Prasol Chemicals Limited

This section primarily provides context regarding the sources used for industry and market data, cautioning investors about the limitations and assumptions inherent in the reports. It details various economic outlooks, including global and Indian growth projections, as well as trends in Gross Value Added (GVA) and Consumer Price Index (CPI). Furthermore, it presents data on 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 and highlights shifts in consumer spending towards physical assets. Furthermore, the text discusses India's demographic profile, urbanization trends, and the impact of global economic headwinds on the Indian economy, alongside opportunities in infrastructure and manufacturing.

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, while specialty chemicals are noted for their tailored functionalities and faster growth driven by innovation. India has shown an increasing role in the global chemical market, particularly in imports, reflecting its expanding domestic market and manufacturing capabilities. The specialty chemicals market is expected to see strong growth, supported by advancements in high-performance and sustainable solutions.

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 show significant expansion over the next few years, with India emerging 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 the 'China Plus One' strategy adopted by multinational corporations to diversify supply chains. Furthermore, the government is implementing several policy measures, such as FDI liberalization and production-linked incentive schemes, to bolster domestic manufacturing and reduce import dependency.

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, electronics, and the need for chemicals in renewable energy solutions. The market segmentation shows significant growth across different product types, including paints, construction chemicals, adhesives, and printing inks. Furthermore, the industry is geographically concentrated, with Asia-Pacific leading the market, and India holds a prominent, though import-dependent, position globally.

The chemical industry is experiencing steady growth, with its total value projected to rise significantly. This growth is fueled by increasing demand across key sectors like manufacturing, agriculture, healthcare, and energy, driven by technological innovations and sustainability investments. Key advancements in areas such as automation, AI, and green chemistry have enhanced production efficiency and the ability to meet consumer demand for sustainable products. Furthermore, rapid industrialization in emerging markets is contributing to sector expansion, supported by efficient supply chains and expanded production capacities.

The lubricant additives market is crucial for enhancing the performance and longevity of base oils across various applications. Demand is driven by factors such as rising vehicle parc, growth in industrial output, and the need for advanced additives due to emission norms and energy efficiency trends. The market is also seeing momentum in industrial segments due to investments in infrastructure and manufacturing. The demand for performance chemicals shows broad-based growth across sectors like agriculture, industry, construction, automotive, and personal care. Furthermore, India is implementing policies to boost domestic chemical manufacturing and reduce import reliance, which is projected to shift the consumption trend towards greater self-reliance in the chemical sector.

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. The Indian pesticides market is expected to grow significantly, and India maintains a strong position as a net exporter of agrochemicals due to low-cost manufacturing capabilities. The consumption of agrochemicals in India is also growing, driven by the adoption of sustainable farming practices.

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 overseen by bodies like the CIBRC, which registers agrochemicals, and various legislation such as the Insecticides Act, 1968. The industry faces supply chain challenges, including import reliance for active ingredients and pressure from global inventory dumping, although recovery signs are emerging. Furthermore, the government has implemented numerous schemes to support farmers and infrastructure, alongside ongoing efforts to promote sustainable agrochemical solutions.

The section details 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 sector, expansion in specialty APIs, outsourcing trends, the use of AI in drug discovery, and regulatory pushes for supply chain diversification. Furthermore, the industry is prioritizing green chemistry to reduce environmental impact.

The pharmaceutical industry is segmented into bulk drugs (Active Pharmaceutical Ingredients - API) and formulations, with formulations constituting the majority of the market. The market growth is driven by factors such as the need for industry-specific chemicals, advancements in drug development, and government initiatives like Production Linked Incentive (PLI) schemes. India holds a strong position in the global market due to lower production costs and skilled labor, making it an attractive outsourcing destination. Furthermore, the industry benefits from the patent cliff, which creates opportunities for generic drug manufacturers.

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 emulsifiers due to hygiene awareness, and a push towards eco-friendly products. Growth in Asia-Pacific is fueled by rapid population growth and urbanization, while sustainability trends are encouraging the formulation of natural and biodegradable ingredients. The industry is segmented by active ingredients, which provide core functions, and inactive ingredients, which support the product's stability and sensory experience. The Indian market shows robust growth due to rising disposable income and urbanization, with demand shifting towards premium and functional products.

The market for home and personal care chemicals in India is being driven by several factors, including improved living standards, urbanization, rising hygiene awareness, and the growth of e-commerce. Demand is also being shaped by the shift towards natural ingredients and 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 industry is characterized by a diverse range of active and inactive ingredients, and the company possesses specialized technological capabilities in manufacturing various specialty chemicals.

The provided text details the market segmentation for acetone derivatives globally and within India, highlighting various application segments such as paints and coatings, chemicals, adhesives, pharmaceuticals, and cosmetics. The global market analysis shows the paints and coatings segment as the largest contributor, while the Indian market is projected for significant growth driven by industrial expansion. Furthermore, the text discusses the broader context of the phosphorus derivatives market, which is influenced by agricultural demand, industrial applications, and concerns over environmental sustainability.

The phosphorus derivatives market is a significant sector, with various product types including flame retardants, surfactants, and lubricants finding applications across diverse industries. The global market size is projected to expand substantially, driven by rising demand across agriculture, food processing, water treatment, and industrial sectors. The fertilizer sector remains the dominant driver for the market's growth, and there is a growing focus on sustainable phosphorus technologies.

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, and deals in acetone-based, phosphorus-based, and other specialty chemicals. 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 various global manufacturers in the specialty chemical segments.

The document presents 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, which was incorporated in 1992 and has over 33 years of experience in the specialty chemicals industry. The company 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 applications.

