Milestone Furniture IPO Basis of Allotment

MILESTONE FURNITURE LIMITED

Corporate Identification Number: U36912MH2014PLC25413

Our Company was incorporated as Milestone Furniture Private Limited on March 12,2014 under the provision of Companies Act, 1956 with Registrar of Companies,Mumbai vide registration no. (CIN: U36912MH2014PTC25413) Pursuant to Shareholders Resolution passed at the Annual General Meeting held on 14th June. 2017 our Company was converted into a Public Limited Company and the name of our Company was changed to "Milestone Furniture Limited" vide a fresh Certificate of Incorporation dated 5th July, 2017, issued by the Registrar of Companies. Ahmedabad For further details about the Company, please refer section titled 'History and Certain Corporate Matters" on page 142 of the Prospectus.

Registered Office: 1st Floor. Aslam Compound Shree Nagar, Behind Boghui House. Chandivali Road. Sakinaka Mumbai Maharashtra - 400072. India
Tel No: 022- 28581499 28578954 | E-mail: vyas_cs@yahoo.in.admin@milestonefurniture.com | Websit:www.milestonegroup.asia
Contact Person: Mr Kamlesh Vyas (Company Secretary & Compliance officer)

PROMOTERS : Mr. Digamber Sudam Songhare and Mr. R S. Ganeshkumar

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 32,97.000 EQUITY SHARES OF FACE VALUE OF RS 10 EACH OF MILESTONE FURNITURE LIMITED ('OUR COMPANY' OR "THE ISSUER) FOR CASH AT A PRICE OF RS 35 PER EQUITY SHARE ("ISSUE PRICE") AGGREGATING TO 1483.65 LAKHS (THE ISSUE'), OF WHICH 1.65.000 EQUITY SHARES OF FACE VALUE OF RS 10 EACH FOR A CASH PRICE OF RS 45 PER EQUITY SHARE, AGGREGATING TO RS 74.25 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKER ('MARKET MAKER RESERVATION PORTION") THE ISSUE LESS THE MARKET MAKER RESERVATION PORTION I.E. ISSUE OF 31 32.000 EQUITY SHARES OF FACE VALUE OF RS 10 EACH AT AN ISSUE PRICE OF RS 45 PER EQUITY SHARE AGGREGATING TO RS 1409.4 LAKHS (IS HEREINAFTER REFERRED TO AS THE "NET ISSUE") THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 35.46 % AND 33.69 V RESPECTIVELY OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY FOR FURTHER DETAILS. PLEASE REFER TO SECTION TITLED "TERMS OF THE ISSUE" BEGINNING ON PAGE 231 OF THE PROSPECTUS.
THIS ISSUE IS BEING MADE IN TERMS OF CHAPTER XB OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS. 2009 (THE 'SEBI ICDR REGULATIONS"). AS AMENDED. THIS ISSUE IS A FIXED PRICE ISSUE AND ALLOCATION IN THE NET ISSUE TO THE PUBLIC WILL BE MADE IN TERMS OF REGULATION 43(4) OF THE SEBI (ICDR) REGULATIONS 2009. AS AMENDED. FOR FURTHER DETAILS. PLEASE REFER TO SECTION TITLED ISSUE PROCEDURE" BEGINNING ON PAGE 241 OF THE PROSPECTUS.

THE FACE VALUE OF THE EQUITY SHARES IS RS 10 EACH AND THE ISSUE PRICE IS RS 45
THE ISSUE PRICE IS 4.5 TIMES OF THE FACE VALUE.

PROPOSED LISTING: May 21, 2018

The Equity Shares offered through this Prospectus are proposed to be listed on the SME Platform of BSE ('BSE SME Platform"). In terms of the Chapter XB of the SEBI (ICDR) Regulations. 2009. as amended, we are required to obtain an in-principle listing approval for the shares being offered in this issue However, our Company has received an m-principle approval letter dated February 21.2018 from BSE for using its name in this offer document for listing of our shares on the SME Platform of BSE. For the purpose of this Issue the Designated Stock Exchange will be the BSE. The Trading is proposed to be commenced from Monday, May 21. 2018. subject to receipt of listing and trading approvals from the Bombay Stock Exchange Limited.
All Applicants were allowed to participate in the Issue through APPLICATIONS SUPPORTED BY BLOCKED AMOUNT ("ASBA") process by providuig the details of their respective bank accounts in which the corresponding application amounts were blocked by Self Certified Syndicate Banks ("the "SCSBs").

SUBSCRIPTION DETAILS

The issue has received 3487 applications for 1,17,45,000 equity shares resulting in 3.56 times subscription (including reserved portion of Market maker).
The details ot applications received in the issue (before technical rejections) are as follows:

The details of applications rejected ty the Registrar on technical grounds (Including withdrawal) are detailed below:

After eliminating technically rejected applications, the following table gives us category wise net valid applications:

Allocation: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - Bombay Stock Exchange Limited on May 16. 2018

A.  Allocation to Market Maker (After Technical Rejections): The Basis of Allotment to the Market Maker, at the issue price of Rs 45 per Equity Share, was finalized in consultation with BSE The category was subscribed by 1.00 times The total number of shares allotted in this category is 1,65,000 Equity Shares.

B. Allocation to Retail Individual Investors (After Technical Rejections): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs 45 per Equity Share, was finalised in consultation with BSE The category was subscribed by 3.666667 times. The total number of shares allotted in this category is 28.26.000 Equity Shares to 942 successful applicants.
The Category-wise details of the Basis of Allotment are as under:

C. Allocation to Other than Retail Individual Investors (After Technical Rejections & Withdrawal): The Basis of Allotment to the Non Institutional Investors, at the issue price of Rs 45 per Equity Share, was finalized in consultation with BSE. The category was 3.705882 times subscribed The total number of shares allotted in this category is 3,06,000.

The Board of Directors of the Company at its meeting held on May 17.2016 has taken on record the Basis of Allocation of Equrty Shares approved by the Designated Stock Exchange viz. BSE Limited and has authorized the corporate action for the transfer of the Equity Shares to various successful applicants The Refund/ allotmem intimation are being dispatched to the address of the Applicants as registered with the depositories on or before May 17, 2018. Further, the instructions to Self Certified Syndicate Banks for unblocking the amount are being processed on or prior to May 17,2018. In case the same is not received within ten days. investors may contact Registrar at the address given below.
The Equity Shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The Company is taking steps to get the Equity Shares admitted for trading on BSE SME Platform within six working days from the date of the closure of the Issue.
Note: All capitalized terms used and not defined herein shall have the respective meaning assigned to them in the Prospectus dated April 23, 2018 ("Prospectus").

INVESTORS PLEASE NOTE

The details of the allotment made would also be hosted on the website of the Registrar to the Issue. KARVY COMPUTERSHARE PRIVATE LIMITED at www.karisma.karvy.com. All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting ful name of the First/Sole applicants, serial number of the Application Form, number of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:

KARVY COMPUTERSHARE PRIVATE LIMITED
Karvy Selenium Tower B. Plot 31-32. Gachibowli. Financial District.
Nanakramguda Hyderabad 500 032. Andhra Pradesh. India
Tel. No.: 040-67162222
Website: www.karisma.karvy.com   Email: einward.ris@karvy.com