Tablespace Technologies Limited

This section primarily discusses the industry overview, drawing data from the CBRE Report, and provides context on the Asia-Pacific (APAC) economy and commercial real estate sector. It details economic projections for the APAC region, including GDP growth and inflation trends. Furthermore, it covers the dynamics of the technology sector's recruitment in APAC, the global sourcing market share, and the evolving preferences of occupiers regarding office spaces, such as the shift towards hybrid models and the demand for quality, ESG-compliant facilities.

The APAC flexible workspace market shows steady growth, with the total volume estimated at approximately 154 to 156 million square feet as of June 30, 2025. Major industry sectors driving demand include technology and finance, followed by the business services sector. India is a significant market, with flexible workspace stock ranging between 94 to 98 million square feet in Tier 1 cities as of H1 CY2025, with Bengaluru, Pune, and Hyderabad leading the region. India is considered a preferred destination for multinational corporations and corporates seeking flexible workspace solutions to improve capital efficiency and outsource non-core real estate functions.

The section discusses various economic trends in India, including evolving consumer behavior and growth in the labor force. It highlights positive trends in employment, supported by government initiatives, and growth in the services sector, which is a major driver of the Indian economy. Furthermore, the text covers aspects of the investment landscape, including FDI inflows, the growth of the technology sector, and the development of digital infrastructure. It also touches upon the importance of India as a global sourcing destination and the impact of supply chain diversification strategies.

The provided text discusses various structural reforms by the Indian government aimed at supporting economic and real estate growth, including amendments to SEBI (REIT) Regulations, SEZ Rules, RERA, the 'Make in India' initiative, and the Pradhan Mantri Gati Shakti National Master Plan. It also details the evolution and current status of the Indian office market, noting significant growth in stock and absorption over the years. The market analysis covers factors such as changes in office space demand drivers, the classification of office stock into Grade A and Grade B, and the concentration of institutional ownership in the sector.

India is positioned as a leading global hub for technology talent by effectively bridging the demand-supply gap for skilled professionals. India possesses a large English-speaking population and a significant supply of STEM graduates, positioning it as a key location for multinational corporations. India also offers a competitive cost advantage, allowing for lower operating costs for IT services compared to alternative global locations. The Indian Global Capability Centre (GCC) ecosystem has evolved into an innovation sandbox, shifting focus from cost arbitrage to becoming innovation hubs that drive organizational transformation. Furthermore, India is emerging as the GCC Capital of the World, with a large number of GCC units and significant revenue growth projected.

The Indian startup ecosystem is experiencing significant growth, evidenced by the number of recognized startups and unicorns, which has driven demand for office spaces and flexible workspace solutions. The sector growth is fueled by various government initiatives and has positioned India as a global hub for value creation. Occupiers are shifting towards hybrid models, preferring physical offices that offer collaboration and community, alongside a focus on employee well-being and sustainability. Furthermore, the market is seeing a trend towards quality, green-certified buildings and increased demand for flexible workspace operators.

The provided text discusses rental trends, the identification of key office micro-markets across Tier-1 Indian cities by CBRE, and the evolution of the flexible workspace sector in India. It details metrics on office stock, occupied stock, and gross absorption in Tier-1 cities. Furthermore, it outlines the evolution of flexible workspace solutions, noting shifts from traditional business centers to co-working concepts, the introduction of managed office offerings, and the impact of remote work protocols during the COVID-19 period.

The section describes various types of workspace solutions, including Pay per Use options for booking desks and meeting rooms, and different configurations like Pre-built, Shared & Serviced Spaces, Custom Built Managed Offices, and various Managed Campus Centres. It details the benefits of managed office solutions, such as offering flexibility to circumvent upfront capital investment and the ability to outsource real estate management. Furthermore, it outlines the components included in managed office solution pricing and discusses the role of technology in enhancing the user experience.

The provided text details the distribution and demand for flexible workspace stock across various commercial micro-markets in major Indian cities, categorized by sector. It outlines specific locations within cities like Bengaluru, Pune, Hyderabad, Gurgaon, Mumbai, Chennai, Noida, and Delhi, noting which industries drive the demand in each area. The data is presented as approximate figures for Q1 CY 2026, showing the amount of flexible workspace stock, its percentage share of the city's total office stock, and the number of unique center locations.

The provided text details market segmentation for flexible workspaces, noting specific micro-markets like Aerocity and the general demand drivers. It also provides an overview of Table Space, highlighting its focus on premium managed workspace solutions and its significant market position. The text compares Table Space's portfolio size and location across various Tier I cities and discusses the competitive landscape within the flexible workspace industry.

The analysis focuses on forecasts and market dynamics within the flexible workspace sector in India, including projections for stock growth and the total addressable market. The market is expected to see continued expansion, although the pace of growth might moderate as the sector matures. The text also details various risks associated with the flexible workspace industry, such as concentration risk, economic uncertainty, and reliance on international clientele. Furthermore, it outlines the evolution in commercial real estate towards campus-style developments that emphasize placemaking and integrated amenities.

The analysis of office assets revealed that the retail category constituted approximately 5-7% of the total leasable area, primarily comprising retail outlets and kiosks designed to attract footfalls and serve the captive audience. The integration of hospitality-centric services across retail areas and amenities is noted as a strategy to generate additional revenue and enhance space utility by turning office parks into experience centers. Modern occupiers are increasingly favoring integrated business parks that offer a holistic environment, including F&B, outdoor spaces, fitness, and community events, shifting the focus beyond traditional office setups. This trend emphasizes the need for dynamic workspaces that improve engagement and tenant satisfaction.

The company specializes in providing premium managed workspace solutions, primarily targeting Fortune 500 companies, Global Capability Centers (GCCs), and other multinational corporations based outside India. The business model integrates lease, design & build, and operations to offer an end-to-end service platform for the entire office lifecycle. The company covers the spectrum of office requirements, including sourcing, leasing, design, delivery, operations, and value-add services to streamline the office experience for clients. The portfolio covers a significant leasable area across key office clusters in India, and the company has established itself as a leading operator among benchmarked operators in terms of leased area.

The company operates in the flexible workspace sector, focusing on providing premium, custom-built managed workspace solutions primarily to large enterprises. The company boasts a high-quality and diversified client base, including Fortune 500 companies, GCCs, and multinational corporations headquartered outside India. A key competitive strength lies in the stability provided by long-term contracts and favorable asset-liability tenures, which is evidenced by high weighted average lease lengths. The business model integrates various services, from sourcing and leasing to design, delivery, and operations, offering a comprehensive, single-cheque solution for clients. The company emphasizes strong project delivery capabilities, including the ability to build complete workspaces within a short timeframe, and leverages proprietary technology to monitor fit-out progress.

The company has delivered a significant number of projects over recent financial years, demonstrating economies of scale in procuring materials which translates to cost savings for clients. The business focuses on providing premium managed workspace solutions within Grade A buildings located in key office clusters across India, ensuring compliance with service-level agreements covering facilities management and IT infrastructure. The company leases prime Grade A buildings from prominent institutional developers, and its portfolio is present across developments by many of India's top office developers. The company leverages a proprietary technology platform that integrates various aspects of its business, from sourcing to operations, to enhance efficiency and transparency. Furthermore, the company has established itself as the largest operator among Benchmarked Operators by Leased Area.