The company emphasizes quality, performance, and customization to meet diverse industry demands, noting that the quality of chemicals is crucial for end-product performance and safety. The company is a 3 Star Export House certified by the Government of India and maintains a robust global distribution network spanning 63 countries across Asia-Pacific, North America, South America, and Europe as of June 30, 2026. The company benefits from long-standing relationships with numerous customers and focuses on continuous research and development to enhance its product portfolio.

The company competes in the global export market with manufacturers such as Arkema, Evonik, TASCO, Solvay in acetone-based specialty chemicals and Hubei Xingfa, Liaoning Ruixing, Excel industries in phosphorous derivatives, while facing limited competition domestically due to few acetone specialty chemical manufacturers. The company maintains strong R&D capabilities and a product pipeline to meet customized customer requirements, with over 150 specialty chemical products and 40 products in development. The company has a dedicated R&D facility with advanced equipment and a laboratory equipped for various chemical reactions. Furthermore, the company has established long-standing relationships with a diversified customer base and possesses a robust global distribution network spanning six continents.

The company focuses on strategies to achieve sustainable and profitable growth by expanding production capacities and focusing on research and development. The industry outlook suggests significant growth in specialty chemicals, driven by industrialization and demand from various end-use sectors. The company plans to enhance its manufacturing capabilities by increasing capacity at existing facilities in Maharashtra and exploring new investments. Furthermore, the company emphasizes R&D to support product innovation, integration, and the development of new chemistries.

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, performance 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 customers. Raw materials are procured from domestic and international suppliers, and logistics involve road and sea transport for raw materials and finished products.

The company emphasizes the importance of maintaining high product quality through rigorous quality control systems that cover all business processes, from raw material procurement to final product delivery. The quality control team is substantial, comprising 50 members as of June 30, 2026. The company adheres to various environmental laws and regulations concerning emissions, waste, and hazardous substance handling, and is working to implement 'Responsible Care' principles. Furthermore, the company maintains various insurance policies to mitigate financial risks, and details regarding insurance coverage vis-à-vis net assets are provided.

The issuer is identified as a manufacturer of speciality chemicals. The section details various aspects related to the company's physical assets, including factory plots, leased facilities, and office space across different locations in Maharashtra and Gujarat. It also outlines key regulations applicable to the company's business, such as those concerning factories, boilers, and public liability insurance.

This section details a broad overview of various Indian laws and regulations that govern different aspects of trade, commerce, and industry. It covers legislation related to legal metrology, explosives, petroleum, narcotics, foreign trade, pressure vessels, environmental protection, water pollution, air pollution, bio-medical waste, hazardous waste, chemical accidents, and various labour laws. Furthermore, it mentions taxation laws like GST and the Income Tax Act, along with customs regulations and trade mark protection. The text concludes by stating that the company must comply with numerous other laws concerning foreign exchange, FDI policy, contract laws, anti-trust laws, and other statutes.

The company's history began with its incorporation as "Prachi Poly Products Private Limited" on January 24, 1992, followed by several name and conversion changes over the years. Key name changes include conversion to a public company, a subsequent change to "Prasol Chemicals Limited," and a reconversion to a private company, before another conversion back to a public entity. The company has undergone various changes to its registered office location since incorporation. Furthermore, the Memorandum of Association has seen several amendments related to the change in company name, authorized share capital, and the scope of business activities. The company has not undertaken any mergers, demergers, or material acquisitions in the last ten years, and there are no defaults on borrowings.

The company currently does not have a holding company, a subsidiary, or any associate companies or joint ventures as of the date of this Red Herring Prospectus. The Board of Directors comprises 10 members, including 5 Executive Directors and 5 Non-Executive Independent Directors, and the company is compliant 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 qualifications and prior associations of the company's directors, including various professional backgrounds and previous affiliations with other entities. It outlines specific appointments, such as the re-appointment and designation of certain directors as Chairman or Managing Director, along with the remuneration structures for Fiscal 2026. Furthermore, it discusses various confirmations regarding director relationships, conflicts of interest, and the history of certain directors' previous directorships in companies that have been voluntarily struck off.

The company has constituted and re-constituted several key Board committees under SEBI Listing Regulations and the Companies Act, 2013, including the Audit Committee and the Nomination and Remuneration Committee. The Audit Committee was established on January 18, 2022, and re-constituted on February 21, 2025. The Nomination and Remuneration Committee was also voluntarily constituted on January 18, 2022, and re-constituted on February 21, 2025. The scope of these committees covers various functions such as financial oversight, related party transactions, director qualifications, remuneration policy formulation, and ensuring compliance with securities laws.

This section details various committees established by the Board, including the Stakeholders’ Relationship Committee, the Corporate Social Responsibility Committee, and the Risk Management Committee, outlining their composition and scope. It specifies the terms of reference for these committees, which cover aspects such as shareholder interests, CSR activities, and risk management systems. The text also mentions general responsibilities related to internal governance, such as ensuring proper induction for personnel and developing succession plans.

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 clarifies the relationship between certain Directors and KMP, the shareholding status of KMP, and various disclosures regarding their interests, service contracts, and remuneration.

This section details the details of several key promoters, including Sachin Jatin Parikh, Rakesh Gupta, Nishith Rasiklal Dharia, Kunal Tushar Dharia, Suketu Navinchandra Parikh, and Usha Rajnikant Shah, along with their qualifications and past professional experiences. It also outlines various aspects related to the promoters' involvement, such as their directorships in other companies, and confirmations regarding their compliance with regulatory requirements. The text also covers aspects concerning payments or benefits made to the promoters and the disassociation of promoters from certain companies.

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 the striking off of a company's name from the Registrar of Companies records.

This section details the dividend distribution policy of the company, which is recommended by the Board and approved by shareholders under relevant laws. The quantum of dividend to be distributed is dependent on various internal and external factors, such as net profit, cash flow, working capital, and regulatory environments. The text also provides a table summarizing the dividend paid for various fiscal years, including the number of equity shares, face value per share, and the rate of dividend distribution.

