India Exposition Mart Limited

This section primarily provides an overview of the industry context, referencing data from the CRISIL Report, and discusses macroeconomic projections from the IMF's World Economic Outlook. It details various scenarios for global GDP growth and inflation, noting that the impact of the Middle East conflict varies across different economies based on their exposure to energy and trade. Furthermore, it compares the economic performance of different regions and countries, highlighting India's position as a fast-growing major economy.

The section discusses macroeconomic outlooks for India, including projections for various economic variables for FY27, such as real GDP growth, CPI inflation, and government security yields. It details India's linkages with West Asia through trade, noting that a significant portion of its crude oil and LNG imports originate from this region, while West Asia is a supplier of various goods to India. Furthermore, the section covers global supply chain disruptions, monsoon patterns, and the impact of these factors on India's manufacturing sector. It also provides demographic insights, projecting India's population growth and the window of opportunity for economic acceleration based on the working-age population.

The Indian MICE industry is a fast-growing segment of the service economy, supported by infrastructure investments, government policies, and a diverse corporate base, positioning India as a competitive MICE destination. The sector is expected to see significant growth between 2025 and 2030, driven by corporate travel normalization, hybrid event technologies, and government initiatives. The market size is projected to grow substantially, with the total domestic MICE market estimated to reach INR 750–800 Bn by FY30P.

The provided text details various exhibition centers, key events, and the role of different Indian cities in hosting trade fairs and conferences. It highlights several key locations like Hyderabad as an IT and pharma hub, Chennai as an industrial center, and various locations across India for specialized events. Furthermore, it lists numerous exhibition venues and the scope of events hosted, including those related to various industries and the promotion of India as a MICE destination.

This section details various industry events and exhibitions in India, showcasing the diverse landscape of the MICE and exhibition market. The text lists numerous events organized by different bodies, covering sectors from commercial vehicles and construction equipment to food processing, machinery, and healthcare. It highlights the role of various industry associations in leading these events and the types of interactions facilitated, such as connecting international suppliers with Indian buyers and investors.

The exhibition industry in India is segmented into various verticals aligned with national development goals, including Engineering and Manufacturing, Food and Agriculture, Travel and Tourism, Energy, Automotive and Mobility, Aerospace and Defence, Pharmaceuticals and Healthcare, and Electronics. The sector is supported by a multi-layered policy ecosystem involving various ministries and state tourism departments. Key policies aim to establish a National MICE Brand, create a digital portal for event organizers, and develop MICE talent through institutions like IITTM and IHMs. Furthermore, initiatives like 'Meet in India' promote India as a preferred destination for international events.

The provided text details various government schemes, infrastructure developments, and market dynamics within India's MICE (Meetings, Incentives, Conferences, and Exhibitions) industry. It covers financial assistance mechanisms like the Market Development Assistance (MDA) Scheme, investment promotion schemes, and the establishment of city-level convention promotion bureaus. Furthermore, it outlines state-wise initiatives, the strengths and weaknesses of the industry, key growth drivers such as infrastructure expansion and the adoption of geo-cloning, and the threats posed by global competition and digital disruption.

The provided text details various challenges and success factors within India's MICE industry, including infrastructure constraints, a shortage of skilled talent, and intense competition from neighboring MICE hubs. It outlines key success factors such as accessibility, accommodation facilities, cost competitiveness, and cultural differentiation. Furthermore, the text discusses the operational parameters and achievements of key players in the MICE sector, such as Nesco Ltd. and India Exposition Mart Limited (IEML), detailing their infrastructure, event history, and awards.

The company operates an integrated exhibition and convention centre under the brand “India Expo Centre and Mart” in Greater Noida, Uttar Pradesh, providing comprehensive services across the MICE ecosystem. The company was established to develop dedicated exhibition infrastructure in India, particularly for exporters. The business model is diversified across six main revenue streams, including third-party events, managed events, own intellectual property events, hotel and hospitality services, export supply chain management, and maintenance services for handicraft exporters. The company is recognized as one of the top four exhibition and convention venues in India by total area.

The company's revenue from operations showed significant growth, increasing from ₹194.73 Crore in Fiscal 2024 to ₹290.63 Crore in Fiscal 2026, reflecting a CAGR of 22.17%. Income from Third-Party Events is the main revenue driver, contributing 56.44% of operations revenue in Fiscal 2026. The company operates an integrated exhibition and convention centre, the India Expo Centre and Mart, which spans a large area and offers various facilities. Furthermore, the company has expanded into the hospitality vertical, operating under the brand name "Indeva Hotels and Resorts".

The company operates as a major integrated exhibition and convention operator under the brand "India Expo Centre and Mart" in Greater Noida, Uttar Pradesh, which is strategically located near key transport infrastructure. The company possesses significant market leadership in exhibition infrastructure, being one of the largest providers in India and the largest privately owned exhibition and convention venue in the country. The business model is diversified across six verticals, including third-party events, managed events, own intellectual properties, hotels and hospitality, export supply chain management, and maintenance services. The company has developed domain know-how over nearly two decades in the MICE industry and has a proven ability to develop intellectual properties and execute end-to-end solutions for organizers and exhibitors.

The company operates an exhibition and convention centre supported by comprehensive infrastructure, including various halls, showrooms, and facilities. Revenue is diversified across several streams, including third-party events, managed events, own intellectual properties, hotels and hospitality, export supply chain management, and maintenance services. The company has a strong track record in organizing and managing numerous exhibitions and events across various sectors and geographies. Furthermore, the company is developing new infrastructure, such as a Mohali Convention Centre project, and expanding its intellectual property portfolio through new events and strategic acquisitions. A proprietary web-based IT platform is used to digitize the exhibitor and visitor journey across various events.

The company operates through six complementary revenue streams, including Hotels and Hospitality, Third-Party Events, Export Supply Chain Management, and Maintenance Services to Mart Owners. The business includes an integrated exhibition and convention centre, the India Expo Centre and Mart, which serves as a venue for various activities. The company has expanded its operations by incorporating a subsidiary in the UK for e-commerce and supply chain operations and is focused on expanding its hospitality portfolio through new properties and sub-brands.

The company operates with a significant network of permanent show rooms, including 1,800 rooms with an aggregate area of 24 sq. meters. Revenue from events and exhibitions shows strong contribution from top customers, with the top 10 customers accounting for 75.00% of the revenue in Fiscal 2026. The company utilizes in-house managed IT infrastructure and automation systems for day-to-day operations, including a web-based platform for booking and registration. Furthermore, the company outsources various services such as housekeeping, security, and catering to third parties on a contractual basis. The company also maintains various properties under lease agreements and adheres to environmental regulations.

This section primarily outlines various Indian laws and regulations applicable to the company's operations, covering industry-specific rules, intellectual property protections, labor laws, environmental regulations, and taxation laws. It details numerous acts and rules from different sectors, including petroleum, explosives, food safety, construction standards, and various tax regimes. The text emphasizes that the described regulations are not exhaustive and are subject to change. It also mentions laws concerning the import/export of goods, trademark protection, employment relations, and environmental compliance.