The company has demonstrated strong operational growth, with revenue and normalized revenue growing at significant Compound Annual Growth Rates (CAGR) between Financial Years 2024 and 2026. Key financial metrics show substantial improvements, including a high CAGR for Facility Operating Profit and a strong Facility Operating Profit Margin. The company maintains a strong credit profile, evidenced by positive ratings from CARE and ICRA. The business strategy focuses on leveraging client relationships, expanding the portfolio through organic growth in key office clusters, and actively seeking new GCC clients entering or expanding in the Indian market. The company plans to capitalize on the tailwinds in the flexible workspace sector and focus on acquiring Grade A properties.

The company operates in the managed workplace solutions sector, offering customized solutions for multinational companies. The business model is built on three core pillars: lease, design & build, and operate. They lease Grade A buildings in key office clusters across eight Tier-1 cities, invest capital for design and build, and then operate these offices by providing integrated facilities management. Growth is planned by expanding service offerings and leveraging technology to monetize amenities and enhance client experience. The company serves enterprise clients, with a significant portion of its leased area coming from demand-backed and planned acquisition lease models.

The company offers a suite of technology-driven solutions spanning design, procurement, facility management, and client interaction. This includes an AI-driven design engine for office layouts, platforms for procurement intelligence, and integrated technology for monitoring and managing operational office spaces. Key features involve real-time tracking, automated maintenance, and AI-powered assistants. Furthermore, the company deploys service robots and digital signage, and maintains strong relationships with institutional landlords for space acquisition.

The issuer employs a structured strategy for securing facilities through demand-backed and planned acquisition lease models, utilizing proprietary technology and market expertise. This process involves data-driven identification, strategic planning, third-party due diligence, and comprehensive business case preparation. The company has established relationships with major landlords to secure space, resulting in significant leased areas across various key micro-markets in cities like Gurugram, Noida, and Chennai. Specific case studies detail successful leasing arrangements with developers like Developer A and Developer B, as well as partnerships with Panchshil Realty, demonstrating an ability to manage and grow leased assets.

The company employs a multi-pronged strategy for sales and client acquisition, engaging with enterprise clients through targeted outreach and on-site engagement to build demand. Key sales channels include relationships with international property consultants (IPCs), direct business development, a dedicated U.S. business development presence, and repeat business from existing clients. A significant portion of the leased area is derived from U.S.-headquartered clients, which is leveraged by a dedicated U.S. presence to expand business and develop relationships. The company also manages lease approvals through a rigorous review of key transaction metrics and client financial performance before onboarding new clients. Repeat business is crucial, allowing clients flexibility to expand or move within existing facilities, which is demonstrated through successful case studies involving major clients.

The company details several client case studies demonstrating their ability to configure flexible managed workspace solutions to meet evolving client needs, such as facilitating relocations and upgrades. The company emphasizes investing in high-quality fit-outs to sustain profitability by generating higher margins from mature facilities, even when only a small percentage of the original capital expenditure is used for refurbishment. They have an in-house delivery platform with specialized teams for design, procurement, and delivery, supported by a dedicated projects team within their subsidiary. Furthermore, the company offers a wide array of value-added services, including facilities management, various ancillary services, and a client experience team focused on retention.

The issuer details several aspects of its operations, focusing heavily on compliance, sustainability, and employee welfare. The company adheres to rigorous standards like the National Building Code (NBC 2016) for design and construction, covering aspects like fire safety, accessibility, and structural integrity. Furthermore, the company implements various ISO certifications for quality, security, environmental, health, and safety management. The ESG strategy emphasizes sustainability through reduced carbon footprint, data-driven space planning, biophilic design, and the use of eco-certified materials. The company also shows investments in renewable energy projects and incorporates smart technologies to optimize energy consumption.

The section details various legal and regulatory frameworks applicable to the company's business and operations in India. It covers laws related to information technology, electricity, data protection, registration, property transfers, and various environmental regulations. Furthermore, it outlines fiscal regulations concerning foreign investment and taxation laws, including GST and Income Tax, as well as customs regulations for import/export. Finally, it mentions intellectual property laws such as the Trade Marks Act and Patents Act.

This section primarily discusses various Indian laws that govern different aspects of business operations, including intellectual property, labour relations, competition, and corporate governance. It details the scope of the Designs Act, the various labour laws applicable to employees, and the framework provided by government codes concerning occupational safety, wages, and social security. Furthermore, it mentions the Competition Act for regulating market competition and the Companies Act for governing company incorporation and dissolution. Finally, it covers laws related to shops and establishments, the Contract Act, and the Stamp Act.

The company, initially incorporated as Tablespace Technologies Private Limited on March 3, 2017, later converted into a public limited company following board and shareholder resolutions in June 2025, resulting in a name change to Tablespace Technologies Limited and a fresh certificate of incorporation on June 30, 2025. The company has undergone several changes to its registered office addresses between December 2020 and July 2022 for operational efficiency. The Memorandum of Association has seen numerous amendments regarding the authorized share capital over a period spanning from September 2018 to July 2026, detailing various increases and subdivisions in equity shares and preference shares. Major corporate milestones include the launch of various products, acquisitions, and the receipt of multiple industry awards and ratings.

The section details various corporate transactions, including acquisitions and divestments over the past decade, noting that no material acquisitions or divestments were made in the ten years preceding the DRHP date, except for several specific transactions. Key events include the purchase of business from Purpleyo Technologies Private Limited, the acquisition of shares in Tablespace Services Private Limited (TSPL) and TS Desyn Private Limited (TS Desyn), and agreements related to the acquisition of a stake in KMC Solutions Hong Kong Limited. Furthermore, the company divested stakes in W-Realty Enterprise Private Limited and Camellia Transmission Private Limited, resulting in the cessation of their association.

As of the date of this Draft Red Herring Prospectus, the Company does not have a holding company. The Company maintains seven subsidiaries and one Joint Venture. The direct subsidiaries include Tablespace Services Private Limited and Tablespace Constructions Private Limited, both incorporated in September 2020. Indirect subsidiaries include TS Epicurean Ventures Private Limited and Tablespace Care Private Limited, with TS Epicurean Ventures Private Limited incorporated in December 2025, and Tablespace Care Private Limited incorporated in November 2024. Furthermore, the Company has a Joint Venture named TIAPL.

This section details various agreements and structural aspects related to the company's shareholders and operations. It outlines several amended and restated shareholders' agreements, including those involving Individual Promoters, the Investor Promoter, and Angel SHA Parties, which include rights such as director nominations, transfer restrictions, and pre-emptive rights. Furthermore, it discloses certain agreements concerning the Offer for Sale, including a personal shortfall guarantee issued by a promoter, and details various agreements with investors and the company regarding the structure and operation of certain group companies.

