoters.

The offer details specify the structure for a securities offering, detailing the total size of the issue, which includes a Fresh Issue and an Offer for Sale. The total aggregate amount is detailed across various portions, including QIB and Non-Institutional categories. The documentation outlines various provisions regarding the allocation of shares to different bidder categories and the procedures for dealing with under-subscription or allotment.

The provided text details various contingent liabilities and disputes faced by the company across different tax regimes, including Central Excise, Customs Duty, GST, and Income Tax. These disputes primarily revolve around the classification of products like PVC sheets, identity cards, and smart cards, as well as issues related to input tax credit mismatch, composite supply, and various duty demands. The company has been pursuing appeals against these orders before the CESTAT, Commissioner Appeals, and other relevant authorities, and has made various pre-deposits to contest the demands.

The company's authorized share capital is detailed, along with various figures related to the issued, subscribed, and paid-up share capital before and after a recent offer. The document also provides a history of equity share allotments, detailing various transactions and the corresponding changes in the share capital over time. Furthermore, it discloses the promoter's shareholding percentage and details of specific equity share transfers.

This section details various allotment and transfer transactions involving equity shares across different dates. The data includes the number of shares, face value, issue price, and the nature of the consideration for these transfers. The data also shows the percentage change in equity share capital post-offer for several transactions.

This section details various aspects of equity share allotments and transfers, including the percentage changes in equity share capital. It mentions a specific group of registered holders in relation to Manipal Technologies Limited and discusses instances of non-compliance with regulatory filings and refund delays related to securities issuances. Furthermore, the text provides extensive records of secondary transfers involving various entities and individuals, showing the movement of equity shares over time.

This section details various historical equity share transfers and subsequent shareholding patterns of the company's promoters and related parties. It includes records of cash and share transfers between various entities over different dates. Furthermore, it outlines rules regarding the minimum promoter contribution and lock-in periods for equity shares, including provisions for locking in shares for six months and various conditions for transferring or pledging locked-in shares.

The section details the shareholding pattern of various shareholders in the company, categorized by different timeframes and share denominations. Data is provided for pre-offer, 10 days prior, and one year prior to the prospectus date, showing the percentage of pre-offer equity share capital held by each entity. Furthermore, it outlines the pre-offer and post-offer shareholding structure, including the percentage breakdown at different price bands, and details regarding the acquisition of securities by promoters and the company's policy on future issuance of securities.

The section details various aspects of the company's capital structure, including the number of equity share holders and the status of employee stock option schemes. It specifies that certain funds do not hold equity shares in the company as of the prospectus filing date. Furthermore, it outlines the details of an Employee Stock Option Plan (ESOP Scheme), including the number of options granted, vested, and exercised over different fiscal periods. The text also covers aspects related to the accounting treatment of options and the intention of key managerial personnel to sell shares.

The Offer involves a total issue size of ₹805.00 Crore, comprising a Fresh Issue of 94,39,528 Equity Shares and an Offer for Sale of 1,43,06,785 Equity Shares. The Promoter Selling Shareholder is entitled to receive their portion of the proceeds after deducting offer-related expenses, with the Company not receiving any proceeds from the Offer for Sale. The Net Proceeds from the Fresh Issue are proposed for utilization towards specific objects, including capital expenditure for equipment and general corporate purposes. The deployment schedule outlines the planned utilization of these net proceeds across fiscal years.

This section details various pieces of equipment proposed to be funded from the net proceeds, categorized by their respective costs and the amount proposed to be funded. The equipment listed includes items such as booklet marker machines, card affixing machines, digital printing machines, and various CNC milling machines. The data provides the basic cost per unit, the quantity, the total cost, and the amount proposed to be funded from the net proceeds for each item.

This section primarily details various equipment acquisitions, noting that the equipment has been acquired second-hand across numerous instances. The text provides specific details regarding the estimated age and balance life for each piece of equipment mentioned. The excerpt focuses entirely on the characteristics of the acquired equipment rather than explicitly detailing the categorization of the use-of-proceeds.

The section details various new and second-hand equipment for the Smart Tagging and IoT Solutions business, listing the equipment, vendor, basic cost, total cost, and the amount proposed to be funded from Net Proceeds. The section also outlines the intended use of the funds, allowing flexibility for general corporate purposes up to 25% of the Gross Proceeds, subject to Board approval. Furthermore, it specifies that the fund requirements will be met entirely from Net Proceeds, with provisions for exploring internal accruals or debt if a shortfall occurs. The text also covers various aspects related to offer expenses, including fees payable to various intermediaries and the processing of applications.

