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Panache Digilife IPO Details

Issue Open Apr 11, 2017
Issue Close Apr 17, 2017
IPO Price ₹81
Face Value ₹10
IPO Size ₹14.58 Cr
Listing At NSE SME
IPO Lot Size 1600

PANACHE DIGILIFE LIMITED

(Formerly known as VARDHAMAN TECHNOLOGY LIMITED)

Our Company was originally incorporated as 'Vardhaman Technology Private Limited' at Mumbai, Maharashtra as a Private Limited Company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated March 30, 2007 bearing Corporate Identification Number U72200MH2007PTC169415 issued by Registrar of Companies, Maharashtra, Mumbai. Subsequently, our Company was converted into Public Company pursuant to Shareholders resolution passed at the Extraordinary General Meeting of our Company held on January 23,2017 and the name of our company was changed to 'Vardhaman Technology Limited' and a fresh Certificate of Incorporation Consequent upon Conversion from Private Company to Public Company dated February 15,2017 was issued by the Registrar of Companies, Mumbai, Maharashtra. Further, the name of our Company was changed to 'Panache Digilife Limited' and a Certificate of Incorporation pursuant to change of name dated February 22,2017 was issued by the Registrar of Companies, Maharashtra, Mumbai. The Corporate Identification Number (CIN) of our Company is U72200MH2007PLC169415. For details of incorporation, change of name and registered office of our Company, please refer to chaptertitled 'General Information' and 'Our History and Certain Other Corporate Matters' beginning on page 66 and 167 respectively of the Prospectus.

Registered Office: Unit No. 201/8, Raheja Plaza-1, L.B.S. Marg, Ghatkopar (West), Mumbai - 400086, Maharashtra.
Tel. No.: +91 22-25007502; Fax No.: +91 22-25007502; E-mail: compliance@panachedigilife.com; Website: www.panachedigilife.com
Contact Person: Jinkle Khimsaria, Company Secretary and Compliance Officer

PROMOTERS OF OUR COMPANY: AMIT RAMBHIA & NIKIT RAMBHIA

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFER CONSISTING OF FRESH ISSUE OF 18,00,000 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FULLY PAID FOR CASH AT A PRICE OF RS. 81 PER EQUITY SHARE (THE 'ISSUE PRICE') (INCLUDING A SHARE PREMIUM OF RS. 71 PER EQUITY SHARE) AGGREGATING UP TO RS. 1,458.00 LAKHS (THE 'ISSUE'), OF WHICH 92,800 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 81/- PER EQUITY SHARE, AGGREGATING RS. 75.17 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER TO THE ISSUE (THE 'MARKET MAKER RESERVATION PORTION'). THE ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. ISSUE OF 17,07,200 EQUITY SHARES OF FACE VALUE OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 81/- PER EQUITY SHARE, AGGREGATING RS. 1,382.83 LAKHS IS HEREINAFTER REFERED TO AS THE 'NET ISSUE'. THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 30.00% AND 28.45% RESPECTIVELY OF THE FULLY DILUTED POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.

RISKS TO INVESTORS:

1. As on date of the Prospectus, the average cost of acquisition per Equity Share by our Promoters viz. Nikit Rambhia is Rs 0.71 and Amit Rambhia is Rs. 0.71 In terms of Prospectus dated April 18,2017 and as per Regulation 43(4) of SEBI (ICDR) Regulations, 2009 wherein
(a) minimum of 50% of the Net Offer to Public shall initially be made available to Retail Individual Investors
(b) the balance net offer of shares to the public shall be made available for allotment to
(i) individual applicants other than retail investors and
(ii) other investors including corporate bodies/ institutions irrespective of no. of shares applied for.
(c) the unsubscribed portion of the net offer to any one of the categories specified in (a) or (b) shall/may be made available for allocation in any other category, if so required.
Explanation: for the purpose of Regulation 43(4) of SEBI (ICDR) Regulations, 2009, if the retail individual investor is entitled to more than fifty percent, on proportionate basis, the retail individual investors shall be allocated that higher percentage. All Investors have participated in this offer through ASBA process. For details in this regards, specific attention is invited to chapter 'Issue Procedure' on page 287 of the Prospectus.