The definitions section identifies the company as Tablespace Technologies Limited, a public limited company incorporated under the Companies Act, 2013. The registered and corporate office is located in Bengaluru, Karnataka, India. The section details various terms related to the offer process, including definitions for different types of investors, bid procedures, and the role of various intermediaries. It also specifies the Book Running Lead Managers involved in the offering.

This section details various terms related to the issuance process, including definitions for different types of bidders, accounts, and various parties involved in the offer. It defines terms such as Collecting Depository Participant (CDP), Cut-off Price, Designated Date, and various types of bidders like Retail Individual Bidders (RIBs) and Qualified Institutional Buyers (QIBs). It also outlines the structure of the offer, including Fresh Issue and Offer for Sale, and the process for Pre-IPO Placement.

This section primarily defines various financial and legal terms used within the DRHP. It includes definitions for various bidding mechanisms, financial metrics like Revenue, Profit/Loss, and various financial instruments. It also defines terms related to regulatory bodies, accounting standards (like Ind AS), and various legal acts and regulations. The text covers concepts such as different types of investors, facilities, and various financial reporting components.

This section outlines various conventions regarding the presentation of data, including references to India and the US, and time periods. It details that the company's financial information is derived from restated consolidated financial information for specific years. Furthermore, it discusses differences between accounting standards like Ind AS, US GAAP, and IFRS, noting that the company does not provide reconciliation for these differences. The text also covers the use of non-GAAP financial measures, the currency definitions, and the reliance on third-party industry reports.

The text includes standard cautionary statements advising investors not to place undue reliance on forward-looking statements, as these are based on management's beliefs and assumptions which could prove inaccurate. It further clarifies that neither the Company, Promoters, Directors, KMPs, Selling Shareholders, Syndicate, nor their affiliates have any obligation to revise statements reflecting future circumstances. The text also outlines requirements under SEBI ICDR Regulations concerning the timely informing of bidders in India about material developments related to statements and undertakings made by the Company and Selling Shareholders until the grant of listing and trading permission or the allotment of equity shares.

This section details the structure of the offer, outlining various components such as the total offer size, the breakdown into Fresh Issue and Offer for Sale, and different categories of investors (QIB, Non-Institutional, and Retail). It specifies how portions of the Offer for Sale are reserved for different investor types, including domestic Mutual Funds and Life Insurance Companies and Pension Funds. The text also provides information on the outstanding equity shares and the authorization of the offer by the Board and Shareholders.

The provided text details the restated consolidated statements of profit and loss, cash flows, and contingent liabilities for the years ending March 31, 2026, 2025, and 2024. The profit and loss statement shows various income and expense figures, resulting in a loss before tax, which is further impacted by exceptional items. The cash flow statement details cash generated from operating, investing, and financing activities, along with the resulting net increase in cash and cash equivalents. Finally, it is stated that the group has no contingent liabilities as of the reporting dates.

This section details the authorized share capital structure of the company as of the Draft Red Herring Prospectus date, including various classes of equity and preference shares. It outlines the total authorized capital, which includes equity shares, compulsorily convertible preference shares, and redeemable preference shares. Furthermore, the text provides historical details on the issuance of equity shares and the history of preference share capital, including various transactions and conversions.

This section details various transactions related to the allotment, transfer, and conversion of preference shares and equity shares. It includes records of allotments to various parties, including the Tablespace Employee Welfare Trust, and subsequent forfeiture of partly paid-up shares. Furthermore, it outlines the process for sub-dividing existing preference shares and the conversion ratios for different classes of preference shares (CCPS A, B, C, and D) into equity shares. The section also provides a history of build-up of promoter equity shareholding and details of secondary transactions involving preference shares.

The section details various transactions involving the allotment and transfer of equity shares and preference shares, including transactions with different individuals and entities. It outlines the process for the subdivision of existing equity shares and preference shares based on resolutions passed by the Board and Shareholders. Furthermore, it specifies requirements for the minimum promoter's contribution and lock-in periods for various classes of equity shares. It also covers provisions related to the pledging of locked-in equity shares as collateral for loans and the transferability of such shares within the promoter group.

The section details various transactions involving equity and preference shares, including acquisitions and transfers. It outlines specific transactions where promoters and selling shareholders were involved, along with notes regarding the adjustment of securities due to board and shareholder resolutions. Furthermore, the section presents detailed shareholding patterns of the company, categorized by different groups and time periods. It also discloses that certain promoter holdings are subject to pledges and that preference shares held by the erstwhile promoter are involved in ongoing legal proceedings.

The section details various aspects of the company's capital structure, including promoter and shareholder holdings, and disclosures related to legal proceedings and employee stock option plans. It outlines the aggregate pre-Offer and post-Offer shareholding for various promoters and top shareholders, and specifies encumbrances on securities held by certain promoters. Furthermore, it provides details regarding the ESOP scheme, including options granted, vested, and exercised, and various provisions concerning the issuance and transfer of equity shares.

This section details various aspects related to employee stock option schemes, including the number of options granted and vested over different fiscal years. It outlines the structure of the ESOP Scheme – II, noting that as of the Draft Red Herring Prospectus date, no options have been vested or exercised. The data provided includes details on options granted, forfeited/lapsed/cancelled options, and the total number of options outstanding in force across different schemes. Furthermore, it specifies the calculation methodology for equity shares arising from the full exercise of options.

The Offer for Sale allows various Selling Shareholders to sell an aggregate of up to 6,54,75,432 Equity Shares. The Fresh Issue proceeds are proposed for funding specific objects, namely the repayment or pre-payment of borrowings and the funding of inorganic growth through unidentified acquisitions and general corporate purposes. The utilization of these net proceeds is subject to certain limits, with the cumulative amount for general corporate purposes and inorganic growth not exceeding 35% of the gross proceeds.

The section details various types of borrowings, including term loans from different banks, specifying the nature, purpose, sanctioned amounts, and repayment terms. It outlines conditions for prepayment, such as penalties or the ability to repay based on various factors. Furthermore, it discusses the proposed utilization of net proceeds, including provisions for repayment of such borrowings, limits on funds for inorganic acquisitions, and the use of funds for general corporate purposes. The company also clarifies the means of finance and the interim use of net proceeds.

The section details various provisions regarding the costs and expenses associated with the Offer, specifying which parties shall bear certain costs, including listing fees, audit fees, and expenses related to the Offer itself. It outlines that certain expenses will be shared between the Company and Selling Shareholders on a pro rata basis based on the number of shares issued. Furthermore, it specifies procedures for reimbursing documented expenses incurred by the Company on behalf of Selling Shareholders. There are also provisions concerning the handling of offer withdrawals or failures, and stipulations on the utilization of gross proceeds.

The provided text details various financial and operational performance metrics, including growth rates, profitability margins, and comparisons against industry peers. It highlights strong financial growth between Financial Years 2024 and 2026, with significant increases in revenue and EBITDA. The company's financial profile is also supported by strong credit ratings. Furthermore, the document outlines several Key Performance Indicators (KPIs) that the company uses to track its performance, which are approved by the Audit Committee.

