| 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
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SHASHWAT FURNISHING SOLUTIONS LIMITED |
| CIN: U20299RJ2021PLC073899 |
Our Company was originally incorporated on March 08, 2021 as Shashwat Furnishing Solutions Private Limited vide Registration No. 073899/2020-21 under the provisions of the Companies Act, 2013 with the Registrar of Companies, Central Registration Centre. Subsequently, our Company has acquired the entire running business with the assets and liabilities of M/s Handicrafts Village, sole proprietorship concern of our Promoter Mr. Hitesh Karnawat vide Business Transfer agreement dated June 01, 2021. Further, our Company was converted into Public Limited Company and consequently name of company was changed from "Shashwat Furnishing Solutions Private Limited" to "Shashwat Furnishing Solutions Limited" vide Special resolution passed by the Shareholders at the Extra-Ordinary General Meeting held on August 12, 2021 and afresh certificate of incorporation dated August 27, 2021 issued by the Registrar of Companies, Jaipur. For further details, please refer to chapter titled "History and Corporate Structure" beginning on page 98 of the Prospectus.
| Registered Office: 121. Mahaveer Nagar, Jain Colony, Jodhpur - 342001, Rajasthan, India. |
| Tel. No.: +91-9001269000; E-mail: info@handicraftsvillage.com, Website: www.handicraftsvillage.com |
| Contact Person: Mrs. Ratika Khandelwal, Company Secretary and Compliance Officer. |
| PROMOTER OF THE COMPANY : MR. HITESH KARNAWAT |
| BASIS OF ALLOTMENT |
INITIAL PUBLIC ISSUE OF 5,58,000 EQUITY SHARES OF RS. 10/- EACH ("EQUITY SHARES") OF SHASHWAT FURNISHING SOLUTIONS LIMITED ("SFSL" OR THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF RS. 45/- PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS. 35/- PER EQUITY SHARE (THE "ISSUE PRICE"), AGGREGATING TO RS. 251.10 LAKHS ("THE ISSUE"), OF WHICH UPTO 30,000 EQUITY SHARES OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 45/- PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS. 35/- PER EQUITY SHARE AGGREGATING TO RS. 13.50 LAKH WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKER TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. ISSUE OF UPTO 5,28,000 EQUITY SHARES OF RS. 45/- EACH INCLUDING A SHARE PREMIUM OF RS 35/- PER EQUITY SHARE AGGREGATING TO RS. 237.60 LAKH IS HEREINAFTER REFERREDTO AS THE"NETISSUE". THE ISSUE ANDTHE NET ISSUE WILL CONSTITUTE 26.72% AND25.29%, RESPECTIVELY OFTHE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF THE COMPANY.
In terms of Prospectus dated April 11, 2022 and as per 253(2) of the SEBI (ICDR) Regulations, 2018 wherein allocation in the net offer to the public category shall be; a) Minimum 50% to retail individual investors; and (b) remaining to i) Individual applicants other than retail individual investors; and ii) Other investors including corporate bodies or institutions, irrespective of the number of specified securities applied for, Provided that the unsubscribed portion in either of the categories specified in clauses (a) or (b) above may be allocated to the applicants in the other category.
Explanation: If the retail individual investor category is entitled to more than fifty per cent of the net issue size on proportionate basis, the retail individual investors shall be allocated that higher percentage.
THIS ISSUE IS BEING MADE 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, IN TERMS OF RULE 19(2)(B)(I) OF THE SECURITIES CONTRACTS (REGULATION) RULES, 1957, AS AMENDED (THE "SCRR"), THIS ISSUE IS BEING MADE FOR AT LEAST 25% OF THE POST-ISSUE PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. THIS ISSUE ISA FIXED PRICE ISSUE AND ALLOCATION IN THENETISSUE TO THE PUBLIC WILL BE MADE INTERMS OF REGULATION 253 OF THE SEBI (ICDR) REGULATIONS, 2018, AS AMENDED.
| THE FACE VALUE OF THE EQUITY SHARES IS Rs. 10.00 EACH AND THE ISSUE PRICE IS Rs. 45.00 THE ISSUE PRICE IS Rs. 4.5 TIMES OF THE FACE VALUE. |
| ISSUE OPENED ON: WEDNESDAY, APRIL 20, 2022 AND ISSUE CLOSED ON: MONDAY, APRIL 25, 2022 |
| PROPOSED LISTING: MAY 04, 2022 |
The Equity Shares offered through the Prospectus are proposed to be listed on the SME Platform of BSE Limited ("BSE" i.e. "BSE SME") in terms of the Chapter IX of the SEBI ICDR Regulation, 2018 as amended from time to time. Our Company has received an in-principle approval letter dated March 16, 2022 from BSE for using its name in this offer document for listing of our shares on the SME Platform of BSE ("BSE SME"). For the purpose of this Issue, the Designated Stock Exchange will be the BSE Limited.
