Basis of Allotment

THIS IS A PUBLIC ANNOUCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT. THIS DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE. PURCHASE OR SUBSCRIBE TO SECURITIES. THIS PUBLIC ANNOUNCEMENT IS NOT INTENDED FOR RELEASE. PUBLICATION OR DISTRIBUTION. DIRECTLY OR INDIRECTLY OUTSIDE INDIA.

wpe44.jpg (8162 bytes) INNOKAIZ INDIA LIMITED
Corporate Identification Number: U74900TN2013PLC089349

Our Company was originally incorporated on January 11, 2013 as a Private Limited Company as "Innokaiz India Private Limited" under the provisions of the Companies Act, 1956 with the Registrar of Companies. Tamil Nadu, Chennai, Andaman and Nicobar Islands Subsequently, pursuant to a Special Resolution of our Shareholders passed m the Extra-Ordinary General Meeting held on August 26, 2022 our Company was converted from a Private Limited Company to Pubic Limited Company and consequently, the name of our Company was changed to "Innokaiz India Limited" and a Fresh Certificate of Incorporation consequent to Conversion was issued on September 27, 2022 by the Registrar of Companies, Chennai. The Corporate Identification Number of our Company is U74900TN2013PLC069349. For further Details of Incorporation and Change in Regstered office of our Company, please refer to section titled Our History and Certain Other Corporate Matters' beginning on page 121 of the Prospectus.

Registered Office: Door No. 43, Old No. 22, Real Enclave, Flat No. 1, 4th Floor, Josier Street, Nungambakkam, Chennai
Contact Person: Ms. Mamta Saini, Company Sectary & Compliance Officer
Tel No: 044 - 28250545 | E-mail: info@innokaiz.in | Website: www.innokaizindia.com
OUR PROMOTERS: MR. BALAKRISHNAN SUKUMARBALAKRISHNAN
BASIS OF ALLOTMENT

PUBLIC ISSUE OF 27,13,600 EQUITY SHARES OF FACE VALUE OF Rs. 10.00 EACH ("EQUITY SHARES") OF INNOKAIZ INDIA LIMITED (THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF Rs. 78.00 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF Rs. 68.00 PER EQUITY SHARE (THE "ISSUE PRICE") AGGREGATING TO Rs. 2,116.61 LAKHS ("THE ISSUE") OF WHICH 1,36,000 EQUITY SHARES AGGREGATING TO Rs. 106.08 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKER TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS THE MARKET MAKER RESERVATION PORTION I.E. NET ISSUE OF 25,77,600 EQUITY SHARES AGGREGATING TO Rs. 2,010.53 LAKHS (THE "NET ISSUE"). THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 26.54% AND 25.21% RESPECTIVELY OF THE POST ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.

ISSUE PRICE: Rs. 78.00 PER EQUITY SHARE OF FACE VALUE OF Rs. 10.00 EACH
ANCHOR INVESTOR ISSUE PRICE: Rs. 78.00 PER EQUITY SHARE THE ISSUE PRICE IS 7.8 TIMES OF THE FACE VALUE
RISK TO INVESTORS:
a) Advertising business is dependent on availability of space or sites for publishing of ads or displaying the hoardings with the media agency. Any significant increase in the prices of such ad space or sites or non-availability of such ad space or sites may adversely affect our business and results of operations.
b) Average cost of acquisition 0f Equity Shares held by the Promoter Mr. Balakrishnan Sukumarbalakrishnan is Rs. 0.01 per Equity Share and the Issue Price at the upper end of the Price Band is Rs. 78 per Equity Share.
c) The Price / Earnings ratio based on Basic & Diluted EPS for period ended Fiscal 2022 for the company at the upper end of the Price Band is 07.40.
d) Weighted Average Return on Net worth for Fiscals 2022, 2021 and 2020 is 48.75%
BID /ISSUE PERIOD ANCHOR INVESTOR BIDDING DATE WAS: THURSDAY, APRIL 27, 2023
BID / ISSUE OPENED ON: FRIDAY. APRIL 28, 2023
BID / ISSUE CLOSED ON: WEDNESDAY, MAY 03,2023