This section primarily presents financial and operational KPIs for the company, including metrics like Net Debt/Normalised EBITDA times and various operational KPIs such as Leasable Area and Operational Area. It also details historical financial performance, including revenue, EBITDA, and Profit/Loss figures, along with their growth rates and margins. The text also includes sections related to the process for determining the offer price basis, justifications for the offer price, and a statement regarding special tax benefits available to the company and its subsidiary.

This section primarily details various special direct tax benefits available to the Company and its Material Subsidiary, Tablespace Constructions Private Limited (TCPL), as audited by Walker Chandiok & Co LLP under the Income-tax Act, 2025. The benefits cover aspects such as lower corporate tax rates, deductions for employment of new employees, deductions for inter-corporate dividends, and deductions related to the extension of undertakings or amalgamation/demerger. The text outlines specific sections of the Act that govern these benefits and the conditions under which they can be claimed.

This section primarily discusses various provisions of the Income Tax Act related to the set-off and carry forward of depreciation and business losses. It details rules concerning unabsorbed depreciation and business losses, including restrictions for closely held companies regarding loss carry-forward, and the taxation of capital gains under different scenarios. Furthermore, the text outlines special tax benefits available to shareholders and non-resident investors, including provisions related to dividend and capital gains taxation.

This section details the independent auditor's examination report on the restated consolidated financial information of Tablespace Technologies Limited and its related entities for the years ended March 31, 2026, 2025, and 2024. The report confirms the review of various financial statements and internal controls, referencing the work done in accordance with agreed terms and applicable regulations. The examination considered the financial statements prepared under Indian Accounting Standards (Ind AS) and relied on the audited financial statements of the group, its associates, and joint ventures.

The section primarily deals with the opinions and reliance placed on the work of other auditors concerning the financial statements for various financial years. It details that the restated financial information was prepared incorporating adjustments for changes in accounting policies, material errors, and regrouping/reclassifications retrospectively. Furthermore, it outlines observations related to statutory dues as per the Companies (Auditor's Report) Order 2020, which generally found that dues were regularly deposited, with some slight delays noted. The text also mentions cash losses incurred during the current financial year.

This section details the findings of the auditors regarding the deposit of statutory dues for various entities and the status of disputes. For Tablespace Technologies Limited, it is reported that undisputed statutory dues have generally been regularly deposited, with only slight delays in a few cases. For Tablespace Constructions Private Limited, the auditors reported that undisputed statutory dues have generally been regularly deposited, with slight delays in a few cases, and no undisputed amounts were outstanding for more than six months. For Tablespace Services Private Limited, the auditors noted slight delays in a few cases regarding the deposit of undisputed statutory dues.

This section details various statutory dues and financial observations related to the company's financial statements across different periods. It includes information on the regularity of depositing statutory dues, cash losses incurred by certain entities, and various emphasis of matter paragraphs from auditors concerning accounting bases and restrictions on distribution. Some observations relate to the lack of communication regarding an investigation by the Income Tax department.

This section provides various audit opinions and statements regarding the financial information of different entities for various periods. It details the basis of preparation for interim financial statements, the audit reports issued by predecessor auditors, and comments on the maintenance of audit trails in accounting software. Several entities are mentioned, including W-Realty Enterprise Private Limited, Camellia Transmission Private Limited, and Tablespace Investment Advisers Private Limited, with different reporting standards and audit confirmations.

This section presents the restated consolidated financial statements for Tablespace Technologies Limited for the years ended March 31, 2026, March 31, 2025, and March 31, 2024, covering the Profit and Loss, Statement of Changes in Equity, and Cash Flow statements. Key financial figures include revenue, various expenses, profit before tax, tax, and various components of the cash flow from operating, investing, and financing activities. The data details changes in share capital and various liabilities over the period.

This section details the material accounting policies and explanatory information for the restated consolidated financial statements, covering various aspects such as the basis of preparation, consolidation procedures, functional currency, and treatment of different asset classes. It outlines how the Group handles revenue recognition for lease contracts, sale of goods, and ancillary services, including considerations for performance obligations and the timing of revenue recognition. Furthermore, the text discusses impairment testing for non-financial assets, the treatment of foreign currency transactions, and the accounting for financial instruments.

This section details various material accounting policies and explanatory notes related to the financial statements, covering areas such as revenue recognition, employee benefits, leases, income taxes, provisions, and financial instruments. It outlines specific rules for measuring and recognizing different financial items, including lease accounting standards, treatment of financial assets and liabilities, and impairment provisions.

This section details various accounting policies, recent accounting pronouncements, and the statement of financial position components for Tablespace Technologies Limited. It outlines specific accounting treatments for fair value measurement, cash and cash equivalents, earnings per share calculations, and the movement in property, plant and equipment, intangible assets, goodwill, and right of use assets over several fiscal years. The notes also cover contractual obligations, pledged assets, and details regarding capital work in progress and share issue expenses.

This section details the investment portfolio and the financial statements of the associate companies as of different dates. It shows various investment balances, including those accounted for using the equity method, and the financial position of the associate, including assets, liabilities, and various tax provisions. The data covers periods spanning from March 31, 2024, to March 31, 2026.

This section details the financial position of Tablespace Technologies Limited as of March 31, 2026, 2025, and 2024, covering various balance sheet and share capital components. It includes figures for income tax assets, inventories, other assets, trade receivables, cash and cash equivalents, loans, and the structure of the authorized and issued share capital, including different classes of preference shares and equity shares.

This section details various aspects of the company's share capital structure, including promoter holdings, changes in shares, and the issuance of compulsorily convertible preference shares. It outlines the breakdown of various reserves, such as capital contribution, retained earnings, and various translation reserves, as of different reporting dates. Furthermore, it specifies the accounting treatment for different types of reserves and the recognition of gains and losses related to defined benefit plans and the initial recognition of certain preference shares.

This section details the borrowings of Tablespace Technologies Limited across different periods, categorized into non-current and current components. The data includes various loan types, including term loans from banks, with associated interest rates and repayment terms, as well as details on security and fixed deposits. The data spans from March 31, 2024, to March 31, 2026.

This section details the terms and repayment schedules for various borrowings, including term loans from banks, specifying interest rates, security details, and repayment terms. It lists multiple tranches of borrowings with different interest rates, collateral types (such as lease rentals receivable), and various repayment durations, including monthly installments and floating interest charges based on bank MCLR. The data spans across different financial years (2024, 2025, and 2026) for different loan categories.

This section details various financial liabilities, provisions, trade payables, and other liabilities for Tablespace Technologies Limited across three fiscal years (ending March 31, 2024, 2025, and 2026). The data includes non-current and current components for lease liabilities, security deposits, employee dues, and trade payables, alongside provisions for gratuity and trade payables aging details. Furthermore, the text presents revenue components such as rental income, margin revenue on finance leases, contract revenue, and sale of traded goods, as well as various other operating and financial income/expenses.

