| Basis of Allotment |
THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT.
|
Z-TECH (INDIA) LIMITED |
| Corporate Identification Number: U74899DL1994PLC062582 |
Our Company m s incorporated as a Private Limited Company with the name of "Z-Tech (India) Private Limited' under the Companies Act, 1956 vide certificate of incorporation dated November 09,1994, issued by Registrar of Companies, Delhi, bearing registration no. 62582. Further, our Company was converted into a Public Limited Company in pursuance of a special resolution passed by the members of our Company at the Extra-Ordinary General Meeting held on November 20,2023 and the name of our Company changed from "Z-Tech (India) Private Limited' to "Z-Tech (India) Limited' & Registrar of Companies, Delhi has issued a new certificate of incorporation consequent upon conversion dated January 11, 2024, bearing CIN U74899DL1994PLC062582..
| .Registered Office. Plot 140, Khasra No. 249, Mangla Puri, Gadaipur, South-West Delhi, New Delhi-110030, India |
| Tel: 011-35017243, Fax: N.A., Website: http://www.ztech-india.com/ E-mail: cs@ztech-india.com |
| Company Secretary and Compliance Officer: Mr. Ashish Goel |
| PROMOTERS: MS. SANGHAMITRA BORGOHAIN AND M/S TERRAMAYA ENTERPRISES PRIVATE LIMITED |
| Our Company has filed the Prospectus dated June 03,2024, (the "Prospectus") with the Registrar of Companies, Delhi (ROC), and the equity shares (as defined hereinafter) are proposed to be listed on the Emerge platform of National |
| Stock Exchange of India Limited ("NSE") and the listing and trading of the Equity Shares (a defined hereinafter) expected to commence on June 05,2024. |
| BASIS OF ALLOTMENT |
INITIAL PUBLIC OFFERING OF UP TO 33,91,200 EQUITY SHARES OF RS. 10/- EACH ("EQUITY SHARES") OF Z-TECH (INDIA) LIMITED ("ZTIL" OR THE "COMPANY") FOR CASH AT A PRICE OF RS. 110/- PER EQUITY SHARE (THE "ISSUE PRICE"), AGGREGATING TO RS. 3730.32 LAKHS ("THE ISSUE"). OUT OF THE ISSUE, 1,70,400 EQUITY SHARES AGGREGATING TO RS. 187.44 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKER ("MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS THE MARKET MAKER RESERVATION PORTION I.E. ISSUE OF 32,20,800 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH AT AN ISSUE PRICE OF RS. 110/- PER EQUITY SHARE AGGREGATING TO RS. 3542.88 LAKHS IS HEREINAFTER REFERRED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 26.50 % AND 25.17% RESPECTIVELY OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.
| FOR FURTHER DETAILS, KINDLY REFER TO THE CHAPTER TITLED "TERMS OF THE ISSUE" BEGINNING ON PAGE 327 OF THE PROSPECTUS. |
| TH E FACE V A LU E OF TH E EQ U IT Y SH A R E IS Rs. 10 EACH AND TH E ISSU E PRICE IS Rs. 110/- |
| ANCHOR INVESTOR ISSU E PRICE: RS. 110/- PER EQ U ITY SHARE |
| THE ISSU E PRICE IS 11.00 TIM ES OF THE FACE VALUE OF TH E EQ U ITY SHARES- |
ISSUE PERIOD |
BID/ISSUE OPENED ON: WEDNESDAY, MAY 29, 2024 |
| BID/ISSUE CLOSED ON: FRIDAY, MAY 31, 2024 | |
| PROPOSED LISTING: WEDNESDAY, JUNE 05, 2024* |
* Subject to the receipt of listing and trading approval from NSE Emerge .
