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

	SAJ HOTELS LIMITED
	(Formerly known as Saj Hotels Private Limited)
	Corporate Identification Number: U55101PN1981PLC023814

Saj Hotels Limited was, originally, incorporated as a private limited company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated February 4,1981 bearing Corporate Identity no. U55101PN1981PTC023814 issued by Registrar of Companies, Maharashtra at Bombay.:. Subsequently our Company was converted from a private limited company to Public Limited Company pursuant to Special Resolution passed at the Extraordinary General Meeting by the shareholders of the Company on October 5,2023 and the name of our Company was changed to "Saj Hotels Limited' A fresh certificate of incorporation consequent to conversion was issued on November 3,2023 by the Registrar of Companies. Pune bearing Corporate Identity Number U55101PN1981PLC023814.

INITIAL PUBLIC ISSUE OF UPTO 42.50,000 EQUITY SHARES OF FACE VALUE OF ? 10/- EACH OF SAJ HOTELS LIMITED (THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF ? 65/- PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF ? 55/- PER EQUITY SHARE (THE "ISSUE PRICE") AG<5GREGATING TO ? 2.762.50 LAKHS ("THE ISSUE"), OF WHICH 2,14,000 EQUITY SHARES OF FACE VALUE OF ? 10/- EACH FOR CASH AT A PRICE OF ? 65/- PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF ? 55/- PER EQUITY SHARE AGGREGATING TO ? 139.10 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKEI:M TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS THE MARKET MAKER RESERVATION PORTION I.E. 40,36,000 EQUITY SHARES OF FACE VALUE OF ? 10/- EACH AT A PRICE OF ? 65/- PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF? 55/- PER EQUITY SHARE AGGREGATING TO ? 2,623.40 LAKHS IS HEIEREIN AFTER REFERRED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 26.36% AND 25.03% RESPECTIVELY OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.

1. Our Company has incurred losses in the one out of the three previous financial years.

2. Our Company has had negative cash flow in the past and may continue to have negative cash flows in the future.

3. Our Company requires significant amount of working capital for a continued growth. Our inability to meet our working capital requirements may have an adverse effect on our results of operations, financial condition and cash flows.

4. Our Company, promoters of the Company, directors of the Company and our group companies are parties to certain litigation and claims. These legal proceedings are pending at different levels of adjudication before the respective courts and regulatory authorities. Any adverse decision may make us or our promoters/directors or group companies liable to liabilities'penalties and may adversely affect our reputation, business, and financial status.

5. A parcel of land on which one of our resort property is constructed (Saj in the Forest. Pench) is taken on leasehold basis under a Joint Venture arrangement. If we are unable to comply with the terms of such arrangement our business, results of operations, financial condition and cash flows may be adversely affected.

6. One of our properties is situated in proximity to the Pench National Park. may be subject to regulatory as well as government restrictions which might adversely affect our business and financial position.

7. Our Company has entered into long-term lease deeds with various third parties to receive lease rentals/ license fee for the resort' restaurant properties. If these agreements are terminated or not renewed, our business, results of operations, financial condition and cash flows may be adversely affected.

8. A portion of our resort bookings originate from online travel agents and intermediaries. In the event such companies continue to gain market share compared to our direct booking channels or our competitors are able to negotiate more favourable terms with such online travel agents and intermediaries, our business and results of operations may be adversely affected.

9. The Merchant Banker associated with the offer has handled only two public issues in past and it was not closed below the issue price on listing date.

10. The average cost of acquisition of Equity Shares by our Promoters is as follows:

11. The weighted average cost of acquisition of all shares transacted in last one year, last eighteen months, and last three years preceding the date of the prospectus is as follows:

Specific attention of the investors is invited to the section titled "Risk Factors " beginning on page number 22 of the Prospectus.

THIS ISSUE WAS MADE IN TERMS OF REGULATION 229(2) 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)(I) OF THE Si SECURITIES CONTRACTS (REGULATION) RULES. 1957 AS AMENDED, WHEREIN OFFER WAS FOR AT LEAST 25% OF THE POST - ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY. THIS OFFER WAS MADE THROUGH A FIXEO PRICE OFFER AND ALLOCATION IN THE NET OFFER TO THE PUBLIC ARE MADE IN TERMS OF REGULATION 25:'53 OF THE SEBIICDR REGULATIONS. FOR FURTHER DETAILS, PLEASE REFER CHAPTER TITLED ‘ISSUE PROCEDURE1' BEGINNING ON PAGE 300 OF THE PROSPECTUS

The Equity shares ollered through prospectus are proposed to be listed on SME platform of NSE Limited ("NSE Emerge*). Our Company has received in-Principle approval letter dated August 14,2024 from NSE for using its name in this offer document and for listing of our shares on NSE Emerge. For the purpose of the be the NSE Limited (*NSE*). The trading is proposed to be commenced on Monday, October 07,2024 (Subject to the receipt of listing and trading approval from NSE Limited).

