Orient Technologies IPO Basis of Allotment

This is a public announcement for information purposes only and is not a prospectus announcement and does not constitute an invitation or offer to acquire, purchase or subscribe to securities. Not for release, publication or distribution directly or indirectly, outside India. Initial public offer of Equity Shares (as defined below) on the main board of BSE Limited ("BSE") and National Stock Exchange of India Limited ("NSE", and together with BSE, the "Stock Exchanges") in compliance with Chapter II of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("SEBIICDR Regulations").

Our Company was originally incorporated as Orient Technologies Private Limited', at Mumbai as a private limited company under the provisions of CompaniesAct, 1956 and received a certificate of incorporation issued by the RoC on July 04,1997. Our Company got converted into a public limited company pursuantto a special resolution passed by the Shareholders of our Company on August 25,2023 and the name of our Company was changed to its present name, Orient Technologies Limited', pursuant to a fresh certificate of incorporation issued by the RoC on October 12,2023. For details of changes in the name and registered office of our Company, see History and Certain Corporate Matters' on page 239 of the of the Prospectus dated August 26,2024 filed with the RoC ( Prospectus'').

Our Company has filed the Prospectus aied August 26,2024 with the RoC. and the Eauity Snares are proposed to be listed on the Main Board Platform of BSE and NSE ana trading Is expected to commence on Wednesday, August 28,2024

INITIAL PUBLIC OFFER OF 10,425,242 EQUITYSHARES OF FACE VALUE OF Rs. 10 EACH (EQUITY SHARES) OF ORIENT TECHNOLOGIES LIMITED (COMPANY) FOR CASH AT A PRICE OF 7206 PER EQUITYSHARE (INCLUDING ASHARE PREMIUM OF 7196 PER EQUITYSHARE) (OFFER PRICE) AGGREGATING 7 2,147.60 MILLION (OFFER) COMPRISING A FRESH ISSUE OF 5,825,242 EQUITY SHARES AGGREGATING 71,200 MILLION BY OUR COMPANY (FRESH ISSUE) AND AN OFFER FOR SALE OF 4,600,000 EQUITY SHARES AGGREGATING 7 947.60 MILLION BY THE SELLING SHAREHOLDERS (OFFER FOR SALE) COMPRISING 1,150,000 EQUITY SHARES AGGREGATING 7236.90 MILLION BYAJAYBALIRAMSAWANT, 1,150,000 EQUITYSHARESAGGREGATING7236.90 MILLION BYUMESHNAVNITLALSHAH, 1,150,000 EQUITYSHARESAGGREGATING7236.90 MILLION BYUJWALARVINDMHATRE AND1,150,000 EQUITYSHARESAGGREGATING7236.90 MILLION BY JAYESHMANHARLALSHAH (EACH, A PROMOTER SELLING SHAREHOLDER, ANDTOGETHERTHE SELLING SHAREHOLDERS, ANDSUCH EQUITY SHARES, THEOFFERED SHARES). THEOFFER CONSTITUTES 25.04%OF THE POST-OFFER PAID-UP EQUITYSHARE CAPITAL OF OUR COMPANY.

THE FACE VALUEOFTHE EQUITY SHARES IS 710 EACH AND THE OFFER PRICE IS 20.6 TIMES THE FACE VALUE OF THE EQUITY SHARES.

Inadvertently the name of the Registrar to the Offer has not been included asa party to the Syndicate Agreement dated August9,2024 entered amongst our Company, the selling snarenoiaers, the BKLM, tne bynaicare Member and the Registrar to the Offer, and as disclosed at point no 5 in the chapter Material Contracts and Documents for Inspection - Material Confracts'atpage459ofthe Prospectus. Accordingly, the reference to Syndicate Agreement as mentioned in the chapter 'Material Contracts and Documents forlnspection-MaterialConbacts'A page 459 of the Prospectus should be read as Syndicate Agreement dated August9,2024entered amongst our Company, the Selling Shareholders, the BRLM, the Syndicate Memberandthe Registrar to the Offer'.

Concentration Risks:

We are heavily reliant on our top 10 customers, and the loss of such customers or a significant reduction in purchases by such customers will have a material adverse impact on our business.

Failure or inability to maintain of all or any of our top 10 customers, for any reason could have a material adverse impact on our business, results of operations, financial condition and cash flows.

We are heavily reliant on a few vendors/ suppliers and we typically do not enter into long-term contracts or arrangements with our vendors. Any loss of such vendors/suppliers or any increase in the price will have a material adverse impact on our business and our revenue.

During Fiscal 2024, Fiscal 2023 and Fiscal 2022, cost of purchase of inter alia IT products, spare parts and related accessories, software licenses and cloud space, from our top 10 vendors/suppliers aggregated Rs. 3,938.36 million, Rs. 3,387.19 million and Rs. 2,894.69 million, constituting 71.35%, 69.12% and 68.18%, respectively, of our total expenses. We typically place purchase orders with our vendors for the purchase of the aforementioned products and do not enter into long term of contracts or arrangements with our vendors.