The Issue was made through the Book Building Process, m terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read with Regulation 253 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations") wherein not more than 50% of the Issue was made available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Portion"). Our Company in consultation with the Book Running Lead Managers ("BRLM") had reserved up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (the "Anchor Investor Portion"), Further, not less than 15% of the Issue was made available for a location on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Issue was made available for allocation to RIIs in accordance with the SEBI (ICDR) Regulations, 2018, subject to valid Bids having been received from them at or above the Issue Price. All potential Bidders (except Anchor Investors) were required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process prowling details of their respective bank account (including UPI ID for RIBs using UPI Mechanism), in which the corresponding Bid Amounts were blocked by the SCSBs or the Sponsor Bank, as applicable Anchor Investors were not permitted to participate in the Issue through the ASBA process. For details, see "Issue Procedure" on page 201 of the Prospectus.

The bidding for Anchor Investors opened and closed on Thursday, April 27, 2023.

The Issue (excluding Anchor Investors Portion) received 35,339 Applications for 18,48,17,600 Equity Shares (before technical rejections) resulting in 95.23 times subscription (Including reserved portion of market maker). The details of the Applications received m the Issue from various categories are as under (before technical rejections):

Detail of the Applications Received:

Sr. No. Category No. ofApplications No. of Equity Shares applied Amount(in Rs.) Equity Shares Reserved as per Prospectus No. of timesSubcribed
1. Retail-Individual Investors 26056 41689600 3251664000.00 902400 45.09
2. Non-Institutional Investors 1853 118913600 9274995200.00 387200 306.00
3. Market Maker 1 136000 10608000 00 136000 1.00
4. Qualified Institutional Buyers (Excluding Anchor Investors) 15 10988800 857126400.00 515200 21.33
5 Anchor Investors 2 7,76,000 60278400.00 7,72,800 1.004
Total 27927 172504000 13454672000.00 2713600 87.74

Final Demand:

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

Sr. No. Bid Price Bids Quantity % of Total Cumulative Total % Cumulative Total
1 76.00 84800 0.04 182686400 100.00
2 77.00 9600 0.01 182601600 99.95
3 78.00 152249600 83.34 182592000 99.95
4 CUT OFF 30342400 1661 30342400 16.61
Total 182686400 100.00

The Basis of Allotment was finalised in consultation with the Designated Stock Exchange, being BSE Limited on May 08, 2023

