Gurunanak Agriculture India Ltd IPOGURUNANAK

The IPO opens on 24 Sept 2025 & closes on 26 Sept 2025.

Gurunanak Agriculture India Limited was originally incorporated as a Private Limited Company under the name 'Gurunanak Agriculture India Private Limited' on February 05, 2010, issued by Registrar of Companies, Uttar Pradesh & Uttarakhand. Subsequently, company has converted into a public limited company, resulting in a name change to 'Gurunanak Agriculture India Limited' vide a fresh Certificate of Incorporation dated December 05, 2024. The Company traces its roots in the small town of Babina, near Jhansi in Uttar Pradesh, where Mr. Sukhdev Singh, a visionary entrepreneur, embarked on a journey to transform Indian agriculture. Starting with just a little space and limited resources, Mr. Sukhdev Singh began manufacturing simple yet essential farming tools such as ploughs and trolleys, providing local farmers with durable, reliable equipment to aid their everyday agricultural needs. His commitment to quality and the understanding of farmers' requirements set the foundation for what would soon become a trusted name in agricultural machinery. The demand for his products grew steadily, and as word spread, the business expanded to cater to more farmers in the Bundelkhand region. His two sons, Jagdish Singh and Harjeet Singh, joined the business. Recognizing the potential for growth, they each established their own proprietorship firms-Kalsi Agriculture Industries and Gurunanak Iron Industries. These two firms focused on enhancing product range, refining manufacturing processes, and setting higher standards for service. After the year 2010, agricultural mechanisation and post-harvest processing entered a new era of technology known as precision agriculture and post-harvest processing. The company's breakthrough came in 2010, a year that marked a new chapter in its history. The rapid increase in market demand for threshers helped establish the brand's prominence across Bundelkhand. To meet this growing demand, Kalsi Agriculture Industries and Gurunanak Iron Industries contributed their support by providing their assets in the year 2011. With increased capacity and resources, Company moved to a fully operational 1.48 acres factory in Babina town in Jhansi District of Uttar Pradesh. By 2017, the company had become a trusted name as manufacturer of wheat and groundnut threshers in Bundelkhand region and across Uttar Pradesh and Madhya Pradesh. In 2015-16, it established a new manufacturing facility in Durg District, Chhattisgarh, focusing initially on producing paddy threshers. and is presently engaged into manufacturing of agricultural machinery, including Threshers, Harvesters, Reapers, Rotavators, Cultivators, and more. Products include Paddy Thresher, Groundnut Thresher, Wheat Thresher, Maize Thresher, Multi-crop Thresher, Harvester, Reaper, Rotavator, and others. The Company has recently launched Combined Harvester which has not only met but exceeded customer expectations, in the market due to its advanced features, superior efficiency, and reliability. On April 01, 2024, the Babina unit in Jhansi was sold to Mr. Jagdish Singh (brother of Mr. Harjeet Singh) as a slump sale. Following this transaction, the entire business has been operating from the Durg unit in Chhattisgarh State. Company is planning to make an IPO by issuing 38,40,000 equity shares of face value Rs 10/- each by raising funds aggregating to Rs 28.8 Cr. through fresh issue.

Gurunanak Agriculture India Ltd IPO will close on 26 Sept 2025.

<ul><li>Established and proven track record.</li><li>Leveraging the experience of our Promoters.</li><li>Experienced management team and a motivated and efficient work force.</li><li>Cordial relations with our customers.</li><li>Quality Assurance & Control.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Harjeet Singh</td> <td>4852208</td> <td>59.47</td> <td>4852208</td> <td>40.44</td> </tr> <tr> <td>2</td> <td>Jaspreet Kaur</td> <td>3306672</td> <td>40.52</td> <td>3306672</td> <td>27.56</td> </tr> <tr> <td>3</td> <td>Kamaljeet Singh Kalsi</td> <td>320</td> <td>---</td> <td>320</td> <td>---</td> </tr> </tbody> </table>