This section provides a detailed breakdown of the financial information for the years ended March 31, 2026, March 31, 2025, and March 31, 2024, covering various expenses, income tax components, and earnings per share calculations. The data includes figures for rental expenses, various operational costs, and tax expenses, along with notes detailing the treatment of convertible preference shares and bonus issues for EPS calculations.

This section details the fair value measurements of financial instruments as of March 31, 2026, 2025, and 2024, including the breakdown of assets and liabilities. It also outlines the methodology for fair value measurement, including the use of various valuation techniques and sensitivity analysis for Level 3 instruments. Furthermore, the text covers financial risk management, detailing how credit risk is managed across different asset classes, including provisions for expected credit loss for trade receivables and other financial assets.

This section details the financial risk management of Tablespace Technologies Limited, covering liquidity, market, and capital risks. It presents maturity analysis for financial liabilities, various interest rate risk sensitivities, and details regarding defined benefit obligations and contribution plans. The company asserts that it is not exposed to significant foreign currency risk and manages liquidity needs by monitoring debt servicing payments against available borrowing facilities.

This section details various lease disclosures for Tablespace Technologies Limited, including movements in buildings, lease liabilities, and lease payments over different periods. It also provides information on lease income and expenses, as well as various financial disclosures related to the Group's operations and segment reporting structure.

This section details the segment information for Tablespace Technologies Limited, presenting financial data for the years ended March 31, 2025, 2024, and 2026. The data includes revenue from operations, various expenses, income, and profit/loss figures, with adjustments made for different accounting policies. It also provides notes on the classification of leases, brokerage charges, and the treatment of investment in associates and joint ventures.

This section provides detailed financial information, including tables for various entities, adjustments arising from consolidation, and disclosures related to share-based payment plans and related party transactions. It details the breakdown of revenue from contracts with customers, the nature of geographical markets, timing of revenue recognition, and the balances of trade receivables, contract liabilities, and other related balances. Furthermore, it includes extensive details on related party transactions, such as expense reimbursements, remuneration to Key Management Personnel (KMP), loan activities, and various interest and income items.

This section details various related party transactions, including advances, deposits, and income/expenses, across three fiscal years ending March 31, 2026, March 31, 2025, and March 31, 2024. The data covers transactions with entities like Camellia Transmission Private Limited and Elevate Campuses Limited, as well as various balances and transactions within the books of Tablespace Technologies Limited and its subsidiaries. The data includes details on rental income, legal charges, interest expenses, and the elimination of certain transactions during the year.

This section details various related party transactions, transactions eliminated during consolidation, and various adjustments made to the financial information. It includes tables showing balances receivable and payable to related parties across different years, details of income from fit-out projects and rent expenses, and various transactions involving subsidiaries and acquisitions. Furthermore, it outlines various events related to the audit trail functionality of accounting software, search operations conducted by the Income Tax Department, and various corporate actions such as rights issues and share transfers.

This section presents various emphasis of matter disclosures and adjustments from the auditors regarding the financial statements for different periods and entities. It includes statements on the basis of accounting for consolidated financial statements intended for various IPO documents, and details concerning statutory dues, including instances of delays in deposits and outstanding amounts, across different years and for various entities.

This section details various adjustments and reports from the auditors concerning the financial statements of different entities, including cash losses incurred by some entities and various opinions on statutory dues and internal controls. It also covers various aspects related to the audit trail feature in accounting software across different financial years and reports on the proper keeping of books of account and backup procedures. Finally, it provides information on the availability of audited financial statements and disclaimers regarding the use of this information for investment decisions.

This section details various Non-GAAP financial measures and reconciliations for the company's financial performance across three financial years (2026, 2025, and 2024). It includes reconciliations for revenue, EBITDA, net worth, and net debt, along with discussions on the company's business model and portfolio size. The text clarifies the methodology used for calculating these measures, noting differences from standard accounting principles.

This section details various aspects of the company's managed workspace segment, including the mix of leases derived from planned acquisitions and ready-to-use suites. It outlines unit economics related to facility maturity, such as committed occupancy levels and facility operating profit margins, which are influenced by the vintage of the facilities. The text also covers growth in facilities, operational area, and the increase in the number of unique clients. Furthermore, it presents revenue figures from operations and normalized revenue, along with details on client relationships and the percentage of new leases secured through repeat business.

This section discusses the factors affecting demand for the company's services, noting that demand is influenced by macroeconomic conditions and the general level of commercial activity in the regions where the company operates. A significant portion of the revenue comes from clients in the technology sector, which exposes the business to risks related to the technology sector's financial condition. The text also covers aspects related to cost optimization and operating leverage, mentioning the ability to realize efficiencies from increased scale. It details various accounting policies, including the basis of preparation for restated consolidated financial information and the consolidation procedures for subsidiaries, associates, and joint ventures.

This section details various accounting policies and judgments related to the financial statements, including accounting for changes in ownership interests in subsidiaries and associates, the classification of assets and liabilities, and the recognition of revenue. It outlines specific rules for derecognition of assets, impairment testing, and how different types of revenue, such as from contracts and leases, are recognized.

This section details various accounting treatments for revenue recognition, liabilities, leases, and tax provisions as described in the financial statements. It outlines specific criteria for recognizing contract revenue, handling of various income streams, accounting for employee benefits, and the measurement and recognition of lease assets and liabilities under relevant accounting standards. Furthermore, the text covers the recognition of income taxes, deferred taxes, provisions, and contingent liabilities.

This section details the accounting policies for the classification and measurement of financial assets and liabilities under Ind AS 109. Financial assets are classified based on the business model and contractual cash flow terms, leading to categories such as debt instruments at amortised cost, fair value through other comprehensive income (FVTOCI), and fair value through profit or loss (FVTPL). It further outlines rules for the de-recognition of financial assets, reclassification procedures, and the initial recognition and subsequent measurement of financial liabilities. The text also covers impairment models, fair value measurement principles, and various aspects related to earnings per share calculation and exceptional items.

This section details the accounting policies related to various revenue streams, including operating leases, finance leases, and contract revenues. It outlines how different income components are recognized, such as rental income, margin revenue on finance leases, and revenue from design and build activities. The text also specifies the components of other operating income and various other income items, including interest income and gains/losses. Furthermore, it provides a detailed breakdown of expenses, covering costs of materials, employee benefits, finance costs, depreciation, and other operating expenses, with specific drivers for changes between financial years.

The provided text details various changes in expenses and financial items between Financial Years 2024 and 2025, including increases in rental expenses, facility management, power, and fuel, and brokerage charges, which were attributed to business growth. Significant exceptional items were recognized, including a fair valuation loss on CCPS-A and an ex-gratia payment. Income tax expenses showed a decrease, and the restated consolidated loss after tax was reported for the Financial Year 2025. The text also outlines differences between accounting policies for segment reporting versus the underlying financial statements.

This section details various financial line items and cash flow movements for the years ended March 31, 2026, 2025, and 2024, including revenue, expenses, finance costs, and depreciation. It also provides information on customer concentration, liquidity, and various risks such as credit, liquidity, and market risks. The text covers cash flows, financial indebtedness, and disclosures regarding related party transactions and future events.