This section primarily details the various legal frameworks and regulations applicable to the company's operations and conduct in India. It covers numerous acts and rules concerning foreign investment, securities markets, consumer protection, contracts, and data privacy. The text outlines compliance requirements under various SEBI regulations, such as those related to insider trading and fraudulent practices, alongside laws governing the sale of goods, contracts, and the handling of personal data. Furthermore, it mentions various state and local laws that impact the company's operations, such as those related to safety, licensing, and property transfer.

The issuer is governed by various legal frameworks, including the Companies Act and related rules, as well as central and state tax laws, municipality laws, and other regulations imposed by central and state governments and other authorities for its daily business operations and administration.

The company, incorporated as India Exposition Mart Limited, began operations following its incorporation in 2001. The company has undergone several changes to its registered office location between 2002 and 2008. The Memorandum of Association has seen significant amendments regarding authorized share capital and the scope of business objects over time, including the inclusion of e-commerce and MICE industry services. The company has a history of various strategic investments, acquisitions, and has received numerous industry awards and accreditations. Furthermore, the company has acquired a significant stake in Garment Technology Expo Private Limited, which became a subsidiary.

The company has entered into several agreements, including a long lease agreement with M/s Shree Kunj Biharji Infracon Private Limited dated May 10, 2024, for commercial units in Greater Noida, with possession provided by June 1, 2026. Furthermore, a deed of assignment was executed with Garment Technology Expo Private Limited on December 28, 2024, granting the company a license for 10 trademarks. The hospitality unit has also executed a Management Services Agreement with Royal Estcon Private Limited dated May 5, 2026. The company currently has several subsidiaries, including Expo Digital India Private Limited (EDIPL), Garment Technology Expo Private Limited (GTEPL), and several step-down subsidiaries like Expo Digital SCM Inc (EDSI), Expo Digital SCM BV (EDSB), and Expo Digital SCM UK Ltd. (EDSUL).

The provided text specifies the address of the company, which is located in Nagar, Greater Noida, Uttar Pradesh, India, with a date of March 31, 2027 mentioned. It also includes a statement confirming the absence of a conflict of interest between suppliers of raw materials and third-party service providers and the Company, its Subsidiaries, and their directors.

This section provides various definitions and abbreviations used throughout the Draft Red Herring Prospectus. It defines terms related to the company, such as its legal name, registered office, and various personnel. It also defines terms related to the offer process, including different types of bidders, allotment procedures, and the role of various intermediaries. Key entities like the Book Running Lead Manager and the process for bid submission are also defined.

This section defines various terms related to the issuance process, including designated locations, parties involved in collecting bids, and different types of investors. It specifies details regarding Designated CDP Locations and Designated RTA Locations, which are where bidders can submit forms. It also defines various types of bidders such as Retail Individual Bidders (RIBs) and Qualified Institutional Buyers (QIBs), and outlines different portions of the offer, such as the Retail Portion and the Non-Institutional Portion.

This section primarily defines various terms used within the document, covering aspects related to payment mechanisms, financial metrics, and legal/regulatory frameworks. It includes definitions for UPI mechanisms, various financial KPIs like EBITDA and Net Profit Margin, and numerous conventional terms and abbreviations related to corporate law, financial regulations, and market entities.

This section primarily lists various SEBI regulations and definitions relevant to the prospectus. It defines terms such as various SEBI regulations, currency references, and conventions for financial data presentation. It also details the source of industry and market data, noting that it is derived from a CRISIL Report commissioned by the company.

This section discusses forward-looking statements, cautioning investors that they are not guarantees of future performance and that actual results may differ materially from the expectations. The statements are based on the company's present plans, estimates, and assumptions, and various risks, such as regulatory changes, economic conditions, and market volatility, could cause actual results to differ. Certain information has been sourced from the CRISIL Report, and the company commits to informing investors of material developments until the allotment date.

This section provides various corporate and procedural details related to the filing of the Draft Red Herring Prospectus. It includes the registered and corporate office addresses, details regarding the revision of the company's Corporate Identity Number (CIN), the address of the Registrar of Companies, and the procedures for filing the offer documents with SEBI. Furthermore, it lists the Board of Directors, the Company Secretary and Compliance Officer, the Book Running Lead Manager, the Legal Counsel, the Statutory Auditors, and the Banker(s) to the Offer.

The section details various consents received from practicing professionals to include their names as 'experts' under the Companies Act for different certificates, including one related to share capital buildup and another concerning details of the India Expo Centre and Mart. Furthermore, the company intends to appoint a monitoring agency to oversee the utilization of gross proceeds from the fresh issue, as per SEBI ICDR Regulations. The text also outlines several aspects of the book-building process, including how the offer price will be determined and the various restrictions placed on different types of bidders regarding bid withdrawals. Finally, it discusses the intention to enter into an underwriting agreement with underwriters for the equity shares proposed to be issued.

This section details the authorized and issued share capital structure for the company as of the Draft Red Herring Prospectus date, including various components of the offer. It outlines the authorized share capital, the issued and paid-up share capital before the offer, and the structure of the present offer, which includes fresh issues and offers for sale. Furthermore, it specifies provisions related to employee reservations and the net offer amount. The document also includes a history of past allotments of equity shares, detailing the date, nature, allottee, number of shares, face value, and consideration for each transaction.

This section details various allotments and calls for partly paid-up equity shares across different dates. It covers initial issues with various allottees, followed by several subsequent calls made on different dates, which involved different numbers of shares and cumulative paid-up capital. The data shows a progression of equity share issuance and subsequent funding activities over time.

This section details various allotments of equity shares, including the number of shares allotted, the face value per share, and the issue price. The data is presented across several pages, showing different groups of allottees and their corresponding shareholdings. The data includes various cumulative paid-up equity share capital amounts.

This section details various allotments of equity shares, including the names of the allottees, the number of shares allotted, and the corresponding paid-up equity share capital. The data is presented across several pages, showing different groups of shareholders and their holdings. The allotments involve a wide range of share quantities, with some shareholders holding significant numbers of shares, such as 438 shares, while others hold smaller amounts. The data spans multiple cumulative paid-up capital figures.

This section details various allotments of equity shares, including the number of shares allotted, the face value per share, and the issue price. The data covers numerous individuals and entities across different cumulative paid-up equity share capital amounts. The allotments span a wide range of share counts, from 24 shares up to 5,635 shares. The data is presented in a tabular format listing different allottees and their corresponding shareholding details.

This section details various allotments and issuances of equity shares, including transactions related to sweat equity and stock options under the ESOP 2021 scheme. It covers allotments made in June 2017, August 2024, and subsequent issuances in 2025 and 2026. Furthermore, it discusses historical allotments and calls related to various agreements and the treatment of forfeited shares. The text also mentions that no preference shares have been issued as of the filing date.