<ul><li>Our Company, Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on our business, results of operations and financial condition.</li><li>We may face several risks associated with the object of the issue of setting up of Harvester manufacturing unit, which could hamper our growth prospects, cash flows and business and financial condition.</li><li>We cannot assure you that the proposed expansion of our Harvester manufacturing unit will become operational as scheduled, or at all, or operate as efficiently as planned. If we are unable to commission our new facility in a timely manner or without cost overruns, it may adversely affect our business, results of operations and financial condition.</li><li>Our Company is yet to place orders for civil work and plant & machineries for the proposed Harvester manufacturing unit. Any delay in placing orders or completion of civil works or procurement of such machinery may delay the schedule of implementation and possibly increase the cost of commencing operations.</li><li>We derive a significant portion of our revenue from the sale of threshers and any reduction in demand or in the manufacturing of such product could have an adverse effect on our business, results of operations and financial condition.</li><li>The capacity expansion for the manufacturing of Threshers and allied products is based on the expected domestic demand in India, with no confirmed order book for the additional production, and our sales are concentrated primarily in India, making us vulnerable to market fluctuations, regulatory changes, and economic downturns.</li><li>The geographical concentration of our manufacturing facilities in Chhattisgarh may restrict our operations and adversely affect our business and financial conditions.</li><li>Substantial portion of our revenues has been dependent upon few customers/dealers. The loss of any one or more of our major customers would have a material effect on our business operations and profitability.</li><li>The company's business is dependent on certain suppliers and the loss of one or more of them would have a material adverse effect on the business.</li><li>Our business is subject to seasonality. Lower revenues in the harvest time of any Fiscal may adversely affect our business, financial condition, results of operations and prospects.</li><li>Any failure on our part to effectively manage our inventory may result in an adverse effect on our business, revenue from manufacturing operations and financial condition.</li><li>Our revenue from operations is significantly concentrated in Chhattisgarh and any adverse developments affecting our operations in this region could have a significant impact on our revenue and results of operations.</li><li>The average cost of acquisition of Equity Shares by our Promoters is lower than the Issue Price.</li><li>Our Company had negative cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact our business, financial condition and results of operations.</li><li>We have issued Equity Shares in the last 12 (twelve) months at a price which is lower than the Issue Price.</li><li>Our business is both manpower and machine intensive. Our business may be adversely affected by Strikes, work stoppages, increased wage demands by our employees, or any other kind of disputes with our employees, and if we are unable to engage new employees at commercially attractive terms.</li><li>General economic and market conditions in India and globally could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.</li><li>We have not entered into any long-term contracts with any of our customers.</li><li>Delays or defaults in customer payments could adversely affect our financial condition.</li><li>We could become liable to customers, suffer adverse publicity and incur substantial costs as a result of defects in our products/services, which in turn could adversely affect the value of our brand, and our sales could be diminished if we are associated with negative publicity.</li><li>Our Company has entered into certain related party transactions and may continue to do so in the future.</li><li>Our lenders have charge over our movable properties, book debts, stocks in respect of finance availed by us.</li><li>Our insurance coverage may not be adequate to protect us against certain operating hazards and this may have a material adverse effect on our business.</li><li>Our Company has not complied with the provisions of section 42 of the Companies Act, 2013, as amended from time- to-time w.r.t allotment involving 1,20,000 Equity Shares of face value of ? 10/- each, made on preferential basis, vide board resolutions dated June 02, 2015. Consequently, we may be subject to adverse regulatory actions and penalties for non-compliance and our business, financial condition and reputation may be adversely affected.</li><li>There are certain instances of delays in the past with ROC/Statutory Authorities.</li><li>There have been some instances of delayed filing of returns and depositing of statutory dues with regulatory authorities"</li><li>Our Promoters have provided personal guarantees for loans availed by our Company. Our business, financial condition, results of operations, cash flows and prospects may be adversely affected by the invocation of all or any personal guarantees provided by our Promoter.</li><li>Our directors and certain Senior Managerial Personnel hold Equity Shares in our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.</li><li>Our operations are subject to high working capital requirements. If we are unable to generate sufficient cash flows to allow us to make required payments, there may be an adverse effect on our results of operations.</li><li>Our ability to protect or use intellectual property right may adversely affect our business.</li><li>The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.</li><li>We have not made any alternate arrangements for meeting our regular working capital requirements. If we are unable to manage/arrange funds (including at short notice) to meet our working capital requirements, there may be an adverse effect on our results of operations and financial performance.</li><li>Portion of our Issue Proceeds are proposed to be utilized for general corporate purposes which constitute 6.95% of the Issue Proceed.</li><li>In addition to our existing indebtedness for our operations, we may be required to obtain further loan during the course of business. There can be no assurance that we would be able to service our existing and/or additional indebtedness.</li><li>Our debt financing agreements contain certain restrictive covenants that may adversely affect our Company's business, credit ratings, prospects, results of operations and financial condition.</li><li>We are subject to certain government regulation and if we fail to obtain, maintain or renew our statutory and regulatory licenses, permits and approvals required to operate our business, our business and results of operations may be adversely affected.</li><li>If we are unable to source business opportunities effectively, we may not achieve our financial objectives.</li><li>Our success depends largely on our Directors, Promoters and other key managerial personnel and the loss of or our inability to attract or retain such persons with specialized technical know-how could adversely affect our business, results of operations, cash flows and financial condition.</li><li>Our success depends heavily upon our Promoters and Directors for their continuing services, strategic guidance and financial support.</li><li>We could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect our financial condition, results of operations and reputation.</li><li>Information in relation to our installed capacity and capacity utilization of our manufacturing facility included in this Draft Prospectus is based on various assumptions and estimates, and future production and capacity utilization may vary.</li><li>We may not be successful in implementing our business strategies.</li><li>We are subject to risks arising from interest rate fluctuations, which could adversely affect our business, financial condition and results of operations.</li><li>Upon completion of the Issue, our Promoters may continue to retain significant control over the company, which will allow them to influence the outcome of matters submitted to the shareholders for approval.