Prasol Chemicals Limited

This section provides an overview of the industry and economic outlook, drawing data from reports commissioned by the company. It details the projected global economic growth, India's specific economic growth, and various metrics such as Gross Value Added (GVA) and Consumer Price Index (CPI) trends. Furthermore, it presents data on the per capita State Domestic Product (SDP) across different Indian states.

The provided text covers various economic and industrial trends in India, including capacity utilization in the chemical sector, trends in household savings, industrial growth, demographic parameters, and global economic outlook. It details fluctuations in various chemical sub-sectors, growth in household savings towards physical assets, and the impact of urbanization and changing dependency ratios. Furthermore, it discusses the growth drivers for the Indian economy, such as domestic demand and government spending, alongside geopolitical risks affecting input costs for the chemical and pharmaceutical industries.

The chemical industry is broadly segmented into four main categories: Basic Chemicals, Specialty Chemicals, Agricultural Chemicals, and Consumer Chemicals, each with different market dynamics and growth projections. Basic chemicals form the largest market segment, covering bulk petrochemicals and inorganic chemicals that serve as feedstocks for various downstream industries. Specialty chemicals are known for their tailored functionalities and are expected to be the most profitable and fastest-growing segment due to innovation and customer stickiness. The market for specialty chemicals is projected to grow significantly, driven by demand from end-user industries and advancements in high-performance solutions. India has shown an expanding role in the global chemical market, increasing its share in both exports and imports.

The Indian specialty chemicals market is experiencing robust growth, driven by rising demand from various end-user sectors, supportive government policies, and shifts in consumer lifestyles. The market is projected to grow significantly over the next four to five years, with India positioned as a key beneficiary of the slowdown in the Chinese specialty chemicals sector. This growth is supported by India's cost-competitive manufacturing capabilities and increasing foreign investment, although the sector faces challenges related to regulatory compliance and raw material security.

The global performance chemical market has shown resilience and growth, with projections indicating a strong upward trajectory driven by demand in emerging markets and technological innovations focused on sustainable production. Key growth factors include demand from various sectors such as automotive, construction, and electronics, as well as advancements in green chemistry principles. The market is expected to expand significantly, with various product segments showing projected growth over the forecast period. Furthermore, the industry's performance is influenced by geographical factors, with Asia-Pacific currently leading the market.

The chemical industry is experiencing steady growth, fueled by increasing demand across various sectors like manufacturing, agriculture, healthcare, and energy, with the total market value projected to rise significantly. This growth is supported by technological innovations such as automation and green chemistry, as well as rapid industrialization in emerging Asian markets. Key growth factors include domestic and global demand, government support initiatives, technological advancements, and investment in research and development. The industry is segmented by various product types, with segments like paints and coatings, adhesives, and printing inks showing robust growth linked to construction, automotive, and packaging sectors. Furthermore, domestic consumption is shifting towards greater self-reliance in manufacturing, with increased local production and reduced import reliance projected by FY29.

The agrochemical industry encompasses various inputs like fertilizers, pesticides, plant growth regulators, and bio-stimulants, which serve different roles in crop protection and soil health. The global market for agrochemicals is on a steady growth path, with fertilizers leading the market, followed by pesticides and plant growth regulators. Key regions like APAC, Europe, and North America are major markets due to rising demand for commercial farming. In India, the pesticide market is expected to grow significantly, and the industry maintains a strong position as a net exporter, leveraging low-cost manufacturing capabilities.

The Indian agrochemical industry operates within a structured value chain covering research, development, manufacturing, and distribution of crop protection products. Key aspects include the rigorous regulatory framework enforced by bodies like the CIBRC, which registers agrochemicals, and various legislation such as the Insecticides Act, 1968. The industry faces challenges from global supply gluts and rising input costs, although recovery signs are emerging, with demand shifting towards sustainable solutions. Furthermore, the government has implemented numerous schemes to support farmers and infrastructure, alongside regulatory proposals aimed at ensuring safe pesticide use.

The section describes the market for API intermediates, which includes excipients, solvents, catalysts, and custom intermediates used in pharmaceutical synthesis and production. The global market is projected to grow significantly, driven by factors such as an aging population and the need for diverse drug formulations. Key market segments include generic and branded drug intermediates, with generics holding a larger share. Several driving factors for this industry include continued demand from the API industry, expansion in specialty APIs, outsourcing trends, the use of AI in drug discovery, and regulatory pushes for supply chain diversification. Furthermore, the industry is increasingly focusing on green chemistry to reduce environmental impact.

The pharmaceutical industry is segmented into bulk drugs (Active Pharmaceutical Ingredients - API) and formulations, with formulations making up about 77% of the market. The market is driven by the need for industry-specific chemicals and innovations, supported by efforts to enhance self-reliance in pharmaceutical production through government initiatives. India holds a strong position globally due to lower production costs and efficient scientific skills, making it an attractive outsourcing destination. Furthermore, the industry is benefiting from the transition in disease profile towards non-communicable diseases and the potential for generic drug opportunities due to patent cliffs.

The global home and personal care chemicals market is experiencing growth driven by increasing demand for aroma chemicals, the premiumization of products, growing demand for surfactants, and a focus on sustainability. Key trends include consumer desire for long-lasting scents, willingness to pay more for quality, increased hygiene awareness leading to demand for sanitizers, and a push towards eco-friendly products. The market is also expanding in Asia-Pacific due to rapid urbanization and rising incomes. The industry is segmented by active ingredients, which provide core functions, and inactive ingredients, which support the product's texture and stability. Furthermore, the market is divided by application categories and geographical regions, with different growth drivers observed across various parts of the world.

The growth of the home and personal care chemicals market in India is driven by several factors, including improved living standards, increasing urbanization, rising hygiene awareness post-pandemic, and the expansion of e-commerce access. Demand is also being influenced by the shift towards natural ingredients and the growing purchasing power of the expanding middle class. Domestic consumption is supported by a mix of local production and imports, with government policies aimed at boosting local manufacturing. The market analysis shows significant segmentation across various product types and applications, with specific segments like Laundry Care and Skin Care showing strong growth projections.

The provided text details the structure and market dynamics of the acetone derivative industry, covering global market segmentation, regional distribution, and specific insights into the Indian market. Globally, the acetone derivatives market is segmented across various applications, with paints and coatings being the largest segment. The market exhibits significant geographical concentration, with Asia-Pacific leading in share. In India, the market size is projected for substantial growth, driven by increasing industrial activity and technological advancements. Various acetone derivatives are utilized across different sectors in India, including pharmaceuticals, paints, adhesives, and chemicals.

