Key Quantitative Figures

  • Total Offer Shares: Up to 29,07,200 equity shares of face value ₹10 each
  • Stake Dilution: Represents 19.68% of total issued and paid-up equity share capital
  • Floor Price: ₹95 per equity share
  • Retail Investor Cap: Maximum bid value of ₹2,00,000 across exchanges

Dates and Schedule

  • Notice Date: August 24, 2026
  • T Day (Non-Retail Only): August 25, 2026 (9:15 AM to 3:30 PM IST)
  • T+1 Day (Retail & Carry Forward): August 26, 2026 (9:15 AM to 3:30 PM IST)
  • Settlement: T+2 basis for all categories

Parties Involved

  • Seller: Shri Madhav Jayesh Valia (Promoter)
  • Stock Exchange: BSE Limited
  • Clearing Corporation: Indian Clearing Corporation Limited (ICCL)
  • Seller's Broker: Choice Equity Broking Pvt Ltd (BSE Code: 3299), also acting as Settlement Broker

Purpose and Rationale

The OFS is being undertaken to achieve minimum public shareholding requirements as prescribed under:

  • Rule 9(2)(b) of the Securities Contracts (Regulation) Rules, 1957 (as amended)
  • Regulation 38 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
  • SEBI Master Circular No. SEBI/HO/CFD/PoD2/ dated November 11, 2024

Allocation Methodology

Non-Retail Investors (August 25, 2026):

  • Allocation at or above floor price on price priority basis
  • Minimum 25% reservation for SEBI-registered mutual funds and IRDAI-registered insurance companies
  • Unsubscribed portion available for retail category
  • Non-retail investors may indicate willingness to carry forward unallotted bids to T+1 Day

Retail Investors (August 26, 2026):

  • Defined as individuals bidding for total value ≤₹2,00,000 across exchanges
  • 10% of offer shares reserved for retail category
  • May bid at specific price or opt for cut-off price (lowest price at which all shares get sold in non-retail category)
  • In case of undersubscription in non-retail category, retail investors may bid at floor price

Settlement Conditions

  • Non-institutional investors (including retail): 100% upfront cash deposit required
  • Institutional investors: Option to bid without upfront payment
  • Modification/cancellation rules vary by investor category and trading day
  • Default penalty: 10% of order value charged from investor and broker, credited to Investor Protection Fund
  • Settlement occurs on T+2 basis for all categories

Seller's Rights and Conditions

Withdrawal Rights:

  • Seller may withdraw offer any time prior to opening on T Day
  • 10 trading days cooling-off period required after withdrawal

Cancellation Rights:

  • Seller may cancel offer if insufficient bids from non-retail investors at or above floor price on T Day
  • Cancellation decision must be notified to BSE by 5 PM on T Day
  • Right to cancel in case of settlement defaults, with option to conclude offer partially based on valid bids

Restrictions

  • Promoters and promoter group members prohibited from participating in OFS
  • No retail discount offered
  • No additional shares beyond 29,07,200 offered (NIL oversell option)
  • United States persons excluded from participation

#Tags: #EastIndiaDrums #OFS #PromoterSelling #SEBIDisclosure #RegulatoryCompliance