The section details various allotments of equity shares to different entities, including payments made for consideration other than cash for purposes like lease agreements and reimbursement of expenses. It also clarifies that no equity shares have been issued from revaluation reserves and no equity shares have been allotted under schemes approved by certain sections of the Companies Act. Furthermore, the text provides information on the shareholding pattern as of the Draft Red Herring Prospectus date, including a list of major shareholders who hold 1% or more of the paid-up equity share capital.

The provided text details various shareholding structures and transactions related to the company's equity. It presents two sets of shareholder data, one as of August 07, 2026, and another as of August 15, 2025, showing different levels of ownership. Furthermore, it lists shareholders holding 1% or more of the paid-up equity share capital as of two years prior to the DRHP date. The section also includes details of secondary transactions, such as acquisitions or transfers of equity shares by selling shareholders, which occurred between 2005 and 2016.

This section details various acquisitions and transfers of equity shares across different entities over time, involving numerous transferors and transferees. The transactions span from 2005 to 2026 and involve different consideration types, including cash. The data shows transfers between entities such as Overseas Carpets Limited, Marvel Fragrances Private Limited, R S Computech Private Limited, and others, with specific dates and share quantities recorded.

This section details various acquisitions and transfers of equity shares, including the date, number of shares, transferor, transferee, face value per share, and nature of consideration. The transactions span various dates, involving different parties and share amounts. Some transactions involve cash consideration, while others are for transmission. The data shows transfers involving various individuals and entities over a period.

This section details various transactions involving the acquisition and transfer of equity shares, including specific dates, parties, and consideration prices. It also outlines provisions regarding the lock-in of pre-offer equity share capital and restrictions on altering the capital structure within a six-month period following the Bid/Offer Opening Date. Furthermore, it discloses details of securities acquired by selling shareholders and shareholders with nominee director rights within the preceding three years.

This section details various transactions involving the acquisition and transfer of equity shares, primarily through Employee Stock Option Plans (ESOP) and equity transfers. The data includes details such as the name of the acquirer, the nature of the securities, the date of acquisition, the number of securities involved, and the price per security. Several transactions are scheduled for future dates, including equity allotments and transfers, with various face values and acquisition prices. There is also a note regarding the passing of a shareholder, Kavita Vasdev, and a reference to the weighted average cost of acquisition for certain transactions.

This section details various financial metrics and shareholding information related to the company. It includes historical data on the weighted average cost of acquisition for equity shares, along with information on the pre-offer and post-offer shareholding percentages of top shareholders. Furthermore, the text outlines the details of an employee stock option plan (ESOP 2021), including the number of options granted, vested, and exercised, as well as the underlying assumptions used in the valuation of these stock options.

This section details various parameters related to the company's financial modeling, including risk-free rates, volatility, and assumptions for option vesting periods. It provides different scenarios for these parameters across various fiscal years and includes information on the price of the underlying share used in calculations. Furthermore, it outlines various stipulations concerning the intention to sell equity shares and restrictions on financing arrangements and public issues.

The Offer involves a Fresh Issue of equity shares and an Offer for Sale of equity shares. The proceeds from the Offer for Sale will not be received by the Company, and the net proceeds from the Fresh Issue will be utilized for various purposes. These proposed uses include funding capital expenditure for upgrading infrastructure at the India Expo Centre and Mart, such as air handling units, chillers, cooling towers, lifts, and escalators. The company also intends to use the funds for renovation and build-up of exhibition halls, alongside general corporate purposes.

This section details various components and equipment being offered for sale, categorized into different types of air handling systems and related parts. The offerings include a wide range of items such as air handling units for exhibition halls, various types of valves, and materials for piping and cooling towers. The listed amounts are in Million Rupees (exclusive of tax) and include details on unit cost, quantity, and potential vendor dates.

The section details various quotations received from vendors for proposed capital expenditure, totaling ₹63.81 Crore, which the company intends to fund up to the full amount from net proceeds, with any excess funded by internal accruals. The quotations cover equipment such as chillers, elevators, and VFDs, with various escalation clauses specified. Furthermore, the company plans to utilize ₹30.81 Crore from net proceeds for renovation and build-up works across different exhibition halls at the India Expo Centre and Mart.

The section details an agreement with Exhicon for the design, engineering, fabrication, and installation of a pre-fabricated, steel-based temporary hangar structure for a New Exhibition Hall, involving various components like roofing fabric, paneling, and ancillary systems. The scope of work includes design engineering vetted by chartered engineers and the use of reputed steel brands. The total order value for the build-up of Exhibition Hall 18 was approximately ₹18.48 Crore. Of this total, an amount of ₹10.16 Crore had already been paid from internal accruals as of July 31, 2026, with the remaining balance intended to be paid from Net Proceeds.

This section details the cost breakdown for various items, primarily covering fittings, plumbing, sanitary fixtures, and administrative/exhibition hall works. The costs for various items range from 0.00 to 0.54 million rupees (exclusive of tax), with significant expenditures noted in the Sanitary Fixture category. The section also includes costs for administrative room finishes, including ceiling, wall finishes, and flooring, alongside electrical works. The total cost for the listed items amounts to 7.05 million rupees, with a grand total for the initial components reaching 127.11 million rupees.

This section details various construction and finishing works intended for the renovation of Exhibition Hall 6, including both the hall and associated washrooms. The scope covers extensive civil works like masonry, tiling, and counter installation, alongside significant electrical and plumbing installations. The proposed estimates are broken down into categories such as dismantling, civil work, finishing, doors, and electrical systems. The total estimated deployment towards these works is substantial, with specific line items detailing the cost for different materials and services.

This section details various material and civil works, primarily categorized into fittings, administrative rooms, and various finishing works. It lists numerous items such as plumbing fixtures, sanitary ware, and various types of wall and floor finishes. The section also covers administrative room components like ceiling, wall finishes, and flooring. Furthermore, it includes extensive notes detailing the scope for construction works, such as block masonry, various paneling, tiling, waterproofing treatments, and electrical wiring installations.

The provided text details various supply and installation services, including items like LED lights, sanitary fittings, faucets, and drainage components. It also outlines the company's intent to deploy a portion of the net proceeds for general corporate purposes, which can be utilized up to 25% of the gross proceeds as per SEBI ICDR Regulations. The text further discusses the process and estimation of offer-related expenses, including various fees for brokers, auditors, and marketing, and specifies rules for the handling of funds and applications related to the issue.

The section discusses procedural requirements for varying the objects of a Fresh Issue, including the need for shareholder authorization via a special resolution and the publication of notices in both English and Hindi. It also clarifies that no exit opportunity is required for shareholders who disagree with the proposed change. Furthermore, it states that no proceeds from the offer will be distributed to the Directors, Key Managerial Personnel, or Senior Management, nor will any such arrangements be made. The section then details the basis for determining the Offer Price, which involves consultation with the BRLM based on market demand and various quantitative and qualitative factors.

This section details various Key Performance Indicators (KPIs) and financial ratios used by the company to evaluate its business and financial performance. It includes metrics such as profitability indicators like Net Profit Margin and Return on Net Worth, gearing ratios like the Debt-Equity Ratio, and operational metrics such as various revenue streams and capacity measures. The text also outlines the definitions and limitations of these KPIs, emphasizing that they should not be considered in isolation and investors should review the financial measures prepared in accordance with Ind AS.