The phosphorus derivatives market is a significant sector, with various product types and applications driving growth. The global market size is projected to expand substantially, with the fertilizer sector being the main driver. Key product segments include Ammonium Phosphate, Phosphoric Acid, and Industrial Phosphate, which are crucial for agriculture and various industrial processes. The Indian market is also expected to grow robustly, supported by agricultural needs and industrial demand, with a focus on sustainable phosphorus use.

Prasol Chemicals Ltd. is a diversified Indian specialty chemicals manufacturer with over 30 years of experience, focusing on quality, innovation, and reliability across domestic and international markets. The company operates from Navi Mumbai with manufacturing in Khopoli, Maharashtra, covering acetone-based, phosphorus-based, and other specialty chemical domains. Prasol has been the largest importer of acetone for producing acetone-based specialty chemicals and is the only manufacturer of isophorone in India with a capacity of 9,000 MTPA. Furthermore, they are among the top five importers and users of yellow phosphorus in India for producing various phosphorus-based specialty chemicals. The company has a broad product portfolio and a global footprint, exporting to 69 countries. Prasol competes with several leading manufacturers in the global market across its product segments.

The document provides financial information for several entities, including Laxmi Organic Industries Limited, Privi Speciality Chemicals Limited, Vinati Organics Limited, Excel Industries Limited, and Yasho Industries Limited. It also details the business overview of the company, stating it is a forward integrated manufacturer of acetone and phosphorous-based specialty chemicals. The company is described as a highly diversified specialty chemical player with over 150 specialty chemical products and exports to 69 countries, serving five key segments: performance chemicals, PICA (paints, inks, construction, & adhesives), pharmaceuticals, agrochemicals, and home and personal care. The product portfolio includes acetone-based and phosphorous-based specialty chemicals.

The company manufactures specialty chemicals, emphasizing quality, performance, and customization for various industries. The company is a 3 Star Export House certified by the Government of India and maintains a robust global distribution network across 63 countries. The company benefits from significant industry entry barriers, such as lengthy approval cycles, high R&D costs, and complex chemistry. The company has established long-standing relationships with numerous customers and focuses on continuous research and development to meet evolving market demands.

The company competes in the global export market with manufacturers such as Arkema, Evonik, TASCO, Solvay for acetone-based specialty chemicals and with Hubei Xingfa, Liaoning Ruixing, and Excel industries for phosphorous derivatives, while facing limited competition domestically. The company maintains strong R&D capabilities and a product pipeline to meet customized customer requirements. The product portfolio has been continuously diversified, resulting in over 150 specialty chemical products as of June 30, 2026, and a pipeline of 40 products, with 9 having cleared the pilot stage. The company has a dedicated R&D facility with advanced equipment and a laboratory equipped for various chemical reactions. The company has developed and commercialized 13 new products since April 1, 2023, across various application industries such as Mining, Agro, Lubricants, Aroma Chemicals, and Emulsifiers.

The company focuses on strategies to achieve sustainable and profitable growth by expanding production capacities and focusing on research and development. The company is positioned within the specialty chemicals industry, which is expected to see significant market growth. Key strategies include debottlenecking existing production lines and increasing R&D efforts to support product innovation and integration. The company also plans to pursue strategic acquisitions and joint ventures to complement its organic growth and enhance its technical expertise. Furthermore, there are plans to expand the geographic reach and leverage its network to capture more market share.

The company offers various specialty chemicals, including Poly Phosphoric Acid (PPA) for pharma intermediates, dithiophosphates for mining mineral processing, and a category for customized products like surfactants, additives, and polymers. The company utilizes two manufacturing facilities, Khopoli and Mahad, which support domestic and export markets. The manufacturing facilities are equipped with infrastructure for raw material and finished goods storage, quality control equipment, and effluent treatment plants. The company employs a stage-gate innovation process for new product development and engages in contract manufacturing for global clients. Raw materials are procured from domestic and international suppliers, and logistics involve road and sea transport for materials and finished products.

The company emphasizes the critical need to maintain high product quality, ensuring adherence to customer specifications across all business processes, including manufacturing and the supply chain. They maintain a substantial quality control and assurance team, and have implemented rigorous checks and testing from raw material procurement to final product delivery. The company has achieved certifications such as ISO 45001:2018 and 9001:2015, and must maintain various registrations for exporting products, including European REACH and Korea REACH. Furthermore, the business activities are subject to various environmental laws and regulations concerning emissions, waste, and hazardous substance handling.

The issuer is identified as a manufacturer of speciality chemicals. The section details various aspects related to property leases, including factory plots and office space, which are owned or leased from different entities. Furthermore, the text outlines key regulations applicable to the company's business, such as those concerning factory operations, boilers, and public liability insurance.

This section details a comprehensive overview of various Indian laws and regulations that govern different aspects of business operations, including trade, manufacturing, environmental compliance, and labor. It covers legislation such as the Legal Metrology Act for packaging standards, the Explosives Act for handling explosives, the Petroleum Act for petroleum trade, and various rules concerning the handling of gases and hazardous chemicals. Furthermore, it outlines regulations related to narcotic drugs, foreign trade controls, and various laws concerning taxation (like GST and Income Tax) and foreign exchange management. The text also emphasizes compliance with various labour laws, environmental protection laws, and rules for managing bio-medical waste.

The company's history began with its incorporation in 1992, followed by several name and conversion changes over the years. Key name changes included transitions to 'Prachi Poly Products Limited', 'Prasol Chemicals Limited', and subsequently to 'Prasol Chemicals Private Limited', culminating in a conversion back to a public company. The company also underwent various changes to its registered office location. The Memorandum of Association has seen several amendments concerning the change in the company's name, authorized share capital, and scope of business, including a significant amendment in 2025. The company has not undertaken any mergers, demergers, or material acquisitions in the last ten years, and there have been no defaults on borrowings.

The company currently operates without a holding company, subsidiary, or associate companies as of the prospectus date. The Board of Directors consists of ten members, including five Executive Directors and five Non-Executive Independent Directors, and the company complies with relevant laws. Several key personnel, including the Chairman and Managing Director, have specific terms and re-appointments for their directorships. The section details the qualifications and prior industry experience of the key directors.

This section details the association of the company with several other entities, the qualifications and prior associations of the Non-Executive Independent Directors, and various corporate governance and director-related disclosures. It outlines specific appointments, remuneration terms for various directors, and details regarding the company's relationship with directors and their past directorships in other entities. Furthermore, it specifies the board structure, including the composition of the Board and the committees it has constituted.

This section details the composition and functions of the Audit Committee and the Nomination and Remuneration Committee, including their constitution dates. The Audit Committee's responsibilities cover financial reporting oversight, related party transactions, internal controls, and auditor review, while the Nomination and Remuneration Committee focuses on director qualifications, remuneration policies, and employee benefits. Both committees have terms of reference aligned with various sections of the Companies Act and Listing Regulations.