The company is required to provide details on any unutilized Gross Proceeds in its balance sheet and to disclose the deployment of Net Proceeds on a quarterly basis in the notes to its consolidated results. Furthermore, the company must disclose the uses and application of Gross Proceeds to the Audit Committee quarterly, and prepare an annual statement of funds utilized for purposes other than those stated in the Prospectus. The company is also obligated to furnish quarterly statements to Stock Exchanges regarding the utilization of Gross Proceeds, including any deviations, which will be published alongside interim or annual financial results.

The provided text primarily discusses Key Performance Indicators (KPIs) for operational and financial performance, including definitions and comparisons with industry peers. It details various KPIs such as Volume of banking cards, Personalization bureaus, and Net Working Capital Days, and clarifies that these KPIs are supplemental measures and should not be considered in isolation from Restated Financial Information. The text also covers comparisons of these KPIs with Seshaasai Technologies Limited across different financial years and outlines various aspects related to the issuance of equity shares, including primary and secondary transactions.

This section details various special tax benefits available to the Company and its shareholders under both the Income-tax Act, 1961, and the Income-tax Act, 2025, as amended by Finance Act, 2026. It outlines provisions related to corporate tax rates, deductions, capital gains, and dividends, as well as special provisions under the GST law. The statement emphasizes that the availability of these benefits is contingent upon the Company and shareholders fulfilling prescribed conditions.

The provided text section contains disclaimers regarding the views expressed, stating that they are based on existing legal provisions which are subject to change, and that the company does not assume responsibility for updating these views. It also clarifies that the company does not have a material Indian subsidiary under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Finally, it confirms that the statement was prepared solely in connection with the proposed issue under the Companies Act, 2013 and the SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2018 as amended.

This section details the examination performed by the independent auditors on the restated financial information of Manipal Payment and Identity Solutions Limited and its subsidiaries. The examination covered various financial statements for the years ended March 31, 2026 and March 31, 2025, including consolidated and standalone statements. The auditors confirmed that the financial information was prepared in accordance with relevant laws and guidance notes. The report also noted various adjustments made retrospectively due to acquisitions and the inclusion of financial statements from subsidiaries located outside India.

This section presents the restated financial statements for Manipal Payment and Identity Solutions Limited for the years ended March 31, 2026, 2025, and 2024. The data includes a detailed breakdown of revenue, expenses, profit/loss, and tax components. Key figures show fluctuations in revenue from operations and profit before tax across the three periods.

This section details the restated statement of changes in equity and cash flows for Manipal Payment and Identity Solutions Limited across several fiscal years. It includes movements in equity share capital, retained earnings, and various adjustments related to transactions with owners. The data is presented in Indian Rupees million, and the statement covers financial information for the years ended March 31, 2024, 2025, and 2026.

This section details various accounting policies and judgments used in preparing the Restated Financial Information, including considerations for estimates, judgments, and the treatment of different financial and non-financial items. It covers aspects such as the useful lives for Property, Plant and Equipment and Intangible Assets, the recognition of income tax expense, the treatment of financial instruments, and the accounting for leases. Furthermore, it outlines policies for revenue recognition, the valuation of inventories, the treatment of employee benefits, and the accounting for share-based payment awards.

This section details various accounting policies, including those related to financial assets, provisions, segment reporting, and impairment of assets, in accordance with Ind AS 109. It outlines the group's management structure and the focus on the 'Payment and Identity Solutions' operating segment. The text also covers recognition criteria for provisions, contingent liabilities, and warranties, as well as consolidation procedures for subsidiaries. Furthermore, it discusses the regrouping of prior year's figures and various changes and amendments to accounting standards notified by the Ministry of Corporate Affairs (MCA).

This section details the financial statements for Manipal Payment and Identity Solutions Limited, covering Property, Plant and Equipment, Right-of-use assets, Capital Work in Progress, and Other Intangible Assets. The data is presented across various reporting dates, showing changes in carrying amounts, additions, and deductions over time. It also lists details regarding investments and other non-current financial assets.