The Issue is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read with Regulation 229 of the SEBIICDR Regulations and in compliance with Regulation 253 of SEBI (ICDR) Regulations, wherein not more than 50.00% of the Net Issue was made available for allocation on a proportionate basis to QIBs ("QIB Portion'). Further, not less than 15.00% of net issue was made available for allocation on proportionate basis to Non- Institutional Investors and not less than 35.00% of the Net Issue was made available for allocation to Retail Individual Bidders, in accordance with SEBI ICDR Regulations, subject to valid bids being received at the issue price. All potential Bidders are required to mandatorily utilize the Application Supported by Blocked Amount (‘ASBA') process providing details of their respective ASBA accounts, and UPI ID in case of RIBs using the UPI Mechanism, if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or by the Sponsor Bank under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Issue through the ASBA process. For details, see "Issue Procedure " beginning on page 336 of this Prospectus.
The Equity Shares offered through the Prospectus are proposed to be listed on Emerge Platform of NSE ("NSE Emerge") in terms of Chapter IX of the Securities and Exchange Board of India (Issue of Capital And Disclosure Requirements) Regulations, 2018 (the ‘SEBI (ICDR) regulations"), as amended read with rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended. Our company has received In Principle approval letter dated May 15,2024, from National Stock Exchange of India Limited ("NSE") tor using its name in the Offer Document tor listing of our shares on Emerge Platform of NSE. It is to be distinctively understood that the permission given by National Stock Exchange of India Limited (‘NSE") should not in any way be deemed or construed that the content of the Prospectus or the price at which equity shares are offered has been cleared, solicited or approved by NSE, nor does it certify the correctness, accuracy or completeness of any of the content of the Prospectus. The investors are advised to refer to the prospectus for the full text of the Disclaimer clause pertaining to NSE. For the purpose of this Issue, the Designated Stock Exchange will be National Stock Exchange of India Limited ("NSE"). The trading is proposed to commence on June 05,2024*.
"Subject to the listing and trading approval from Emerge Platform o f NSE .
All Applicants were allowed to participate in the issue through APPLICATION SUPPORTED BY BLOCKED AMOUNT ("ASBA") process by providing the details of the respective bank accounts in which the corresponding application amounts were blocked by Self Certified Syndicate Banks (the "SCSBs") or through UPI Mechanism.
SUBSCRIPTION DETAILS
The Company received 05 Anchor Investor Application Forms from 05 Anchor Investors for 11,94,000 Equity Shares. Such 05 Anchor Investors through 05 Anchor Investor Application Forms were allocated 9,64,800 Equity Shares at a price of Rs. 110/- per Equity Share under the Anchor Investor Portion, aggregating to Rs. 10,61,28,000/- DETAILS OF APPLICATIONS
The issue has received 3,24,954 applications, excluding Anchor Investors, (before technical rejections) tor 83,80,74,000 equity shares resulting in subscription of 345.40 times (including reserved portion of Market Maker). The details of the applications received in the issue (before technical rejections but after applications not banked) are as follows: Detail of the Applications Received:
| Category | Before Technical Rejections & Withdrawals* | After Technical Rejections & Withdrawals | ||
| No of Applications | No of equity shares | No of Applications | No of equity shares | |
| Retail Individual Applicants | 2,96,716 | 35,60,77,200 | 2,90,741 | 34,88,89,200 |
| Non-institutional Investors | 28,176 | 40,43,83,200 | 27,657 | 39,97,76,400 |
| QIBs Category (Excluding Anchor Investor) | 61 | 7,74,43,200 | 61 | 7,74,43,200 |
| Market Maker | 1 | 1,70,400 | 1 | 1,70,400 |
| Total | 3,24,954 | 83,80,74,000 | 3,18,460 | 82,62,79,200 |
"This includes applications from Retail Individual which were not in book but excludes not banked bids. Final Demand: A summary of the final demand as at different Bid price is as under:
| Sr. No. | Bid Price | No Of Equity Shares | % of Total | Cumulative Total | Cumulative % of Total |
| 1 | 104 | 531600 | 0.06 | 531600 | 0.06 |
| 2 | 105 | 146400 | 0.02 | 678000 | 0.07 |
| 3 | 106 | 69600 | 0.01 | 747600 | 0.08 |
| 4 | 107 | 120000 | 0.01 | 867600 | 0.09 |
| 5 | 108 | 283200 | 0.03 | 1150800 | 0.12 |
| 6 | 109 | 391200 | 0.04 | 1542000 | 0.17 |
| 7 | 110 | 711082800 | 77.22 | 712624800 | 77.39 |
| Cutoff Price (110) | 208212000 | 22.61 | 920836800 | 100.00 | |
| Total | 920836800 | 100 |
The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE Emerge on June 03,2024.