This section details the composition and mandate of several key Board committees, including the Stakeholders’ Relationship Committee, the Corporate Social Responsibility Committee, and the Risk Management Committee. It outlines the specific functions and responsibilities delegated to these committees, which cover aspects such as shareholder interests, CSR activities, and risk management systems. The text specifies the composition of these committees and the scope of their review and recommendations to the Board, often in accordance with relevant laws and regulations.

This section details the Key Managerial Personnel (KMP) and Senior Management Personnel (SMP) of the company, including their roles and professional backgrounds. It outlines the profiles of the CFO/Finance Director, Company Secretary/Compliance Officer, Head of Research and Development, Deputy General Manager – HR, Admin & Brand Strategy, General Manager, Domestic Marketing, and President – Sales & Marketing (International Business). The text also covers relationships between directors and KMP, shareholding status, and various restrictions regarding service contracts, interests, and compensation payments.

This section details the various promoters and their professional backgrounds, including educational qualifications and past work experience. It lists several individuals who are identified as promoters, along with their respective directorships in other companies. The text also covers disclosures regarding the control of the company, the interest of promoters in company property, and transactions with the promoter group. Furthermore, it outlines recent disassociations by some promoters from certain firms and confirms that the promoters have not been identified as wilful defaulters or fraudulent borrowers.

The section details the composition of the Promoter Group, listing natural persons and entities involved, and outlines a comprehensive list of entities that form part of the Promoter Group. It also mentions a specific event regarding a company's application to strike off its name from the Registrar of Companies records.

This section details the company's policy regarding the declaration and payment of dividends, which is recommended by the Board and approved by shareholders under relevant laws. The dividend distribution policy, adopted on February 24, 2022, states that the quantum of dividend depends on various internal and external factors, such as net profit, cash flow, working capital, and regulatory environments. The text also provides a table showing historical dividend particulars for various fiscal years, including the number of equity shares, face value, and the amount of dividend paid.

This section provides various definitions and abbreviations used throughout the Prospectus. Key entities defined include the Company, which is Prasol Chemicals Limited, and various personnel such as the Chairman and Whole-Time Director, Chief Financial Officer, and Company Secretary and Compliance Officer. It also defines specific facilities like the Khopoli Manufacturing Facility and Mahad Manufacturing Facility. Furthermore, it details definitions related to the Offer process, such as different types of investors, bid amounts, and the role of the Book Running Lead Manager (BRLM).

This section defines various terms related to the public offering process, including different types of bidders, accounts, and parties involved. Key definitions cover concepts such as Collecting Depository Participants (CDPs), cut-off prices, designated branches, various intermediaries, and the different components of the offer such as Fresh Issue and Offer for Sale. It also specifies details regarding the offer structure, including the number of shares and the total aggregate amount.

This section primarily defines various terms related to the application process for public issues, such as the Unified Payments Interface (UPI) mechanism. It details requirements for individual investors, including who qualifies as a UPI Bidder based on the application size. It also outlines the relevant SEBI circulars and notifications that govern these processes.

This section outlines various conventions regarding the presentation of financial data, time, and currency within the Prospectus. It specifies that financial information is derived from Restated Financial Information, which includes various financial statements prepared according to Indian Accounting Standards. The text also discusses the use of Non-GAAP Measures, the differences between various accounting standards (Ind AS, IFRS, U.S. GAAP), and the reliance on external industry data, such as the CARE Report. Furthermore, it includes a section on forward-looking statements and lists several material risks, including dependency on manufacturing facilities, hazards of raw materials, outstanding litigations, and potential adverse changes in economic, regulatory, or political conditions.

The text discusses contingent liabilities, reliance on customer product demand, and the need for various approvals and licenses to operate the business. It also includes disclaimers regarding assumptions and estimates used for historical installed capacity and future production, warning that actual results may differ from expectations. Furthermore, it outlines obligations of the company, selling shareholders, directors, and the BRLM to inform investors about material developments related to the company and the offered shares until listing and trading permissions are granted.

This section details the structure of the equity share offer, which includes a total of ₹500.00 Crore in aggregate. The offer comprises a Fresh Issue, an Offer for Sale, and various portions allocated to different investor categories such as QIBs, Non-Institutional Investors, and Retail investors. Specific reservations were made for Anchor Investors, including allocations to domestic Mutual Funds and life insurance companies. The text also provides summaries of the company's financial information, including balance sheets and details on the procurement of raw materials.

This section provides a summary of the company's financial performance and cash flows across fiscal years, detailing revenues, expenses, profits, and cash movements. It also outlines contingent liabilities and related party transactions. The financial statements show fluctuations in profit before tax and various components of income and cash flows over the period analyzed.

This section details various related party transactions involving Prasol Chemicals Limited across different fiscal years, including amounts and percentages of revenue from operations. It lists transactions with entities such as Chemequip (Mfr), Pratech Brands Private Limited, and Wiyo Travel (Firm). The data covers transactions ranging from the purchase of MEIS and olqabm licenses to vehicle hire charges and director remuneration. Furthermore, it outlines loan transactions with a related party, including the amount and repayment details, and provides information regarding the arm's length basis of these transactions.

This section details various procedural requirements and disclosures related to the bid submission process for the offer. It outlines the necessary documentation required from bidders, the recourse available for aggrieved bidders, and the various parties involved in the offer process. Furthermore, it lists the Book Running Lead Manager, the Syndicate Members, the Legal Counsel, the Statutory Auditors, the Registrar to the Offer, the various Bankers, and the Public Offer Bank and Sponsor Bank.

The section details various procedural aspects related to the IPO, including the lack of a credit rating agency appointment, the absence of a green shoe option, and the electronic filing of the Draft Red Herring Prospectus with SEBI. It also outlines the book-building process, which involves collecting bids within a specified price band, and the various rules regarding bidder participation and bid revisions. Furthermore, it describes an underwriting agreement with various underwriters for the equity shares.

This section details the authorized and issued share capital of the company as of the date of the Prospectus, including various components like the capital before the offer, the details of the current offer, and the capital issued after the offer. It also provides extensive historical data on the allotment and subscription of equity shares over several years, including specific dates and the number of shares allotted to various allottees. The text also includes notes regarding the history of the equity share capital and various corporate actions.

This section details the allotment of equity shares to various individuals, categorized into two groups. The first part lists shareholders and the number of equity shares they held, while the second part lists shareholders and the number of equity shares they were allotted on February 23, 1996. The data includes various individuals and entities, including individuals, families, and HUFs, with shareholding figures ranging from a few hundred to over 72,000 shares.

This section details the structure of promoter shareholding and subsequent buybacks of equity shares. It lists various shareholders and their respective holdings, followed by details of equity share buybacks conducted on October 13, 2003, and March 1, 2004. Furthermore, it outlines allotments made pursuant to a rights issue in 2007, involving various joint holdings among different parties.