1) Allotment to Retail Individual Investors (After Technical Rejections)
The Basis of Allotment to the Retail Individual Investors, who have Bid at cut-off Price or at or above the Issue Price of Rs. 78.00 per Equity Share, was finalized in consultation with BSE Limited. The category has been subscribed to the extent of 45.09 times The total number of Equity Shares Allotted m this category is 9,02,400 Equity Shares to 564 successful applicants. The details of the Basis of Allotment of the said category is as under:
No. of Shares Applied for (Category wise) No. of Applications Received % of Total Total No. of Shares Applied % to Total No. of Equity Shares Allotted per Applicant Ratio Total No. of Shares Allotted Surplus / Deficit
Retail Individual Investors 25429 100.00 40686400 100.00 1600 12:541 902400 0
2) Allotment to Non-Institutional Investors (After Technical Rejections)
The Basis of Allotment to the Non- Institutional Investors, who have bid at the Issue Price of Rs. 564.00 per Equity Share or above, was finalized in consultation with BSE Limited. The category has been subscribed to the extent of 305.00 times. The total number of Equity Shares Allotted in this category is 387200 Equity Shares to 204 successful applicants. The details of the Basis of Allotment of the said category is as under (Sample Basis):
No of Shares applied (or No. of Applications Received % to Total Total No. of Shares applied in each category % to Total Ration of allottees to applicants Total No. of shares allocated/ alloted Surplus / Deficit
3200 316 17.27 1011200 0.85 1 158 3200 -105
4800 85 4.65 408000 0.34 1 85 1600 267
6400 65 3.55 416000 0.35 1 65 1600 241
8000 75 4.1 600000 0.51 1 75 1600 -361
9600 55 3.01 528000 0.45 1 55 1600 -125
11200 33 1.8 369600 0.31 1 33 1600 392
12800 99 5.41 1267200 1.07 1 33 4800 659
14400 120 6.56 1728000 1.46 1 30 6400 753
16000 112 6.12 1792000 1.51 1 28 6400 544
17600 43 2.35 756800 0.64 2 43 3200 727
19200 23 1.26 441600 0.37 1 23 1600 157
20800 20 1.09 416000 0.35 1 20 1600 241
22400 23 1.26 515200 0.43 1 23 1600 -84
24000 22 1.2 528000 0.45 1 22 1600 -125
25600 27 1.48 691200 0.58 1 27 1600 -659
27200 30 1.64 816000 0.69 2 15 3200 533
28800 14 0.77 403200 0.34 1 14 1600 282
30400 10 0.55 304000 0.26 1 10 1600 607
32000 61 3.33 1952000 1.65 4 61 6400 21
33600 9 0.49 302400 0.26 1 9 1600 612
35200 5 0.27 176000 0.15 0 0 0 -575
36800 8 0.44 294400 0.25 1 8 1600 638
38400 12 0.66 460800 0.39 1 12 1600 94
40000 36 1.97 1440000 1.22 1 12 4800 94
41600 6 0.33 249600 0.21 1 6 1600 784
43200 6 0.33 259200 0.22 1 6 1600 753
44800 4 0.22 179200 0.15 0 0 0 -586
46400 7 0.38 324800 0.27 1 7 1600 539
48000 19 1.04 912000 0.77 2 19 3200 220
49600 5 0.27 248000 0.21 1 5 1600 790
51200 5 0.27 256000 0.22 1 5 1600 763
52800 10 0.55 528000 0.45 1 10 1600 -126
54400 2 0.11 108800 0.09 0 0 0 -356
56000 15 0.82 840000 0.71 2 15 3200 455
57600 7 0.38 403200 0.34 1 7 1600 282
59200 3 0.16 177600 0.15 0 0 0 -580
60800 1 0.05 60800 0.05 0 0 0 -199
62400 5 0.27 312000 0.26 1 5 1600 580
64000 18 0.98 1152000 0.97 1 9 3200 -565
65600 5 0.27 328000 0.28 1 5 1600 528
67200 6 0.33 403200 0.34 1 6 1600 282
68800 1 0.05 68800 0.06 0 0 0 -225
70400 11 0.6 774400 0.65 2 11 3200 669
72000 1 0.05 72000 0.06 0 0 0 -235
73600 1 0.05 73600 0.06 0 0 0 -241