This section defines various terms and abbreviations used in the Red Herring Prospectus. It specifies that certain references to statutes, rules, and regulations include all amendments and subordinate legislation notified as of the prospectus date, and that definitions provided herein prevail over those in the General Information Document in case of inconsistency. Key personnel such as the Company, its directors, and officers are defined, along with various facilities and committees. The section also details terms related to the offer process, including different types of bids, allotment procedures, and the roles of various investors.

This section primarily defines various terms related to the book-building process and the offer structure. It specifies procedures for bid submission, including minimum bid/offer periods and provisions for extensions due to unforeseen circumstances. Key entities involved in the process, such as the Book Running Lead Manager, Designated Intermediaries, and various types of bidders (like Retail Individual Bidders), are defined. It also details the structure of the offer, including different portions for various investor categories and the finalization of the offer price.

The provided text defines several key terms related to the issuance process, including agreements, parties involved, and payment mechanisms. It specifies that a 'Share Escrow Agreement' is an agreement dated August 21, 2026, concerning the deposit and credit of Equity Shares. It also defines 'Sponsor Banks' as HDFC Bank Limited and ICICI Bank Limited, which are appointed by the Company to facilitate UPI payment mandates. Furthermore, it outlines various definitions for bidders, such as 'UPI Bidder(s)', and details the various circulars and regulations governing the process.

This section outlines various conventions regarding the presentation of data, including references to the Republic of India, the Government of India, and the United States. It specifies that financial data is derived from Restated Financial Information, which includes various statements prepared according to Indian Accounting Standards. The text also discusses non-GAAP measures, noting they are supplemental and may not be comparable across different companies or under different accounting standards. Furthermore, it details risks related to the reliance on third-party industry reports and the inherent uncertainties associated with forward-looking statements.

The text discusses contingent liabilities and commitments, noting their amounts as of March 31, 2026, March 31, 2025, and March 31, 2024, relative to the company's net worth. It further highlights risks related to the reliance on customers' products and the potential impact of declining demand on the business. The text also mentions the necessity of obtaining various approvals, licenses, registrations, and permits to operate, and the risk associated with the failure to secure or renew these in a timely manner. Finally, it includes disclaimers regarding forward-looking statements and the obligation of the company, selling shareholders, directors, and the BRLM to inform investors of material developments.

This section details the structure of the equity share offering, which is divided into QIB, Non-Institutional, and Retail portions. The offer involves various allocations, including provisions for Anchor Investors, Mutual Funds, and life insurance/pension funds. The document also provides a summary of the company's financial information, including the balance sheet as of different fiscal years, and details regarding the procurement and inventory management of raw materials.

This section provides a detailed breakdown of the company's financial performance, including the Restated Statement of Profit and Loss for fiscal years 2026, 2025, and 2024. It details revenue, expenses, profit before tax, and the resulting profit for the year across these periods. Furthermore, the document includes Restated Statements of Cash Flows, showing cash generated from operating, investing, and financing activities, as well as information on contingent liabilities and related party transactions.

This section details various related party transactions involving Prasol Chemicals Limited across different fiscal years, including the nature of the transaction and the corresponding percentage of revenue from operations. The transactions involve dealings with entities such as Chemequip (Mfr), Pratech Brands Private Limited, and Wiyo Travel (Firm), with some being enterprises over which KMP has control. The data covers transactions from Fiscal 2026 (Standalone) to Fiscal 2024 (Consolidated).

This section details various procedural and compliance aspects related to the offer, including documentation requirements for bidders, grievance redressal mechanisms, and the identification of various intermediaries involved. It outlines procedures for handling grievances related to bids submitted through different channels, such as registered brokers or through the ASBA process, and specifies the roles of different entities like Book Running Lead Managers, Legal Counsel, Statutory Auditors, and the Registrar to the Offer.

This section details various procedural and regulatory aspects related to the issuance process, including the lack of a credit rating agency appointment, the absence of a green shoe option, and the filing requirements for the Draft Red Herring Prospectus with SEBI and the Registrar of Companies (RoC). It outlines the book-building process, which involves collecting bids within a determined price band, and specifies rules regarding the use of ASBA for bids, restrictions on bid withdrawal for certain bidders, and the process for allocation among different bidder categories. Furthermore, it discusses the underwriting agreement, which is not yet executed but is planned to be entered into with underwriters after the offer price is determined.

This section details the authorized and issued share capital structure of the company as of the Draft Red Herring Prospectus date. It outlines the authorized share capital, the issued, subscribed, and paid-up share capital before the offer, and various provisions related to the offer process and regulatory approvals. Furthermore, it provides a comprehensive history of the company's equity share capital, including various allotments, subscriptions, buy-backs, and rights issues over several years.

This section details the allotment of equity shares to various individuals and a list of shareholders who were allotted shares on February 23, 1996. The first part lists several allottees with the number of shares they received, while the second part lists a separate group of allottees with their respective share counts. A subsequent section details the buyback of equity shares on March 07, 2002, from numerous shareholders.

The provided text details various transactions involving the buyback of equity shares on October 13, 2003, and subsequent allotments following a rights issue on July 12, 2007. The data includes the number of equity shares held by numerous shareholders and the number of shares bought back from them. Furthermore, it lists details of allotments made pursuant to a rights issue, including the number of shares allotted to various allottees, often jointly with other individuals or entities.

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 shares for Gaurang N Parikh (HUF). There are also several instances where shares were allotted in the ratio of 1 for every 4 shares held as of a specific date.

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 that the company does not have any preference share capital as of the date of the Red Herring Prospectus. Furthermore, it directs readers to a separate section for details on secondary transactions involving promoters.