This section details various corporate actions, including acquisitions and rights issues involving different entities. It covers the acquisition of shares from Clean Max Dool Private Limited and TS Desyn Private Limited, as well as a rights issue for cash consideration. Furthermore, it mentions the incorporation of a wholly-owned subsidiary and the identification of certain individuals as promoters. The text also provides information on the company's capitalization structure, outstanding borrowings, and the terms and conditions related to credit facilities availed by the company.

Prospective investors should be aware that various risks could negatively impact the company's business, cash flows, and financial condition. Risks include adverse developments affecting the facilities' locations, potential disruptions from social, political, or economic factors, and challenges related to regulatory requirements like the mandatory electronic khata in Bengaluru. Furthermore, there is a risk concerning the retention of clients and the potential for supply constraints in Grade A properties. The company's revenue is heavily dependent on a small number of key clients, primarily in the technology sector, and the overall demand for workspaces is sensitive to the economic climate and trends like remote work.

The company faces risks related to its reliance on international property consultants and brokers for acquiring new clients, including the potential for unfavorable contract negotiations or competition from these brokers. There is also a risk concerning relationships with landlords, where disruptions could affect sub-leases, and the inability to sustain leases on time could lead to client relocation or termination of sub-leases. Furthermore, the company is dependent on third parties for various services, posing supply chain risks, and there is a potential for liability claims related to the handling of chemicals in housekeeping services. Negative client experiences and competitive pressures are also highlighted as risks that could damage the brand and affect business performance.

The section details various aspects of the company's compliance, financial reporting, and operational risks. It covers issues related to the audit trail functionality of accounting software used by the company and its associates, as well as various statutory dues and disputes with tax authorities. Furthermore, the text highlights significant information technology risks, including potential disruptions, security breaches, and reliance on third-party services. Finally, it mentions outstanding legal proceedings involving the promoter and the estate of a late promoter concerning preference shares, which could impact the company's shareholding and liquidity.

The company faces several risks related to property sourcing, financing, and operational continuity. Risks include the inability to find suitable commercial properties or source them at favorable rates, potential gaps between lease commencement and sub-lease, and dependency on landlords' title or compliance with laws. Furthermore, there are risks associated with capital expenditures, including financing difficulties and the complexity of customizations, which can lead to cost overruns. The company is also exposed to various regulatory and labor risks, including potential non-compliance by landlords, delays in obtaining necessary permits, and disruptions from labor unions or changes in labor laws.

The company faces various risks across several domains, including regulatory compliance, operational stability, and financial health. Risks include potential increased costs due to evolving laws, potential non-compliance with employee laws leading to sanctions, and reliance on third-party industry reports which may contain inaccurate data. There are pending legal proceedings that could result in significant financial liabilities. Operational success is tied to the ability to retain skilled personnel, and financial stability is threatened by indebtedness and potential breaches of financing covenants. Furthermore, risks exist concerning internal controls, the potential for fraud, and the nature of related party transactions. Finally, intellectual property rights are subject to evolving laws, and the company's reliance on leased facilities presents risks regarding lease renewals and regulatory compliance.

The risk factors outlined in this section cover several critical areas, including potential disruptions due to lease agreements, issues related to internal or external fraud, dependence on the commercial real estate market, and risks associated with quality accreditations. There are also concerns regarding the reliability of credit ratings and the potential for conflicts of interest arising from promoter involvement. Furthermore, the section details issues related to the pledging of equity shares and the potential for adverse effects on the business if these encumbrances are invoked.

The company faces several risks related to the utilization of funds, including potential issues with providing exit opportunities to dissenting shareholders, which might hinder the deployment of net proceeds. Funding requirements are based on internal estimates and are not independently appraised by financial institutions. There is also uncertainty regarding the interpretation of input tax credit related to capital expenditure on fit-outs, which could lead to the denial of credit and subsequent financial impact. Furthermore, the business is exposed to various external risks such as natural disasters, geopolitical tensions, and economic downturns, which could affect operations and market prices.

The company's operations are significantly vulnerable to various economic factors, including domestic and global downturns, changes in interest rates, inflation, political instability, and volatility in trading activity. Furthermore, adverse changes in minimum wage laws can increase labor costs, and the company faces potential issues related to competition law enforcement. There are also risks associated with evolving regulatory and legal environments, such as new laws, data protection acts, and changes in tax laws. Finally, investors face risks related to the enforceability of foreign judgments and limitations on shareholder rights under Indian law.

This section outlines various risks related to legal and regulatory changes, tax implications, and market access for investors. Risks include uncertainty regarding the impact of new laws and regulations, potential non-compliance with laws concerning foreign investment and stamp duty, and various tax liabilities on capital gains and dividends. Furthermore, there are risks related to the process of issuing and listing equity shares, including potential dilution of ownership and restrictions on investors' ability to sell shares.

The section details various legal and regulatory proceedings involving the Company, its Promoters, Directors, and Subsidiaries. It outlines several criminal proceedings, including cheque dishonor cases, allegations of collusion with banks regarding lease agreements, and various matters under the Negotiable Instruments Act. Furthermore, it lists pending civil arbitration proceedings, disputes related to estate assets and family matters, and various investigations and complaints filed against the Company and its personnel by different parties.

The section details several legal and regulatory matters. It mentions a past monetary dispute involving a director, a civil suit filed against the company and its directors for damages and property ejectment, and various pending or concluded actions related to criminal and civil litigation. Furthermore, it outlines outstanding dues to creditors, including a significant amount owed to micro and small enterprises and material creditors. Finally, it discusses the need for various governmental and statutory approvals for the company and its material subsidiary, including ongoing processes for name changes and tax registrations.

The section details various registrations and approvals required for the Company and its Material Subsidiary, including GST and professional tax registrations. It also outlines approvals related to labour and employment laws for both the Company and its Subsidiary. Furthermore, it lists various material approvals needed for business operations, such as no objection certificates, consents for pollution control, ISO certifications, and licenses from various regulatory bodies. The section also covers pending approvals, which are stated as all such material approvals as required by the Company are currently held. Finally, it details the intellectual property portfolio, which includes 13 registered trademarks and pending trademark applications.

The section confirms that the Group Companies do not have any securities listed on a stock exchange. It further asserts that there is no conflict of interest between suppliers of raw materials and third-party service providers essential for the Company's operations and the Group Companies. Additionally, it states that there is no conflict of interest between the lessors of immovable properties, which are crucial for the Company's operations, and the Group Companies. Finally, the text confirms that the Group Companies have not made any public or rights or composite issue of securities in the three years prior to the DRHP date.

The section details various approvals related to the offer, including resolutions passed by the Board and IPO Committee, and confirmations from Selling Shareholders regarding their holdings and compliance with SEBI regulations. It also mentions in-principle listing approvals from BSE and NSE and clarifies that promoters and directors are not prohibited from accessing the capital market. Furthermore, the text outlines specific compliance confirmations related to RBI circulars and Companies (Significant Beneficial Owners) Rules, 2018, and specifies the eligibility criteria for the offer under SEBI ICDR Regulations.