This section details various financial statement line items, including Inventories, Investments, Trade Receivables, Cash and Cash Equivalents, Loans, Other Current Financial Assets, Other Current Assets, and Share Capital. The data is presented for fiscal years ending March 31, 2024, March 31, 2025, and March 31, 2026. Specific notes clarify aspects such as inventory valuation, trade receivable ageing, cash balances, and the structure and ownership of the company's equity shares.

This section details various components of the financial statements, including equity, reserves, borrowings, and liabilities, across three fiscal years ending March 31, 2024, March 31, 2025, and March 31, 2026. Key information is provided on retained earnings movements, debenture redemption reserves, share option outstanding accounts, and various financial instruments. It also outlines the structure and history of non-current borrowings, including term loans and debentures, and details of various financial liabilities such as lease liabilities and trade payables.

This section details various provisions, revenue, income, costs, and expenses for the financial years ending March 31, 2026, 2025, and 2024. Revenue from operations showed a slight decline across the years, while other operating revenue fluctuated. Other income included interest income, foreign currency gains, and profit on the sale of investments. The cost of materials consumed and purchase of stock-in-trade are detailed, along with employee benefits expenses and finance costs. The section also covers depreciation, amortization, other expenses, and payments to auditors.

This section details the restated financial information for Manipal Payment and Identity Solutions Limited across three fiscal years ending March 31, 2026, March 31, 2025, and March 31, 2024. It includes tax expense breakdowns, other comprehensive income items, and the restated statement of assets and liabilities. Furthermore, it provides information on earnings per share, including basic and diluted EPS, and details regarding the Employee Stock Option Plan (ESOP) including the reconciliation of employee stock options and the recognition of share-based payment expenses.

This section details various financial and contingent liabilities related to different divisions of the company, including the VDP and Revenue Assurance businesses. It covers details on asset and liability structures, various financial guarantees provided to lenders, and numerous disputes and demands from various tax authorities concerning the classification of goods, such as PVC sheets and identity cards, under different HSN codes. It also mentions issues related to Input Tax Credit mismatches, income tax assessments, and customs duty disputes.

This section provides disclosures related to various financial aspects of Manipal Payment and Identity Solutions Limited, including trade payables, capital creditors, credit risk, liquidity risk, and market risk exposures. It details movements in expected credit loss allowances, various financial liabilities and assets, and the exposure to foreign currency risks. The text also outlines the group's approach to managing these risks and the classification of financial instruments under different fair value hierarchies.

This section details various financial disclosures, including employee benefit plans, gratuity provisions, recognized expenses, and revenue from contracts with customers. It provides comparative data for the years ended March 31, 2026, March 31, 2025, and March 31, 2024. The data covers changes in defined benefit obligations, fair values of plan assets, recognized expenses, and various components of revenue, such as card sales and services.

This section details various financial and related party disclosures for Manipal Payment and Identity Solutions Limited, covering lease liabilities, related party transactions, and balances at the end of the fiscal years ending March 31, 2026, 2025, and 2024. The data includes movements in lease liabilities, recognized expenses, cash flow related to lease payments, and various transactions involving related parties such as service sales, material sales, and payments, alongside balances of receivables, payables, and security deposits.

This section details various financial disclosures, including related party balances, net debt reconciliation, and compliance with regulatory requirements. It outlines the movement in net debt components such as debentures, borrowings, and lease liabilities over several years. Furthermore, it includes disclosures regarding Corporate Social Responsibility expenditures, restrictions on lending or investing funds to certain parties, and compliance with various provisions of the Companies Act, 2013.

This section provides details regarding the audit trail compliance of the company's accounting software, noting exceptions for in-house developed MIS and Data Centre applications. It confirms compliance with audit trail requirements for payroll software starting from July 1st, 2024, although the audit trail is not maintained at the database level. The company has complied with statutory record retention requirements and backup procedures for electronic books of accounts. Furthermore, the text discusses the acquisition of various business segments from Manipal Technologies Limited, including variable data printing and secure logistics, and a revenue assurance acquisition related to smart tagging and IoT solutions.

The provided text details various aspects of the company's financial reporting, including the volatility of raw material pricing, the diversity of customer relationships, and the integration of acquired businesses. It outlines the process for restating financial information and provides accounting policies regarding the measurement of different financial instruments and assets. Furthermore, it discusses judgments and estimates made in applying accounting policies, such as useful lives for various assets and the measurement of lease liabilities.