The company has complied with various provisions of the Companies Act regarding the issuance of equity shares since its incorporation, including not capitalizing revaluation reserves. Furthermore, no equity shares held by shareholders are currently pledged or otherwise encumbered as of the filing date. The document details the shareholding pattern, showing that the Promoter and Promoter Group collectively hold 89.20% of the equity shares. Various lists of shareholders holding 1% or more of the paid-up equity share capital are provided based on beneficiary positions, covering both the date of the Red Herring Prospectus filing and one year prior to it.

The provided section details various shareholding structures and historical transactions related to the company's equity. It lists current shareholding data for several shareholders, including those holding 1% or more of the paid-up capital as of a specific date. Furthermore, it provides a history of promoter shareholding build-up, including allotments, transfers, buybacks, and rights issues over several years. The data shows fluctuations in the percentage of pre-offer and post-offer equity share capital held by these entities.

This section provides a detailed chronological record of various equity share transactions, including allotments, transfers, buybacks, and acquisitions across several years. The data captures changes in shareholding and the nature of the consideration for these transactions. Several entries specify the percentage of pre-offer equity share capital involved, and some transactions are marked with a pledged share percentage, which is relevant for assessing security arrangements.

This section details various transactions involving the allotment, transfer, buyback, or acquisition of equity shares over a period. The data includes the number of equity shares, the face value per share, the price per share for the transaction, the nature of the consideration, and the percentage of pre-offer and post-offer equity share capital. Many of the transactions involved cash transfers to various individuals or entities, with some transactions showing negligible percentage changes in the equity share capital.

This section details various transactions involving the allotment, transfer, buyback, or acquisition of equity shares 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 show negligible percentage changes in the equity share capital. There are also entries for bonus issues and further issues, as well as cash transactions and buybacks.

This section details various transactions involving the allotment, transfer, buyback, or acquisition of equity shares over several years. The transactions include cash transfers, cash rights issues, and bonus issues, with corresponding changes in the percentage of pre-offer to post-offer equity share capital. Several transactions were conducted in 2005, 2006, and 2007, involving cash transfers from different individuals. Later transactions in 2012 involved cash rights issues, and later still, there were significant transactions in 2016 and 2017, including private placements and cash transfers. The data shows fluctuations in the percentage of equity share capital held by the promoter over time.

This section details numerous transactions concerning the allotment, transfer, or buyback of equity shares between various parties over a period spanning from February 2012 to July 2016. These transactions include cash transfers and rights issues, with the consideration varying based on the nature of the transaction. Many of the disclosed transactions showed a negligible percentage of the pre-offer equity share capital, while a few later transactions indicated a small percentage of the post-offer capital.

This section details a long series of transactions involving the allotment, transfer, buyback, and acquisition of equity shares over several years. The transactions include various forms of consideration such as cash transfers, bonus issues, and buybacks. A large volume of transactions occurred around January 18, 1996, involving cash transfers to numerous individuals and entities. Many of these transactions were noted with a percentage of pre-Offer Equity Share 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. The data spans from 1995 to 2025, showing a history of capital movements and changes in share structure.

This section details various transactions involving the allotment, transfer, and buyback of equity shares over time. It includes several instances of cash transactions, cash rights issues, and bonus issues. Furthermore, it provides a breakdown of the promoter and promoter group shareholding structure, showing the changes in ownership percentages across different dates. The data covers transactions spanning from 1995 to 2017, with specific details on the number of shares, face value, and the nature of the consideration for each event.

This section details the pre-offer and post-offer shareholding structure of various shareholders, including promoters and top 10 shareholders, in the company. It presents data on the number of equity shares, the percentage of paid-up equity share capital, and the corresponding percentage of the fully diluted paid-up equity share capital. The data is segmented into Promoters and the Promoter Group (other than Promoters).

This section details the pre-offer and post-offer shareholding structure, including various shareholder categories. It lists the shareholding of different groups, including promoters and selling shareholders, as of the date of the Draft Red Herring Prospectus. Furthermore, it outlines various lock-in provisions concerning the equity shares, such as minimum promoter's contribution and the locking-in period for pre-offer capital. It also specifies conditions under which pledged equity shares can be used as collateral for loans.

This section outlines various restrictions and procedures related to the offer of equity shares, including financing arrangements, share ownership, and allocation rules. It specifies that no financing arrangements were made by promoters or directors for securities purchases in the preceding six months. Furthermore, it clarifies that the BRLM and its associates do not currently hold equity shares, and there are no existing buyback arrangements. The offer is structured through a Book Building Process with specific allocations for different investor categories, including QIBs, Non-Institutional Bidders, and Retail Individual Bidders. Finally, it states that no further issuance of equity shares is planned during the offering period.

The Offer involves a Fresh Issue of equity shares and an Offer for Sale of equity shares. The Offer for Sale component will not contribute to the Net Proceeds, as its proceeds will not be included in the calculation of Net Proceeds. The funds raised from the Fresh Issue are proposed to be utilized for various purposes, primarily including the repayment or pre-payment of certain borrowings and general corporate purposes. The utilization of these funds is subject to various conditions and estimations based on the company's business plan and market factors.

The company proposes to utilize up to a certain amount of Net Proceeds towards general corporate purposes and business requirements, with a limit of 25% of the Gross Proceeds allocated to general corporate purposes, as required by SEBI ICDR Regulations. The general corporate purposes include meeting ongoing exigencies, business development, capital expenditure, and various other expenses. The company is restricted from using funds raised through the Fresh Issue for the repayment or pre-payment of certain borrowings. The utilization of funds towards these purposes will be determined by the Board, and management has flexibility in using surplus amounts. Furthermore, the company will utilize funds in accordance with applicable law.