This section details the allotment of equity shares following a rights issue, listing various allottees and the number of shares they received. The data includes numerous individual and joint holdings, with some entries showing very large share counts, such as 33,900 and 14,875 shares. There are also several instances where shares were allotted jointly with other individuals, and some entries refer to HUFs. The data spans across multiple pages, detailing the distribution of shares to different parties.

This section details various allotments and buybacks of equity shares, including transactions pursuant to a rights issue and a bonus issue. It lists numerous shareholders and the corresponding number of shares allotted or bought back, with some transactions involving joint holdings. The section also mentions provisions regarding secondary transactions of equity shares involving promoters and the promoter group.

The company has complied with various provisions of the Companies Act regarding the issuance of Equity Shares. Specifically, no Equity Shares have been issued by capitalizing revaluation reserves since incorporation, and no employee stock option scheme is in place as of the prospectus date. Furthermore, none of the Equity Shares held by shareholders are pledged or otherwise encumbered as of the filing date. The document details the shareholding pattern, showing that the Promoter and Promoter Group collectively hold 86.89% of the equity shares. Various lists of shareholders holding 1% or more of the paid-up equity share capital are provided, including data as of the date of filing and one year prior.

The section details the shareholding structure of the company, presenting data based on beneficiary position statements from two years prior to the Prospectus date. It lists various shareholders and their corresponding equity shareholdings, including the total aggregate holding and the percentage of pre-offer and post-offer equity share capital. Furthermore, it provides a history of the build-up of promoter shareholding since the company's incorporation, detailing various allotments, transfers, buybacks, and acquisitions of equity shares over time.

This section details various transactions involving the allotment, transfer, buyback, or acquisition of equity shares over time. The data includes details such as the number of shares, face value, transaction price, nature of consideration, and the percentage of pre-offer and post-offer equity share capital. Several transactions involve cash transfers from various parties, while others relate to rights issues, bonus issues, or gifts. The data also shows changes in the percentage of pre-offer and post-offer equity share capital, with some transactions showing negligible changes.

This section details numerous transactions concerning the allotment, transfer, buyback, or acquisition of equity shares across various dates. The data includes details on the number of shares, face value, transaction prices, and the percentage of pre-offer and post-offer equity share capital for each event. Many transactions involved cash transfers, with some showing negligible changes in the percentage of equity share capital.

This section details various transactions involving the allotment, transfer, buyback, or acquisition of equity shares by the company over time. The data includes the number of shares, face value, price per share, nature of consideration, and the percentage of pre-offer and post-offer equity share capital. Several transactions involved cash transfers from different parties, while others were categorized as negligible. There are also mentions of a bonus issue and various buyback activities.

This section details various transactions involving the allotment, transfer, or acquisition of equity shares over time. The transactions include cash rights issues, cash transfers from various parties, and some instances of transmission or bonus issues. The data shows fluctuations in the percentage of pre-offer and post-offer equity share capital, with some transactions involving significant changes in share counts and face values. Several transactions were noted as having negligible changes in the percentage of equity share capital.

This section details numerous transactions related to the allotment, transfer, buyback, and acquisition of equity shares across various dates. The data covers different types of consideration, including cash transfers, bonus issues, further issues, and buybacks. Many transactions involve transfers to various individuals and entities, with some transactions showing negligible changes in the percentage of pre-offer equity capital.

This section details various transactions involving the allotment, transfer, buyback, and acquisition of equity shares over several years. The transactions include cash transfers, buybacks, rights issues, and bonus issues, with corresponding changes in the percentage of pre-offer and post-offer equity share capital. Several transactions involve transfers from various parties, including individuals and entities, and some transactions are noted as being pursuant to shareholder resolutions. The data spans from March 2002 to September 2025, showing fluctuations in the shareholding structure.

This section details various transactions involving the allotment, transfer, and buyback of equity shares over time, including different face values and consideration types. It also provides a breakdown of the promoter group's shareholding, showing changes in the number of shares and the corresponding percentage of the total capital. The data includes historical events such as cash transfers, bonus issues, and rights issues, alongside the resulting changes in ownership structure.

This section details the shareholding structure of the company, presenting data for both pre-offer and post-offer allotments. It lists various shareholders, including Promoters and top 10 Shareholders, along with the corresponding number of equity shares and the percentage of paid-up equity share capital. The data is presented across different price band scenarios (lower and upper ends) for both pre-offer and post-offer, indicating the dilution effect. The data also includes information regarding the acquisition cost of equity shares over the last three years, categorized into 1, 18 months, and 1 year periods.

This section details various aspects of the capital structure, including the shareholding of existing shareholders, the details of the offer, and provisions related to the locking-in of equity shares. It outlines the shareholding structure of selling shareholders and the number of shares offered for sale. Furthermore, it specifies conditions regarding the promoter's contribution and lock-in periods for equity shares, including restrictions on their disposal or encumbrance.

This section primarily discusses conditions related to share transfers, lock-in periods, and financing arrangements concerning the company's promoters and directors. It outlines rules regarding the transferability of equity shares held by promoters and others, including stipulations for continued lock-in periods. Furthermore, it details the allocation structure for the offer, specifying how the offer was divided among different categories of bidders like QIBs, Non-Institutional Bidders, and Retail Individual Bidders. Finally, it confirms that no further equity share issuance is planned during the prospectus filing period and that the company has not undertaken public issues or rights issues since its incorporation.

The Offer involves a combination of a Fresh Issue and an Offer for Sale. The Fresh Issue is for 11,83,431 Equity Shares, while the Offer for Sale involves 62,13,006 Equity Shares. The proceeds from the Offer for Sale will not be included in the Net Proceeds for the Fresh Issue, after deducting applicable expenses. The company proposes to utilize the Net Proceeds for various objects, including debt repayment and general corporate purposes.

The company proposes to utilize up to ₹16.39 Crore of the Net Proceeds towards general corporate purposes and business requirements, subject to not exceeding 25% of the Gross Proceeds for such purposes, as required by SEBI ICDR Regulations. The general corporate purposes include meeting ongoing exigencies, business development, capital expenditure, and various other expenses. The utilization of funds towards these purposes will be determined by the Board based on business requirements, with flexibility for management to use surplus amounts. Furthermore, the company will not use funds raised through the Fresh Issue for the repayment or pre-payment of certain borrowings. The offer expenses are estimated to be approximately ₹21.95 Crore, with detailed breakdowns provided for various activities.