This section details various accounting treatments and recognition policies for the financial statements, covering aspects such as fair value determination, revenue recognition, functional currency translations, employee benefits, leases, provisions, and basis of consolidation. It outlines specific rules for valuing inventories, recognizing revenue from contracts, handling foreign currency transactions, accounting for employee compensation, and applying impairment testing for assets. Furthermore, it describes the methods for calculating Earnings Per Share and the presentation of the Restated Statement of Cash Flows.

This section details various accounting and financial statement classifications, changes in accounting standards, and reconciliation of key performance metrics. It outlines criteria for classifying assets and liabilities as current or non-current, discusses recent amendments to Indian Accounting Standards (Ind AS) by the MCA, and provides formulas for calculating EBITDA, PAT Margin, Fixed Asset Turnover Ratio, Return on Equity, Return on Capital Employed, Debt to Equity Ratio, Current Ratio, and Gross Profit Margin. It also defines components of income and expenses.

This section details the components of the Profit and Loss statement for fiscal years 2026, 2025, and 2024, showing their percentage contribution to total income. It also provides a comparison of key financial data between fiscal years, highlighting changes in revenue, expenses, and income. The data includes detailed breakdowns of operating revenues, cost of materials, employee benefits, finance costs, depreciation, and other expenses, alongside comparisons of these items year-over-year.

This section details various financial statement movements, including changes in assets, liabilities, and cash flows over several fiscal years. Non-current assets saw growth driven by investments in leased assets and capital work-in-progress for facility expansion. Current assets showed fluctuations related to receivables and prepaid expenses, while cash and cash equivalents decreased due to debt redemption payments. The data also covers changes in liabilities, including borrowings and financial obligations, and provides details on cash flows from operating, investing, and financing activities.

This section covers various risk factors, capitalization details, and financial indebtedness information for the company. It includes warnings about potential adverse effects from revenue reduction, information on the capitalization as of March 31, 2026, and a summary of outstanding borrowings as of June 30, 2026. Furthermore, it details the principal terms of the borrowings availed from various banks, including tenor, interest rates, pre-payment penalties, and security provisions.

Investors should be aware that risks exist that could adversely affect the company's business, operations, financial condition, and cash flows. The company has acquired several businesses, including a variable data printing division and a revenue assurance acquisition, which are included in the financial information. Furthermore, the company is highly dependent on key customers for a substantial portion of its revenue, and its production relies on the timely supply of various raw materials from its suppliers. Risks such as adverse developments with customers, supply chain disruptions, and changes in the regulatory environment could negatively impact the business.

The company faces several risks related to market dynamics, operational disruptions, and legal/regulatory issues. Risks include potential impacts from rapid technological changes and shifts in end-user preferences, as well as supply chain disruptions for raw materials. There are significant risks associated with promoter guarantees and potential litigation involving group companies. Furthermore, the company is exposed to risks concerning the acquisition of second-hand equipment, the potential for non-compliance with payment network security standards, and risks related to related party transactions. Operational continuity is also threatened by potential system outages, natural calamities, and the dependency on third-party suppliers and customers.

The company faces risks related to contract compliance, where failure to adhere to terms might lead to contract termination and claims for indemnity. There is also a concern regarding the consistency of product quality and the potential for future liability claims. Security breaches pose a risk to sensitive customer and cardholder data, potentially leading to losses of intellectual property or customer data. Furthermore, the company's reliance on The Manipal Group for operations and strategic services introduces dependency risks. The company's ability to access capital is tied to its credit ratings, and there are concerns about the timely availability of such ratings. Operational risks include the under-utilization of manufacturing capacities, which can strain financial and operational efficiency, and risks associated with the procurement of new equipment, including potential cost overruns and delays. Finally, there are issues with the traceability of historical corporate records and pending legal proceedings involving promoters and management.

The prospectus details several areas of risk, including past legal proceedings involving promoters and directors, potential future legal issues, and the risk of penalties due to delays in paying statutory dues. There are also significant risks associated with international operations, such as compliance with diverse laws and regulations across multiple jurisdictions, currency fluctuations, and political instability. Furthermore, the company faces industry-specific threats in the payment card sector, such as increased regulation, data breach risks, and shifts towards digital payments. Finally, there are concerns regarding the integration of recently acquired businesses and the general challenges of securing and integrating new acquisitions.