The section discusses restrictions on the utilization of proceeds from the Offer, stipulating that no part of the funds will be paid to promoters, group members, directors, or management, except in the ordinary course of business. It further confirms that no arrangements are planned with such individuals or entities concerning the use of the net proceeds. The text also details the basis for determining the Offer Price, which involves consultation with the BRLM based on market demand, and defines the floor and cap prices relative to the face value of the equity shares. The section also provides qualitative factors regarding the company's business strengths, including a diversified product portfolio, strong R&D capabilities, and long-standing customer relationships.

The provided text discusses various financial metrics and Key Performance Indicators (KPIs) used to determine the Offer Price. It details definitions for Net Asset Value, Net Worth, Basic EPS, Diluted EPS, P/E Ratios, and various financial performance indicators like Revenue from Operations, EBITDA, PAT, and various margins. Furthermore, it compares these KPIs against listed industry peers across different fiscal years and outlines operational KPIs such as countries served and export revenue percentages.

This section details various Key Performance Indicators (KPIs) and financial metrics for the company across different peer groups and fiscal years. It presents data on operational aspects such as countries served, export revenue percentages, and the number of customers. The section also includes detailed financial KPIs, including revenue from operations, operating EBITDA, profit after tax (PAT), and various margins. Furthermore, it outlines procedures related to the weighted average cost of acquisition for equity shares and disclosures regarding past transactions.

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 conditional upon fulfilling prescribed conditions and advises investors to consult with a tax advisor.

The provided text discusses the reinstatement of RoDTEP benefits for certain exporters, including Advance Authorisation holders, EOUs, and SEZ exporters, effective from June 1, 2025, following a notification dated May 26, 2025. Furthermore, the text explicitly states that there are no special tax benefits available to shareholders for investing in the company's shares. It is noted that the statement covers only indirect tax benefits and does not encompass any Income Tax law benefits or benefits under other laws.

This section primarily contains the auditor's 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 adjustments for changes in accounting policies and material errors. Furthermore, the report notes that the financial information complies with the requirements of the Companies Act, SEBI ICDR Regulations, and the Guidance Note.

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 movement of cash from operating, investing, and financing activities, along with the impact of exchange rate differences.

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, discounts, foreign currency transactions, provisions, government grants, fair value measurements, financial instruments, and financial liabilities. It outlines when revenue is recognized based on performance obligations, how discounts and rebates are accounted for, and the criteria for recognizing provisions and contingent liabilities. Furthermore, it specifies rules for handling financial assets and liabilities, including initial recognition, subsequent measurement based on classification, and derecognition criteria.

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 the treatment of derivative instruments, the recognition of borrowing costs, employee benefits (both short-term and long-term), and various tax considerations, including current and deferred tax. Finally, it provides detailed schedules for Property, Plant and Equipment, showing carrying amounts and accumulated depreciation/amortisation over several fiscal years.

This section details various notes related to the financial statements, including aspects of lease terms, capitalization of interest and salary expenses, aging schedules for capital work in progress, intangible assets, investments, other financial assets, and other non-current assets. Key disclosures include the capitalization of interest on borrowings and salary expenses, the movement and aging of capital work in progress, and the status of intangible assets and investments.

This section details the statement of inventories, trade receivables, cash, and various other current and financial assets for Prasol Chemicals Limited across fiscal years ending March 31, 2026, 2025, and 2024. Key inventory components include raw materials, work in progress, finished goods, semi-finished goods, and consumables, with total inventory figures provided. Trade receivables are detailed with various classifications, including disputed and credit-impaired amounts, along with expected credit loss allowances. Cash and cash equivalents, bank balances, and other financial assets are also presented, showing trends over the three years.

This section details various aspects of the company's equity structure, including the authorized and issued share capital, details regarding movements in equity share capital, and information on the shareholding by promoters and the promoter group. It also provides information on other equity reserves and long-term borrowings, including the terms and security provided for loans from banks.

This section details various financial notes for Prasol Chemicals Limited, including loan terms, provisions, borrowings, trade payables, and revenue/cost components. It outlines the terms for several term loans from different banks, including repayment schedules and associated security. The data presented covers financial positions as of March 31, 2026, 2025, and 2024, with figures provided in millions of Rupees. Furthermore, the text includes breakdowns of deferred tax liabilities, non-current provisions, current borrowings, trade payables aging schedules, and revenue from operations.

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 information, as well as Earnings Per Share (EPS) figures.

This section details various aspects of the financial statements, primarily focusing on employee benefits, including provisions for gratuity plans, and the fair value measurements of financial instruments. It outlines the movement in the present value of the defined benefit obligation, fair value of plan assets, and the amounts recognized in the balance sheet for these provisions. Furthermore, it describes the classification of financial assets and liabilities into a fair value hierarchy and discusses the management of credit risk associated with trade receivables.

This section details various financial reconciliations, risk exposures, and related party disclosures for Prasol Chemicals Limited across different reporting dates. It covers the reconciliation of loss allowance provisions, details regarding cash and cash equivalents, various market and liquidity risks, and information on financial liabilities. Furthermore, it outlines the company's exposure to foreign currency risk, the application of impairment loss models, and a comprehensive list of related party transactions and balances.

This section details various financial transactions, including director fees, remuneration, loan activities, and closing balances with related parties, across different financial years. It also presents several financial ratios, including 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 Capital Turnover Ratio, Net Profit Ratio, and Return on Capital Employed, comparing performance across different periods.

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 metrics. The text also covers regulatory updates regarding labour codes, provisions for past service costs, and details on borrowings and related agreements.

This section details various events related to changes in management control, capital structure, and contractual breaches concerning borrowings. It outlines standard events of default in borrowing arrangements, such as payment default or breach of terms, and the resulting consequences, including termination of facilities or enforcement of security. Furthermore, it provides information on the total sanctioned and outstanding indebtedness as of a specific date, and details regarding the capitalization of equity as of March 31, 2026.