This section primarily discusses the statement of possible special tax benefits available to the Company and its shareholders under various tax laws. It details several provisions related to corporate tax rates, deductions, and capital gains taxation. Furthermore, it outlines special direct tax benefits for shareholders, including provisions related to dividend income and capital gains, as well as special indirect tax benefits, which are currently stated as not available.

This section details the scope and reliance placed on the audited financial statements for the purpose of inclusion in the Draft Red Herring Prospectus (DRHP). The independent auditor examined the Restated Consolidated Financial Information, which includes financial statements for the Group, its associate, and joint ventures for the years ended March 31, 2026, 2025, and 2024. The examination relied on audited statements, reports from other auditors for certain subsidiaries, and unaudited financial information for a joint venture. The auditor confirmed that the financial information did not require retrospective changes and was prepared in accordance with applicable accounting standards and regulations.

This section provides restated consolidated financial statements for India Exposition Mart Limited for the years ended March 31, 2026, March 31, 2025, and March 31, 2024. The data includes statements of assets and liabilities, profit and loss, and cash flows. Key financial figures are presented in ₹ Million, with various line items detailing revenues, expenses, income, and cash movements across the three periods.

This section details the reconciliation between opening and closing balances for liabilities arising from financing activities for the years ended March 31, 2026, 2025, and 2024. It presents cash flows related to borrowings, including proceeds, repayments, and interest payments, along with non-cash changes and finance cost amortization. The information is presented in ₹ Million.

This section details various accounting treatments and recognition criteria for different financial statement line items, including financial assets, liabilities, property, plant and equipment, intangible assets, employee benefits, provisions, revenue recognition, interest income, and leases. It outlines how various assets and liabilities are measured, depreciated, amortized, or recognized based on contractual terms and accounting standards. Furthermore, it covers impairment testing for financial assets and non-financial assets, criteria for recognizing revenue, and rules for handling various financial instruments and tax considerations.

This section details various accounting judgments, estimates, and assumptions made by the management in preparing the Restated Consolidated Financial Information in conformity with Ind AS. Judgments cover areas such as allowances for uncollected trade receivables, contingent liabilities, recoverability of deferred tax assets, assumptions for defined benefit plans (gratuity benefit), useful life of Property, Plant and Equipment, the estimation of the incremental borrowing rate for leases, and the calculation of loss allowance for Expected Credit Loss (ECL). The text also discusses the applicability of Ind AS 118 and the impact on financial statement presentation.

This section details various financial and investment accounts for India Exposition Mart Limited, including intangible assets under development, investments in joint ventures and associates, financial assets, and liabilities. It presents movement in investment accounts, details regarding the acquisition of a subsidiary, and breakdowns of cash and bank balances. Furthermore, it provides information on equity share capital structure and details related to employee stock option plans.

This section details various financial components of India Exposition Mart Limited, including equity, borrowings, liabilities, revenues, and expenses over three fiscal years. The data covers items such as share application money, reserves, retained earnings, different types of borrowings, lease liabilities, other liabilities, trade payables, provisions, revenue from operations, other income, purchases, changes in inventories, cost of goods consumed, employee benefits expenses, finance costs, depreciation, and various operating and administrative expenses.

This section details various tax expense calculations, deferred tax assets and liabilities, and earnings per share data for India Exposition Mart Limited across fiscal years ending March 31, 2026, 2025, and 2024. It includes breakdowns of income tax expense, reconciliation of effective tax rates, components of deferred tax assets and liabilities, and calculations related to employee benefits liabilities such as gratuity and compensated absences.

This section details actuarial assumptions, sensitivity analysis for defined benefit obligations, and various notes related to dues to micro and small enterprises, segment reporting, and contingent liabilities. It includes information on the impact of changes in discount rates and salary increases on the present value of obligations, as well as details on various financial liabilities and commitments.

This section details various related party transactions, including payments, reimbursements, and remuneration, for different periods ending March 31, 2026, and March 31, 2025, as well as March 31, 2024. It lists transactions involving various KMP, directors, and entities such as subsidiaries, associates, and key managerial personnel. The data is categorized into sitting fees, travel expenses, remuneration, professional fees, business promotion expenses, and various income streams, such as mart maintenance and fair directory income.

This section details various intra-group transactions, financial instrument carrying amounts, and the measurement of financial assets and liabilities as of March 31, 2026, March 31, 2025, and March 31, 2024. It also outlines the fair value hierarchy for financial instruments and describes the risk management framework concerning interest rate, credit, and liquidity risks.

This section provides detailed notes on the financial statements, covering liquidity risk, Corporate Social Responsibility (CSR) expenditure, and capital risk management. It compares various financial components like borrowings, lease liabilities, and trade payables across different years. The notes also detail the execution of CSR activities, the status of related party transactions, and information regarding the group's capital structure, including gearing ratios. Furthermore, it outlines transactions between the group and its subsidiary, including loans and investments.

This section details the financial statements for several entities, including a step-down subsidiary (Expo Digital SCM BV), a subsidiary (Garment Technology Expo Private Limited), and a joint venture (Expo Bazaar USA,Inc), alongside consolidated financial information for India Exposition Mart Limited across different reporting periods. The data includes various line items such as assets, liabilities, revenue, profit/loss, and cash flows for these entities, as well as revenue recognition details and trade receivables information.

This section details various aspects of employee stock option plans, including grant structures, vesting schedules, and the accounting treatment for share-based payments. It outlines different grant dates, vesting periods, and associated parameters like exercise prices, fair values, and expected volatility. Furthermore, it summarizes the impact of share-based payment costs recognized in the profit and loss statements for different fiscal years. The text also covers aspects of business combinations, including the acquisition of certain entities and the accounting for goodwill and purchase consideration.

This section presents various accounting ratios and financial figures for the company across fiscal years ending March 31, 2026, 2025, and 2024. It details metrics such as basic and diluted earnings per share, Return on Net Worth, Net Asset Value per Equity Share, and EBITDA. The text also includes important disclaimers regarding the use of Non-GAAP financial measures and the reliance on external industry reports for certain data.

The company's operations rely on leasehold land from the Greater Noida Industrial Development Authority (GNIDA) for its exhibition and convention infrastructure, with leases spanning 90 years. The business is vulnerable to regulatory actions from GNIDA and potential negative impacts from the broader MICE market conditions. Revenue from various verticals, including Third-Party Events, Own IP, Managed Events, Hotels & Hospitality, and Supply Chain Management, is detailed across fiscal years. The company notes that the loss of key event organizers or the cancellation of major events could significantly impact revenue streams. Furthermore, the business is subject to various governmental regulations concerning safety, construction, and data protection.

This section details various financial metrics and accounting policies used in the preparation of the financial statements. It includes calculations for Return on Equity, Return on Capital Employed, Debt/Equity Ratio, and various turnover ratios. Furthermore, it outlines the accounting policies regarding the preparation of financial information, including the treatment of fair value measurements, the classification of assets and liabilities (current versus non-current), and the accounting methods for subsidiaries, associates, and joint arrangements.

