Pavna Industries IPO Basis of Allotment

	PAVNA INDUSTRIES LIMITED
	CIN: U34109UP1994PLC016359

Our Company was incorporated as Pavna Locks Private Limited on April 19, 1994 under the Companies Act, 1956 with the Registrar of Companies, Kanpur bearing Registration number 016359. The status of the Company was changed to public limited and the name of our Company was changed to Pavna Locks Limited vide Special Resolution dated October 30, 2000. The fresh certificate of incorporation consequent to conversion was issued on November 13, 2000 by the Registrar of Companies, Kanpur. Further name of our company was changed to Pavna Zadi Security Systems Limited vide Special Resolution dated October 30, 2000. The fresh certificate of incorporation consequent of name change was issued on November 17, 2000 by the Registrar of Companies, Kanpur. Further name of our company was changed to Pavna industries Limited vide a Special Resolution dated April 30, 2019. The fresh certificate of incorporation was issued on May 21, 2019 by the Registrar of Companies, Kanpur. The Corporate Identification Number of our Company is U34109UP1994PLC016359. For further details pertaining to the change of name of our Company and the change in Registered Office, please refer the chapter "History and Certain Corporate Matters" on page no. 121 of the Prospectus.

INITIAL PUBLIC ISSUE OF 18,00,000 EQUITY SHARES OF Rs.10 EACH ("EQUITY SHARES") OF PAVNA INDUSTRIES LIMITED ("PIL" OR THE "COMPANY") FOR CASH AT A PRICE OF Rs. 165 PER SHARE (THE "ISSUE PRICE"), AGGREGATING TO Rs. 2,970.00 LAKHS ("THE ISSUE"), CONSISTING OF FRESH ISSUE OF 9,02,400 EQUITY SHARES AGGREGATING TO Rs. 1,488.96 LAKHS AND AN OFFER FOR SALE OF 8,97,600 EQUITY SHARES BY MRS. ASHA JAIN ("THE PROMOTER SELLING SHAREHOLDER" OR "THE SELLING SHAREHOLDER") AGGREGATING TO Rs. 1,481.04 LAKHS ("OFFER FOR SALE"), OF WHICH 96,000 EQUITY SHARES OF Rs. 10 EACH WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKER TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS THAN THE MARKET MAKER RESERVATION PORTION I.E. ISSUE OF 17,04,000 EQUITY SHARES OF Rs. 10 EACH IS HEREINAFTER REFERRED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 29.55% AND 27.98%, RESPECTIVELY OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF THE COMPANY.

The Equity Shares of the Company are proposed to be listed on the Emerge Platform of NSE, in terms of the Chapter IX of the SEBI (ICDR) Regulations, 2018 as amended from time to time. Our Company has received an In-Principle approval from NSE for the listing of the Equity Shares pursuant to letter dated September 22, 2020. NSE shall be the Designated Stock Exchange for the purpose of this Issue. The trading is proposed to be commenced on March 09, 2021 (Subject to receipt of listing and trading approvals from the NSE).

The Issue is being made through the Fixed Price process, the allocation in the Net Issue to the Public category shall be made pursuant to Regulation 253(2) of the SEBI (ICDR) Regulations, 2018, as amended from time to time, wherein a minimum of 50% of the Net Issue of shares to the Public shall initially be made available for allotment to Retail Individual Investors. The balance of Net Issue of Shares to the public shall be made available for allotment to Individual Applicants other than Retail Individual Investors and other investors, including Corporate Bodies / Institutions irrespective of number of shares applied for. If the Retail Individual Investor category is entitled to more than 50% on proportionate basis, they shall be allotted that higher percentage. Under subscription, if any, in any of the categories, would be allowed to be met with spill-over from any of the other categories or a combination of categories at the discretion of our Company in consultation with the Lead Manager and the Designation Stock Exchange. Such inter-se spill over, if any, would be affected in accordance with applicable laws, rules, regulations and guidelines. All potential investors shall participate in the Issue only through an Application Supported by Blocked Amount ("ASBA") process including through UPI mode (as applicable) by providing details of the irrespective bank accounts and / or UPI IDs, in case of RIIs, if applicable, which will be blocked by the Self Certified Syndicate Banks ("SCSBs") for the same.

SUBSCRIPTION DETAILS

The Net Issue has received 1,182 applications for 24,47,200 Equity Shares resulting in 1.4362 times subscription. The details of the applications received in the Net Issue (before and after technical rejections & withdrawal) are as follows:

Detail of the Applications Received

Note: The Issue also includes 96,000 Equity Shares reserved for Market Maker, which was subscribed by 1.00 times and there were no Technical Rejection & any withdrawal.

In the event of oversubscription, the allotment will be made on a proportionate basis in marketable lots. There was over subscription of 6,12,000 Equity Shares in other than Retail Individual Category & under subscription 52,000 Equity Shares in Retail Category. The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - NSE on March 04, 2021.

The Board of Directors of the Company at its meeting held on March 04, 2021, has taken on record the Basis of Allotment of Equity Shares, as approved by the Designated Stock Exchange viz. NSE and has authorized the corporate action for the allotment of the Equity Shares to various successful applicants.

The CAN and allotment advice and / or notices shall be dispatched to the address of the investors as registered with the depositories on or before March 08, 2021. Further, the instructions to Self Certified Syndicate Banks will be processed on or before March 08, 2021 for unblocking of funds. The Equity Shares allotted to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. In case the same is not received within prescribed time, investors may contact the Registrar to the Issue at the address given below. The Company is taking steps to get the Equity Shares admitted for trading on the Emerge Platform of NSE within 6 working days from the Closure of the Issue. The trading is proposed to be commenced on March 09, 2021 subject to receipt of listing and trading approvals from NSE.

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus dated February 16, 2021 ("Prospectus").

INVESTORS PLEASE NOTE

The detail of the allotment made has been hosted on the website of the Registrar to the Issue, Link Intime India Private Limited at Website: www.linkintime.co.in.

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/Sole Applicant, 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 given below:

	LINK INTIME INDIA PRIVATE LIMITED
	C-101, 1 Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai, Maharashtra, India, 400083
	Tel: +91 22 4918 6200 Email: pavna.ipo@linkintime.co.in Website: www.linkintime.co.in
	Investor Grievance Email: pavna.ipo@linkintime.co.in SEBI Registration No.: INR000004058
	Contact Person: Shanti Gopalkrishnan

All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the Prospectus.

LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF PAVNA INDUSTRIES LIMITED.

PAVNA INDUSTRIES LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make a Public Issue of its Equity Shares and has filed the Prospectus with the Registrar of Companies, Kanpur. The Prospectus shall be available on the websites of the Company, the NSE and the Lead Manager at www.pavnagroup.com, www.nseindia.com and www.afsl.co.in respectively. Applicants should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the Prospectus, including, the section titled "Risk Factors" beginning on page no. 21 of the Prospectus.

The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), 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 applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold (i) within the United States to persons reasonably believed to be qualified institutional investors (as defined in Rule 144A under the U.S. Securities Act) pursuant to Rule 144A under the U.S. Securities Act and (ii) outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and applicable laws of the jurisdictions where such offers and sales occur.