The company has stipulated that no arrangements will be made with directors, promoters, key managerial personnel, senior management, or group companies concerning the utilization of the net proceeds from the offer. The offer price determination involves consultation with BRLM based on market demand, with a floor price set at 321.50 times the face value and a cap price up to 120.00% of the floor price. The prospectus highlights several qualitative factors, including a highly diversified product portfolio, well-established R&D capabilities, and long-standing relationships with a diverse customer base. Furthermore, the company possesses a robust financial track record and experienced leadership.

The provided text details various financial and operational Key Performance Indicators (KPIs) used to determine the basis for the Offer Price. These KPIs, approved by the Audit Committee, are used to assess the company's performance against its listed peers across different fiscal years. The KPIs cover aspects such as revenue, profitability margins, return on equity and capital employed, debt levels, and operational metrics like countries served and customer concentration. The comparison highlights the company's performance relative to industry benchmarks.

This section details various Key Performance Indicators (KPIs) across different peer companies, including metrics such as Adjusted RoCE, Net Debt to Equity ratios, countries served, export revenue percentages, number of customers, and top 10 customer dependency. It also presents financial KPIs for the fiscal year 2024, covering revenue from operations, EBITDA, PAT, and margins. Furthermore, the section discusses aspects related to the company's share capital history, including weighted average cost of acquisition for primary and secondary transactions, and justifications for the offer price based on market demand and company performance.

This section details the statement of possible special tax benefits available to the Company and its shareholders under various Indian laws. It outlines provisions related to the Income Tax Act, 2025, including options for concessional tax rates and deductions, as well as provisions under the GST Laws, Customs Laws, and the Foreign Trade Policy. The statement clarifies that certain benefits are subject to fulfilling prescribed conditions and that the views expressed are not exhaustive and should not be considered a substitute for professional tax advice.

This section discusses the reinstatement of RoDTEP benefits for certain exporters following a government notification. It details that exports undertaken during a specific period were not eligible for RoDTEP benefits, but the benefits were subsequently reinstated effective June 1, 2025, for Advance Authorisation holders, EOUs, and SEZ exporters.

This section primarily contains the independent auditors' examination report on the restated financial information of Prasol Chemicals Limited for various periods. The report details the scope of the examination, the reliance placed on audited financial statements, and the compliance of the financial information with relevant legal and accounting standards. It confirms that the financial information was prepared after incorporating necessary adjustments for accounting policy changes and errors.

This section presents the restated financial statements for Prasol Chemicals Limited for the years ended March 31, 2026, 2025, and 2024, including the Profit and Loss statement, changes in equity, and cash flow statement. The Profit and Loss statement details revenue, expenses, and profit before tax for the respective periods. The Cash Flow statement shows the cash generated from operating, investing, and financing activities, along with the movement in cash and cash equivalents.

This section outlines the basis for the Restated Financial Information, detailing the accounting standards used and the compilation of financial statements for various periods. It specifies that the financial statements are prepared under Indian Accounting Standards (Ind-AS) and that all amounts are presented in Millions of Indian Rupees. The text also covers the treatment of historical cost, the use of estimates, and the recognition and measurement of various assets and liabilities, including Property, Plant and Equipment, Intangible Assets, Inventories, and Leases.

This section details various accounting treatments and recognition principles for different financial items, including revenue, income, provisions, grants, fair value measurements, financial instruments, and financial liabilities. It outlines specific criteria for recognizing revenue based on performance obligations, the treatment of foreign currency transactions, the accounting for provisions and contingent liabilities, and the measurement of financial assets and liabilities.

This section details various accounting treatments and disclosures related to financial statements, including the recognition and measurement of financial liabilities, derivative instruments, borrowings, employee benefits, and tax provisions. It outlines how financial liabilities are initially recognized at fair value, subsequently measured at amortised cost, and how gains and losses are recognized in the profit or loss statement. The text also covers rules for derivative instruments, the treatment of borrowings, employee benefits (short-term, long-term, and defined-contribution plans), and the accounting for various tax components. Finally, it provides extensive details on the movement and accumulation of Property, Plant and Equipment over several fiscal years.

This section details various notes related to the financial statements, including provisions for interest on borrowings and salary expenses, as well as schedules for Capital Work in Progress (CWIP) and Intangible Assets. It also provides information on investments, other financial assets, and other non-current assets. The notes cover details on capitalization of interest and salaries, ageing schedules for CWIP, and the carrying amounts of intangible assets over different fiscal years.

This section details the valuation of various inventory components as of March 31, 2026, showing figures for Standalone and Consolidated financials for the years ending March 31, 2025, and March 31, 2024. The data includes details on trade receivables, including various categories and credit loss allowances, as well as cash and bank balances. Furthermore, the text provides information on other financial assets, current assets, and reconciliations for provisions related to advances to suppliers.

This section details various aspects of the company's financial structure, including equity share capital, ownership by promoters and the promoter group, and long-term borrowings. It provides information on the number and value of equity shares, the distribution of shares among various shareholders, and the terms and security related to loans from banks.

This section provides detailed financial notes covering various aspects of the company's financial position and operations. It outlines the terms and security for term loans from different banks, details for current borrowings, deferred tax liabilities, non-current provisions, and current tax liabilities. Furthermore, it presents historical data for revenue from operations, other income, cost of materials consumed, and trade payables across different reporting periods.

This section details various financial line items for Prasol Chemicals Limited across three fiscal years, including Purchase of Traded Goods, Employee Benefits Expenses, Finance Costs, Depreciation and Amortisation, Other Expenses, Contingent Liabilities, Commitments, Corporate Social Responsibility expenses, and Research and Development expenditure. It also presents Current Tax and Deferred Tax details, and Earnings Per Share (EPS) figures. The data is provided in millions of Rupees, with figures for the years ended March 31, 2026, March 31, 2025, and March 31, 2024 (Consolidated).

This section details various aspects of the financial statements, primarily focusing on employee benefits, including retirement plans, and the fair value measurements of financial instruments. It covers movements in defined benefit obligations, various components of gratuity plans, and the classification of financial assets and liabilities according to a fair value hierarchy. Furthermore, it outlines the company's risk management framework concerning credit risk, derivative contracts, and the management of financial instruments.

This section provides detailed financial reconciliations and risk disclosures for Prasol Chemicals Limited, covering various aspects such as loss allowance provisions, market risk, liquidity risk, and interest rate risk. It outlines the company's methodology for impairment loss recognition, managing foreign currency exposure using derivatives, and assessing sensitivity to fluctuations in exchange rates and interest rates. Furthermore, it details capital management metrics, including net gearing ratios, and lists related party transactions conducted during the reporting period.

This section provides various financial details, including director fees, remuneration, loan transactions, and closing balances with related parties, across different financial years. It also details revenue recognition under Ind AS 115, including revenue from contracts with customers, and various financial ratios such as Current Ratio, Debt-Equity Ratio, Debt Service Coverage Ratio, Return on Equity Ratio, Inventory Turnover Ratio, Trade Receivables Turnover Ratio, Trade Payables Turnover Ratio, Net Profit Ratio, and Return on Capital Employed.