</li><li>Within the parameters as mentioned in the chapter titled "Objects of this Issue" beginning on page 75 of this Draft Prospectus, our Company's management will have flexibility in applying the proceeds of this Issue subject to applicable laws. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.</li><li>Brand recognition is important to the success of our business, and our inability to build and maintain our brand names will harm our business, financial condition and results of operation.</li><li>Industry information included in this draft prospectus has been derived from industry reports. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.</li><li>Certain key performance indicators for certain listed industry peer included in this Draft Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.</li><li>We are dependent on third party transportation providers for procuring raw material from our suppliers and delivery of products to our clients. Any failure on the part of such service providers to meet their obligations could have a material adverse effect on our business, financial condition and results of operation.</li><li>Major fraud, lapses of internal control or system failures could adversely impact the company's business.</li><li>There may be potential conflict of interests between Our Company, Promoter Group Entities, Group Companies and other venture or enterprises promoted by our promoter or directors.</li><li>We rely on on-site labour to some extent for carrying out certain of our operations and we may be held responsible for paying the wages of such workers, if the persons through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on our results of operations and financial condition.</li><li>We may face significant competition in our business. An inability to compete effectively may lead to a lower market share or reduced operating margins.</li><li>Our management will have broad discretion in how we apply the Net Proceeds of the Issue and there is no assurance that the Objects of the Offer will be achieved within the time frame expected, or at all, or that the deployment of Net Proceeds in the manner intended by us will result in an increase in the value of your investment.</li><li>Company has availed certain unsecured loan which can be recalled at any time.</li><li>We are subject to risks resulting from foreign exchange rate fluctuations, which could adversely affect our results of operations.</li><li>Some of the KMPs and SMPs are associated with our company for less than one year.</li><li>In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect our revenues and results of operations.</li><li>There is no guarantee that our Equity Shares will be listed on the Emerge Platform of National Stock Exchange of India Limited in a timely manner or at all.</li><li>The Issue Price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue.</li><li>After this Issue, the price of our Equity Shares may be volatile, or an active trading market for our Equity Shares may not be sustained.</li><li>There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.</li><li>The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.</li><li>Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of our Equity Shares by our Promoters or Promoter Group may adversely affect the trading price of our Equity Shares.</li><li>You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.</li><li>Applicants to this Issue are not allowed to withdraw their Applications after the Issue Closing Date.</li><li>The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.</li><li>Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.</li><li>Our Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.</li><li>We derive a significant portion of our revenue from the sale of threshers and any reduction in demand or in the manufacturing of such product could have an adverse effect on our business, results of operations and financial condition.</li><li>The geographical concentration of our manufacturing facilities in Chhattisgarh may restrict our operations and adversely affect our business and financial conditions.</li><li>The capacity expansion for the manufacturing of Threshers and allied products is based on the expected domestic demand in India, with no confirmed order book for the additional production, and our sales are concentrated primarily in India, making us vulnerable to market fluctuations, regulatory changes, and economic downturns.</li><li>Our company is majorly dependent on well-established company and Dealership Network and loss of any one or more of our dealers would have a material effect on our business operations and profitability.</li><li>The company's business is dependent on certain suppliers and the loss of one or more of them would have a material adverse effect on the business.</li><li>Any failure on our part to effectively manage our inventory may result in an adverse effect on our business, revenue from manufacturing operations and financial condition.</li><li>The average cost of acquisition of Equity Shares by our Promoters is lower than the Issue Price.</li><li>Our Company had negative cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact our business, financial condition and results of operations.</li><li>We have issued Equity Shares in the last 12 (twelve) months at a price which is lower than the Issue Price.</li><li>Our operations are subject to high working capital requirements. If we are unable to generate sufficient cash flows to allow us to make required payments, there may be an adverse effect on our results of operations.</li><li>Our business is both manpower and machine intensive. Our business may be adversely affected by Strikes, work stoppages, increased wage demands by our employees, or any other kind of disputes with our employees, and if we are unable to engage new employees at commercially attractive terms.</li><li>General economic and market conditions in India and globally could have a material adverse effect on our business, financial condition, cash flows, results of operations and prospects.</li><li>We have not entered into any long-term contracts with any of our customers.</li><li>Delays or defaults in customer payments could adversely affect our financial condition.</li><li>We are subject to risks resulting from foreign exchange rate fluctuations, which could adversely affect our results of operations.</li><li>We could become liable to customers, suffer adverse publicity and incur substantial costs as a result of defects in our products/services, which in turn could adversely affect the value of our brand, and our sales could be diminished if we are associated with negative publicity</li><li>Our Company has entered into certain related party transactions and may continue to do so in the future.</li><li>Our lenders have charge over our movable properties, book debts, stocks in respect of finance availed by us.</li><li>Our insurance coverage may not be adequate to protect us against certain operating hazards and this may have a material adverse effect on our business.</li><li>In the past, our Company had not complied with the provisions of section 42 of the Companies Act, 2013, as amended from time- to-time w.r.t allotment involving 1,20,000 Equity Shares of face value of ? 10/- each, made on Private Placement basis, vide board resolutions dated June 02, 2015.</li><li>There are certain instances of delays in the past with ROC/Statutory Authorities.</li><li>There have been some instances of delayed filing of returns and depositing of statutory dues with regulatory authorities"</li><li>Our Promoters have provided personal guarantees for loans availed by our Company. Our business, financial condition, results of operations, cash flows and prospects may be adversely affected by the invocation of all or any personal guarantees provided by our Promoter.</li><li>Our directors and certain Senior Managerial Personnel hold Equity Shares in our Company and are therefore interested in the Company's performance in addition to their remuneration and reimbursement of expenses.</li><li>Our ability to protect or use intellectual property right may adversely affect our business.