This section details the accounting treatments for various financial instruments, including recognition, subsequent measurement, derecognition, and offsetting. It outlines different measurement bases for financial assets and liabilities depending on their classification, such as amortised cost, fair value through profit or loss (FVTPL), or fair value through other comprehensive income (FVOCI). The text also specifies criteria for assessing business models, contractual cash flows, and the subsequent measurement of gains and losses for these instruments. Furthermore, it covers the accounting for Property, Plant and Equipment (PPE), including cost components, depreciation methods, and the accounting for intangible assets like goodwill and trademarks, along with their respective amortization periods.

This section details various accounting treatments and recognition criteria for different financial statement components. It covers concepts such as expected credit losses, impairment testing for assets, employee benefits, provisions, revenue recognition principles, interest income/expense recognition, lease accounting, and income tax recognition. Specific rules are provided for measuring liabilities, recognizing revenue based on performance obligations, and determining the treatment of various financial instruments and contracts.

This section details various accounting treatments and components of the company's financial statements, including definitions for cash, contingent liabilities, inventory valuation, share-based payments, and financial guarantees. It then presents a breakdown of the revenue from operations, showing significant year-over-year growth. The revenue increase was primarily driven by growth in revenue from third-party events and own Intellectual Property (IP) events, alongside an increase in revenue from managed events.

The financial performance showed growth in several areas, including revenue from operations, though profitability margins saw a slight decline. Revenue from operations increased by 23.84% in Fiscal 2025 compared to Fiscal 2024. Total expenses also increased, reflecting the scale of operations, but the resulting profit as a percentage of revenue decreased. Various line items detail changes in operational costs, income, and cash flows across the fiscal years.

This section details various cash flow movements, contingent liabilities, and financial risk management aspects of the company. It provides figures for operating activities, investing activities, and financing activities across different fiscal years, along with information on contractual obligations and the company's approach to managing market, credit, and liquidity risks.

This section details various financial and contractual liabilities as of different reporting dates, along with disclosures regarding audits and business risks. It presents contractual maturities for financial liabilities, including borrowings, lease liabilities, trade payables, and other financial liabilities, for March 31, 2026, March 31, 2025, and March 31, 2024. Furthermore, it includes important audit observations from Fiscal Years 2024, 2025, and 2026, noting the scope of audits on subsidiary companies and joint ventures. The text also covers various risk factors related to unusual events, economic changes, future relationships between cost and revenue, dependence on customers and suppliers, and competitive conditions.

The company has the authority to avail credit facilities for ordinary business purposes, such as meeting working capital requirements. The Board is empowered to borrow funds in accordance with Sections 179 and 180 of the Companies Act and the Articles of Association. The company reported having no outstanding borrowings as of July 31, 2026.

Investors should be aware that the business faces several material risks, primarily stemming from its reliance on a single exhibition venue and the concentration of its revenue streams. Risks include potential disruptions to the venue, dependency on third-party service providers, and the concentration of revenue in third-party events. Furthermore, the business is subject to risks related to the terms of its long-term leasehold agreements and the potential actions of the lessor, Greater Noida Industrial Development Authority (GNIDA).

The company faces several risks related to its leasehold premises, including the potential non-renewal or termination by the lessor, which could force the cessation of substantial operations. Revenue is highly dependent on the exhibition calendar, as certain marquee events are infrequent, leading to fluctuations in revenue from the Third-Party Events vertical. Fixed costs are largely independent of event volume, which can compress operating margins during slow periods. Furthermore, there are concerns regarding the traceability of certain corporate records and the potential for regulatory actions concerning these filings. The company also faces risks related to the reliance on third-party agreements and the potential for challenges to its intellectual property rights.

The company faces several risks related to its operational leases, including the potential non-renewal or early termination of premises, which could disrupt corporate administration and incur additional costs. There are uncertainties surrounding planned expansion, as it depends on unproven sub-brands and non-binding agreements. Furthermore, the company has faced past non-compliances with the Companies Act, 2013, including loans to subsidiaries without prior member approval, and delays in filing various regulatory forms with the RoC. There is also significant risk associated with a proposed Mohali Convention Centre project, involving various development, regulatory, and minority-stake issues. Finally, some subsidiaries have incurred losses, raising concerns about future profitability and the need for further capital infusion.

The company operates a B2B export supply chain management platform, which faces risks related to cross-border e-commerce compliance and potential changes in import tariffs or customs regulations. The business model's scalability and profitability are unproven, and there is a risk of competition from other digital and offline trade facilitation channels. Furthermore, the company's operations are exposed to various regulatory and foreign exchange risks due to its subsidiaries in different countries. The maintenance services vertical is dependent on the willingness of numerous exporters to pay maintenance charges, creating a risk of disputes and revenue loss. The company also faces competitive pressure in the exhibition and MICE services market and potential limitations on future event capacity.

The company's ability to sustain revenue growth is contingent upon successfully attracting and retaining large-format recurring events, maintaining occupancy in its properties, expanding its Intellectual Property portfolio, and scaling its Export Supply Chain Management vertical. There are concerns regarding potential declines in the number of hosted events, which could negatively impact revenue and operations if not offset by increased event size. Furthermore, the business relies heavily on long-term relationships with third-party organizers and industry associations, and the loss of such relationships poses a significant risk. The company is also exposed to risks related to inadequate insurance coverage, potential regulatory non-compliance, and ongoing litigation.

The section discusses various limitations and assurances related to financial statements, related party transactions, intellectual property, operational risks, and regulatory compliance. It highlights that opinions on financial statements rely on the reports of other auditors, that past or future related party transactions might involve conflicts of interest, and that the company cannot guarantee the terms of such transactions. Furthermore, it details risks associated with intellectual property protection, the uncertainty of trademark registration processes, and potential disruptions to operations due to power supply issues or tariff hikes. The text also cautions that industry information is derived from external reports, and non-GAAP financial measures may not be comparable across different companies.

The company faces risks related to dividend policy, where future earnings may be retained for operations, potentially impacting investor returns. There are concerns regarding the effectiveness of internal controls, which could lead to issues in financial reporting. The company is exposed to anti-corruption risks, which could result in legal penalties and adverse impacts on its business and reputation. Furthermore, there is a risk of fraud or theft by employees or contractors, which could affect operations and cash flows. The industry itself is subject to various threats, including competition, macroeconomic volatility, and potential disruptions from health events or natural calamities. Finally, the company has provided a corporate guarantee for borrowings of a subsidiary, which could obligate the parent company to cover the subsidiary's debt.

The company has faced instances of delays in paying certain statutory dues, and there is no assurance that such delays will not occur in the future, which could lead to proceedings or penalties from statutory authorities. The business is exposed to various external risks, including political, economic, and market volatility, such as changes in interest rates, political instability, civil unrest, natural calamities, and fluctuations in foreign exchange reserves. Furthermore, the regulatory and policy environment in India is evolving, posing risks related to changing laws, tax benefits, and the implementation of new legislation. There are also concerns regarding the enforceability of foreign court judgments and restrictions on foreign investment.