The trading is proposed to be commenced on or about May 04, 2022*
*Subject to receipt of listing and trading approvals from the BSE Limited.
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").
SUBSCRIPTION DETAILS
The issue has received 521 applications for 20,43,000 Equity Shares resulting in 3.66 times subscription (including reserved portion of market maker). The details of the applications received in the issue (before technical rejections) are as follows:
Detail of the Applications Received (Before Technical Rejection but after application not banked):
| CATEGORY | NUMBER OF APPLICATIONS | % | NUMBER OF EQUITY SHARES | % | SUBSCRIPTION (TIMES) |
| Market Makers | 01 | 0.19 | 30,000 | 1.47 | 1.00 |
| Retail Individual Investors | 467 | 89.64 | 14,01,000 | 68.57 | 5.31 |
| Other than Retail Individual Investors | 53 | 10. 17 | 6,12,000 | 29.96 | 2.32 |
| TOTAL | 521 | 100.00 | 20,43,000 | 100.00 | 3.66 |
The details of applications rejected by the Registrar on technical grounds (including withdrawal) are detailed below:
| Category | No. of Applications | No. of Equity Shares |
| Market Makers | Nil | Nil |
| Retail Individual investors | 15 | 45,000 |
| Other than Retail Individual Investors | 1 | 6000 |
| Total | 16 | 51,000 |
After eliminating technically rejected applications, the following tables give us category wise net valid applications:
| Category | No. of Applications | % | Reserved Portion (as per Prospectus) | No. of Valid Shares applied | % of Total Applied | Subscription (Times) |
| Market Maker | 1 | 100 | 30,000 | 30,000 | 100 | 100 |
| Total | 1 | 100 | 30,000 | 30,000 | 100 | 100 |
| Category | No. of Applications | % | Reserved Portion (as per Prospectus) | Proportionate Issue Size (After rounding off) | No. of Valid Shares applied | % of Total Applied | Subscription (Times) |
| Retail Individual Investors | 452 | 89.68 | 2,64,000 | 3,66,000 | 13,56,000 | 69.11 | 3.70 |
| Other than Retail Individual Investors | 52 | 10.32 | 2,64,000 | 1,62,000 | 6,06,000 | 30.89 | 374 |
| Total | 504 | 700.00 | 5,28,000 | 5,28,000 | 19,62,000 | 100.00 |
ALLOCATION: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - BSE Limited on April 28, 2022
| A. | Allocation to Market Maker (After Technical Rejections & Withdrawal): The Basis of Allotment to the Market Maker, at the issue price of Rs. 45 per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 30,000 Equity shares. |
The category wise details of the Basis of Allotment are asunder:
| No. of Shares Applied for (Category wise) | No. of Applications received | % to total | Total No. of Equity Shares applied in this Category | "%of total | Proportionate Shares Available | Allocation per Applican (Before Rounding Off) | Allocation per Applican (After Rounding Off) | Ratio of Allottees to Applicant Ratio 1 | Ratio of Allottees to Applicant Ratio 2 | Number of Successful applicants (after rounding off | Total No. of Equity Shares allocated/ allotted | No. of Shares Surplus/ Deficit |
| 30,000 | 1 | 100.00 | 30,000 | 100.00 | 30,000 | 30,000 | 30,000 | 1 | 1 | 1 | 30,000 | - |
| TOTAL | 1 | 100.00 | 30,000 | 100.00 | 30,000 | 30,000 | 30,000 | 1 | 1 | 1 | 30,000 | - |
| 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. 45 per Equity Share, was finalized in consultation with BSE. The category was subscribed by 3.70 times i.e. for 13,56,000 Equity Shares. Total number of shares allotted in this category is 3,66,000 Equity Shares to 122 successful applicants. |
The category wise details of the Basis of Allotment are as under:
| No. of Shares Applied for (Category wise) | No. Of Applications received | % to total | Total No. of Equity Shares applied in this Category | % or total | Proportionate Shares Available | Allocation per Applicant (Before Rounding Off) | Allocation per Applicant (After Rounding Off) | Ratio of Allottees to Applicant Ratio 1 | Ratio of Allottees to Applicant Ratio 2 | Number of Successful applicants (after rounding off | Total No. of Equity Shares allocated/ allotted | No. of Shares Surplus/ Deficit |