This section presents various financial statements and disclosures for Prasol Chemicals Limited, detailing performance for fiscal years ending March 31, 2026, 2025, and 2024. It includes comparative data for Net Assets, Profit or Loss, and various financial ratios. The text also covers regulatory updates regarding labour codes and disclosures related to transactions with a subsidiary, as well as details on borrowings.

This section outlines various events that could constitute a default under borrowing arrangements, including payment defaults, breach of facility terms, bankruptcy, and changes in control. It also details the consequences of such events, such as the termination of facilities or the enforcement of security. Furthermore, it provides information regarding the total sanctioned and outstanding indebtedness as of July 15, 2026, and discusses the reliance on various industry reports for market data.

This section provides a detailed breakdown of revenue from operations across various Indian states for Fiscal 2026, Fiscal 2025, and Fiscal 2024, showing the percentage contribution of each state's revenue to the total. It also lists revenue from various international markets, including China, USA, UAE, Belarus, Russia, France, Netherlands, Singapore, Monaco, and Others. The text further discusses industry entry barriers related to product approval and the company's strength in leveraging industry experience and customer relationships. It details the scope of the company's product portfolio, including specialty chemicals, and the investment in Research and Development (R&D) activities.

This section details various expense components and results of operations for Fiscal Years 2026, 2025, and 2024, including breakdowns for standalone and consolidated figures. It also provides comparative analysis between fiscal years and discusses liquidity, capital resources, and cash flow statements. The data shows trends in revenue, expenses, and tax provisions over the period.

This section details the cash flows, indebtedness, and contractual obligations of the company across fiscal years 2026, 2025, and 2024. It provides breakdowns of cash generated from operating activities, cash used in investing activities, and cash flows from financing activities. Furthermore, it lists various contractual obligations, including borrowings, payables, and contingent liabilities, as of March 31, 2026.

Investors should be aware that the company's business relies heavily on its manufacturing facilities, which are subject to various risks. These risks include unplanned shutdowns, disruptions, and potential issues arising from regulatory actions, such as those from the Maharashtra Pollution Control Board (MPCB). Specific incidents have involved violations related to water and air pollution, leading to orders to cease operations, which have impacted revenue. Furthermore, there have been incidents involving worker safety and the handling of hazardous materials, alongside issues concerning the storage and disposal of waste.

The section details several regulatory actions and incidents involving the company's manufacturing facilities, primarily related to environmental compliance and safety. This includes show cause notices from the Maharashtra Industrial Development Corporation (MIDC) concerning project plans and lease agreements, and various incidents reported by the Maharashtra Pollution Control Board (MPCB) related to hazardous waste, fire, and gas leakage at the Khopoli and Mahad facilities. The company has responded to these notices with various letters and applications, though the text notes that no subsequent action has always been taken or that there is no major operational impact in all cases. Furthermore, the text discusses the nature of hazardous materials used and the potential for accidents that could lead to industrial incidents and civil or criminal liability.

The provided text details several regulatory and litigation issues concerning the company's operations and financial standing. This includes a show cause notice from the MPCB regarding non-compliances related to storage and disposal of chemical sludge and spent HCL. Furthermore, there are outstanding litigations involving the company, its promoters, and directors, which could potentially affect the company's results of operations and financial condition. The statutory auditors have included various emphasis of matter and modified opinions related to internal financial controls across different fiscal years and financial statements.

The company disclosed contingent liabilities and commitments, which, if materialized, could impact its financial condition, with aggregate amounts showing fluctuations over three fiscal years. The company's business relies on the success of customers' products, and a decline in demand for end products could negatively affect its operations and cash flows. The company operates as a forward integrated manufacturer of specialty chemicals across various segments, including performance chemicals, paints, pharmaceuticals, agrochemicals, and home and personal care. Furthermore, the company faces various industry-specific challenges related to regulatory compliance, supply chain disruptions, and sustainability pressures.

The provided text details various financial metrics, operational risks, and details regarding the company's leased and owned manufacturing facilities. The text highlights potential risks related to customer creditworthiness and the impact of receivables, and also discusses the company's Price to Earnings (P/E) ratio relative to industry peers. Furthermore, it lists numerous properties, including registered offices, various manufacturing facilities, and empty plots for expansion, along with details on the lessor, lease periods, and validity of these assets.

This section details various aspects related to the company's property leases, intellectual property rights, and operational risks. It outlines several leases, including one where the company acquired rights from a partnership firm, and mentions issues regarding the tracing of registered agreements. Furthermore, the text discusses risks associated with labor, including high attrition rates and dependency on a large workforce, as well as potential disruptions from strikes or wage demands. The company also highlights risks related to the protection of its intellectual property and the potential for negative publicity due to accidents involving hazardous materials.

Several directors of the company were previously involved with companies that were voluntarily struck off for being inoperative, which raises concerns about the track record of the directors' corporate governance. The company's operations are heavily dependent on continuous Research & Development (R&D) to develop and commercialize new products, and there are concerns that the inability to identify and understand evolving industry trends may negatively impact the business. Furthermore, the company faces risks related to foreign exchange fluctuations, potential delays in payment of statutory dues, and the reliance on a small number of key customers for revenue.

The section discusses various risks related to the company's operations, including customer dependency, raw material supply, and international business exposure. Risks include the potential loss of customers, fluctuations in raw material costs, and issues with forecasting demand, which can impact sales and profitability. The company also faces risks associated with international trade, such as currency fluctuations, regulatory changes, and trade barriers, and the complexity of obtaining necessary approvals for exports. Furthermore, there are risks related to transportation disruptions and the volatility of raw material pricing.

This section details various risks and dependencies related to the company's operations, including raw material procurement, quality control, regulatory compliance, and market competition. It outlines potential issues such as shortages in raw materials, the impact of price volatility on product costs, and the risks associated with product liability and the protection of technical knowledge. Furthermore, it discusses the company's exposure to trade tariffs and the potential for regulatory actions concerning safety, environmental, and labor laws.

The company faces increasing scrutiny from environmental laws and regulations, which may lead to increased compliance costs and potential adverse effects on operations. The company is also subject to various laws concerning employee conditions, including minimum wage and working hours. Several past violations related to minimum wages were noted, resulting in fines from a court. Furthermore, there is a risk of regulatory shutdowns of manufacturing facilities, which could cause product shortages. The business is working capital intensive, requiring sufficient cash flow to manage inventory and receivables. The company's ability to access capital is tied to its credit ratings, which have been assigned by Acuite Ratings & Research.