75200 7 0.38 526400 0.44 1 7 1600 -120
76800 7 0.38 537600 0.45 1 7 1600 -157
78400 1 0.05 78400 0.07 0 0 0 -256
80000 17 0.93 1360000 1.15 3 17 4800 356
81600 3 0.16 244800 0.21 0 0 -800
83200 1 0.05 83200 0.07 0 0 0 -272
84800 4 0.22 339200 0.29 1 4 1600 492
86400 2 0.11 172800 0.15 0 0 0 -565
88000 9 0.49 792000 0.67 2 9 3200 612
89600 4 0.22 358400 0.3 1 4 1600 429
91200 1 0.05 91200 0.08 0 0 0 -298
92800 2 0.11 185600 0.16 0 0 0 -607
94400 5 0.27 472000 0.4 1 5 1600 58
96000 9 0.49 864000 0.73 2 9 3200 376
97600 1 0.05 97600 0.08 0 0 0 -319
99200 1 0.05 99200 0.08 0 0 0 -324
100800 1 0.05 100800 0.09 0 0 0 -329
102400 4 0.22 409600 0.35 1 4 1600 261
104000 3 0.16 312000 0.26 1 3 1600 580
108800 6 0.33 652800 0.55 1 6 1600 -533
110400 4 0.22 441600 0.37 1 4 1600 157
112000 8 0.44 896000 0.76 1 4 3200 272
113600 3 0.16 340800 0.29 1 3 1600 486
115200 74 4.04 8524800 7.2 17 74 27200 -659
116800 1 0.05 116800 0.1 0 0 0 -382
120000 2 0.11 240000 0.2 0 0 0 -784
121600 1 0.05 121600 0.1 0 0 0 -397
123200 2 0.11 246400 0.21 0 0 -805
124800 3 0.16 374400 0.32 1 3 1600 376
126400 3 0.16 379200 0.32 1 3 1600 361
128000 9 0.49 1152000 0.97 2 9 3200 -565
129600 16 0.87 2073600 1.75 1 4 6400 -377
132800 1 0.05 132800 0.11 0 0 0 -434
134400 1 0.05 134400 0.11 0 0 0 -439
136000 2 0.11 272000 0.23 1 2 1600 711
140800 2 0.11 281600 0.24 1 2 1600 680
144000 6 0.33 864000 0.73 1 3 3200 376
145600 1 0.05 145600 0.12 0 0 0 -476
147200 2 0.11 294400 0.25 1 2 1600 638
150400 1 0.05 150400 0.13 0 0 0 -491
156800 1 0.05 156800 0.13 0 0 0 -512
158400 1 0.05 158400 0.13 0 0 0 -518
160000 5 0.27 800000 0.68 2 5 3200 586
161600 1 0.05 161600 0.14 0 0 0 -528
163200 1 0.05 163200 0.14 0 0 0 -533
164800 1 0.05 164800 0.14 0 0 0 -539
166400 1 0.05 166400 0.14 0 0 0 -544
171200 2 0.11 342400 0.29 1 2 1600 481
174400 2 0.11 348800 0.29 1 2 1600 460
176000 2 0.11 352000 0.3 1 2 1600 450
177600 2 0.11 355200 0.3 1 2 1600 439
179200 3 0.16 537600 0.45 1 3 1600 -157
180800 3 0.16 542400 0.46 1 3 1600 -173
182400 1 0.05 182400 0.15 0 0 0 -596
184000 2 0.11 368000 0.31 1 2 1600 397
185600 1 0.05 185600 0.16 0 0 0 -607
188800 1 0.05 188800 0.16 0 0 0 -617
190400 1 0.05 190400 0.16 0 0 0 -622
192000 1 0.05 192000 0.16 0 0 0 -627
193600 1 0.05 193600 0.16 0 0 0 -633
196800 1 0.05 196800 0.17 0 0 0 -643
198400 1 0.05 198400 0.17 0 0 0 -648
200000 3 0.16 600000 0.51 1 3 1600 -361
201600 2 0.11 403200 0.34 1 2 1600 282
203200 1 0.05 203200 0.17 0 0 0 -664
204800 1 0.05 204800 0.17 0 0 0 -669
206400 1 0.05 206400 0.17 0 0 0 -675
208000 1 0.05 208000 0.18 0 0 0 -680
209600 1 0.05 209600 0.18 0 0 0 -685
217600 4 0.22 870400 0.73 1 2 3200 356
219200 2 0.11 438400 0.37 1 2 1600 167
222400 1 0.05 222400 0.19 0 0 0 -727
224000 1 0.05 224000 0.19 0 0 0 -732
225600 1 0.05 225600 0.19 0 0 0 -737
227200 1 0.05 227200 0.19 0 0 0 -742
230400 1 0.05 230400 0.19 0 0 0 -753
232000 3 0.16 696000 0.59 1 3 1600 -675
233600 3 0.16 700800 0.59 1 3 1600 -690
236600 3 0.16 710400 0.6 1 3 1600 -722
240000 2 0.11 480000 0.41 1 2 1600 31
243200 1 0.05 243200 0.21 0 0 0 -795
244600 1 0.05 244800 0.21 0 0 -800
246400 1 0.05 246400 0.21 1 1 1600 795
254400 1 0.05 254400 0.21 1 1 1600 769
256000 2 0.11 512000 0.43 1 2 1600 -73
257600 3 0.16 772800 0.65 2 3 3200 674
259200 3 0.16 777600 0.66 2 3 3200 659