This section primarily outlines various restrictions and acknowledgments related to the purchase and transfer of Equity Shares, particularly concerning transactions involving U.S. securities laws. It details conditions under which shares may be offered, sold, or transferred, including restrictions on directed selling efforts and the use of certain depositary receipt facilities. Furthermore, the text confirms that no material findings or observations have been reported by SEBI or other regulatory authorities in India, and it details the obtaining of various expert opinions required for the prospectus.

This section details the price information of past issues handled by three different Book Running Lead Managers: Axis Capital Limited, IIFL Capital Services Limited, and CLSA India Private Limited. The data includes various metrics such as issue size, price, listing dates, and percentage changes in closing prices relative to benchmarks over different timeframes. The information is provided for issues handled during the current financial year and the two preceding financial years.

This section details the price information for past issues handled by BofA Securities India Limited and JM Financial Limited, including various metrics related to price changes over different timeframes. It also outlines the track record of Book Running Lead Managers (BRLMs) and the mechanism for investor grievance redressal, including provisions for compensation in cases of delays in unblocking funds or delays in resolving investor complaints.

This section details various compensation scenarios related to delayed unblocking of applications, including for cancelled/withdrawn applications, multiple blocked amounts, and excess blocked amounts, all calculated at a rate of ₹100 per day or 15% per annum of the Bid Amount, whichever is higher. It also outlines compensation for delays in resolving investor grievances, which is also calculated similarly. Furthermore, it specifies conditions under which processing fees to SCSBs can be paid, contingent upon the completion of application unblocking and payment of investor compensation. The text also clarifies the responsibilities of various parties regarding investor grievances and the process for addressing such issues.

This section details various procedural aspects related to the bidding and listing process, including timelines, conditions for bid acceptance, and handling of delays. It outlines specific submission windows for different types of bids, such as those from Retail Individual Bidders, QIBs, Non-Institutional Bidders (NIBs), and Registered Investment Brokers (RIBs). Furthermore, it specifies rules regarding the revision of the price band and the potential for extending the bid period or the entire offer. The text also covers the handling of discrepancies in bid data and the conditions under which the offer may be withdrawn.

This section details various aspects of the offer procedure, including how equity shares are allotted, who is eligible to apply, and the terms of payment. It outlines different bidding modes, such as the ASBA process, and specifies rules for allocation to different investor categories like QIBs, Anchor Investors, and Non-Institutional Bidders. Furthermore, the text discusses the phased implementation of the Unified Payments Interface (UPI) mechanism for applications, including changes in timelines and procedures mandated by SEBI circulars. It also covers provisions related to investor grievance redressal concerning the UPI mechanism and the processing of fees.

This section details various procedural requirements and restrictions concerning the submission of bids for the Offer, differentiating between different investor categories such as Anchor Investors, Mutual Funds, Eligible NRIs, and Hindu Undivided Families (HUFs). It outlines specific rules regarding the format of application forms, the required payment currency, and the handling of funds, especially concerning the blocking of bid amounts. Furthermore, it specifies rules for the allocation and withdrawal of bids, particularly for Anchor Investors, and clarifies restrictions on participation by promoters and related parties.

This section details various restrictions and requirements concerning bids from different investor categories, including QIBs, FPIs, various institutional investors, and entities like insurance companies and banking companies. It outlines specific rules regarding investment limits, the need for certified documentation, and procedures for handling multiple bids or bids involving certain instruments. Furthermore, it specifies requirements for bids made under power of attorney or by certain corporate bodies, and sets out rules for dealing with various derivative instruments and investment structures.

This section details various compliance requirements and procedures related to bidding and offer processes, including rules regarding the submission of documents, the handling of different bidder types, and the use of various payment mechanisms. It outlines specific instructions for bidders concerning signatures, required documentation, and the verification of details in bid forms. Furthermore, it specifies rules for FPIs, the handling of multiple bids, and the requirements for various bidder categories like QIBs and NIBs.

The section details various procedural requirements related to the listing and trading of equity shares, including timelines for completing formalities and handling of subscription amounts if allotment is delayed. It also outlines conditions under which the company may reserve the right not to proceed with an offer and the subsequent notification process. Furthermore, the text discusses restrictions on foreign ownership of Indian securities, referencing regulations from the Industrial Policy, 1991, and FEMA, including provisions for prior government approval for certain investments. Finally, it clarifies the jurisdiction for offering and selling equity shares, stating they are not registered under the U.S. Securities Act and may only be offered within the United States to qualified institutional buyers.

This section details various related party transactions undertaken by the company with related parties across three financial years. The transactions cover remuneration to Key Managerial Personnel (KMP), various expense reimbursements, loan activities, interest income and expense, and dealings with various entities such as insurance and rental income. Specific disclosures are provided regarding the designation periods for certain personnel and the nature of the financial dealings.

This section details various parties involved in the process related to the offering, including Sponsor Banks, Designated Intermediaries, Registered Brokers, and Registrar and Share Transfer Agents. It outlines the lists and procedures for various entities such as Syndicate Banks, brokers, RTAs, and Depository Participants, referencing specific SEBI regulations and websites for obtaining such lists. Furthermore, it discusses the process for obtaining expert opinions from various Chartered Accountants and architects for the Draft Red Herring Prospectus, and clarifies the requirements for IPO grading and monitoring agencies.

The Board of Directors comprises eight members, including two Executive Directors and six Non-Executive Directors, consisting of two Non-Executive Nominee Directors and four Independent Directors, including one woman Independent Director. Key managerial personnel include the Chairman, Whole-time Director, and Co-Chief Executive Officer, and the President, Whole-time Director, and Co-Chief Executive Officer, who oversee strategy and business delivery. Several Non-Executive Nominee Directors and Independent Directors are listed, each with specific directorships and professional backgrounds. The document confirms that no directors are related to each other or any other Key Managerial Personnel and Senior Management, and no consideration was paid to directors for services related to the company.

The company confirms that none of its Directors have been declared as Willful Defaulters or Fraudulent Borrowers by any financial institution according to RBI guidelines. Furthermore, the company states that no Director is currently or has been a director of any listed company that has been delisted during their term of directorship. Certain individuals, namely Karan Chopra and Kunal Mehra, are identified as Promoters, and Joseph Raymond Gagnon and Siddhartha Gupta are Non-Executive Nominee Directors appointed by the Investor Promoter. Details regarding the remuneration for Executive Directors, including Karan Chopra and Kunal Mehra, are provided, along with details on sitting fees and commissions for Non-Executive Directors.

The document outlines the composition and functions of several key committees within the company, including the Nomination and Remuneration Committee, the Stakeholders’ Relationship Committee, the Risk Management Committee, the Corporate Social Responsibility Committee, and the IPO Committee. These committees have specific responsibilities related to director qualifications, performance evaluation, risk management policies, CSR activities, and the entire process of an Initial Public Offering (IPO). The text details the legal framework under which these committees are constituted and the various functions they are authorized to perform.