The provided text details various financial breakdowns, including revenue distribution by state, international revenue sources, and key operational metrics. It highlights that the company operates in a highly specialized sector facing significant entry barriers due to lengthy approval cycles required by customers. The company emphasizes its experience and relationships with numerous customers, alongside continuous investment in Research and Development (R&D) to develop new products and customize solutions. Furthermore, the text discusses the volatility of raw material costs and the impact of government regulations on operations.

This section details various expense components, tax provisions, and results of operations for fiscal years 2026, 2025, and 2024, presented as a percentage of total income. It also provides comparative analysis between fiscal years and discusses liquidity and capital resources, including details on borrowings and cash flows.

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, investing activities, and financing activities, along with various adjustments and payments. Furthermore, it lists total sanctioned and outstanding indebtedness, contractual obligations, 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, equipment breakdowns, labor disputes, and adverse weather conditions. Furthermore, the company has faced multiple regulatory actions from the Maharashtra Pollution Control Board (MPCB) concerning violations related to water and air pollution, including incidents that have led to temporary shutdowns and required corrective actions. These incidents have resulted in operational impacts, such as lost revenue, and have necessitated significant investments in compliance measures and infrastructure upgrades.

The provided text details several regulatory actions and notices issued by various authorities, primarily the Maharashtra Pollution Control Board (MPCB) and the Maharashtra Industrial Development Corporation (MIDC), against the company. These include issues related to failure to connect camera flow meters, storage of hazardous waste, and issues with project plans for industrial plots. Several incidents involved accidents, such as worker fatalities and fires, related to the handling and dismantling of plant equipment. The company has responded to these notices with various explanations and requests for extensions, though some correspondence has ceased. The text also provides details on the operational capacity and utilization of the Khopoli and Mahad manufacturing facilities across different fiscal years.

The provided text details various regulatory and operational issues concerning the company's manufacturing facilities, including a show cause notice from the MPCB regarding non-compliances with pollution control acts. It also mentions outstanding litigations involving the company, its promoters, and directors, which could adversely affect financial results. Furthermore, the text includes various emphasis of matter and modified opinions from Statutory Auditors related to internal financial controls and proposed Initial Public Offer (IPO) expenditures.

The company disclosed various contingent liabilities and commitments, which represent a significant portion of its net worth across different reporting periods. The company's business relies heavily on the success of customers' products, and a decline in demand for end products could negatively impact its operations and financial condition. The company operates as a forward integrated manufacturer of specialty chemicals across several product categories, including acetone and phosphorous-based chemicals. Furthermore, the company faces various regulatory and operational risks, including the potential for delays in obtaining necessary licenses and the impact of changing government regulations.

The provided text details various financial metrics, property details, and lease/ownership arrangements related to the company's operations. It discusses trade receivables, the creditworthiness of customers, and the company's Price to Earnings (P/E) ratio compared to industry peers. Furthermore, it lists numerous manufacturing facilities and offices, specifying the location, ownership/lease status, lessor/licensor details, and validity periods for these assets.

This section details various aspects related to the company's property leases, including details on property locations, lease periods, and agreements with different entities. It also discusses the assignment of leasehold rights and the purchase of land from certain directors, noting that these transactions were done to comply with environmental clearance requirements. Furthermore, the text covers risks associated with the continuity of these leases, including potential rent escalations and difficulties in renewing agreements with third parties. The section also touches upon labor-intensive operations, including high employee attrition rates and the risks associated with strikes, work stoppages, and increasing wage demands in the Indian market.

Several directors of the company have previously served as directors for companies that were voluntarily struck off by the Registrar of Companies or the Ministry of Corporate Affairs for being inoperative. The company's operations are heavily dependent on continuous Research & Development (R&D) to develop new products, as R&D expenditure has fluctuated over the fiscal years. Furthermore, the business relies significantly on a key customer base, as the top ten customers account for a substantial portion of the company's total revenue. The company also faces risks related to foreign exchange fluctuations and potential delays in payments of statutory dues.

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, inability to accurately forecast demand, and issues with suppliers. The company relies on third-party transporters and faces risks from transportation disruptions, such as weather or customs issues. Furthermore, there are risks associated with fluctuating raw material prices and currency fluctuations, as well as regulatory hurdles in international markets.

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 disruptions from supply shortages, issues with product quality leading to customer rejections, risks associated with international trade tariffs, and potential liabilities from environmental and safety regulations. Furthermore, it discusses the protection of proprietary technical knowledge and the potential impact of changes in global product pricing.

The company faces increasing scrutiny from stringent environmental laws and regulations, which may lead to increased compliance costs and potential adverse effects on its business. The company is also subject to various laws governing employee relations, including minimum wage and working hours. Furthermore, the company has faced legal actions from a Judicial Magistrate regarding violations of the Minimum Wages Act and Payment of Wages Act, although no subsequent action has been taken against the company or its directors. There is also a show cause notice from the MPCB concerning alleged pollution of the Savitri River, which the company refuted by stating that monitoring systems are in place. The company's business is working capital intensive, requiring sufficient cash flow to meet commitments, and its ability to access capital depends on credit ratings from rating agencies.

The provided text primarily discusses various risks and disclosures related to the company's operations, financial standing, and regulatory environment. It details aspects such as insurance coverage adequacy, dependency on customer preferences, indebtedness, reliance on financial covenants, potential for losses due to theft or fraud, and risks associated with information technology systems and data security. Furthermore, it addresses the evolving nature of privacy and data protection laws.

The text discusses various risks related to compliance with trade restrictions, including economic sanctions and export controls, which could lead to significant legal penalties. It also details the potential for reputational harm from non-compliance and the inability to predict future regulatory changes. Furthermore, the document highlights risks from geopolitical tensions, such as conflicts and trade disputes involving various countries, which could impact operations and the Indian economy. Finally, it covers risks associated with global financial instability and the potential for adverse effects on the company's business and financial performance.

