Basis of Allotment

This is only an advertisement for information purposes and is not a prospectus announcement.

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TUNWAL E-MOTORS LIMITED

(Formerly known as Tunwal E-Motors Private Limited)

Our Company was originally incorporated as Tunwal E-Motors Private Limited' on December 21,2018, vide certification of incorporation bearing Corporate Identity No. U34300PN2018PTC180950. under the provision of Companies Act, 2013 issued by the Assistant Registrar of Companies, of Maharashtra Pune, Subsequently Company was converted into Public Limited Company vide afresh certificate of incorporation issued by Registrar of Companies, Pune consequent upon conversion from Private Limited to Public Company dated December 13,2023, to its present name of Tunwal E-Motors Limited" with the Corporate Identification Number U34300PN2018PLC180950. For further details, please refer to section titled ‘ Our History and Certain Corporate Matter's 'beginning on page 162 of the Prospectus.

CIN: U34300PN2018PLC180950
Registered Office: Rama Icon Commercial Building, Office No 501, S.No 24/2, C.T.S No. 2164, Plot No. 31/11 Sadashiv Peth, Pune, 411030 Maharashtra India.
Contact Number: +91-20-24336001; E-mail: cs@tunwal.com; Website: www.tunwal.com; Contact Person: Bhavana Shivshankkar Sangoli, Company Secretary and Compliance Officer
THE PROMOTER OF OUR COMPANY IS JHUMARMAL PANNARAM TUNWAL, AMITKUMAR PANNARAM MALI AND JHUMARMAL PANNARAM TUNWAL HUF

The Issue is being made in accordance with Chapter IX of the SEBIICDR Regulations (IPO of Small and Medium Enterprises) and the equity shares are proposed to be listed on EMERGE Platform of National Stock Exchange of India Limited ("NSE EMERGE").

BASIS OF ALLOTMENT

INITIAL PUBLIC ISSUE OF 1,96,00,000 EQUITY SHARES OF FACE VALUE OF Rs. 2.00/- EACH OF TUNWAL E-MOTORS LIMITED FOR CASH AT A PRICE OF Rs. 59 PER EQUITY SHARE (INCLUDING A PREMIUM OF Rs. 57 PER EQUITY SHARE) ("OFFER PRICE") AGGREGATING Rs. 11,564.00 LAKHS COMPRISING OF FRESH OFFER OF 1,38,50,000 EQUITY SHARES AGGREGATING TO Rs. 8,171.50 LAKHS ("FRESH OFFER") AND AN OFFER FOR SALE OF 57,50,000 EQUITY SHARES BY JHUMARMAL PANNARAM TUNWAL ("SELLING SHAREHOLDERS") AGGREGATING TO Rs. 3,392.50 LAKHS ("OFFER FOR SALE") ("THE OFFER") AND 9,80,000 EQUITY SHARES AGGREGATING TO Rs. 578.20 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKER ("MARKET MAKER RESERVATION PORTION"). THE OFFER LESS THE MARKET MAKER RESERVATION PORTION I.E. OFFER OF 1,86,20,000 EQUITY SHARES OF FACE VALUE OF RS. 2/- EACH AT AN OFFER PRICE OF Rs. 59 PER EQUITY SHARE AGGREGATING TO RS. 10,985.80 LAKHS ("NET OFFER"). THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 35.44% AND 33.67% OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. FOR FURTHER DETAILS, PLEASE REFERTO SECTION TITLED "TERMS OF77fE/SS(/E"BEGINNING ON PAGE 273 OF THIS PROSPECTUS.

THE FACE VALUE OF THE EQUITY SHARE IS Rs. 2/- AND THE ISSUE PRICE IS 29.50 TIMES OF THE FACE VALUE.