Business Risks:

Our success depends on our long-term relationship with our customers. We do not, generally, enter into long-term contracts with our customers. Loss of one or more of our customers or reduction in their demand for our solutions offering could adversely affect our business, results of operation and financial conditions.

Our business relationships with our customers have been built over time and while we, generally, do not enter into long term contracts with our customers and significant portion of our revenue is routed through shortterm purchase orders. There can be no assurance that we will be able to retain the business of our existing key customers or maintain the current level of business with each of our customers. As on March 31, 2024, have been catering to each of our top 10 and top 5 customers for an average period of 9.9 years and 8 years, respectively.

Our Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will receive up to Rs. 897.00 million at Floor Price and up to Rs. 947.60 million at Cap Price.

We intend to utilise a portion of the Net Proceeds for funding our capital expenditure requirements for interior development and purchase of equipment for our new office. If the costs of this development and the risk of unanticipated delays in implementation and cost overruns related to the said development are higher than expected, it could have a material adverse effect on our financial condition, results of operations and growth prospects.

We have estimated the total cost towards such capital expenditure to be Rs. 796.50 million. We have relied on certain quotations received from third parties for estimation of the costs for our capital expenditure requirements and these have not been independently appraised by any bank or financial institution. There can be no assurance that we will be able to place orders for equipment for our new office in a timely manneror at all.

Our future success will depend on our ability to effectively implement our business and growth strategies. Further, our Company is under the process of adopting a new line of business. Our failure in effectively implementing our business and growth strategies or successfully operating in our new line of business may adversely affect our results of operations.

We have dues which are outstanding to our creditors. Any failure in payment of these dues may have a material adverse effect on our reputation, business and financial condition.

As of March 31,2024, our Company had 559 creditors and the aggregate amount due by our Company to these creditors was Rs. 913.30 million. In terms of the materiality policy of our Company as on March 31,2024, our Company had 5 material creditors and the aggregate amount due by our Company to these creditors was Rs. 761.68 million.

Financial Risks:

Weighted average cost of acquisition of Equity Shares transacted in last one year, 18 months and three years

As certified by M/s. Kirtane & Pandit LLP (Firm Registration No. 105215W/ W100057), Statutory

Auditors, pursuantto a certificate dated August 14,2024.

Weighted average return on net worth for the Financial Years ended March 31, 2022,2023 and 2024 is 27.66%.

Average cost of acquisition of Equity Shares for our Promoters and the Selling Shareholders is Rs. 1.65 per equity share and offer price at upper end of the Price Band is Rs. 206 per equity share.

The Offer Price, market capitalization to revenue from operations multiple and price to earnings ratio based on the Offer Price of the Company may not be indicative of the market price of the Company on listing or there after:

The BRLM associated with the Offer has handled 2 public issues in the past 3 years out of which Nil issues have closed below the offer price on the listing date.

The Offer was made through Book Building Process, in terms of Rule 19(2)(b) of the Securities Contacts (Regulation) Rules, 1957 (SCRR), read with Regulation 31 of the SEBIICDR Regulations and in accordance with Regulation 6(1)ofthe SEBI ICDR Regulations wherein not more than 50% of the Offerwas made available for allocation on a proportionate basis to Qualified Institutional Buyers (QIBs) (such portion referred to as QIB Portion). Our Company, in consultation with the BRLM, allocated 60% of the QIB Portion to the Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (Anchor Investor Portion), of which one-third was reserved for domestic Mutual Funds only, subject to valid Bids being received from domestic Mutual Funds at or above the price at which allocation was made to Anchor Investors (Anchor Investor Allocation Price), in accordance with the SEBI ICDR Regulations. Further, 5% of the Net QIB Portion was made available tor allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion was made available for allocation on a proportionate basis to all QIB Bidders (otherthan Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Offer were made available on a proportionate basis to Non-lnstitutional Investors out of which (a) one-third of such portion was reserved tor applicants with application size of more than Rs. 0.2 million and up to X1.00 million; and (b) two-third of such portion was reserved for applicants with application size of more than Rs. 1.00 million and not less than 35% of the Offer was made available tor allocation to Retail Individual Investors in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All potential Bidders (exceptAnchor Investors) were mandatorily required to participate in the Offer through the Application Supported by Blocked Amount (ASBA) process by providing details of their respective ASBA accounts, and UPI ID in case of UPI Bidders using UPI Mechanism, as applicable, pursuant to which their corresponding Bid Amount would have been blocked by the Self Certified Syndicate Banks (SCSBs) or by the Sponsor Bank(s) under the UPI Mechanism, as the case may be. Anchor Investors were not permitted to participate in the Anchor Investor Portion through the ASBA process. For further details, see Offer Procedure' on page 411 of the Prospectus.