The risk factors discussed cover several areas, including technological interoperability, data security, and user privacy concerns related to wearables. There are also significant challenges in the chequebook market due to the shift towards digital payments and government initiatives. Furthermore, the company faces risks related to the growth of driving license registration certificates, including issues with fake licenses and various implementation challenges. The market for payment cards is threatened by cardless payments, and the company's ability to innovate and introduce new products is subject to technological changes. Intellectual property protection is a concern due to the difficulty in enforcing patents and trademarks, and there are risks associated with the execution of growth strategies, including obtaining necessary approvals and securing funding.

The company faces several risks related to product liability, including potential legal actions from customers and the unpredictability of such claims. Operations are dependent on an uninterrupted supply of power and water, and disruptions could lead to operational slowdowns and increased costs. Furthermore, there is a risk concerning the timely collection of receivables, which could negatively impact cash flows. The company is also exposed to competition, where rivals may adapt faster to technological changes, and risks associated with financing agreements, such as variable interest rates, could affect operations. Regulatory compliance is a concern due to potential non-compliance with laws and regulations, and the inability to obtain or renew necessary permits and licenses in a timely manner.

The company faces several risks related to third-party contracts, including liability concerns and potential impacts on reputation due to anti-corruption law non-compliance. Information regarding production capacity and utilization is based on estimates, and future capacity may vary significantly. There is a risk of disruption to the workforce supply, including potential labor disputes or strikes, and the company is subject to various Indian labor laws. Furthermore, the company relies heavily on key personnel, and the loss or inability to attract replacements could negatively impact operations. The company's insurance coverage may be inadequate, and there is a risk that uninsured losses could affect its financial condition. Finally, the market price of the equity shares is not guaranteed to remain above the offer price, and the deployment of net proceeds is subject to management estimates and potential changes in underlying factors.

The company faces risks related to the utilization of net proceeds, where variations may require shareholder approval, which could be delayed or denied, potentially impacting business operations. Directors may lack sufficient experience as listed company directors, which could limit their ability to ensure compliance with listing obligations and internal controls. There are significant risks stemming from natural disasters, terrorist attacks, and civil unrest that could materially affect the business. Furthermore, various political, economic, and international factors, including changes in government policies, interest rates, inflation, and trade tensions, pose threats to the company's financial condition and operations. The company is also exposed to risks from competition laws, potential anti-takeover provisions, and the uncertainty of changes in laws and regulations. Finally, the volatility of the equity share price is noted due to various market factors and potential pre-emptive surveillance measures by stock exchanges.

This section outlines several risks related to marketability, currency fluctuations, and taxation for investors. Risks include potential disruptions to the market liquidity and reputation of the equity shares, adverse effects from fluctuations in the Indian Rupee against foreign currencies, and various tax implications such as capital gains tax and Securities Transaction Tax (STT). Furthermore, the text details uncertainties regarding the listing process, the development of an active trading market, and potential issues arising from changes in Indian laws and regulations. There are also concerns about foreign investment restrictions and the ability of shareholders to exercise pre-emptive rights.

The section outlines various aspects of legal and litigation matters, including disclaimers regarding outstanding criminal proceedings, statutory actions, and pending litigation. It details a materiality policy for civil litigation, defining thresholds based on turnover, net worth, and profit/loss, which were used to determine a materiality threshold. Several specific litigation cases are disclosed, including civil suits, criminal complaints, and tax proceedings involving the Company, its Promoters, and Subsidiaries. Furthermore, it details various proceedings initiated by third parties against the Promoters, such as defamation suits and disputes over contractual dues.

The section details various aspects of litigation, tax proceedings, and regulatory approvals related to the company and its directors. It states that no disciplinary actions have been imposed by SEBI or stock exchanges against the Promoters in the last five fiscal years. It quantifies tax proceedings involving the Promoters, including direct and indirect taxes. Furthermore, it outlines several pending criminal proceedings initiated by the Directors, including complaints filed by a former Chairman of Punjab National Bank and multiple cases filed against him under the Negotiable Instruments Act. It also mentions pending criminal proceedings against the Directors concerning misappropriation of an invention. Regarding group companies, a dispute arose from a credit facility restructuring involving a corporate guarantee, which is currently pending in the High Court. Finally, the section lists numerous governmental and statutory approvals, including tax registrations, labour registrations, trade-related authorizations, and necessary permits for manufacturing facilities across various states.