ISSUE PROGRAMME

 OPENED ON: MONDAY, JULY 15, 2024
CLOSED ON: THURSDAY, JULY 18, 2024

Our Company has filed the Prospectus dated Monday, July 08,2024 with the Registrar of Companies, Pune (the "Prospectus"). The Equity Shares of the Company are proposed to be listed on the Emerge Platform of National Stock Exchange of India Limited i.e., NSE EMERGE, in terms of the Chapter IX of the SEBI (ICDR) Regulations, 2018as 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 June 28,2024. NSE is the Designated Stock Exchange for the purpose of this Issue. The trading is proposed to be commenced on Tuesday, July 23,2024 (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 is 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 is initially made available for allotment to Retail Individual Investors. The balance of Net Issue of Shares to the public is made available ter allotment to Individual Applicants other than Retail Individual Investors and other Investors, including Corporate Bodies / Institutions irrespective of number of shares applied ter. 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 ora combination of categories at the discretion of our Company in consultation with the Lead Manager and the Designated 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 respective bank accounts and/or UPI IDs, in case of Rlls, if applicable, which will be blocked by the Self Certified Syndicate Banks ("SCSBs") for the same.

SUBSCRIPTION DETAILS

The Issue has received 85,366 applications for 22,85,00,000 Equity Shares (including the Market maker reservation portion) before technical rejections resulting in 11.57 times subscription. The details of the applications received in the Issue (before and after technical rejections &withdrawal) are as fellows:

Gross Applications Technical Rejections Valid Applications
Sr. No Category No. of Applications received No. of Equity Shares applied No. of Applications received No. of Equity Shares applied No. of Applications received No. of Equity Shares applied
1 Reserved for Market Makers 2 9,80,000 0 0 2 9,80,000
2 Retail Individual Investors 78,137 15,62,74,000 1,123 22,46,000 77,014 15,40,28,000
3 Other than Retail Individual Investors 7,227 7,12,46,000 74 5,04,000 7,153 7,07,42,000
Total 85,366 22,85,00,000 1,197 27,50,000 84,169 22,57,50,000

The Shares available ter allotment have been arrived in the proportion of the respective over subscription ratio of Retail Individual Investors and Other than Retail Individual Investors category received. In view ofthe explanation provided under regulations 253(2) ofthe SEBI (ICDR) Regulations, 2018, the Retail Individual Investors Category has applied for91.53% and 8.47% by Other than Retail Individual Investors; Accordingly, we have derived the issue size fordifferent categories.

In other than Retail Individual Investor Category, there was over subscription of 7,12,46,000 Equity Shares before technical rejection and 7,07,42,000 Equity Shares after technical rejection. In Retail Individual Investors Category there was over subscription of 15,62,74,000 Equity Shares before technical rejection and 15,40,28,000 Equity Shares after technical rejection. The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - NSE on Friday, July 19,2024.

A. Allotment to Market Maker (After Technical Rejections & Withdrawals):

The Basis of Allotment to the Market Maker, at the Issue Price of Rs. 59/- per Equity Share, was finalised in consultation with NSE. The category was subscribed by 1.00 time. The total number of shares allotted in this category is 980000 Equity Shares. The category-wise details of the Basis of Allotment are as under:

No. of Shares applied for per application Number of valid applications received Proportionate shares available

Ratio of allottees to applicants

 Number of successful applicants Total No. of shares allocated /alloted Surplus/Deficit (6)-(3)
(1) (2) (3) (4) (5) (6) (7)
490000 2 980000 1 1 2 980000 0

B. Allotment to Retail Individual Investors (After Technical Rejections & Withdrawals):

The Basis of Allotment to the Retail Individual Investors, at the Issue Price of Rs. 59/- per Equity Share, was finalised in consultation with NSE. Pursuant to Regulation 253(2) of the SEBI (ICDR) Regulations, 2018, the total number of shares allocated in this category is 1,27,60,000 Equity Shares. The category was subscribed by 12.07 times. The category-wise details ofthe Basis of Allotment are as under:

No. of Shares applied for (Category wise) Number of applications received Total No. of Shares applied in each category Proportionate shares available Ratioof allottees to applicants Number of successful applicants (after rounding) Total No. of shares allocated /alloted Surplus/Deficit (7)-(4)
(1) (2) (3) (4) (5) (6) (7) (8)
2000 77014 154028000 12760000 3190 38507 6380 12760000 0

C. Allotment to Other than Retail Individual Investors (After Technical Rejections & Withdrawals):

The Basis of Allotment to the Non-Retail Investors, at the Issue Price of Rs. 59/- per Equity Share, was finalised in consultation with NSE. Pursuant to Regulation 253(2) of the SEBI (ICDR) Regulations, 2018, the total number of shares allocated in this category is 58,60,000 Equity Shares. The category was subscribed by 3.18 times. The category- wise details of the Basis of Allotment are as under:

Sr. No

No. of Shares applied for (Category wise)

Number of applie cations received

% to total

Total No. of Shares applied in each category

% to total

Proportie onate shares available

Allocation per Applicant

Ratio of allottees to applicants

Number of succee ssful applicants (after rounding)

% to total

Total No. of shares allocated/ alloted

% to total

Surplus/ Deficit (14)-(7)
Before Rounding off After Rounding off
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)
1 4000 4402 61.54 17608000 24.89 1458580 331 2000 729 4402 729 32.39 1458000 24.88 -580
2 6000 496 6.94 2976000 4.21 246521 497 2000 123 496 123 5.46 246000 4.20 -521
3 8000 481 6.73 3848000 5.44 318754 663 2000 159 481 159 7.06 318000 5.43 -754
4 10000 268 3.75 2680000 3.79 222001 828 2000 111 268 111 4.93 222000 3.79 -1
5 12000 186 2.60 2232000 3.16 184890 994 2000 46 93 92 4.10 184000 3.14 -890
6 14000 107 1.50 1498000 2.12 124089 1160 2000 62 107 62 2.76 124000 2.12 -89
7 16000 177 2.48 2832000 4.00 234592 1325 2000 39 59 117 5.21 234000 3.99 -592
8 18000 559 7.81 10062000 14.22 833498 1491 2000 417 559 417 18.53 834000 14.23 502
9 20000 192 2.69 3840000 5.43 318091 1657 2000 53 64 159 7.06 318000 5.43 -91
10 22000 34 0.48 748000 1.06 61961 1822 2000 31 34 31 1.39 62000 1.06 39
11 24000 38 0.53 912000 1.29 75547 1988 2000 1 1 38 1.69 76000 1.30 453
12 26000 15 0.21 390000 0.55 32306 2154 2000 1 1 15 0.68 30000 0.51 -2306
13 26000 2000 1 15 2000 0.03 2000
14 28000 20 0.28 560000 0.79 46388 2319 2000 1 1 20 0.90 40000 0.68 -6388
15 28000 2000 3 20 6000 0.10 6000
16 30000 16 0.22 480000 0.68 39761 2485 2000 1 1 16 0.71 32000 0.55 -7761
17 30000 2000 1 4 8000 0.14 8000
18 32000 10 0.14 320000 0.45 26508 2651 2000 1 1 10 0.44 20000 0.34 -6508
19 32000 2000 3 10 6000 0.10 6000
20 34000 7 0.10 238000 0.34 19715 2816 2000 1 1 7 0.31 14000 0.24 -5715
21 34000 2000 3 7 6000 0.10 6000
22 36000 12 0.17 432000 0.61 35785 2982 2000 1 1 12 0.53 24000 0.41 -11785
23 36000 0 2000 1 2 12000 0.20 12000
24 38000 6 0.08 228000 0.32 18887 3148 2000 1 1 6 0.27 12000 0.20 -6887
25 38000 2000 1 2 6000 0.10 6000
26 40000 17 0.24 680000 0.96 56329 3313 2000 1 1 17 0.76 34000 0.58 -22329
27 40000 0 2000 11 17 22000 0.38 22000
28 42000 13 0.18 546000 0.77 45229 3479 2000 1 1 13 0.58 26000 0.44 -19229
29 42000 0 2000 10 13 20000 0.34 20000
30 44000 4 0.06 176000 0.25 14579 3645 2000 1 1 4 0.18 8000 0.14 -6579
31 44000 2000 3 4 6000 0.10 6000
32 46000 3 0.04 138000 0.20 11431 3810 4000 1 1 3 0.13 12000 0.20 569
33 48000 3 0.04 144000 0.20 11928 3976 4000 1 1 3 0.13 12000 0.20 72
34 50000 6 0.08 300000 0.42 24851 4142 4000 1 1 6 0.27 24000 0.41 -851
35 52000 1 0.01 52000 0.07 4307 4307 4000 1 1 1 0.04 4000 0.07 -307
36 54000 5 0.07 270000 0.38 22366 4473 4000 1 1 5 0.22 20000 0.34 -2366
37 54000 2000 1 5 2000 0.04 2000
38 56000 2 0.04 112000 0.16 9278 4639 4000 1 1 2 0.09 8000 0.14 -1278
39 56000 2000 1 2 2000 0.04 2000
40 60000 2 0.04 120000 0.17 9940 4970 4000 1 1 2 0.09 8000 0.14 -1940
41 60000 2000 1 2 2000 0.04 2000
42 64000 1 0.01 64000 0.09 5302 5302 6000 1 1 1 0.04 6000 0.10 698
43 66000 2 0.04 132000 0.19 10934 5467 6000 1 1 2 0.09 12000 0.20 1066