The section discusses various risks related to the offer process and market conditions. Risks include the potential for selling shareholders to sell their shares, the offer price not reflecting the market price, and the possibility of price fluctuations after the offer. Furthermore, the text highlights the lack of an active trading market for the equity shares and the potential for adverse market factors to influence the stock price.

The provided text details various aspects related to the issuance and allocation procedures for the company's securities, including different investor categories and allocation rules. It outlines specific provisions regarding the allocation of shares to Anchor Investors, the handling of under-subscription across various categories, and the mechanism for individual investors to apply through UPI. Furthermore, the text specifies rules for allocation to Non-Institutional and Retail Individual Bidders, including minimum bid lots and proportionate allocation methods. It also mentions provisions for Employee Reservation Bidders and the potential for discounts on the offer price for eligible employees.

This section details the restated statement of cash flows for the years ended March 31, 2026, 2025, and 2024, showing various cash movements. It includes operating cash flows, adjustments for non-operating and non-cash transactions, working capital adjustments, and net cash generated from operating activities. The data also covers investing and financing activities, including cash flows related to property purchases, sales, bank deposits, and loan repayments. Finally, the section summarizes contingent liabilities, such as income tax liabilities from previous fiscal years.

The section outlines the status of various legal and regulatory matters, including criminal proceedings, actions by statutory and regulatory authorities, and civil litigation involving the Company, its subsidiaries, directors, and Key Managerial Personnel. It details specific pending cases, such as a tax assessment matter, a criminal complaint filed by a unit against the Company, and a company complaint related to cheque dishonour. Furthermore, it defines materiality thresholds for civil litigation and outstanding dues to creditors based on turnover and net worth, and clarifies that no material findings from SEBI or other regulators were noted.

The section details various approvals obtained by the Company, including those related to the Offer, incorporation details, tax and trade registrations, labour approvals, and various business and operations approvals. The Company has obtained numerous licenses and registrations from different governmental and regulatory authorities to conduct its business activities. Furthermore, the section lists a significant number of intellectual property applications, including registered trademarks and pending applications, across various classes.

The section details various intellectual property applications and trademarks, some of which have received protection from international offices. It also discusses the definition of group companies under SEBI ICDR Regulations, which involves criteria related to related party transactions and monetary thresholds. Furthermore, the company sought an exemption from SEBI under Regulation 300(1)(c) regarding the identification and disclosure of the Uttar Pradesh Export Promotion Council as a group company.

The section details various approvals and compliance confirmations related to the Draft Red Herring Prospectus. The company has received in-principle approvals from the BSE and NSE for equity share listing. Furthermore, the document confirms that the company and its directors are not prohibited from accessing capital markets, nor have they been declared as Wilful Defaulters or Fraudulent Borrowers by banks. The company is in compliance with the Companies (Significant Beneficial Owners) Rules, 2018, and meets certain eligibility criteria for the offer, including thresholds for net tangible assets, operating profit, and net worth over the preceding three fiscal years.

The section details various consents obtained from different parties, including Directors, Company Secretary, legal counsel, and various banks, prior to filing the Draft Red Herring Prospectus with the RoC. It also outlines written consents received from experts, such as the Statutory Auditor, an Independent Chartered Accountant, a practicing Company Secretary, and an Independent Chartered Architect, to include their names in the prospectus under relevant sections of the Companies Act. Furthermore, the text covers aspects related to past capital issues, commission and brokerage paid on previous equity share issues, and the mechanism for redressal of investor grievances related to offers.

The section details various compensation mechanisms for investor grievances related to bids made through the UPI Mechanism, outlining different compensation scenarios based on the nature of the grievance, such as delayed unblocking or blocking of multiple amounts. It also specifies procedures for addressing grievances from regular bidders versus Anchor Investors, and clarifies the responsibility of various parties regarding compliance with SEBI ICDR Regulations. Furthermore, the text discusses the process for applying for authentication on SCORES and the company's efforts to address investor complaints.

This section details various timelines and procedures related to the offer, including the timing for various events, compensation clauses for delays in fund unblocking, and rules regarding the submission and revision of bids. It specifies different timelines for bid submission based on the type of bidder (e.g., Retail Individual Bidders, Eligible Employees) and the mechanism used for payments. Furthermore, it outlines conditions under which the offer can be withdrawn, including the requirement for minimum subscription and the procedures for refunding blocked amounts.

This section details the structure of the offer, including the total size of the offer, which comprises a Fresh Issue and an Offer for Sale. It specifies various provisions related to the Book Building Process in compliance with SEBI ICDR Regulations. The text outlines different categories of bidders, including QIBs, Non-Institutional Bidders, and Retail Individual Bidders, along with rules for allocation, including reservations for eligible employees and specific allocation proportions for different investor types. It also covers procedures for joint bids, payment terms, and handling of discrepancies in bid data.

This section details various procedural aspects related to the offer, including the applicability of different SEBI circulars and payment mechanisms. It outlines the phased implementation of the UPI mechanism for public issues, which reduced the timeline for listing from six to three working days. Furthermore, it specifies requirements for investor grievances and the processing of application fees. The text also covers rules regarding the submission of bid forms, the requirement for investors to comply with certain regulatory notifications, and procedures for handling the transfer of shares.

This section details various procedural requirements and restrictions concerning different categories of bidders, including the use of various forms and mechanisms for submitting bids. It specifies rules for UPI bidders, the handling of bids by different investor types such as Anchor Investors, FPIs, Mutual Funds, HUFs, and Eligible Employees. Furthermore, it outlines limitations on holding by NRIs and FPIs under FEMA regulations, and requirements for documentation related to various investment types.

This section details various restrictions and requirements concerning the participation of different investor categories in the Offer, including Foreign Portfolio Investors (FPIs), various investment funds, and entities like limited liability partnerships and banking companies. It outlines specific conditions for handling bids, such as the need for prior consent for transferring offshore derivative instruments and various rules regarding investment limits and documentation for different bidder types. Furthermore, it specifies rules for Anchor Investors, including minimum bid sizes and allocation procedures, and details restrictions for various investor groups based on their registration or structure.

This section outlines various rules and instructions for bidders, covering aspects related to investment limits, bid submission procedures, and compliance requirements. It details restrictions on bid revisions, the necessity of linking PAN with Aadhaar, and specific requirements for electronic bidding systems. Furthermore, it specifies rules concerning the use of various payment methods, the submission of documents, and conditions under which bids may be rejected by technical grounds.

The section details various procedural requirements related to share allotment, investor payments, and regulatory compliance concerning the issuance of equity shares. It outlines rules for oversubscription, the allocation of shares to different investor categories like RIBs, NIBs, and Anchor Investors, and the process for handling payments into escrow accounts. Furthermore, it specifies requirements for pre-offer advertisements, the timing for uploading allotment advertisements based on stock exchange approvals, and undertakings from the company and selling shareholders regarding the timely completion of listing formalities.