264000 1 0.05 264000 0.22 1 1 1600 737
272000 1 0.05 272000 0.23 1 1 1600 711
280000 2 0.11 560000 0.47 1 2 1600 -230
281600 1 0.05 281600 0.24 1 1 1600 680
286400 1 0.05 286400 0.24 1 1 1600 664
288000 2 0.11 576000 0.49 1 2 1600 -282
292800 2 0.11 585600 0.49 1 2 1600 -314
294400 1 0.05 294400 0.25 1 1 1600 638
299200 3 0.16 897600 0.76 2 3 3200 267
304000 2 0.11 608000 0.51 1 2 1600 -387
308800 1 0.05 308800 0.26 1 1 1600 591
315200 1 0.05 315200 0.27 1 1 1600 570
318400 1 0.05 318400 0.27 1 1 1600 559
324800 2 0.11 649600 0.55 1 2 1600 -523
358400 1 0.05 358400 0.3 1 1 1600 429
364800 2 0.11 729600 0.62 1 2 1600 -784
369600 1 0.05 369600 0.31 1 1 1600 392
380800 1 0.05 380800 0.32 1 1 1600 356
384000 2 0.11 768000 0.65 1 1 3200 690
387200 1 0.05 387200 0.33 1 1 1600 335
390400 1 0.05 390400 0.33 1 1 1600 324
406400 1 0.05 406400 0.34 1 1 1600 272
408000 1 0.05 408000 0.34 1 1 1600 267
414400 1 0.05 414400 0.35 1 1 1600 246
424000 1 0.05 424000 0.36 1 1 1600 214
427200 1 0.05 427200 0.36 1 1 1600 204
430400 1 0.05 430400 0.36 1 1 1600 193
433600 2 0.11 867200 0.73 1 1 3200 366
436800 2 0.11 873600 0.74 1 1 3200 345
438400 1 0.05 438400 0.37 1 1 1600 167
446400 1 0.05 446400 0.38 1 1 1600 141
507200 1 0.05 507200 0.43 1 1 1600 -58
545600 1 0.05 545600 0.46 1 1 1600 -183
547200 1 0.05 547200 0.46 1 1 1600 -188
582400 1 0.05 582400 0.49 1 1 1600 -303
584000 1 0.05 584000 0.49 1 1 1600 -309
592000 1 0.05 592000 0.5 1 1 1600 -335
614400 1 0.05 614400 0.52 1 1 1600 -408
619200 1 0.05 619200 0.52 1 1 1600 -424
640000 2 0.11 1280000 1.08 1 1 3200 -983
0 0 1 2 1600 1600
710400 1 0.05 710400 0.6 1 1 1600 -722
747200 1 0.05 747200 0.63 1 1 3200 758
768000 1 0.05 768000 0.65 1 1 3200 690
856000 1 0.05 856000 0.72 1 1 3200 403
872000 1 0.05 872000 0.74 1 1 3200 350
896000 1 0.05 896000 0.76 1 1 3200 272
908800 1 0.05 908800 0.77 1 1 3200 230
928000 1 0.05 928000 0.78 1 1 3200 167
944000 1 0.05 944000 0.8 1 1 3200 115
968000 1 0.05 968000 0.82 1 1 3200 37
1006400 1 0.05 100G400 0.85 1 1 3200 -89
1092800 1 0.05 1092800 0.92 1 1 3200 -371
1280000 1 0.05 1280000 1.08 1 1 4800 617
1281600 2 0.11 2563200 2.16 1 1 6400 -1977
0 0 1 2 1600 1600
1289600 13 0.71 16764800 14.15 1 1 41600 -13188
0 0 8 13 12800 12800
3) Allotment to QIBs excluding Anchor Investors (Alter Technical Rejections):
Allotment to QIBs. who have bid at the Issue Price of Rs. 78.00 per Equity Share or above, has been done on a proportionate basis in consultation with BSE Limited. This category has been subscribed to the extent of 21.33 times of QIB portion. The total number of Equity Shares allotted in the QIB category is 515200 Equity Shares, which were allotted to 15 successful Applicants.
Category FI's/BANK NBFC MF'S 1C AIF FIIs/FPIs OTHERS Total
QIB 75,200 - - - 24,000 2,32,00 1,84,000 5,15,200
4) Allotment to Anchor Investors (After Technical Rejections)
The Company in consultation with the BRLMs have allocated 772800 Equity Shares to 2 Anchor Investors (through 2 Anchor Applications) at the Anchor Investor Issue Price of 78.00 per Equity Share in accordance with the SEBI ICDR Regulations. This represents 60% of the QIB Portion, of the initial Issue size as envisaged at the time of Bid/offer opening.
Category MF's NBFC VCF IC AIF Flls/FPIS Total
Anchor - 387200 385600 - - - 772800