</li><li>The future operating results are difficult to predict and may fluctuate or adversely vary from the past performance.</li><li>We have not made any alternate arrangements for meeting our regular working capital requirements. If we are unable to manage/arrange funds (including at short notice) to meet our working capital requirements, there may be an adverse effect on our results of operations and financial performance.</li><li>Portion of our Issue Proceeds are proposed to be utilized for general corporate purposes which constitute 6.95% of the Issue Proceed.</li><li>In addition to our existing indebtedness for our operations, we may be required to obtain further loan during the course of business. There can be no assurance that we would be able to service our existing and/or additional indebtedness.</li><li>Our Company, Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on our business, results of operations and financial condition.</li><li>Our debt financing agreements contain certain restrictive covenants that may adversely affect our Company's business, credit ratings, prospects, results of operations and financial condition.</li><li>We are subject to certain government regulation and if we fail to obtain, maintain or renew our statutory and regulatory licenses, permits and approvals required to operate our business, our business and results of operations may be adversely affected.</li><li>Our business may be adversely affected by changing market trends and evolving customer preferences.</li><li>Our estimates and forward-looking statements may prove to be inaccurate, which could adversely affect investors' perception and decision-making.</li><li>Our products are vulnerable to counterfeiting or imitation, which may adversely affect our brand reputation, customer trust, and business performance.</li><li>Underutilization of capacity of our manufacturing capacities and an ability to effectively utilize our expanded manufacturing capacities may adversely affect our business, future prospects and future financial performance.</li><li>Our manufacturing facility is subject to operating risks, and any disruption or shutdown may adversely impact our business, financial condition, and results of operations.</li><li>Fluctuations in Our Working Capital Gap to Turnover Ratio May Adversely Affect Our Business Operations, Liquidity, and Financial Performance.</li><li>Lack of experience of our Promoters, Directors, KMPs with any listed entity may impact the business operations and performance of the company.</li><li>Reliance on Patent License from promoter, which is non-exclusive, irrevocable, and royalty-free, may pose competitive risks.</li><li>Dependence on unskilled labor for manufacturing and operations.</li><li>Our Statutory Auditor has included certain adverse observations in audited financials of our company.</li><li>If we are unable to source business opportunities effectively, we may not achieve our financial objectives.</li><li>Our success depends largely on our Directors, Promoters and other key managerial personnel and the loss of or our inability to attract or retain such persons with specialized technical know-how could adversely affect our business, results of operations, cash flows and financial condition.</li><li>Our ability to pay dividends in the future will depend on our earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of our financing arrangements.</li><li>Our success depends heavily upon our Promoters and Directors for their continuing services, strategic guidance and financial support.</li><li>We could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect our financial condition, results of operations and reputation.</li><li>Information in relation to our installed capacity and capacity utilization of our manufacturing facility included in this Prospectus is based on various assumptions and estimates, and future production and capacity utilization may vary.</li><li>We may not be successful in implementing our business strategies.</li><li>We are subject to risks arising from interest rate fluctuations, which could adversely affect our business, financial condition and results of operations.</li><li>Upon completion of the Issue, our Promoters may continue to retain significant control over the company, which will allow them to influence the outcome of matters submitted to the shareholders for approval.</li><li>Within the parameters as mentioned in the chapter titled "Objects of this Issue" beginning on page 83 of this Prospectus, our Company's management will have flexibility in applying the proceeds of this Issue subject to applicable laws. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.</li><li>Brand recognition is important to the success of our business, and our inability to build and maintain our brand names will harm our business, financial condition and results of operation.</li><li>Industry information included in this prospectus has been derived from industry reports. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.</li><li>Certain key performance indicators for certain listed industry peer included in this Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.</li><li>We are dependent on third party transportation providers for procuring raw material from our suppliers and delivery of products to our clients. Any failure on the part of such service providers to meet their obligations could have a material adverse effect on our business, financial condition and results of operation.</li><li>Major fraud, lapses of internal control or system failures could adversely impact the company's business.</li><li>There may be potential conflict of interests between Our Company, Promoter Group Entities, Group Companies and other venture or enterprises promoted by our promoter or directors.</li><li>We rely on on-site labour to some extent for carrying out certain of our operations and we may be held responsible for paying the wages of such workers, if the persons through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on our results of operations and financial condition.</li><li>We may face significant competition in our business. An inability to compete effectively may lead to a lower market share or reduced operating margins.</li><li>Our management will have broad discretion in how we apply the Net Proceeds of the Issue and there is no assurance that the Objects of the Offer will be achieved within the time frame expected, or at all, or that the deployment of Net Proceeds in the manner intended by us will result in an increase in the value of your investment.</li><li>Our Company has availed certain unsecured loan which can be recalled at any time.</li><li>Some of the KMPs and SMPs are associated with our company for less than one year.</li><li>In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect our revenues and results of operations.</li><li>There is no guarantee that our Equity Shares will be listed on the Emerge Platform of National Stock Exchange of India Limited in a timely manner or at all.</li><li>The Issue Price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Issue.</li><li>After this Issue, the price of our Equity Shares may be volatile, or an active trading market for our Equity Shares may not be sustained.</li><li>There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.</li><li>The investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Issue.</li><li>Any future issuance of Equity Shares may dilute the investors' shareholdings or sales of our Equity Shares by our Promoters or Promoter Group may adversely affect the trading price of our Equity Shares.</li><li>You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.</li><li>Applicants to this Issue are not allowed to withdraw their Applications after the Issue Closing Date.</li><li>The investors may be restricted in their ability to exercise pre-emptive rights under Indian law and may be adversely affected by future dilution of their ownership position.</li><li>Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.</li><li>Our Equity Shares are quoted in Indian Rupees in India, and therefore investors may be subject to potential losses arising out of exchange rate risk on the Indian Rupee and risks associated with the conversion of Indian Rupee proceeds into foreign currency.</li></ul>