This section outlines various restrictions and guidelines concerning foreign investment and the offering of equity shares, primarily governed by the FEMA and FDI policies. It details participation limits for non-residents, including Foreign Portfolio Investors (FPIs) and Eligible Non-Resident Indians (NRIs), based on different holding limits and repatriation basis. Furthermore, it specifies conditions regarding the offering and sale of equity shares in the United States and outside of India, including exemptions and compliance with U.S. securities laws and Regulation S.

This section details related party transactions entered into by the Company with various parties for the fiscal years ending March 31, 2026, March 31, 2025, and March 31, 2024, measured in ₹ million. The disclosed transactions include payments for sitting fees, various payments, and transactions involving entities where Key Managerial Personnel (KMP) have an interest. The data is segmented by the type of relationship and the fiscal year.

The Board comprises fourteen directors, including one Executive Chairman (Whole-Time Director), six Non-Executive Directors, one Nominee Director, six Non-Executive Independent Directors, and one Additional Non-Executive Independent Director. The section details the particulars of fourteen directors, including their designations, occupations, dates of birth, ages, addresses, current terms, and periods of directorship. Key individuals include the Executive Chairman, Rakesh Kumar Sharma, who has extensive experience in export procedures and has received commendations from the Japanese Ministry of Economy, Trade and Industry. Other directors have various directorships in the handicrafts and export promotion sectors.

The management section details the profiles of several directors and key managerial personnel, including their tenure, qualifications, and professional associations. Key personnel such as Raj Kumar Malhotra, Mukesh Kumar Gupta, Prerna Singh, Sunil Sikka, Birendra Kumar Bengani, Afeef Ur Rehman, Girish Kumar Agarwal, Rakesh Kumar Verma, Rahul Vadera, and Surender Kumar Goel are listed with their respective roles and board appointments. The section also covers various disclosures regarding relationships, conflict of interests, and terms of appointment and remuneration for the directors.

The section details various changes in directorship appointments and the constitution of several Board committees. It mentions the cessation of Dinesh Kumar Aggarwal as a Non-Executive Independent Director due to personal reasons and the appointment of Rakesh Kumar Srivastava as an Additional Non-Executive Independent Director. Furthermore, it outlines the authorization for the Board to borrow funds under specific conditions and confirms the company's compliance with corporate governance regulations. Several committees, including the Audit Committee and the Nomination and Remuneration Committee, are described with detailed terms of reference regarding financial oversight, director evaluation, and related party transactions.

This section details various functions and responsibilities related to management personnel, including reviewing compensation strategies, administering employee stock option schemes (ESOPs), and ensuring compliance with securities laws. It also outlines the structure and terms of reference for several key committees, such as the Stakeholders’ Relationship Committee, the Corporate Social Responsibility Committee, and the Risk Management Committee. These committees have specific mandates concerning investor grievances, CSR activities, and risk management policies, respectively.

The management organization chart outlines several Key Managerial Personnel (KMP) and Senior Management roles. Key personnel include the Executive Chairman, Chief Executive Officer, Group Chief Financial Officer, Group Company Secretary & Compliance Officer, and the Chief Operating Officer for the Hospitality Division. Details regarding these individuals, including their qualifications, past associations, and remuneration, are provided. The document confirms that all Key Managerial Personnel and Senior Management are permanent employees, and there has been no reported attrition in the last three years. Furthermore, the company does not have an identifiable promoter group under SEBI ICDR Regulations, although one shareholder holds a significant stake.

The company's dividend policy was approved by the Board in a meeting on June 23, 2026. The declaration and payment of dividends are to be recommended by the Board and approved by shareholders, subject to various legal provisions. The quantum of dividend depends on factors such as executive management advice and future investments for growth. Future dividend determinations will consider numerous financial factors, including profits, cash flow, debt obligations, and the economic environment. The ability to pay dividends may also be affected by restrictive covenants under loan agreements.

This section details the foundational provisions of the Articles of Association for the Company, which were approved by a Special Resolution. It clarifies that certain regulations under the Companies Act, 2013, shall not apply unless embodied in these Articles. The interpretation section defines key terms such as 'Act', 'Alter & Alteration', 'Applicable Law', and 'Articles'. Furthermore, the provisions cover the power of the Board to increase capital, including the ability to issue shares with special rights or differential voting rights, and the structure of the capital, which comprises equity and preference shares.

This section details various provisions concerning the company's capital structure, board powers, and shareholder rights related to share issuance and transfer. It covers rules for handling share redemption, the Board's authority to issue securities, restrictions on issuing shares at a discount, and procedures for reducing share capital. Furthermore, it outlines how rights attached to different classes of shares can be varied, and governs the process for allotting shares, including payment installments and the recognition of shareholders. Finally, it addresses the process for maintaining and inspecting the register of members and the procedures for dealing with share certificates, including their replacement or destruction.

The provisions detail various aspects concerning the transmission and transfer of company securities, including nomination rights and joint holding arrangements. Certain provisions govern how rights vest upon the death of shareholders, including stipulations for nominees and provisions for dealing with minors. The articles also outline procedures for handling calls on shares, including interest accrual and the Board's discretion regarding payment extensions. Furthermore, the text covers the forfeiture of shares due to non-payment and the subsequent rights of the company to dispose of the forfeited shares.

The Articles grant the Board the power to refuse the registration of share transfers under certain conditions, requiring the Company to provide reasons within one month. Transfers must follow the common form prescribed by the Companies Act, 2013. The provisions detail various rules regarding the transfer of shares, including restrictions on transfers to minors or persons of unsound mind, and rules concerning the recognition of executors or administrators of deceased members. Furthermore, the Articles outline mechanisms for the Board to intervene if a shareholder acts detrimentally, potentially compelling them to sell their shares. There are also provisions related to the lien the company holds over shares and the process for dealing with securities held in a Depository.

The provisions detail various aspects of the company's corporate actions, including the issuance of securities, the handling of mortgages and charges, and the procedures for conducting general meetings. The Articles specify rules for calling meetings, quorum requirements, and the conduct of resolutions, including provisions for electronic voting and proxy voting. Furthermore, the text outlines rules regarding the appointment and composition of the Board of Directors, including minimum and maximum numbers of directors and requirements for independent directors.

The Articles of Association grant the Company the power to increase or reduce the number of Directors, subject to certain provisions of the Act. Provisions detail the rights of appointing nominee Directors, including the ability to remove such nominees, and stipulations regarding the appointment of Directors based on lender requirements. The Articles also cover remuneration for Directors, including allowances for travel and expenses, and set limits on fees paid to Directors. Furthermore, the provisions address the conduct of Directors concerning contracts and interests, and the procedures for board meetings, including quorum requirements and participation methods.