A. Allocation to Market Maker (After Technical Rejections & Withdrawal): The Basis of Allotment to the Market Maker, at the issue price of Rs. 110/- per Equity Share, was finalized in consultation with NSE. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 1,70,400 Equity shares. The category wise details of the Basis of Allotment are as under:
| No. of Shares applied for (Category Wise) | Number of applications received | % to Total | Total No. of Shares applied in each category | % to Total | Ratio of allottees to applicants |
Number of Successful applicants (after rounding off) | % to Total | Total No. of Shares allocated/ allotted | % to Total | |
| 170400 | 1 | 100.00 | 1,70,400 | 100.00 | 1 | 1 | 1 | 100.00 | 1,70,400 | 100.00 |
| 1 | 100.00 | 1,70,400 | 100.00 | 1 | 100.00 | 1,70,400 | 100.00 | |||
B. Allocation to Retail Individual Investors (After Technical Rejections & Withdrawal): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs. 110/-per Equity Share, was finalized in consultation with NSE. The category was subscribed 309.30 times i.e. for 34,88,89,200 Equity Shares. Total number of shares allotted in this category is 11,28,000 Equity Shares.
The category wise details of the Basis of Allotment are as under:
| No. of Shares applied for (Category Wise) | Number of applications received | % to Total | Total No. of Shares applied in each category | % to Total | Ratio of allottees to applicants | Number of Successful applicants (after rounding off) | Total No. of Shares allocated/ allotted |
| 1200 | 2,90,741 | 100.00 | 34,88,89,200 | 100.00 | 940:290741 | 940 | 11,28,000 |
| 2,90,741 | 100.00 | 34,88,89,200 | 100.00 | 940 | 11,28000 |
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. 110/- per Equity Share, was finalized in consultation with NSE. The category was subscribed by 826.67 times i.e. application received tor 39,97,76,400 equity shares & the total number of shares allotted in this category is 4,83,600 Equity Shares to 390 successful applicants.
The category wise details of the Basis of Allotment are as under (Sample basis):
| No. of Shares applied for (Category wise) | Number of applications received | % to total | Total No. of Shares applied in each category | % to total | Ration of allottees to applicants |
Number of successful applicants(after rounding) | Total No. of shares allocated/alloted | |
| 2400 | 12119 | 44.41 | 29085600 | 7.27 | 29 | 12119 | 29 | 34800 |
| 3600 | 2503 | 9.05 | 9010800 | 2.25 | 9 | 2503 | 9 | 10800 |
| 4800 | 1084 | 3.92 | 5203200 | 1.3 | 5 | 1084 | 5 | 6000 |