The Issue type of Gurunanak Agriculture India Ltd is Fixed Price - SME.

The minimum application for shares of Gurunanak Agriculture India Ltd is 3200.

The total shares issue of Gurunanak Agriculture India Ltd is 3840000.

Initial public offer of up to 38,40,000 equity shares of face value of Rs. 10/- each ("Equity Shares") of Gurunanak Agriculture (India) Limited (the "Company" or the "Issuer") for cash at a price of Rs. 75/- per equity share, including a share premium of Rs. 65/- per equity share (the "Issue Price"), aggregating to Rs. 28.80 crores ("the Issue"), of which 1,92,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 75/- per equity share, aggregating to Rs. 1.44 crores will be reserved for subscriptions by the market maker to the issue (the "Market Maker Reservation Portion"). The issue less market maker reservation portion i.e. issue of 36,48,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 75/- per equity share, aggregating to Rs. 27.36 crores is here in after referred to as the one issue The issue and the net issue will constitute 32.00 % and 30.40 % respectively of the post issue paid up equity share capital of the company. Price Band: Rs. 75/- for equity share of face value of Rs. 10 each. The floor price is 7.50 times times the face value of the face value of the equity shares. Bids can made for a minimum of 1,600 equity shares and in multiples of 1,600 equity shares thereafter.