This section primarily discusses various risks related to insurance, customer preferences, financial covenants, and operational aspects. It details the insurance coverage maintained, the potential impact of claims exceeding coverage, and the uncertainty surrounding the future honorability of insurance claims. Furthermore, it outlines risks related to changes in consumer preferences, competition, and the ability to introduce new products. The text also covers risks associated with outstanding indebtedness, the ability to meet financial obligations, and the potential for breaches of debt financing covenants. Finally, it addresses risks concerning the integrity of operations, including theft, fraud, and IT system disruptions, as well as the impact of evolving data privacy regulations.

The text discusses various risks related to compliance with trade restrictions, including economic sanctions and export controls, which could lead to significant penalties. It also details the potential for reputational harm and legal liabilities if compliance fails. Furthermore, the document highlights risks associated with geopolitical tensions, such as conflicts and trade disputes involving various countries, which could impact operations and the Indian economy. The section also covers risks from natural disasters, terrorism, and civil unrest, which could damage property, inventory, and disrupt operations. Finally, it mentions the impact of global financial instability and market volatility on the company's performance.

This section primarily outlines various risks related to the business operations and financial condition of the company, including geopolitical events, changes in trade policy, and regulatory uncertainties in India. Risks include potential adverse effects from sovereign rating downgrades, evolving laws and regulations, competition law issues, inflation volatility, and potential difficulties in passing on costs to clients. Furthermore, the text discusses risks concerning the enforceability of foreign court judgments in India, the impact of governmental actions, restrictions on foreign investment, and potential constraints on raising foreign capital due to exchange controls.

This section primarily discusses various tax implications, currency fluctuations, and regulatory burdens associated with the company's equity shares. It details how capital gains, dividends, and the exchange rate between the Indian Rupee and foreign currencies can affect investors. Furthermore, it outlines the increased compliance requirements and potential resource strain due to being a publicly listed company, including the need for extensive internal controls and potential hiring of additional staff. The text also covers issues related to future equity issuance, dilution of shareholding, and restrictions on the ability of shareholders to exercise pre-emptive rights.

The section primarily addresses related party transactions, stating that transactions with related parties, including Subsidiaries, Directors, and Key Managerial Personnel, are conducted on an arm's length basis in compliance with applicable law. The text also covers various risk factors such as credit risk, market risk (including currency, interest rate, and price risk), and liquidity risk. It details how the company manages these risks through derivatives, cash flow management, and overdraft facilities. Furthermore, the section discusses capital expenditures, customer and supplier concentration risks, and various qualifications and emphasis of matter raised by statutory auditors regarding financial statements and managerial remuneration.

This section details various legal and regulatory matters concerning the company, its directors, promoters, and key managerial personnel. It outlines several show cause notices received from the Maharashtra Pollution Control Board (MPCB) related to violations of environmental laws, including issues with hazardous waste and pollution. Furthermore, it documents disputes with the Maharashtra Industrial Development Corporation (MIDC) regarding project plans and lease agreements, as well as issues related to outstanding dues to creditors. The text also details numerous criminal proceedings and complaints filed against the company and its promoters concerning factory safety standards and incidents involving hazardous chemicals.

The provided section details several legal and regulatory matters, including criminal complaints and outstanding dues. It mentions several incidents involving alleged non-compliance with factory safety rules related to gas leaks and hazardous chemicals. Furthermore, it outlines various tax proceedings and details outstanding dues owed to material creditors based on a materiality policy.

This section primarily details various licenses, consents, and registrations related to the manufacturing facilities, as well as various regulatory approvals and certifications. It lists numerous licenses pertaining to pollution control, import/export, storage of various gases, and equipment, with specified validity periods. Furthermore, it outlines various registrations for employees, tax, and labour purposes. The section also discusses aspects related to intellectual property and defines 'group companies' according to SEBI ICDR Regulations, including details on specific related party transactions.

The section primarily focuses on disclosures regarding related party transactions, business interests, litigation status, and regulatory compliance. It states that Group Companies do not have any interest in the promotion or formation of the Company, nor any interest in property acquired or proposed to be acquired by the Company within the preceding three years. Furthermore, there are no related business transactions with the Group Company, except as disclosed in specific notes. The Group Companies are not engaged in the same line of business as the Company, though procedures will be adopted to address potential conflicts of interest. The Group Companies are not party to pending litigation that would materially impact the Company, and there are no material existing or anticipated transactions related to the utilization of Offer Proceeds with the Group Companies. Finally, various confirmations are provided regarding the status of directors and the company's compliance with SEBI regulations.

This section primarily focuses on disclaimers, responsibilities, and compliance related to the filing of the Draft Red Herring Prospectus. It outlines the responsibilities of various parties, including the company, promoters, directors, and advisors like BRLM, in relation to the accuracy of the disclosures. It also details the conditions under which information was made available to bidders and clarifies that certain parties are not responsible for relying on external sources of information. Furthermore, it specifies the requirements for dealing with the securities, including restrictions on transactions outside the United States and the process for obtaining listing permissions from stock exchanges.

The provided section primarily details the lack of public or rights issues, capital issues, and commission/brokerage paid by the Company over the last five years. It also contains extensive information regarding the price history of past public issues handled by DAM Capital Advisors Limited, including various details on issue size, price, and price changes over different timeframes. Furthermore, the text outlines the mechanism for redressal of investor grievances related to fund blocking and unblocking issues under various SEBI Master Circulars, including timelines for resolution and compensation for delays.

This section primarily details the regulatory framework and procedures related to the offer of equity shares, including the terms of the offer, the ranking of equity shares, and various compliance aspects. It outlines the legal provisions that will govern the offer, the rights of equity shareholders, and the process for allotment and trading. Furthermore, it specifies the indicative timetable for the offer, including the closing date and the process for handling delays in fund unblocking.

This section primarily details the various timelines and procedures related to the offer process, including changes based on SEBI circulars. It outlines specific time windows for the submission and revision of bids depending on the type of bidder (Retail Individual, QIBs, Non-Institutional Bidders) and the method of payment (ASBA). It also discusses the implementation and phasing of the UPI mechanism for payments and the resulting timelines for listing, such as the T+3 days for certain public issues. Furthermore, it references various SEBI circulars that govern the rules for initial public offers.

This section details various regulatory and procedural aspects related to the public issue process, including the use of UPI for payment mechanisms and the timelines for listing. It outlines requirements for various intermediaries, the allocation of offer portions to different investor categories, and the procedures for handling bid forms and fund blocking. Furthermore, it discusses the phased implementation of UPI, the requirements for investor grievance redressal, and the role of Sponsor Banks as conduits for UPI transactions.

This section details various procedural requirements and restrictions concerning participation in the equity share offering, categorized by the type of investor. It outlines reconciliation processes for bid requests, rules for designated intermediaries, restrictions on participation by promoters and related persons, and specific rules for different investor categories such as Anchor Investors, Mutual Funds, Eligible NRIs, HUFs, FPIs, and Alternative Investment Funds (AIFs).