| 6000 | 950 | 3.43 | 5700000 | 1.42 | 3 | 475 | 6 | 7200 |
| 7200 | 1213 | 4.39 | 8733600 | 2.18 | 9 | 1213 | 9 | 10800 |
| 8400 | 1707 | 6.17 | 14338800 | 3.58 | 14 | 1707 | 14 | 16800 |
| 9600 | 3172 | 11.47 | 30451200 | 7.61 | 31 | 3172 | 31 | 37200 |
| 10800 | 519 | 1.88 | 5605200 | 1.4 | 2 | 173 | 6 | 7200 |
| 12000 | 861 | 3.11 | 10332000 | 2.58 | 10 | 861 | 10 | 12000 |
| 13200 | 332 | 1.2 | 4382400 | 1.09 | 1 | 83 | 4 | 4800 |
| 18000 | 375 | 1.36 | 6750000 | 1.68 | 7 | 375 | 7 | 8400 |
| 24000 | 181 | 0.65 | 4344000 | 1.08 | 4 | 181 | 4 | 4800 |
| 30000 | 84 | 0.3 | 2520000 | 0.63 | 1 | 28 | 3 | 3600 |
| 44400 | 45 | 0.16 | 1998000 | 0.49 | 2 | 45 | 2 | 2400 |
| 45600 | 49 | 0.18 | 2234400 | 0.55 | 2 | 49 | 2 | 2400 |
| 68400 | 8 | 0.03 | 547200 | 0.13 | 1 | 8 | 1 | 1200 |
| 90000 | 39 | 0.14 | 3510000 | 0.87 | 4 | 39 | 4 | 4800 |
| 91200 | 28 | 0.1 | 2553600 | 0.63 | 3 | 28 | 3 | 3600 |
| 96000 | 12 | 0.04 | 1152000 | 0.28 | 1 | 12 | 1 | 1200 |
| 98400 | 15 | 0.05 | 1476000 | 0.36 | 1 | 15 | 1 | 1200 |
| 100800 | 1 | 0 | 100800 | 0.02 | 0 | 1 | 0 | 0 |
| 116400 | 9 | 0.03 | 1047600 | 0.26 | 1 | 9 | 1 | 1200 |
| 120000 | 25 | 0.09 | 3000000 | 0.75 | 3 | 25 | 3 | 3600 |
| 122400 | 6 | 0.02 | 734400 | 0.18 | 1 | 6 | 1 | 1200 |
| 136800 | 8 | 0.03 | 1094400 | 0.27 | 1 | 8 | 1 | 1200 |
| 146400 | 4 | 0.01 | 585600 | 0.14 | 1 | 4 | 1 | 1200 |
| 160800 | 5 | 0.02 | 804000 | 0.2 | 1 | 5 | 1 | 1200 |
| 553200 | 1 | 0 | 553200 | 0.13 | 1 | 1 | 1 | 1200 |
| 567600 | 1 | 0 | 567600 | 0.14 | 1 | 1 | 1 | 1200 |
| 568800 | 1 | 0 | 568800 | 0.14 | 1 | 1 | 1 | 1200 |
| 570000 | 1 | 0 | 570000 | 0.14 | 1 | 1 | 1 | 1200 |
| 687600 | 2 | 0.01 | 1375200 | 0.34 | 1 | 2 | 1 | 1200 |
| 688800 | 1 | 0 | 688800 | 0.17 | 1 | 1 | 1 | 1200 |
| 691200 | 2 | 0.01 | 1382400 | 0.34 | 1 | 2 | 1 | 1200 |
| 692400 | 1 | 0 | 692400 | 0.17 | 1 | 1 | 1 | 1200 |
| 693600 | 1 | 0 | 693600 | 0.17 | 1 | 1 | 1 | 1200 |
| 1090800 | 2 | 0.01 | 2181600 | 0.54 | 1 | 1 | 2 | 2400 |
| 1334400 | 1 | 0 | 1334400 | 0.33 | 1 | 1 | 1 | 1200 |
| 1611600 | 16 | 0.06 | 25785600 | 6.45 | 1 | 1 | 16 | 19200 |
| 1611600 | Lottery | 5 | 8 | 0 | 12000 | |||
D. Allocation to QIB Category (Excluding Anchor Investor)
Allotment to QIB, who have bid at the issue price of Rs.110/- per Equity Share, was finalized in consultation with NSE. The Basis of the Issue has received 61 Applications for 7,74,43,200 equity shares, whereas 16,09,200 shares were reserved for QIBs. The allotment was made to 59 applicants tor 64,44,00 equity shares.