The section details various licenses and approvals transferred to the Company related to printing facilities, including factory licenses, consents to operate under various environmental and pollution control acts, and verification certificates under the Legal Metrology Act for multiple manufacturing facilities across several states. It also outlines the transfer of business units, such as the Variable Data Print and Secure Logistics division, and the Revenue Assurance business, which involved acquisitions from the holding company. Furthermore, the section lists numerous registered patents and trademarks, and details the definition and scope of 'Group Companies' as per SEBI ICDR Regulations, including the details of the top five group companies.

The section primarily addresses the lack of pending litigation involving the Group Companies as of the Prospectus date, and details various regulatory and statutory disclosures related to the offer process. It outlines approvals for the offer, confirmations regarding the status of the company and its promoters concerning various regulatory prohibitions, and eligibility criteria for the offer under SEBI ICDR Regulations. It also specifies compliance with certain rules and clarifies the jurisdiction for any disputes arising from the offer.

The section primarily discusses restrictions on the offering and sale of Equity Shares outside of India, limiting transactions to 'offshore transactions' under Regulation S of the U.S. Securities Act. It also details the scrutiny processes undertaken by the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE) for listing the securities. Furthermore, the text outlines conditions regarding the repayment of monies received if listing permissions are not granted within a specified timeframe. Finally, it lists various consents obtained from numerous professionals and entities to act as experts for the prospectus.

This section details the price information of past issues handled by three different investment firms: Axis Capital Limited, ICICI Securities Limited, and IIFL Capital Services Limited, covering issues from the current fiscal year and the two preceding fiscal years. The data includes various metrics such as issue size, price, listing dates, and percentage changes relative to the closing benchmark index over different timeframes (30, 90, and 180 calendar days). The section also provides summary statistics on the number of IPOs and the total funds raised across different financial years.

This section details various aspects related to past issues handled by IIFL Capital Services Limited and Nuvama Wealth Management Limited, including summary statistics for past IPOs and specific details regarding the track record of Book Running Lead Managers (BRLMs) and investor grievance redressal mechanisms under SEBI regulations. It also outlines specific compensation mechanisms for various delays or issues related to the UPI mechanism in IPOs.

The section details procedures related to investor grievances, the offer terms, and the process for the issuance and trading of equity shares. The company has obtained registrations for grievance redressal through the SCORES platform, and estimates the time required for resolving routine grievances. The offer involves a fresh issue of equity shares and an offer for sale by the Promoter Selling Shareholder. Key aspects covered include the conditions under which the equity shares are subject to various laws, the determination of the offer price band, and the various timelines and procedures for bid submission and processing.

This section details various procedural aspects related to the Offer, including bid submission timelines, handling of bid amounts, rules for allotment based on minimum subscription levels, and procedures for handling under-subscription. It outlines specific rules regarding the acceptance of bids, the liability of various parties concerning bid uploading and fund blocking, and the hierarchy for allotment of equity shares when the offer is under-subscribed.

This section details various procedural requirements and regulatory compliance aspects related to the offer process, including the use of different payment mechanisms like UPI and ASBA, and the rules for various investor categories. It outlines the phased implementation of the UPI mechanism, the requirements for investor documentation, the handling of bids from different investor types such as Mutual Funds, Eligible NRIs, and Anchor Investors, and the rules concerning the transfer of shares and the trading of equity shares.

This section details various rules and restrictions concerning different categories of investors and entities participating in the Offer, including NRIs, HUFs, Anchor Investors, FPIs, SEBI registered entities, and various financial institutions. It outlines specific requirements for bid submissions, such as using specific forms, providing necessary documentation like registrations, and adhering to investment limits stipulated by FEMA and SEBI regulations. Furthermore, it specifies rules for handling multiple bids and the liability of the company and promoters regarding bid amounts and currency conversions.

This section details numerous procedural requirements and do's and don'ts for investors bidding in the offering, primarily focusing on the submission of bid forms, fund blocking mechanisms, and compliance with various regulations. It outlines specific rules regarding bid withdrawal, the required details in bid forms, the use of UPI mechanisms, and the handling of various investor categories like QIBs, NIIs, and RIBs. Furthermore, it specifies grounds for technical rejection of bids and outlines compensation clauses for delays in unblocking funds.

