Promax Power Limited IPO Basis of Allotment

PROMAX POWER LIMITED

Our Company was originally incorporated as "Promax Power Private Limited" on August 21, 2017 vide certificate of incorporation bearing Corporate Identity No. U74999CH2017PTC041692 under the provisions of sub-section (2) of section 7 of the Companies Act, 2013 (18 of 2013) issued by the Central Registration Central, Registrar of Companies. Subsequently, the company was converted into Public Limited Company vide a fresh certificate of incorporation issued by Registrar of Companies-Chandigarh, consequent upon conversion from Private Limited to Public Company dated April 20, 2021 in the name of "Promax Power Limited". The Corporate Identification Number of our Company changed to U74999CH2017PLC041692. For further details, please refer to section titled "Our History and Certain Corporate Matters" beginning on page no 82 of the Prospectus.

INTTIAL PUBLIC OFFER OF 16,00,000 EQUITY SHARES OF FACE VALUE OF RS 10/- EACH ("EQUITY SHARES") OF PROMAX POWER LIMITED (THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF RS 10/- PER EQUITY SHARE AT PAR (THE "ISSUE PRICE"), AGGREGATING TO RS 160.00 LAKHS ("THE ISSUE"), OF WHICH 80,000 EQUITY SHARES OF FACE VALUE OF RS 10/- EACH FOR CASH AT A PRICE OF RS 10/- PER EQUITY SHARE, AGGREGATING TO RS 8.00 LAKHS 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 15,20,000 EQUITY SH ARES OF FACE VALUE OF RS 10/-EACH FOR CASH AT A PRICE OF RS 10/- PER EQUITY SH ARE, AGGREGATING TO RS 152.00 LAKHS IS HERE IN AFTER REFERRED TO AS "THE NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 26.67% AND 25.33% RESPECTIVELY OF THE POST ISSUE PAIDUP EQUITY SHARE CAPITAL OF THE COMPANY.

THIS OFFER IS BEING MADE IN TERMS OF CHAPTER IX OF THE SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIRMENT) REGULATIONS, 2018 (THE "SEBI ICDR REGULATIONS") READ WITH RULE 19(2)(b)(i) OF SCRR AS AMENDED. THIS ISSUE IS A FIXED PRICE ISSUE AND ALLOCATION IN THE NET OFFER TO THE PUBLIC WILL BE MADE IN TERMS OF REGULATION 253(2) OF THE SEBI (ICDR) REGULATIONS, 2018. (For further details please see "The Issue" beginning on page no. 30 of the Prospectus.)

The Equity Shares offered through Prospectus are proposed to be listed on the SME Platform of BSE Limited ("BSE"). Our Company has received in principal approval letter dated September 25, 2021 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 Limited ("BSE"). The trading is proposed to be commenced on or about October 12, 2021 *.

* Subject to receipt of listing and trading approvals from the BSE Limited.

SUBSCRIPTION DETAILS

The Issue was subscribed to an extent of 6.54 times i.e., Gross Subscription of Rs. 10,47,00,000/- for 1,04,70,000 equity shares were based on the bid file received from BSE Limited on the day after closure of the Issue received as against Rs. 1,60,00,000/- for 16,00,000 equity shares. (Including subscription by Market Makers to the Issue). The Issue was subscribed to an extent of 6.13 times (after technical rejection and bids not banked), i.e., Net Subscription of Rs. 9,82,00,000/- for 98,20,000 equity shares after eliminating technically rejected and bid not banked applications.

Summary of the Valid Applications Received:

Allocation: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange -BSE Limited, on October 07, 2021

A. Allocation to Market Maker (After Technical & Multiple Rejections and Withdrawal): The Basis of Allotment to the Market Maker, at the issue price of Rs10/- per Equity Share, was finalised in consultation with BSE Limited. The category was subscribed by 1.00 time. The total number of shares allotted in this category is 80,000 Equity shares.

B. Allocation to Retail Individual Investors (After Technical & Multiple Rejections and Withdrawal): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs 10/- per Equity Share, was finalized in consultation with BSE Limited. The category was subscribed by 6.40 times i.e. for 81,30,000 Equity Shares. Total number of shares allotted in this category is 12,70,000 Equity Shares to 127 successful applicants.

C. Allocation to Other than Retail Individual Investors (After Technical Rejections & Withdrawal): The Basis of Allotment to Other than Retail Individual Investors, at the issue price of Rs 10/- per Equity Share, was finalized in consultation with BSE Limited. The category was subscribed by 6.44 times i.e. for 16,10,000 shares. Total number of shares allotted in this category is 2,50,000 Equity Shares to 19 successful applicants.

The category wise details of the Basis of Allotment are as under:

The Board of Directors of the company at its meeting held on October 07, 2021 has approved the Basis of Allotment of Equity shares as approved by the Designated stock Exchange viz. BSE Limited and at a meeting held on October 07, 2021 has authorized the corporate action for the transfer and allotment of the Equity Shares to various successful applicants.

In terms of the Prospectus dated September 25, 2021 and as per the SEBI (ICDR) Regulations, 2018 wherein a minimum of 50% of the net offer of shares to the Public shall initially be made available for allotment to retail individual investors as the case may be. The balance net offer of shares to the public shall be made available for allotment to a) individual applicants other than retail investors and b) other investors, including Corporate Bodies/ Institutions irrespective of number of shares applied for. The unsubscribed portion of the net offer to any one of the categories specified in (a) or (b) shall be made available for allocation in the other category, if so required. "For the purpose of sub-regulation (2) of regulations 253, if the retail individual investor category is entitled to more than fifty per cent on proportionate basis, the retail individual investors shall be allocated that higher percentage".

The CAN-cum-Refund advices and allotment advice and/or notices will be forwarded to the address/email id of the Applicants as registered with the depositories as filled in the application form on or before October 11, 2021. Further, the instructions to Self Certified Syndicate Banks for unblocking the amount will be processed on or prior to October 08, 2021. In case the same is not received within 10 days, investors may contact 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 the 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 meanings assigned to them in the Prospectus dated September 25, 2021 ("Prospectus")

INVESTORS PLEASE NOTE The details of the allotment made would also he hosted on the website of the Registrar to the Issuer, CAMEO CORPORATE SERVICES LIMITED at https://camhridge.cameoindia.com. All future correspondence in this regard may kindly he addressed to the Registrar to the Issue quoting full 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:

	CAMEO CORPORATE. SERVICES LIMITED
	"Subramanian Building", #1, Club House Road, Chennai - 600 002, India
	Tel: +91-44-40020700,28460390
	Email/ Investor Grievance E-mail: investor@cameoindia.com
	Website: www.cameoindia.com
	Contact Person: Mr. R.D. Ramasamy, Director
	SEBI Registration No: INR000003753
	CIN No: U67120TN1998PLC041613

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF PROMAX POWER LIMITED