| 3000 | 452 | 100.00 | 13,56,000 | 100.00 | 3,66,000 | 809.73 | 3000 | 61 | 226 | 122 | 3,66,000 | 0 |
| TOTAL | 452 | 100.00 | 13 56,000 | 100.00 | 3,66,000 | 122 | 3,66,000 | 0 |
| 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 45 per Equity Share, was finalized in consultation with BSE. The category was subscribed by 3.74 times i.e. for 6,06,000 shares the total number of shares allotted in this category is 1,62,000 Equity Shares to 36 successful applicants. |
The category wise details of the Basis of Allotment are as under:
| No. of Shares Applied for (Category wise) | No. of Applications received | to total | Total No. of Equity Shares applied in this Category | % of total | Proportionate Shares Available | Allocation per Applicant (Before Rounding Off) | Allocation per Applicant (After Rounding Off) | Ratio of Allottees to Applicant: Ratio 1 | Ratio of Allottees to Applicant: Ratio 2 | Serial Number of Qualifying applicants | Number of Successfu applicants (after rounding off) | Total No. of Equity Shares allocated/ allotted | No. Of Shares Surplus/ Deficit |
| 6,000 | 32 | 61.54 | 1,92,000 | 31.68 | 51,327 | 1603.96 | 3,000 | 17 | 32 | 3,5,7,11,14, 15,17,18,19, 20,21,22,24, 25,29,31,32 | 17 | 51000 | -327 |
| 9,000 | 7 | 13.46 | 63,000 | 10.40 | 16,842 | 2405.94 | 3,000 | 6 | 7 | 2,3,4,5,6,7 | 6 | 18000 | 1158 |
| 12,000 | 6 | 11.54 | 72,000 | 11.88 | 19,248 | 3207.92 | 3,000 | 1 | 1 | 6 | 18000 | -1248 | |
| 15,000 | 4 | 7.69 | 60,000 | 9.90 | 16,040 | 4009.90 | 3,000 | 1 | 1 | 4 | 12000 | -4040 | |
| 3,000 | 1 | 4 | 4 | 3,000 | 3000 | ||||||||
| 18,000 | 1 | 1.92 | 18,000 | 2.97 | 4,812 | 4811.88 | 6,000 | 1 | 1 | 1 | 6,000 | 1188 | |
| 99,000 | 1 | 1.92 | 99,000 | 16.34 | 26,465 | 26465.35 | 27,000 | 1 | 1 | 1 | 27,000 | 535 | |
| 1,02,000 | 1 | 1.92 | 1,02,000 | 16.83 | 27,267 | 27267.33 | 27,000 | 1 | 1 | 1 | 27,000 | -267 | |
| TOTAL | 52 | 100.00 | 6,06,000 | 100.00 | 1,62,000 | 36 | 1,62,000 | 0 |
Additional lot of 3000 shares have been allotted to categories 15000 in the ratio of 1:4
The Board of Directors of the Company at its meeting held on April 28, 2022 has approved the Basis of Allocation of Equity Shares as approved by the Designated Stock Exchange viz. BSE and in meeting held on April 29, 2022 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 April 29, 2022. Further, the instructions to Self Certified Syndicate Banks for unblocking the amount will process on or prior to April 28, 2022. 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 SME Platform of BSE Limited (BSE SME) within six 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 April 11, 2022 ("Prospectus")
INVESTORS, PLEASE NOTE
The details of the allotment made would also be hosted on the website of the Registrar to the issue, KFIN TECHNOLOGIES LIMITED at www.kfintech.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:
| KFIN TECHNOLOGIES LIMITED | For SHASHWAT FURNISHING SOLUTIONS LIMITED | |
| Selenium Building, Tower-B, Plot No 31 & 32, Financial District, | On behalf of the Board of Directors Sd/- | |
| Nanakramguda, Serilingampally, Hyderabad, Rangareddi, Telangana-500032 India. | MR. HITESH KARNAWAT | |
| Tel. No.: +91-40-6716-2222 • Fax No.: +91-40-2343-1551 * Email: shashwat.ipo@kfintech.com | Chairman & Managing Director | |
| Website: www.kfintech.com • Investor Grievance Email: einward.ris@kfintech.com | DIN: - 09097273 | |
| Contact Person: M Murali Krishna • SEBI Registration No.: INR000000221 | ||
| Date: April 30, 2022 | Place: Jodhpur | |
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHERTHE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF SHASHWAT FURNISHING SOLUTIONS LIMITED.
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