This section details various procedural aspects related to the allotment process, including the roles of various entities in finalizing the basis of allotment, rules for oversubscription, and procedures for payments into escrow accounts for Anchor Investors. It also outlines requirements for pre-offer and allotment advertisements, the signing of underwriting agreements, and various undertakings by the Company and the Promoter Selling Shareholder. Furthermore, the text discusses restrictions on foreign ownership of Indian securities under FEMA and the FDI policy, including rules regarding investment by entities from countries sharing land borders with India.

This section summarizes related party transactions for Fiscal Years 2026, 2025, and 2024, as required by Ind AS 24 and SEBI ICDR Regulations. The disclosures cover various transactions including the sale of services, sale of materials, other receipts, purchase of materials, purchase of scripts, rent paid, service charges paid, other expenses, purchase of property, plant & equipment, investment in shares and debentures, dividend distribution, rent deposits paid, and rent deposits returned. Specific transactions involve entities such as Manipal Technologies Limited, Westtek Enterprise Solutions Private Limited, and others, with corresponding amounts and percentages relative to operating revenue.

The provided section primarily details the amalgamation of JKPL Utility Packaging Solutions Private Limited with JK Paper Limited, which was sanctioned by the National Company Law Tribunal (NCLT) in Ahmedabad on February 3, 2026. The rest of the text lists various details regarding the company's registered and corporate office, the details of its Board of Directors, and information about its Statutory Auditors, including changes in the auditing firm. Furthermore, the text outlines various investor grievance procedures and lists the details of several Book Running Lead Managers (BRLMs) and intermediaries involved in the offer process.

This section primarily details various contacts and lists related to the public offering process, including details for various banks, brokers, and transfer agents. It outlines procedures for the Book Building Process, including how bids are collected and the determination of the Offer Price. Furthermore, it specifies the terms of an Underwriting Agreement entered into with underwriters for the equity shares offered.

This section details the information and contact details for several underwriters involved in the underwriting process for the equity shares. It lists various entities, including Axis Capital Limited, ICICI Securities Limited, IIFL Capital Services Limited, and Nuvama Wealth Management Limited, along with their respective addresses and contact information. The section also provides figures related to the amount underwritten by each entity and a total figure. It concludes with a statement regarding the sufficiency of the underwriters' resources and the acceptance of the underwriting agreement by the Board of Directors.

The company's Board of Directors consists of eight members, comprising one Executive Director, three Non-Executive Directors, and four Independent Directors, including one female Independent Director. The company affirms compliance with corporate governance requirements under SEBI Listing Regulations and the Companies Act, 2013. Details regarding the directors' appointments, terms, and other directorships are provided in a table format.

The company has disclosed that no directors have received any remuneration from subsidiaries or associates for Fiscal 2026, nor is there any contingent or deferred compensation accrued for the same. Furthermore, the company currently has no associate companies. Regarding shareholding, the document details the equity shares held by the directors, noting that certain individuals hold a small number of equity shares in the company. Directors are also disclosed as holding shares in subsidiaries, specifically in Nigeria and the UK. The Board is authorized to borrow funds for business purposes, with limits on the aggregate amount borrowed. The document also outlines various provisions related to conflicts of interest, borrowing powers, and the composition and functions of the Audit Committee.

The document details the composition and scope of several key committees formed by the Board, including the Nomination and Remuneration Committee, the Corporate Social Responsibility Committee, the Stakeholders’ Relationship Committee, and the Risk Management Committee. It outlines the specific functions and responsibilities delegated to each committee, which are governed by various sections of the Companies Act and SEBI Listing Regulations. The text specifies the members of these committees and the terms under which their work is to be conducted, such as formulating policies, reviewing expenditures, and addressing shareholder grievances.

The company outlines several responsibilities related to risk management, including framing and monitoring policies, approving risk tolerance levels, and ensuring compliance with the established risk structure. The Risk Management Committee is empowered to seek information and engage external expertise as needed. The management structure includes key personnel such as the Executive Director and CEO, Chief Financial Officer, Company Secretary and Compliance Officer, Chief Operating Officer, Chief Growth Officer, Chief Information Security Officer, and Chief People Officer, along with a Head of Strategic Finance and Treasury. Various key managerial personnel have been appointed or resigned over the last three years, and the company details the turnover and attrition rates of its employees.