This section primarily outlines various risks that could adversely affect the company's business, operations, and financial condition due to external and regulatory factors. Risks include geopolitical events, changes in trade policy, and the evolving legal and regulatory environment in India and other countries. Furthermore, the company faces risks related to competition law, potential inflation impacting margins, and the uncertainty surrounding new laws and regulations. The text also details issues concerning the enforceability of foreign court judgments and restrictions on foreign investment and capital raising due to Indian laws.

This section discusses various tax implications, currency fluctuations, and regulatory burdens associated with the company's equity shares. It details how capital gains tax is applied, the impact of exchange rate movements on dividends and sale proceeds, and the increased compliance requirements of being a publicly listed company. Furthermore, it addresses potential dilution from future equity issuances and the restrictions on pre-emptive rights for existing shareholders. The text also covers issues related to investor bidding, the listing process, and the potential for market surveillance measures by stock exchanges.

The section primarily addresses related party transactions, stating that transactions with subsidiaries, directors, and Key Managerial Personnel occur on an arm's length basis in compliance with applicable law. The text also details various risk factors concerning credit, market, and currency risks, including the use of derivatives for hedging. It covers liquidity risk management through overdraft facilities and discusses capital expenditures for plant and equipment. Furthermore, the section includes various auditor remarks, including emphasis of matter and modified opinions related to internal financial controls across different fiscal years.

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 discloses numerous litigation proceedings, including criminal complaints against the promoters concerning industrial accidents and non-compliance with factory safety regulations. The section also covers disputes with the Maharashtra Industrial Development Corporation (MIDC) regarding project approvals and dues, as well as various tax proceedings and outstanding dues to creditors.

The section details various legal and regulatory issues concerning the company's operations and promoters. This includes several criminal complaints related to safety violations, such as leaks of toxic gases and issues with factory compliance. Furthermore, there are outstanding tax proceedings regarding the recognition of a TDS credit, and a significant amount of outstanding dues owed to material creditors. The text also lists various corporate and business-related approvals and licenses obtained from governmental and regulatory authorities.

This section primarily details various licenses, consents, and registrations related to the company's manufacturing facilities, import/export capabilities, and various regulatory approvals. It lists numerous licenses pertaining to pollution control, import/export permissions, storage of various gases, and certifications from different regulatory bodies. Furthermore, it outlines several approvals related to labour, tax, and intellectual property, including details on group companies as defined under SEBI ICDR Regulations.

The provided section primarily focuses on disclosures regarding related party transactions, business interests, litigation status, and regulatory confirmations related to the Offer. It states that Group Companies do not have any interest in the promotion or formation of the Company, nor in property acquisitions, land transactions, construction, or machinery supply. Furthermore, there are no related business transactions with the Group Company, and the Group Companies are not engaged in the same line of business as the Company. The text also confirms that the Group Companies are not party to pending litigation that would materially impact the Company, and there are no material existing or anticipated transactions concerning the utilization of Offer Proceeds with Group Companies. Finally, various confirmations are provided regarding compliance with various regulations, including confirmations that directors and promoters are not prohibited from accessing the capital market and that the company has received in-principle approvals for listing.

This section primarily deals with disclaimers, responsibilities, and compliance related to the filing of the Draft Red Herring Prospectus. It outlines the roles and responsibilities of various parties, including the company, promoters, directors, and advisors like BRLM, in relation to the accuracy of the disclosures. It also details various legal compliance aspects concerning the offer, including adherence to the Companies Act, and limitations on the information provided to investors. Furthermore, it specifies conditions for the listing of equity shares and the process for obtaining necessary permissions from stock exchanges.

The provided section details various aspects related to regulatory consents, past issues, and investor grievance redressal mechanisms. It mentions receiving written consent from Devendra Vasant Deshpande to include his name as an 'expert' for information certified by him in the Red Herring Prospectus. Furthermore, it states that no public or rights issues have been made in the last five years, and no capital issues have occurred in the three years preceding the prospectus date. The text also extensively outlines the framework for handling investor grievances related to the UPI Mechanism, including timelines for resolution and compensation for delays in fund unblocking.

This section primarily discusses the procedures and compliance framework related to the offer, including investor grievance redressal and the terms of the offer itself. It mentions that the company has obtained authentication on SEBI SCORES and outlines the process for handling investor complaints. Furthermore, it details the terms under which the equity shares will be offered, including the ranking of shares, the mode of dividend payment, and various procedural timelines for the bid/offer process. The section also covers aspects related to the allotment process, such as the form of allotment and the cooperation expected from selling shareholders.

This section details various timelines and procedures related to bid submissions and offer processes under UPI Circulars and SEBI regulations. It specifies different submission windows based on the type of bidder (Retail Individual, Bank ASBA, Syndicate non-retail/non-individual, etc.). The text also outlines rules for bid revisions, the handling of discrepancies in bid data, and the conditions under which the offer may be withdrawn. Furthermore, it discusses the evolution of the UPI mechanism and the phased implementation of timelines (Phase I, II, and III) for public issues.

This section details various procedural and regulatory aspects related to the public offering process, including the use of UPI for payment mechanisms, timelines for listing, and rules for share transfer. It outlines specific requirements for bidders, such as providing necessary identification details, and the phased implementation of UPI mechanisms by SEBI. Furthermore, it specifies rules regarding the processing of fees and the redressal of investor grievances, including timelines for unblocking accounts and compensation for delays.

This section details various procedural requirements and restrictions concerning participation in the equity share offering, primarily focusing on different categories of investors such as Promoters, associates, Mutual Funds, Eligible NRIs, and Foreign Portfolio Investors (FPIs). It outlines rules regarding bid submission, allocation, and the treatment of multiple bids from certain entities. Specific rules exist for how bids are processed based on the type of investor and the mechanism used for bidding, including requirements for documentation and adherence to FEMA regulations for foreign investors.

