Our future success depends on our ability to promote our brand and protect our reputation. Our failure to establish and promote our brand and any damage to our reputation will hinder our growth.

• The Merchant Banker associated with the Issue has handled 25 public issue in the past three years out of which none of the Issue closed below the Issue Price on listing date.

The Issue was being made through the Book Building Process, in terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read with Regulation 253 of the SEBI ICDR Regulations, as amended, wherein not more than 50% of the Net Issue was 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 has allocated upto 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations ("Anchor Investor Portion"). Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-lnstitutional Bidders and not less than 35% of the Net Issue was made available for allocation to Retail Individual Bidders in accordance with the SEBI (ICDR) Regulations, subject to valid Bids being received 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 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 were not permitted to participate in the Issue through the ASBA process. For details, see Issue Procedure"beginning on page 235 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 the National Stock Exchange of India Limited. The trading is proposed to be commenced on or before Tuesday, September 26,2023*

The bidding for Anchor Investors opened and closed on Friday, September 15, 2023. The Company received 6 Anchor Investors applications for 17,16,000 Equity Shares. The Anchor Investor Allocation price was finalized at Rs. 70/- per Equity Share. A total of 9,66,000 Equity Shares were allotted under the Anchor Investors portion aggregating to Rs. 6,76,20,000/-.

The Issue (excluding Anchor Investors Portion) received 3,52,930 Applications for 1,00,62,10,000 Equity Shares (after bid not blocked cases and before rejection) resulting 413.39770 times subscription (including reserved portion of market maker). The details of the Applications received in the Issue from various categories are as under (before rejections):

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being National Stock Exchange of India Limited (NSE Emerge) on September 2 2 ,2 0 2 3 .

Note : 1 Additional lot of 2000 shares have been allotted to categories 1440000,1602000 & 1616000 in the ratio of 1 :3 ,1 :2 & 0:19

The Board of Directors of our Company at its meeting held on September 22, 202 3 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being NSE 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 September 2 5 ,2 0 2 3 . 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 September 25, 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 NSE and the trading of the Equity Shares is expected to commence trading on September 2 6 ,2 0 2 3 .

This is with reference to disclosure in respect of Material Documents mentioned on page 272 of the Prospectus. The date mentioned for certificate on KPIs issued by our Statutory Auditors should be read as July 28, 2023 in? on KPIs issued by our Statutory Auditors should be read as July 28, 2023 instead of July 27, 2023. Similarly all the references to the date of KPI Certificate on page 81 and 272 of the prospectus should be read as KPI Certificate dated July 28, 2023.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,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:iignated Intermediary and payment details at the address given below:

Disclaimer. MADHUSUDAN MASALA LIMITED has filed the Prospectus dated September 22, 2023 with the RoCand thereafter with SEBI and the Stock Exchange. The Prospectus is available on the website of the BRLM, Hem Securities Limited at www.hemsecurities.com  and the Company at www. madhusudanmasala. com, and shall also be a vail able on the website of the NSE and SEBI. 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 25 of the Prospectus.