The company's promoters include Tonse Gautham Pai, T. Satish U. Pai, Sandhya S. Pai, Manipal Technologies Limited, Manipal Media Network Limited, Tridevitha Consultancy Services Private Limited, and Tridevita Family Trust - 2017. The promoters collectively hold 61.55% of the fully diluted paid-up equity share capital. Details on the build-up of promoter shareholding are available in a separate section. Individual promoters' details, including their past directorships and associations, are provided, alongside information on corporate promoters and their respective shareholding patterns in related entities.

The section details the nature of business activities, which include consulting, advisory services, and trust-related activities. The board of directors for Tridevitha Consultancy Services Private Limited comprises T. Satish U. Pai, Sandhya S. Pai, and Alevooru Umanath Bhat. The shareholding pattern shows that Sandhya S. Pai holds 99% of the equity shares, and T. Satish U. Pai holds 1%. Tridevitha Consultancy Services Private Limited does not currently hold any equity shares of the company. The promoter details confirm that Sandhya S. Pai is a promoter, and the details of the Promoter Trust, Tridevita Family Trust – 2017, are provided, noting that T. Satish U. Pai is the settlor. Furthermore, various corporate restructuring schemes have been undertaken involving several companies, with Manipal Technologies Limited holding 61.55% of the company's fully diluted shareholding.

The section details the relationships between individuals and lists a large number of entities that form part of the Promoter Group. It also outlines the dividend policy, stating that dividend recommendations will be made by the Board and approved by shareholders, considering various financial and external factors. Furthermore, it specifies that no dividends were declared during Fiscal 2024, Fiscal 2025, and Fiscal 2026, and provides details on the face value and share structure of the equity shares.

The Articles of Association were adopted by the Board of Directors and approved by a special resolution, superseding all previous Articles. The Articles consist of two parts, Part A and Part B, which coexist until a specified event, with Part B prevailing in case of inconsistency. Furthermore, the provisions of the Articles are subject to applicable laws, and certain provisions of the SEBI Listing Regulations prevail over the Articles in case of conflict during prospectus filing. The Articles detail various aspects concerning share capital, member rights, liens on shares, calls, and the transfer and transmission of shares.

The provisions detail various aspects of the company's structure, including share transfer, capital alteration, and governance. Provisions cover the forfeiture of shares upon non-payment, the company's power to increase or modify its share capital, and rules for converting shares into stock. There are also stipulations regarding the buy-back of company shares and the process for capitalizing profits for distribution among members. Furthermore, the articles outline procedures for general meetings, including quorum requirements and voting rights, as well as rules concerning the appointment and removal of directors.

The provisions detail various aspects of corporate governance, including the appointment and rights of Nominee Directors/Board Observers, which includes the right to attend meetings but not necessarily to vote. The Articles also outline procedures for board meetings, including voting majority and the Chairperson's casting vote in case of a tie. Furthermore, the provisions cover the appointment and removal of key officers like the CEO or Manager, and the Board's power to delegate powers to committees. There are also stipulations regarding dividend declarations, the handling of unpaid dividends, and the deduction of money due to the company.

This section primarily details various consents, reports, and agreements related to the prospectus, including those from external experts and various parties involved in the offering process. It lists several key documents and letters dated around September and August 2026, concerning industry reports, expert opinions, and approvals from different entities. Furthermore, it includes declarations from the company's directors affirming compliance with various laws and the truthfulness of the disclosures made in the prospectus.

The provided section primarily consists of declarations from various directors and the Chief Financial Officer certifying compliance with various laws and regulations. These declarations confirm that all statements, disclosures, and undertakings made in the Prospectus adhere to the provisions of the Companies Act, 2013, and related rules and guidelines. The declarations are signed by individuals including Independent Directors and the Chief Financial Officer.

The declaration section confirms that the company, Manipal Technologies Limited, has complied with all relevant provisions of the Companies Act, 2013, and various rules and guidelines issued by the Government of India and the Securities and Exchange Board of India. Furthermore, the promoter certifies that no statement, disclosure, or undertaking made in the Prospectus contradicts the provisions of these Acts and rules.