This section details various rules and requirements concerning participation in the Offer, depending on the type of bidder, such as VCFs, AIFs, FVCIs, banking companies, insurance companies, NBFC-SI, and various funds. It specifies different investment limits for various investor categories and mandates the attachment of specific documentation, such as registration certificates or financial statements, for certain bidders. Furthermore, the text outlines strict guidelines for electronic bidding, including requirements for bank account details, UPI mandates, and ensuring the correct linking of bidder names with beneficiary accounts and PAN details.

This section primarily outlines various compliance requirements and 'Don'ts' related to the bidding process, including instructions for investors regarding fund blocking, document submission, and bid submission methods. It details specific rules for UPI bidders, the handling of different investor categories, and restrictions on bid amounts and payment instruments. Furthermore, it specifies procedures for allotment, including proportionate allocation and the handling of Anchor Investors through an escrow mechanism.

This section primarily outlines procedural and undertaking clauses related to the Offer, including the handling of refunds, withdrawal of the offer, and the conditions under which monies received from the offer will be utilized. It details various undertakings by promoter selling shareholders concerning the ownership and transferability of the equity shares offered. Furthermore, the text specifies the structure of the offer, including the total size, the split between Fresh Issue and Offer for Sale components, and the rules for allocation to different investor categories like QIBs, Non-Institutional Bidders, and Retail Individual Bidders.

This section primarily details various rules and restrictions related to the allocation and bidding process for equity shares, including different investor categories like Anchor Investors, Mutual Funds, QIBs, Non-Institutional Bidders, and Retail Individual Bidders. It outlines specific requirements for bid amounts, the reservation of shares for certain categories, and procedures for handling bids from Foreign Portfolio Investors (FPIs) and other entities. Furthermore, it discusses restrictions on foreign ownership of Indian securities and the conditions under which foreign investment is permitted under various regulations.

This section details various provisions related to the issuance, transfer, and lien rights concerning the company's equity and preference shares. It outlines procedures for receiving share certificates, handling defects, and the rights of members regarding share transfers. Furthermore, it covers provisions related to the company's ability to issue bonus shares and the rules governing the transfer of shares, including timelines and dispute resolution mechanisms.

This section primarily details the regulations concerning the transfer of shares, the handling of deceased or insolvent members' interests, the forfeiture of shares due to non-payment, and various procedural aspects of general meetings. It outlines conditions for recognizing share transfers, the power of the Board to decline registration, and the procedures for dealing with unpaid calls on shares. Furthermore, it covers provisions related to the alteration of share capital, the capitalization of profits, and the buy-back of shares. Finally, it establishes rules for the dematerialization of securities and the conduct of general meetings, including quorum requirements and voting rights.

This section primarily details procedural aspects related to voting, the Board of Directors, and various powers concerning the company's operations and finances. It outlines rules for joint holders' votes, procedures for members of unsound mind to vote, and requirements for payment of calls before voting rights are exercised. Furthermore, it covers the composition and powers of the Board, including the number of directors, remuneration, and the Board's authority to incur expenses. The text also discusses the Board's power to borrow money and the conditions under which such borrowings can be made, including limitations on the aggregate amount borrowed.

This section primarily details the legal framework governing the company's powers and the documentation involved in the offering process. It outlines the Board's power to grant loans under certain conditions and establishes precedence for SEBI Listing Regulations over the Articles of Association. A significant portion of the text lists various material contracts and documents, including Offer Agreements, Registrar Agreements, and various resolutions, which are attached to the prospectus. It also lists numerous certificates and consents from auditors, accountants, and other parties related to the financial information and the offering process.

The provided section primarily consists of various declarations and certifications signed by different directors of the company, confirming compliance with relevant laws and regulations. The text does not disclose any specific related party transactions such as loans, sales, or remuneration. Instead, it serves as a formal certification statement from several key managerial personnel.

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

This section primarily contains declarations and certifications from various groups of shareholders acting as Selling Shareholders, confirming the accuracy of statements made in the Draft Red Herring Prospectus. The declarations cover different individuals and HUFs, affirming their responsibility for the disclosures made regarding themselves and the equity shares offered for sale. The confirmations are signed by individuals such as Gaurang Natwarlal Parikh, Usha Rajnikanth Shah, Nishith Rajnikant Shah, Nishith Rasiklal Dharia, and Suketu Navinchandra Parikh, ensuring the truthfulness of the information provided.

This section primarily contains declarations and confirmations from various selling shareholders regarding the accuracy of statements made in the Draft Red Herring Prospectus. The declarations cover different groups of selling shareholders, including Sachin Jatin Parikh and Shruti Sachin Parikh, Tushar Natverlal Dharia and Ami Tushar Dharia, Tushar Natverlal Dharia HUF, Sonal Nishith Dharia and Nishith Rasiklal Dharia, and Kinjal Pankil Dharia and Pankil Nishith Dharia. These confirmations assert that the statements related to their respective portions of the offered shares are true and correct, while disclaiming responsibility for other statements made by the company or other parties.

This section primarily contains declarations from various groups of shareholders confirming the accuracy of statements made in the Draft Red Herring Prospectus. The declarations cover multiple pairs of selling shareholders, 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. Each declaration affirms their responsibility regarding the disclosed information in the prospectus.

This section primarily contains declarations and confirmations from various selling shareholders regarding the accuracy of statements made in the Draft Red Herring Prospectus. The declarations cover different individuals and groups, confirming their role as selling shareholders and their responsibility for the disclosures made. The confirmations are made on September 2, 2026, and specify that they assume no responsibility for statements made by others in the prospectus.