44 68000 1 0.01 68000 0.10 5633 5633 6000 1 1 1 0.04 6000 0.10 367
45 70000 2 0.04 140000 0.20 11597 5799 6000 1 1 2 0.09 12000 0.20 403
46 72000 1 0.01 72000 0.10 5964 5964 6000 1 1 1 0.04 6000 0.10 36
47 76000 1 0.01 76000 0.11 6296 6296 6000 1 1 1 0.04 6000 0.10 -296
48 80000 8 0.11 640000 0.90 53015 6627 6000 1 1 8 0.36 48000 0.82 -5015
49 80000 2000 3 8 6000 0.10 6000
50 82000 3 0.04 246000 0.35 20378 6793 6000 1 1 3 0.13 18000 0.31 -2378
51 82000 2000 1 3 2000 0.03 2000
52 84000 3 0.04 252000 0.36 20875 6958 6000 1 1 3 0.13 18000 0.31 -2875
53 84000 2000 1 3 2000 0.03 2000
54 86000 2 0.03 172000 0.24 14248 7124 6000 1 1 2 0.09 12000 0.20 -2248
55 86000 2000 1 2 2000 0.03 2000
56 90000 2 0.03 180000 0.25 14911 7455 8000 1 1 2 0.09 16000 0.27 1089
57 98000 1 0.01 98000 0.14 8118 8118 8000 1 1 1 0.04 8000 0.14 -118
58 100000 7 0.10 700000 0.99 57985 8284 8000 1 1 7 0.32 56000 0.96 -1985
59 100000 2000 1 7 2000 0.04 2000
60 104000 1 0.01 104000 0.15 8615 8615 8000 1 1 1 0.04 8000 0.14 -615
61 106000 1 0.01 106000 0.15 8781 8781 8000 1 1 1 0.04 8000 0.14 -781
62 110000 1 0.01 110000 0.16 9112 9112 10000 1 1 1 0.04 10000 0.17 888
63 114000 1 0.01 114000 0.16 9443 9443 10000 1 1 1 0.04 10000 0.17 557
64 124000 1 0.01 124000 0.18 10272 10272 10000 1 1 1 0.04 10000 0.17 -272
65 130000 1 0.01 130000 0.18 10769 10769 10000 1 1 1 0.04 10000 0.17 -769
66 132000 1 0.01 132000 0.19 10934 10934 12000 1 1 1 0.04 12000 0.20 1066
67 136000 1 0.01 136000 0.19 11266 11266 12000 1 1 1 0.04 12000 0.20 734
68 140000 2 0.04 280000 0.40 23194 11597 12000 1 1 2 0.10 24000 0.41 806
69 148000 1 0.01 148000 0.21 12260 12260 12000 1 1 1 0.04 12000 0.20 -260
70 154000 1 0.01 154000 0.22 12757 12757 12000 1 1 1 0.04 12000 0.20 -757
71 156000 1 0.01 156000 0.22 12922 12922 14000 1 1 1 0.04 14000 0.24 1078
72 160000 2 0.04 320000 0.45 26508 13254 12000 1 1 2 0.09 24000 0.41 -2508
73 160000 2000 1 2 2000 0.04 2000
74 164000 1 0.01 164000 0.23 13585 13585 14000 1 1 1 0.04 14000 0.24 415
75 166000 1 0.01 166000 0.23 13751 13751 14000 1 1 1 0.04 14000 0.24 249
76 170000 3 0.04 510000 0.72 42246 14082 14000 1 1 3 0.14 42000 0.72 -246
77 200000 1 0.01 200000 0.28 16567 16567 16000 1 1 1 0.04 16000 0.27 -567
78 216000 3 0.04 648000 0.92 53678 17893 18000 1 1 3 0.14 54000 0.92 322
79 252000 1 0.01 252000 0.36 20875 20875 20000 1 1 1 0.04 20000 0.34 -875
80 364000 1 0.01 364000 0.51 30152 30152 30000 1 1 1 0.04 30000 0.51 -152
81 466000 2 0.03 932000 1.32 77203 38602 38000 1 1 2 0.09 76000 1.30 -1203
82 466000 2000 1 2 2000 0.04 2000
83 486000 1 0.01 486000 0.69 40258 40258 40000 1 1 1 0.04 40000 0.68 -258
84 594000 2 0.03 1188000 1.68 98410 49205 48000 1 1 2 0.09 96000 1.64 -2410
85 594000 2000 1 2 2000 0.04 2000
86 622000 2 0.03 1244000 1.75 103048 51524 52000 1 1 2 0.09 104000 1.77 952
87 850000 1 0.01 850000 1.20 70411 70411 70000 1 1 1 0.04 70000 1.20 -411
88 1062000 1 0.01 1062000 1.50 87972 87972 88000 1 1 1 0.04 88000 1.50 28
89 1700000 2 0.03 3400000 4.80 281643 140822 140000 1 1 2 0.09 280000 4.78 -1643
90 1700000 2000 1 2 2000 0.04 2000
Grand Total 7153 100.00 70742000 100.00 5860000 2251 100.00 5860000 100.00 0