All Applicants were allowed to participate in the Issue through APPLICATIONS SUPPORTED BY BLOCKED AMOUNT ("ASBA•) process by providing the details of their respective bank accounts in which the corresponding application amounts were blocked by Self Certified Syndicate Banks (the *SCSBs‘).

‘Subject to the receipt of listing and trading approval from NSE Limited

The net offer has received 17.991 applications before technical rejections for 3.97.36.000 equity shares resulting in 9.35 times. The details of the applications received in the issue (before technical rejections but after applications not banked) are as follows:

Details of the Applications Received:

A. Allocation to Market Maker (After Technical Rejections & Withdrawal): The Basis of Allotment to the Market Maker, at the issue price of Rs. 65,'- per Equity Share, v/as finalised in consultation with NSE. The category was subscribed by 1 times. The total number of shares allotted in this category is 2.14,000 Equity shares. The category wise details of the Basis of Allotment are as under:

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.65/- per Equity Share, was finalized in consultation with NSE. The category was subscribed by 4 11 times i.e. for 1.74.68.000 Equity Shares. Total number of shares allotted in this category is 3242000 Equity Shares to 1621 successful Allottee. The category wise details of the Basis of Allotment are as under

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. 65/- per Equity Share, was finalized in consultation with NSE. The category v/as subscribed by 1.01 times i.e. applications received for 42.88,000 shares & the total number of shares allotted in this category is 794000 Equity Shares to 306 successful Allottee.

The Board of Directors of the Company at its meeting held on October 03,2024 & October 04.2024 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 has been 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 October 04.2024. Further, the instructions to Self Certified Syndicate Banks for unblocking the amount has been processed on October 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 for trading on the Emerge Platform of NSE Limited (NSE Emerge) within three working days from the date of the closure of the issue.

The details of the allotment made would also be hosted on the website of the Registrar to the Issue SATELLITE CORPORATE SERVICES PRIVATE LIMITED at www.satellitecorporate.com. 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:

REGISTRAR TO THE ISSUE
	SATELLITE CORPORATE SERVICES PRIVATE LIMITED
	CIN: U65990MH1994PTC077057
	Contact Person: Michael Monteiro
	Contact Number: 022-28520461/462
	E-mail: service@satellitecorporate.com
	Investor Grievance E-Mail: investorsemce@satellitecorporate.com
	Website: www.satellitecorporate.com
	SEBI Registration No.: INR000003639
	Address: A-106/107 Dattani Plaza. East West Indl. Compound Andheri Kurla Road, Sated Pool, Sakinaka, Mumbai, Maharashtra - 400072
LEAD MANAGER
	CORPWIS ADVISORS PRIVATE LIMITED
	CIN: U74900MH2014PTC322723
	Contact Person: Mr. Vishal Kumar Garg
	Telephone: +91 -22-4972 9990
	Email: ipo@corpvris.com
	Investors Grievance Email Id: investors@corpwis.com
	Website: www.corpwis.com
	SEBI Regn. No.: INM000012962
	Address: G-07, Ground Floor, The Summit Business Park, . Andheri Kurla Road, Andheri East, Mumbai - 400 093

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF SAJ HOTELS LIMITED.

The Prospectus is available on the website of SEBI at www.sebi.gov.in; the website of Stock Exchange at mvw.nseindia.com. the website of Lead Managerat www.corpwis.com and the website of the Issuer Company at www.sajresorts.com. Investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section titled "Risk Factors" beginning on the page no 22 of the Prospectus.

The Equity Shares have not been and will not be registered underthe U.S. Securities Act of 1933, as amended (the "U.S. Securities Act*), and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to. the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold only (i) to persons in the United States that are 'qualified institutional buyers' (as defined in Rule 144A underthe U.S. Securities Act) in transactions exempt from or not subject to the registration requirements of the U.S. Securities Act in reliance on Rule 144A, and (ii) outside the United States in "offshore transactions" (as defined in Regulations) in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur.

Note; All capitalized terms used and not defined herein shall have same meanings assigned to them in the Prospectus.