The section details various powers and responsibilities related to the issuance and offering of equity shares, including finalization of allocation basis and the execution of necessary agreements with various regulatory bodies. It outlines the authority to make alterations to the offer structure and the power to withdraw the DRHP or offer at any stage. Furthermore, the text specifies the authority to authorize directors to perform acts related to the offer, including signing agreements with numerous parties such as depositories, underwriters, and various consultants. The section also covers the determination of the price for equity shares and the settlement of any arising difficulties, alongside provisions for inviting existing shareholders to participate in the offer.

The section details the status of Key Managerial Personnel and Senior Management, confirming they are permanent employees of the Company as of the Draft Red Herring Prospectus date. It clarifies that none of these personnel hold equity or preference shares in the Company, except as disclosed elsewhere. Furthermore, there is no contingent or deferred compensation payable to these personnel for Fiscal 2026 or 2027, and they are not involved in the Company's bonus or profit-sharing plans, although they may be eligible for performance-linked bonus payments based on their appointment terms. The section also outlines limitations on the interests of Key Managerial Personnel, stating that their interests are limited to remuneration, reimbursement of business expenses, and certain shareholdings or dividends.

The company's promoters include Karan Chopra, Kunal Mehra, Sarita Banerji, KAM Advisors Private Limited, and AGS TS II Holdings Pte. Ltd. Collectively, these entities hold a significant portion of the equity capital. There are ongoing legal proceedings related to preference shares held by the late Amit Mono Banerji, which involves Sarita Banerji. Furthermore, the investor promoter has availed a loan from overseas lenders, which subjects the shareholding of AGS TS II Holdings Pte. Ltd. in the company to a non-disposal undertaking.

The section details the entities forming part of the Promoter Group for three different individuals: Karan Chopra, Kunal Mehra, and Sarita Banerji, as well as for an Investor Promoter, AGS TS II Holdings Pte. Ltd. It also outlines the company's dividend policy, stating that no dividends have been declared in the last three financial years and that future dividend declarations will depend on various internal and external factors. The Board retains the absolute power to declare interim dividends, subject to compliance with the Companies Act and other regulations.

The Articles of Association are divided into Part A and Part B, with Part B prevailing in case of inconsistency until the final listing approvals, after which Part B provisions will cease to have effect and Part A will continue. The Articles are subject to various provisions concerning share capital and rights, including the power to increase or reduce capital and attach special rights. Shares can be issued with voting rights or differential rights to dividend or voting. Furthermore, the Board has the authority to dispose of shares, and there are provisions for the subdivision, consolidation, or cancellation of shares, which may affect the voting percentage of members.

The provisions detail various aspects concerning shareholder rights, including dispute resolution and capital structure changes. The Articles allow for provisions regarding the voting against proposals, the method of shareholder notices, and stipulations concerning the conversion of debentures or loans into shares, including provisions for government intervention. Furthermore, the Articles address the treatment of different share classes and the procedures for altering rights attached to shares, such as requiring consent from a majority of holders for such variations. There are also stipulations regarding the payment of money due on shares and the rights of members or their heirs to pay such amounts.

This section details various provisions concerning the lien of the Company over shares, the process for making calls on shares, and the procedures for forfeiture of shares due to non-payment. It outlines the Board's power to make calls, the notice requirements for payment, and the consequences of non-payment, including the application of interest. Furthermore, the articles cover the application of these provisions to debentures and the rules for transferring and transmitting shares, including requirements for instruments of transfer, the Board's power to decline transfers, and the recognition of title upon the death or insolvency of a member.

The provisions detail various aspects of shareholder rights, including restrictions on dividend payments and the transfer of shares. The Articles cover the transfer of securities, the company's liability regarding equitable rights, and the power to issue share warrants. Furthermore, the Articles outline procedures for converting shares into stock, rules for the Board to make warrants, and the company's power to reduce its capital. There are also provisions concerning the dematerialization and re-materialization of securities, as well as rules for conducting general meetings, including notice periods, quorum requirements, and voting procedures.

The provisions detail various aspects of corporate governance, including proxy validity, board composition, and director powers. The Articles establish minimum and maximum numbers for the Board of Directors, mandate certain residency requirements for directors, and grant the Board significant authority over company management. The rules cover the appointment of directors, the handling of casual vacancies, and the remuneration structure for various directors. Furthermore, the Articles outline procedures for board meetings, including notice requirements and quorum definitions, as well as the powers of the Board to borrow funds.

This section details various provisions concerning the powers and rights of the Board of Directors, certain appointed officers, and procedures related to dividends and share transfers. It covers the Board's power to delegate borrowing authority, the conditions under which securities can be issued, and provisions related to nominee directors who may have rights to attend meetings. Furthermore, the text outlines rules for the appointment and removal of managing directors, the responsibilities of managing directors, and the procedures for handling unpaid or unclaimed dividends.

The provisions detail various procedural aspects concerning the service of documents and notices, including provisions for serving documents in the event of a Member's death or insolvency. It outlines rules for serving documents by advertisement in newspapers and establishes that individuals acquiring shares are bound by documents previously served on their name. The section also covers how company notices are signed and the winding up process, including the division or vesting of assets, and how liabilities of directors or managers might be treated during winding up. Furthermore, it discusses the indemnification of directors and officers against certain liabilities, the company's ability to procure liability insurance for directors, and restrictions on the inspection of company works by non-directors.

This section primarily lists various agreements, deeds, and reports executed by the company with other parties, including shareholders and advisors, which are disclosed in the Draft Red Herring Prospectus. These include inter-se shareholder agreements, amended deeds, share subscription and purchase agreements, business transfer agreements, and various contracts related to acquisitions. The section also confirms that any such contracts may be amended without shareholder notice, subject to compliance with relevant laws. Furthermore, the section includes declarations from the company's directors affirming compliance with various laws and the accuracy of the statements made in the DRHP.

The provided section primarily consists of multiple declarations from various directors affirming compliance with relevant laws and regulations. These declarations confirm that the Draft Red Herring Prospectus adheres to the provisions of the Companies Act and various rules, guidelines, and regulations issued by the Government of India and SEBI. The declarations are signed by different directors, including Non-Executive Nominee Directors and Independent Directors, certifying the truth and correctness of the statements made in the prospectus.

This section primarily contains declarations from various individuals, including the Chief Financial Officer and several Selling Shareholders, confirming the truth and correctness of the statements made in the Draft Red Herring Prospectus. The declarations cover compliance with relevant laws and regulations, as well as specific undertakings related to their respective portions of the offered shares. The declarations serve to confirm the accuracy of the information provided by each signatory and limit their responsibility for other statements made in the prospectus.

This section primarily contains declarations from various selling shareholders affirming the truth and correctness of statements made in the Draft Red Herring Prospectus concerning their respective portions of the offered shares. The declarations cover statements made in relation to themselves as a Selling Shareholder, an Investor Promoter Selling Shareholder, or as an Other Selling Shareholder. These declarations include assumptions of no responsibility for other statements made by or relating to the Company or other parties.