The category wise details of the Basis of Allotment are as under:
| No. of Shares applied for (Category wise) | Number of applications received | % to total | Total No. of Shares applied in each category | % to total | Ration of allottees to applicants |
Number of successful applicants(after rounding) | Total No. of shares allocated/alloted | |
| 74400 | 1 | 1.64 | 74400 | 0.09 | 0 | 1 | 0 | 0 |
| 76800 | 1 | 1.64 | 76800 | 0.09 | 0 | 1 | 0 | 0 |
| 96000 | 1 | 1.64 | 96000 | 0.12 | 1 | 1 | 1 | 1200 |
| 132000 | 1 | 1.64 | 132000 | 0.17 | 1 | 1 | 1 | 1200 |
| 144000 | 1 | 1.64 | 144000 | 0.18 | 1 | 1 | 1 | 1200 |
| 182400 | 2 | 3.25 | 364800 | 0.47 | 1 | 1 | 2 | 2400 |
| 182400 | 1 | 2 | 0 | 1200 | ||||
| 435600 | 1 | 1.64 | 435600 | 0.56 | 1 | 1 | 1 | 3600 |
| 454800 | 1 | 1.64 | 454800 | 0.58 | 1 | 1 | 1 | 3600 |
| 462000 | 1 | 1.64 | 462000 | 0.59 | 1 | 1 | 1 | 3600 |
| 544800 | 1 | 1.64 | 544800 | 0.7 | 1 | 1 | 1 | 4800 |
| 628800 | 1 | 1.64 | 628800 | 0.81 | 1 | 1 | 1 | 4800 |
| 644400 | 1 | 1.64 | 644400 | 0.83 | 1 | 1 | 1 | 4800 |
| 800400 | 1 | 1.64 | 800400 | 1.03 | 1 | 1 | 1 | 7200 |
| 832800 | 1 | 1.64 | 832800 | 1.07 | 1 | 1 | 1 | 7200 |
| 866400 | 1 | 1.64 | 866400 | 1.11 | 1 | 1 | 1 | 7200 |
| 908400 | 6 | 9.84 | 5450400 | 7.03 | 1 | 1 | 6 | 43200 |
| 908400 | 1 | 3 | 0 | 2400 | ||||
| 909600 | 2 | 3.28 | 1819200 | 2.34 | 1 | 1 | 2 | 14400 |
| 909600 | 1 | 2 | 0 | 1200 | ||||
| 954000 | 1 | 1.64 | 954000 | 1.23 | 1 | 1 | 1 | 8400 |
| 1052400 | 1 | 1.64 | 1052400 | 1.35 | 1 | 1 | 1 | 8400 |
| 1092000 | 1 | 1.64 | 1092000 | 1.41 | 1 | 1 | 1 | 9600 |
| 1122000 | 1 | 1.64 | 1122000 | 1.44 | 1 | 1 | 1 | 9600 |
| 1136400 | 1 | 1.64 | 1136400 | 1.46 | 1 | 1 | 1 | 9600 |
| 1226400 | 2 | 3.28 | 2452800 | 3.16 | 1 | 1 | 2 | 19200 |
| 1226400 | 1 | 2 | 0 | 1200 | ||||
| 1272000 | 3 | 4.92 | 3816000 | 4.92 | 1 | 1 | 3 | 28800 |
| 1272000 | 2 | 3 | 0 | 2400 | ||||
| 1278000 | 1 | 1.64 | 1278000 | 1.65 | 1 | 1 | 1 | 10800 |
| 1279200 | 6 | 9.84 | 7675200 | 9.91 | 1 | 1 | 6 | 57600 |
| 1279200 | 5 | 6 | 0 | 6000 | ||||
| 1393200 | 1 | 1.64 | 1393200 | 1.79 | 1 | 1 | 1 | 12000 |
| 1818000 | 1 | 1.64 | 1818000 | 2.34 | 1 | 1 | 1 | 15600 |
| 1857600 | 1 | 1.64 | 1857600 | 2.39 | 1 | 1 | 1 | 15600 |
| 1909200 | 1 | 1.64 | 1909200 | 2.46 | 1 | 1 | 1 | 15600 |
| 2227200 | 1 | 1.64 | 2227200 | 2.87 | 1 | 1 | 1 | 18000 |
| 2253600 | 2 | 3.28 | 4507200 | 5.82 | 1 | 1 | 2 | 36000 |
| 2253600 | 1 | 2 | 0 | 1200 | ||||
| 2254800 | 3 | 4.92 | 6764400 | 8.73 | 1 | 1 | 3 | 54000 |
| 2254800 | 2 | 3 | 0 | 2400 | ||||
| 2256000 | 10 | 16.39 | 22560000 | 29.13 | 1 | 1 | 10 | 180000 |
| 2256000 | 3 | 5 | 0 | 7200 | ||||
E. Allocation to Anchor Investor (After Technical Rejection): The company in consultation with BRLM had allotted 9,64,800 Equity Shares to 5 (Five) Anchor Investor at an Issue price of Rs. 110/- per share in accordance with SEBI (ICDR) Regulations, 2018.
The category wise details of the Basis of Allotment are as under:
| Category | FIS/Banks | MF's | IC's | NBFC's | AIF | FPI | Others | Total |
| Allotment | - | - | - | - | 2 | 3 | - | 5 |
The Board of Directors of the Company at its meeting held on June 03,2024, has approved the Basis of Allocation of Equity Shares as approved by the Designated Stock Exchange viz. NSE and has authorized the corporate action for issue of the Equity Shares to various successful applicants.
The CAN-cum-allotment advices and/or notices will be forwarded to the email id's and address of the Applicants as registered with the depositories / as filled in the application form on or before June 03,2024. Further, the instructions to Self-Certified Syndicate Banks tor unblocking the amount will be processed on or prior to June 04,2024. 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 tor trading on the Emerge Platform of NSE Limited (NSE Emerge) within three 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 June 03,2024 (" Prospectus")
| INVESTORS. PLEASE NOTE |
| The details of the allotment made would also be hosted on the website of the Registrar to the issue, MAASHITLA SECURITIES PRIVATE LIMITED at https://maashitla.com/allotment-status/public-issues. |
| All future correspondence in this regard may kindly be 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: |
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| MAASHITLA SECURITIES PRIVATE LIMITED |
| Address: 451, Krishna Aprs Business Square, Netaji Subhash Place, Pitampura, Delhi -110034, India |
| Telephone: 011-45121795 |
| Email: ipo@maashitla.com |
| Website: www.maashitla.com |
| Contact Person: Mr. MukulAgrawal |
| SEBI Registration Number: INR000004370 |
| CIN: U67100DL2010PTC208725 |
| For Z-Tech (India) Limited | |
| On Behalf of the Board of Directors | |
| Sd/- | |
| Ms. Sanghamitra Borgohain | |
| Place: Delhi | Managing Director |
| Date: June 04,2024 | DIN: 08578955 |
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 Z-TECH (INDIA)LIMITED.
Note: All capitalized terms used and not defined herein shall have same meanings assigned to them in the Prospectus.
Disclaimer: Z TECH (INDIA) LIMITED has filed the Prospectus with ROC on June 03,2024, and thereafter with SEBI and Stock Exchanges. The Prospectus is available on the Website of SEBI at www.sebi.gov.in and website of LM, Namolia Financial Services Limited at www.narnolia.com. Investors should note that investment Equity Shares involve a high degree of risk and tor details relating to the same, please see "Risk Factor" beginning on page 26 of the Prospectus.
The Equity Shares have not been and will not be registered under U.S. Securities Act of 1993, 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 United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in 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 Regulations under Securities Act and the applicable laws of each jurisdiction where such offers and sales were made. There will be no public offering in the United States.
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