THE FACE VALUE OF EQUITY SHARES IS RS. 10/- EACH.
THE ISSUE PRICE IS RS. 81/- AND IS 8.1 TIMES THE FACE VALUE OF THE EQUITY SHARES
ISSUE OPENED ON: TUESDAY, APRIL 11, 2017 AND CLOSED ON: MONDAY, APRIL 17, 2017

The Equity Shares of our Company issued through the Prospectus are proposed to be listed on the EMERGE Platform of National Stock Exchange of India Limited ('NSE EMERGE'). In terms of the Chapter XB of the SEBI (ICDR) Regulations, 2009 as amended from time to time. Our Company has received an approval letter dated March 21,2017 from NSE for using its name in the Issue document for listing of our shares on the EMERGE Platform of National Stock Exchange of India Limited. For the purpose of this Issue, EMERGE Platform of the National Stock Exchange of India Limited shall be the Designated Stock Exchange.

SUBSCRIPTION DETAILS

The Issue has received 1,491 applications for 41,74,400 Equity shares (Before Technical Rejections, bids not banked and invalid duplicate bids) including Market Maker Application of 92,800 Equity Shares. The issue was subscribed to the extent of 2.32 times as per the application data (before technical rejection, bids not banked and invalid duplicate bids). After considering the technical rejections cases, the issue was subscribed 2.21 times. The details of application received (Before Technical Rejection but after bids not banked and invalid duplicate bids)

CATEGORY NUMBER OF APPLICATIONS NUMBER OF EQUITY SHARES SUBSCRIPTION
Market Makers 1 92,800 1.00
Other than Retail Individual Investors 63 16,89,600 1.98
Retail Individual Investors 1,413 22,60,800 2.65
TOTAL 1,477 40,43,200 2.25

Final Demand

Sr.No. Bid Price No. of Equity Shares Bid % to total Cumulative total % of Cumulative total
1. 75.00 20,800 0.50 20,800.00 0.50
2. 76.00 3,200 0.08 24,000.00 0.57
3. 78.00 8,000 0.19 32,000.00 0.77
4. 79.00 4,800 0.11 36,800.00 0.88
5. 81.00 37,34,400 89.46 37,71,200.00 90.34
6. CUT-OFF 4,03,200 9.66 41,74,400.00 100.00
Total 41,74,400 100.00

ALLOCATION: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - EMERGE Platform of the National Stock Exchange of India Limited on April 20,2017
A. Allocation to Market Maker (After Technical Rejections): The Basis of Allotment to the Market Maker, at the issue price of Rs. 81/- per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 92,800 Equity shares in full out of reserved portion of 92,800 Equity Shares.
B. Allocation to Retail Individual Investors (After Technical Rejections): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs. 81/- per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 2.27 times. Total number of shares allotted in this category is 9,69,600 Equity Shares. The category wise basis of allotment is as under:

No. of Shares
Applied for
(Category wise)
No. of
Applications
received
%
to
total
Total No. of
Equity Shares
applied
%
to
total
Proportionate
Shares
Available
Allocation per
Applicant (Before
Rounding Off)
Allocation per
Applicant (After Rounding Off)
Ratio of
Allottees to the
Applicants
Total No. of
Equity Shares
allotted
Surplus/ (Deficit)
1,600 1,377 100 22,03,200 100 9,69,000 704.14 1,600 606:1377 9,69,000 0

C. Allocation to Other than Retail Individual Investor (After Technical Rejection): The Basis of Allotment to other than Retail Individual Investors, at the issue price of Rs 81/- per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 2.27 times. Total number of shares allotted in this category is 7,37,600 Equity Shares. The category wise basis of allotment is as under:

No. of Shares
Applied for
(Category wise)
No. of
Applications
received
%
to
total
Total No.of
Equity Shares
applied
%
to
total
Proportionate
Shares
Available
Allocation per
Applicant (Before
Rounding Off)
Allocation per
Applicant (After Rounding Off)
Ratio of
Allottees to the
Applicants
Total No. of
Equity Shares
allotted
Surplus/ (Deficit)
3,200 4 6.56 12,800 0.76 5,631 1,407.63 1,600 1:1 6,400 769
4,800 4 6.56 19,200 1.15 8,446 2,111.45 1,600 1:1 6,400 -2,046
6,400 6 9.84 38,400 2.29 16,892 2,815.27 3,200 1:1 19,200 2,308
8,000 3 4.92 24,000 1.43 10,557 3,519.08 3,200 1:1 9,600 -957
9,600 4 6.56 38,400 2.29 16,892 4,222.90 4,800 1:1 19,200 2,308
11,200 7 11.48 78,400 4.68 34,487 4,926.72 4,800 1:1 33,600 -887
12,800 4 6.56 51,200 3.05 22,522 5,630.53 6,400 1:1 25,600 3,078
14,400 1 1.64 14,400 0.86 6,334 6,334.35 6,400 1:1 6,400 66
16,000 1 1.64 16,000 0.95 7,038 7,038.17 6,400 1:1 6,400 -638
19,200 3 4.92 57,600 3.44 25,337 8,445.80 8,000 1:1 24,000 -1,337
24,000 4 6.56 96,000 5.73 42,229 10,557.25 9,600 1:1 38,400 -3,829
24,000 1,600 2:4 3,200 3,200
25,600 5 8.20 1,28,000 7.63 56,305 11,261.07 11,200 1:1 56,000 -305
28,800 2 3.28 57,600 3.44 25,337 12,668.70 12,800 1:1 25,600 263
30,400 1 1.64 30,400 1.81 13,373 13,372.52 12,800 1:1 12,800 -573
38,400 2 3.28 76,800 4.58 33,783 16,891.60 16,000 1:1 32,000 -1,783
48,000 1 1.64 48,000 2.86 21,115 21,114.50 20,800 1:1 20,800 -315
49,600 3 4.92 1,48,800 8.87 65,455 21,818.32 22,400 1:1 67,200 1745
62,400 1 1.64 62,400 3.72 27,449 27,448.85 27,200 1:1 27,200 -249
64,000 1 1.64 64,000 3.82 28,153 28,152.67 28,800 1:1 28,800 647
1,53,600 4 6.52 6,14,400 36.64 2,70,265 67,566.41 67,200 1:1 2,68,800 -1,465

The Board of Directors of the Company at its meeting held on April 21,2017 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock Exchange viz. National Stock Exchange of India Limited and authorized corporate action for allotment of shares in dematerialized form to various successful applicants. The CAN and allotment advice and/or notices shall be dispatched to the address of the Applicants as registered with the depositories / as filled in the application form on or before April 25,2017. Further, the instructions to SCSBs shall be issued on April 21,2017 for unblocking of funds. The Equity Shares allocated to successful applicants are being credited to their beneficiary accounts subjectto validation of the account details with the depositories concerned. In case the same is not received within prescribed time, Investors may contact the registrar to the Issue at the address given below. The Company is taking steps to get the Equity Shares admitted for trading on the EMERGE Platform of the National Stock Exchange of India Limited within six working days from the date of the closure of the Issue. The trading is proposed to commence on or before April 25,2017 subject to receipt of listing and trading approvals from NSE.
INVESTORS PLEASE NOTE

The details of the allotment made will be hosted on the website of the Registrarto the Issue at www.bigshareonline.com. All future correspondence in this regard may kindly be addressed to the Registrar quoting full name of the First/ Sole applicant, 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:

BIGSHARE SERVICES PRIVATE LIMITED
E/2, Ansa Industrial Estate, Sakivihar Road, Sakinaka, Andheri (East), Mumbai - 400 072.
Tel: +91 22 40430200;Fax: +91 22 28475207
E-mail: ipo@bigshareonline.com; Website: www.bigshareonline.com
Investor Grievance Id: investor@bigshareonline.com
Contact Person: Babu Raphael;  SEBI Registration No.: INR000001385

Date: April 21,2017

Place: Mumbai, Maharashtra

For Panache Digilife Limited
On behalf of the Board of Directors
Sd/-
Amit Rambhia
Managing Director

Panache Digilife IPO Basis of Allotment FAQs

Check the basis of allotment document above to know about how the shares are allocated in Panache Digilife IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

The Panache Digilife IPO basis of allotment (published above) tells you how shares are allocated to you in Panache Digilife IPO and category wise demand of IPO share.

Visit the Panache Digilife IPO allotment status page to check the number of shares allocated to your application.

Check the basis of allotment document above to know about how the shares are allocated in Panache Digilife IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).