This section details various requirements and conditions for different categories of bidders participating in the offer, including restrictions based on the type of investor (e.g., AIFs, banking companies, insurance companies). It specifies documentation required for bids from various entities such as Limited Liability Partnerships, banking companies, SCSBs, and insurance companies, including certificates of registration. Furthermore, it outlines specific rules for bids made under power of attorney, and stringent guidelines for UPI bidders regarding the source of funds and the use of their own accounts. The text also covers compliance with various regulatory requirements concerning investor documentation and the process of bid submission.

This section primarily outlines various procedural and compliance requirements for bidders in the Offer process, covering aspects such as fund blocking, documentation verification, and bid submission rules. It details specific instructions for different types of bidders, including UPI bidders, QIBs, and Anchor Investors, and mandates for ensuring correct details are provided in bid forms. Furthermore, it specifies rules regarding the format of allotment, the handling of various bid amounts, and the agreements related to depository arrangements.

This section primarily outlines procedural requirements and undertakings related to the offer process, including timelines for public notices and withdrawal of offers. It details various undertakings by promoter selling shareholders concerning the equity shares offered, such as holding period and transferability. Furthermore, it specifies rules regarding the utilization of offer proceeds and defines liability for impersonation under the Companies Act. The latter part of the section details the structure of the offer, including the total number of equity shares, the total aggregate value, and the allocation breakdown across different investor categories.

This section primarily details various allocation procedures and restrictions related to different investor categories, including Anchor Investors, Mutual Funds, insurance companies, pension funds, QIBs, Non-Institutional Bidders, and Retail Individual Bidders. It outlines specific rules regarding bid amounts, allocation proportions, and the process for handling joint bids. Furthermore, the text discusses rules concerning the withdrawal of the offer, the timing for obtaining listing approvals, and various regulations concerning foreign investment in Indian securities, including provisions under the Industrial Policy, FEMA, and the Consolidated FDI Policy.

This section primarily details various aspects of share capital, including the rights of members, the process for issuing and transferring share certificates, and provisions related to the lien on shares. It outlines rules for receiving certificates, handling damaged or lost certificates, and the company's rights concerning the transfer of shares. Furthermore, it covers provisions regarding the handling of equity shares held by non-promoters, including lock-in periods and the company's power to instruct Depositories regarding such shares.

This section primarily details the regulations concerning the transfer of shares, including provisions for the Board to decline recognition of transfers, the suspension of transfer registration, and rules regarding the death or insolvency of a member. It outlines procedures for the election of a person to become entitled to shares and the subsequent rights of the transferee. Furthermore, the text covers provisions related to the forfeiture of shares due to non-payment of calls, the subsequent disposal of forfeited shares, and various aspects of capital alteration and profit capitalization.

This section primarily details procedural aspects related to voting, the Board of Directors, and the powers concerning borrowing and financial transactions. It outlines rules for joint holders' votes, procedures for members of unsound mind to vote via a committee or guardian, and requirements for payment of calls before voting rights are considered. The text also covers the composition and powers of the Board, including the number of directors, remuneration, and the Board's authority over company assets and transactions. Furthermore, it specifies the Board's power to borrow money, including restrictions on the aggregate amount borrowed, and the various ways in which such funds can be secured.

This section details the Board's delegated authority to grant loans to entities as deemed appropriate for the Company's benefit, subject to legal compliance. It specifies the availability of various material contracts and documents for inspection, including agreements related to an offer, and various agreements with selling shareholders and registrars. The text lists numerous corporate incorporation certificates, resolutions, and various certificates and reports certified by Statutory Auditors. Furthermore, it documents consents and authorizations from directors, promoters, and external experts, alongside listing approvals and SEBI observations.

This section primarily contains declarations from various directors confirming compliance with relevant laws and regulations. The declarations are signed by Nishith Rajnikant Shah (Chairman and Whole-time Director), Dhaval Nalin Parikh (Joint Managing Director), Pankil Nishith Dharia (Whole-time Director – Strategy and Business Development), Rakesh Shivaji Jadhav (Whole-time Director – EHS, Governance and Business Process), and Lakshmi Kantam Mannepalli (Non-Executive Independent Director). These statements serve to attest that all statements and disclosures in the Prospectus are true and correct and comply with the provisions of the Companies Act, SCRA, SCRR, and SEBI Act.

The provided section primarily consists of declarations and certifications from various Non-Executive Independent Directors and the Chief Financial Officer, confirming compliance with various laws and regulations. No specific related party transactions, such as loans, sales, or remuneration, are disclosed in this excerpt.

This section primarily contains declarations and certifications from various groups of individuals acting as Selling Shareholders regarding the accuracy of statements made in the Prospectus. The declarations confirm that the statements made by individuals like Gaurang Natwarlal Parikh and his co-signer are true and correct concerning their role as Selling Shareholders and the offered shares. Similarly, other groups, including Usha Rajnikanth Shah, Nishith Rajnikant Shah, and Shah Sandhya Nishith, have certified their statements. Furthermore, Nishith Rasiklal Dharia and Sonal Nishith Dharia have confirmed their representations, and Suketu Navinchandra Parikh and Lina Suketu Parikh have also certified their statements.

This section primarily contains declarations and certifications from various individuals acting as Selling Shareholders regarding the accuracy of statements made in the Prospectus. The declarations confirm that the statements made by the signatories concerning themselves as Selling Shareholders and their portion of the Offered Shares are true and correct. Several individuals and groups, including Sachin Jatin Parikh, Tushar Natverlal Dharia, Sonal Nishith Dharia, and Kinjal Pankil Dharia, have formally certified these aspects.

This section primarily contains declarations from various parties acting as Selling Shareholders, confirming the accuracy of statements made in the Prospectus regarding their respective portions of the Offered Shares. The declarations are signed by groups including Bhisham Kumar Gupta and Raksha Bhisham Gupta, Sundeep Navinchandra Parikh and Sheetal Sundeep Parikh, Lina Suketu Parikh and Suketu Navinchandra Parikh, Pushpa Navinchandra Parikh and Suketu Navinchandra Parikh, and Shruti Sachin Parikh and Sachin Jatin Parikh. These confirmations serve to limit the responsibility of the Selling Shareholders for other statements made in the document.

This section primarily contains declarations and certifications from various selling shareholders regarding the accuracy of statements made in the Prospectus concerning themselves and the offered shares. The declarations confirm that the statements made by individuals and groups are true and correct, while simultaneously disclaiming responsibility for any other statements made by the Company or other parties. Several individuals and pairs of individuals have certified their respective portions of the offered equity shares.