The Articles of Association grant certain powers to the Board of Directors regarding restrictions and conditions on its exercise of power, without invalidating prior directorial acts. The Board retains the power to delegate powers to other persons, and there are provisions concerning the signing of documents and instruments. The Board has the power to appoint additional directors, subject to limits on the total number of directors. Furthermore, the Board can arrange for international management and appoint local agents. The Articles detail procedures for recording minutes and resolutions, and establish provisions for the appointment and powers of a Managing Director, including vesting of powers and limitations on their exercise. The Board also has powers to appoint key managerial personnel and to determine their remuneration.

This section details various provisions concerning dividends, accounts, and the inspection rights of members and directors. It covers rules regarding the payment and transfer of dividends, the Board's discretion in setting aside profits as reserves, and procedures for handling unclaimed dividends. Furthermore, the text outlines requirements for maintaining proper books of account, the rights of directors and members to inspect these records, and stipulations on the secrecy of company information by officers. It also includes provisions related to the transfer restrictions on equity shares held by certain parties and the procedures in case of the company's winding up.

This section primarily details the indemnity provisions for company officers and directors, outlining the extent to which the company must protect them against claims arising from their duties. It specifies that the company shall indemnify the Indemnified Person to the fullest extent, including reasonable costs and expenses, for claims and losses related to their duties. Furthermore, it sets limits on the indemnity, stating that certain liabilities, such as those arising from breach of trust or fraud, are excluded. The provisions also cover situations where the Indemnified Person ceases to be a director or officer, and they remain indemnified under the deed.

This section primarily details various consents, reports, and agreements related to the Draft Red Herring Prospectus, including those from various professionals and regulatory bodies. It includes consents from Chartered Accountants, Company Secretaries, and Architects to be named as 'experts' under the Companies Act. Furthermore, it lists various financial and operational documents, such as examination reports, share purchase agreements detailing acquisitions of shares in a subsidiary, and various lease deeds and service agreements. Finally, it mentions various agreements with regulatory bodies and listing approvals.

The provided section consists entirely of declarations from various directors confirming compliance with relevant laws and regulations. These declarations attest that all statements, disclosures, and undertakings made in the Draft Red Herring Prospectus adhere to the provisions of the Companies Act, 2013, SEBI regulations, and other applicable laws. The declarations are signed by different directors, including an Executive Chairman and Whole-Time Director, Non-Executive Directors, and another Non-Executive Director.

The provided section consists entirely of declarations from various directors confirming compliance with relevant laws and regulations. These declarations affirm that all statements, disclosures, and undertakings made in the Draft Red Herring Prospectus adhere to the provisions of the Companies Act, 2013, SEBI regulations, and other applicable laws. The text includes multiple confirmations signed by different directors.

The provided section consists entirely of declarations from various directors and the Chief Financial Officer confirming compliance with various laws and regulations. These declarations attest that all relevant provisions of the Companies Act, 2013, along with rules and guidelines issued by the Government of India and SEBI, have been complied with. Furthermore, they certify that no statement, disclosure, or undertaking in the Draft Red Herring Prospectus contradicts these laws or rules.

This section primarily contains declarations from various Selling Shareholders confirming the accuracy of statements made in the Draft Red Herring Prospectus regarding their respective portions of equity shares being offered for sale. Each declaration explicitly states that the signatory assumes no responsibility for statements made by others in the prospectus. These declarations serve as confirmations by individuals and groups acting in their capacity as Selling Shareholders.

This section primarily contains declarations from various selling shareholders confirming the accuracy of their statements in the Draft Red Herring Prospectus regarding their respective portions of equity shares being offered for sale. These declarations serve to limit the responsibility of the selling shareholders for other statements made in the document concerning the company or other parties. The declarations are signed by individuals such as Navratan Samdaria, Rahul Vadera, Asha Goel, Esh Sharma, and the entity MIL Vehicles & Technologies Private Limited.

This section primarily contains declarations from various Selling Shareholders confirming the accuracy of statements made in the Draft Red Herring Prospectus regarding their respective portions of equity shares being offered for sale. Each declaration explicitly states that the statements are true and correct, while disclaiming responsibility for other statements made by or relating to the Company or other parties in the prospectus.

This section primarily contains declarations from various selling shareholders confirming the accuracy of statements made in the Draft Red Herring Prospectus regarding their respective portions of equity shares being offered for sale. The declarations establish that each selling shareholder assumes no responsibility for statements made by others in the prospectus. These confirmations are made individually and not jointly, covering statements related to themselves and the shares being sold.

This section primarily contains declarations from various Selling Shareholders confirming the accuracy of statements made in the Draft Red Herring Prospectus regarding their respective portions of Equity Shares being offered for sale. Each signatory confirms the truthfulness of their statements and assumes no responsibility for statements made by others or relating to the Company. These declarations serve to validate the information provided by the sellers in the offering process.

This section primarily contains declarations from various Selling Shareholders confirming the accuracy of statements made in the Draft Red Herring Prospectus regarding their respective portions of Equity Shares being offered for sale. Each signatory confirms the truthfulness of their statements and assumes no responsibility for other statements made by others or relating to the Company. The declarations are made individually by Romi Agarwal, Niranjan Kumar Singh, Amrendra Rai, Neeraj Tyagi, and U & We Infinlease Pvt Ltd.

This section primarily contains declarations from various Selling Shareholders confirming the accuracy of statements made in the Draft Red Herring Prospectus regarding their respective portions of Equity Shares being offered for sale. The declarations establish that each individual assumes no responsibility for statements made by others or relating to the Company, other Selling Shareholders, or other persons mentioned in the prospectus. These confirmations are made by individuals such as Sumit Kumar, Farooq Ahmad Wangnoo, Sangeeta Negi, Binod Kumar, and R S Computech Private Limited.

This section primarily details the certification process for shareholders participating in an Offer for Sale, distinguishing between Corporate Selling Shareholders and Individual Selling Shareholders. It lists various entities and individuals along with the maximum number of equity shares they are authorized to sell, the face value per share, and the weighted average cost of acquisition for those shares. The data is presented in a structured manner, including dates for consent letters and board resolutions, and the certification is done by a third-party firm.

This section details the major shareholders of the company, categorized into two lists based on their shareholding percentage. The first list includes shareholders whose holdings aggregated to at least 80.00% of the total shareholding as of the DRHP date. The second list details shareholders whose holdings aggregated to at least 80.00% of the total shareholding ten days prior to the DRHP date.

This section details the breakdown of shareholding by individual shareholders, listing their names, the number of equity shares held, and the corresponding percentage of shareholding. The data is presented in multiple tables, showing various individual holdings and aggregated holdings. Furthermore, there is a specific section detailing major shareholders whose combined holdings reached at least 80.00% of the total shareholding as of one year prior to the DRHP date.

This section details the breakdown of shareholding among various shareholders, categorized into two groups: a list of individual shareholders and a list of major shareholders who collectively hold at least 80.00% of the company's shares as of two years prior to the DRHP date. The individual shareholder list shows specific holdings and percentages, while the major shareholder list identifies entities that control a significant portion of the company.

This section details the breakdown of the equity shareholding among various shareholders, listing the name, number of shares held, and the corresponding percentage of shareholding. The data provided is based on a beneficiary position statement dated August 16, 2024.