The Board of Directors of the Company at its meeting held on Friday, July 19,2024, 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 email ids /address of the investors as registered with the depositories on or before Monday, July 22,2024. Further, the instructions to Self-Certified Syndicate Banks have been processed on Monday, July 22,2024 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 10 days, 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 NSE EMERGE Platform within 3 working days from the Closure of the Issue. The trading is proposed to commence on Tuesday, July 23, 2024, subject to receipt of listing and trading approvals from the NSE.

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

INVESTORS PLEASE NOTE

The details of the allotment made has been hosted on the website of the Registrar to the Issue, Skyline Financial Services Private Limited at www.skylinerta.com

All future correspondence in this regard may kindly be addressed to the Registrar to the 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:

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SKYLINE FINANCIAL SERVICES PRIVATE LIMITED
D-153A, 1st Floor, Okhla Industrial Area, Phase -1, New Delhi-110020. Contact Number: +91-11-40450193-197; Email Address: ipo@skylinerta.com
Investor Grievance Email Address: grievances@skylinerta.com; Contact Person: Anuj Kumar; Website: www.skylinerta.com
SEBI Registration No.: INR000003241; CIN: U74899DL1995PTC071324

 

For TUNWAL E-MOTORS LIMITED
On behalf of the Board of Directors
Sd/-
Date: July 22, 2024 Bhavana Shivshankkar Sangoli
Place: Pune Company Secretary and Compliance Officer

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 TUNWAL E-MOTORS LIMITED.

TUNWAL E-MOTORS LIMITED, is proposing, subject to market conditions and other considerations, public issue of its Equity Shares and has filed the Prospectus with the Registrar of Companies, Pune. The Prospectus is available on the website of the Lead Manager at www.horizonmanagement.in, the website of the National Stock Exchange of India Limited i.e. www.nseindia.com and website of the Issuer Company at www.tunwal.com.

Investor should read the Prospectus carefully, including the Risk Factors on page 33 of the Prospectus before making any investment decision.

The Equity Shares have not been and will not be registered under the U.S. Securities Act 1933, as amended (the "Securities Act') or any state securities laws in the United States and may not be issued or sold within the United States or to, or for the account or benefit of, ‘U.S. persons" (as defined in Regulations of the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Equity Shares will be issued and sold (i) in the United States only to "qualified institutional buyers", as defined in Rule 144Aof the Securities Act, and (ii) outside the United States in offshore transactions in reliance on Regulation S under the Securities Act and in compliance with the applicable laws of the jurisdiction where those offers and sales occur. The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be issued or sold, and Application may not be made by persons in any such jurisdiction, except in compliance with the applicable laws of such jurisdiction.

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