The bidding for Anchor Investor opened and closed on August 20,2024. The Company received 5 applications from 5 Anchor Investors for 3,398,184 Equity Shares. The Anchor Investor Offer Price was finalized at Rs.206 per Equity Share. A total of 3,127,572 Equity Shares were allocated under theAnchor Investor Portion aggregating to Rs.644,279,832.00/-.

The Offer received 2,778,573 applications for 1,132,215,120 Equity Shares resulting in 155.15 times subscription. The details of the applications received in the Offer from Retail Individual Bidders, Non-lnstitutional Bidders and QIBs are as under (before rejections):

Final Demand

A summary of the final demand as per NSE and BSE as on the Bld/Offer Closing Date at different Bid prices is as under:

The Basis of Allotmentwas finalized in consultation with the Designated Stock Exchange, being BSE on August 26,2024.

A. Allotment to Retail Individual Bidders (After Rejections) (including ASBAApplications)

The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Offer Price of 7206 per Equity, was finalized in consultation with BSE. This category has been subscribed to the extent of66.68 times. The total number of Equity Shares Allotted in Retail Individual Bidders category is 3,648,835 Equity Shares to 50,678 successful applicants. The category-wise details of the Basis of Allotment are as under:

B. Allotmentto Non-lnstitutional Bidders(morethan70.20 millionand uptoTI.OO million) (AfterRejections) (includingASBAApplications)

The Basis ofAllotmentto the Non-lnstitutional Bidders (more than70.20 million and upto 71 million), who have bid at the Offer Price of7206 per Equity Shareorabove, was finalized in consultation with BSE. This category has been subscribed tothe extent of240.83 times. The total number of Equity Shares allotted in this category is 521,262 Equity Shares to517 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

C. Allotment to Non-lnstitutional Bidders (more than 71.00 million) (After Rejections) (including ASBAApplications)

The Basis of Allotment to the Non-lnstitutional Bidders (more than 71 million), who have bid at the Offer Price of 7206 per Equity Share or above, was finalized in consultation with BSE. This category has been subscribed to the extent of 342.20 times. The total number of Equity Shares allotted in this category is 1,042,525 Equity Shares to 1,034 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

D. Allotment to QIBs(Excluding Anchor Investors) (After Rejections)

Allotment to QIBs, who have bid at the Offer Price of 7206 per Equity Share or above, has been done on a proportionate basis in consultation with BSE. This category has been subscribed to the extent of 187.05 times of Net QIB portion. As per the SEBI Regulations, Mutual Funds were allotted Nil of the Equity Shares of Net QIB portion available i.e. Nil Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were allotted the remaining available Equity Shares i.e. 2,085,048 Equity Shares on a proportionate basis. The total number of Equity Shares allotted in the QIB category is 2,085,048 Equity Shares, which were allotted to 112successfulApplicants.

E. Allotment to Anchor Investors (After Rejections)

The Company, in consultation with the BRLMs, have allocated 3,127,572 Equity Shares to 5 Anchor Investors (through 5 Anchor Investor Application Forms) (including Nil domestic Mutual Funds through nilschemes)atanAnchor Offer Price at 7206 per Equity Share in accordance with SEBI ICDR Regulations. This represents 60% of the QIB portion.

The Board of Directors of ourCompany at its meeting held on August 26,2024 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being BSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation and/or notices have been dispatched to the address of the investors as registered with the depositories. Further, instructions to the SCSBs have been issued for unblocking of funds and transfer to the Public Offer Account on August 26,2024 and the payments to non-syndicate brokers have been issued on August 27,2024. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares allotted to the successful allottees have been uploaded on August 27,2024 tor credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with BSE and NSE on August 27,2024. The Company has received the listing and trading approval from BSE & NSE, and trading will commence on August 28,2024.

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.

These details of the Allotment made was hosted on the website of Registrar to the Offer, Link Intime India Private Limited at www.linkintime.co.in.

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ Sole applicant, Serial number of the Bid cum Application form number, Bidders DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:

Link Intime India Private Limited

C-101,1st Floor, 247 Park, Lai Bahadur Shastri Marg, Vikhroli (West), Mumbai, Maharashtra - 400 083, India

Tel: +91 810 811 4949; E-mail: orienttech.ipo@linkintime.co.in; Website: www.linkintime.co.in

Investor grievance e-mail: orienttech.ipo@linkintime.co.in; Contact Person: Ms. Shanti Gopalkrishnan; SEBI Registration Number: INR000004058

ORIENT TECHNOLOGIES LIMITED has filed the Prospectus with the RoC. The Prospectus is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLM i.e., Elara Capital (India) Private Limited at www.elaracapital.com, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at www.orientindia.in. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section titled "Risk Factors' beginning on page 28 of the Prospectus.

The Equity Shares offered inthe Offer have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act") or any state securities law in the United States, and unless so registered and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. applicable state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in 'offshore transactions' as defined in, and in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where such offers and sale are made.