The Board of Directors of our Company at its meeting held on May 09, 2023 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being BSE Limited and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation will be dispatched to the address of the Investors as registered with the depositories. Further, instructions to the SCSBs have been dispatched / mailed for unblocking of funds and transfer to the Public Issue Account on or before May 09, 2023 and payment to non-Syndicate brokers have been issued on May 10, 2023. In case the same is not received within ten days, investors may contact the Registrar to the Issue at the address given below The Equity Shares allotted to the successful allottees shall be uploaded on or before May 10, 2023 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company is in the process of obtaining the listing and trading approval from BSE Limited and the trading of the Equity Shares is expected to commence on May 11, 2023.

Note: All capitalized terms used and not defied herein shall have the respective meanings assigned to them m the Prospectus dated May 05, 2023 filed with the Registrar of Companies, Chennai ("RoC").

INVESTORS.PLEASE NOTE

The details of the allotment made has been hosted on the website of the Registrar to the Issue, Bigshare Services Private Limited at website: https://www.bigshareonline.com/ipo_Allotment.html

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First / Sole Bidder Serial number of the ASBA form, number of Equity Shares bid for, Bidder DP ID, Client ID, PAN, date of submission of the Bid cum Application Form, address of The Bidder, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and copy of the Acknowledgment Slip received from the Designated Intermediary and payment details at the address given below:

wpe43.jpg (1638 bytes) BIGSHARE SERVICES PRIVATE LIMITED
S6-2, 6th Pinnacle Business Park, Mahakali Caves Road, next to Ahura Centre, Andheri East, Mumbai - 400093, Maharashtra, India
Tel. No.: +91 - 22 - 6263 8200 | Website: www.bigshareonline.com | Email: ipo@bigshareonline.com
CIN: U99999MH1994PTC076534 | Contact Person: Mr. Ankit Chindarkar | SEBI Regn. No.: INR000001385
On behalf of Board of Directors
Innokaiz India Limited
Sd/-
Balakrishnan Sukumarbalakrishnan
Place: Chennai Managing Director
Date: May 09, 2023 DIN: 06464374

THE LEVEL OF SUBSCRIPTION SHOULO HOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF INNOKAIZ INDIA LIMITED.

Disclaimer: Innokau India Limited has filed the Prospectus with the RoC on May 08, 2023 and thereafter with SEBI and the Stock Exchanges. The Prospectus is available on the website of SME Platform of BSE Limited at https://www.bsesme.com/ and on the websites ot the BRIM, Gretex Corporate Services Limited at https://gretexcorporate.com/ipo/ Investors should note that investment in Equity Shares involves a high degree of risk and for details relating to the same, please see "Risk Factors" beginning on page 28 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 "Securities Act") or any state securities laws 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 m a transaction not subject to, the registration requirements of the Securities Act and m accordance with any applicable U.S. state securities laws. The Equity Shares are being offered and sold outside the United States in "offshore transactions" in reliance on Regulation under the Securities Act and the applicable laws of each jurisdiction where such offers and sales are made. There will be no public offering in the United States.

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