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May 10, 2022 - May 12, 2022

Prudent Corporate Advisory Services IPO Basis of Allotment

PRUDENT CORPORATE ADVISORY SERVICES LIMITED

Our Company was incorporated on June 4, 2003, as 'Prudent Corporate Advisory Services Limited', a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation issued by the Registrar of Companies.

Gujarat at Ahmedabad, Our Company commenced its operations pursuant to a certificate for commencement of business dated June 20, 2003, issued by the RoC. For details of the change in the Registered Office of our Company, see the section titled "History and Certain Corporate Matters" on page 166 of the Prospectus dated May 14, 2022 ("Prospectus").

Registered Office: Prudent House, 3 Devang Park Society, Panjarapole Cross Road, Ambawad, Ahmedabad - 380 015, Gujarat; Tel: +91 79 4020 9600
Corporate Office: 3rd Floor, HUB Town Solaris, Telli Gaily Junction, NS Marg, Andheri East, Mumbai 400069, Maharashtra; Tel: +91 22 4212 4600, Contact Person: Dhavalkumar Ghefia, Company Secretary and Compliance Officer
E-mail: cs@prudentcorporate.com, Website: www.prudentcorporate.com; Corporate Identity Number: U91120GJ2003PLC042458
OUR PROMOTER SANJAY SHAH

Our Company has filed the Prospectus with the RoC, SEBI, BSE Limited ("BSE") and National Stock Exchange of India Limited ("NSE") and the Equity Shares are proposed to be listed on the BSE and NSE and the trading will commence on or about Friday, May 20, 2022.

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFER OF 68,08,820# EQUITY SHARES OF FACE VALUE OF Rs. 5 EACH (THE "EQUITY SHARES") OF PRUDENT CORPORATE ADVISORY SERVICES LIMITED (OUR "COMPANY") FOR CASH AT A PRICE OF Rs. 630* PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 625 PER EQUITY SHARE) AGGREGATING TO Rs. 4282.84 MILLION (THE "OFFER"), COMPRISING AN OFFER FOR SALE OF 65,95,381 EQUITY SHARES AGGREGATING TO Rs. 4148.58 MILLION BY WAGNER LIMITED ("WAGNER") AND 2,13,439 EQUITY SHARES AGGREGATING TO Rs. 134.26 MILLION BY SHIRISH PATEL (TOGETHER WITH WAGNER, THE "SELLING SHAREHOLDERS"). THE OFFER INCLUDED A RESERVATION OF 113,835 EQUITY SHARES AGGREGATING TO Rs. 65.00 MILLION (CONSTITUTING UP TO 0.27% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY) FOR PURCHASE BY ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION"). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS HEREINAFTER REFERRED TO AS THE "NET OFFER". THE OFFER AND THE NET OFFER CONSTITUTES AT LEAST 16.44% AND 16.17% OF OUR POSTOFFER PAID-UP EQUITY SHARE CAPITAL, RESPECTIVELY.

* Based on Basis of Allotment as approved by BSE, Designated Stock Exchange

* A discount of Rs. 59 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion

OFFER PRICE:
Rs. 630 PER EQUITY SHARE OF FACE VALUE OF Rs. 5 EACH ANCHOR INVESTOR OFFER PRICE:
Rs. 630 PER EQUITY SHARE THE OFFER PRICE IS 126 TIMES THE FACE VALUE OF THE EQUITY SHARES
Risks to Investors
The Three BRLMs associated with the Offer have handled 65$ public issues in the past three Fiscal Years, out of which 22 issues closed below the offer price on the listing date.
The Price/Earnings ratio based on diluted EPS for Fiscal 2021 for our Company at higher end of the price band is 57.59 and Price/Earnings ratio of CNX Nifty as on the date of Red Herring Prospectus dated May 2, 2022 ("RHP") is 21.87.
Weighted Average Return on Net Worth for Fiscals 2021, 2020 & 2019 is 26.83%.
Average cost of acquisition of Equity Shares for the Selling Shareholders ranges from Rs. 0.13 per Equity Share to Rs. 150.94 per Equity Share and Offer Price at upper end of the Price Band is Rs. 630 per Equity Share.
Details of acquisition of all Equity Shares transacted in last three years and one year preceding from date of RHP:
Period Weighted Average Cost of Acquisition (in Rs.) Upper End of the Price Band (Rs.630) is 'X' times the Weighted Average Cost of Acquisition Range of acquisition price: Lowest Price - Highest Price (in Rs.)
Last 1 year Nil* NA Nil
Last 3 years Nil* NA Nil

* Acquired pursuant to bonus issue on August 3, 2021 and/or pursuant to conversion of compulsorily convertible preference shares on November 30, 2021.

$: as on date of RHP

BID/OFFER PERIOD: OPENED ON: TUESDAY, MAY 10, 2022
CLOSED ON: THURSDAY, MAY 12, 2022
ANCHOR INVESTOR BID OFFER PERIOD WAS:
MONDAY, MAY 09, 2022

The Offer has been made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, (the "SCRR" read with Regulation 31 of the SEBI ICDR Regulations. The Offer has been made through the Book Building Process, in compliance with Regulation 6(1) of the SEBI ICDR Regulations, where not more than 50% of the Net Offer was available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Category"), provided that our Company and Selling Shareholders in consultation with the BRLMs, allocated up to 60% of the QIB Category to Anchor Investors, on a discretionary basis (the "Anchor Investor Portion"), of which one-third was reserved for domestic Mutual Funds, subject to valid Bids having been received from domestic Mutual Funds at or above the price at which Equity Shares are allocated to Anchor Investors. Further, 5% of the QIB Category (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual Funds only and the remainder of the QIB Category was available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price Further, not less than 15.00% of the Net Offer was made available for allocation to Non-Institution Bidders, of which (a) one third of such portion was reserved for applicants with application size of more than Rs.200,000 and up to Rs.1 million: and (b) two third of such portion was reserved for applicants with application size of more than Rs. 1 million, provided that the unsubscribed portion in either of such sub-categories was allocated to applicants in the other sub category of Non- Institutional Bidders and not less than 35.00% of the Net Offer was made available for allocation to Retail Individual Bidders ("RIBs") in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received at or above the Offer Price. All potential Bidders (other than Anchor investors) were required to mandatory participate in this Offer through the Application Supported by Block Amount ("ASBA") process and were required to provide details of their respective bank account (including UPI ID for UPI Bidders using the UPI Mechanism) in which the Bid Amount was blocked by the SCSBs or the Sponsor Bank under the UPI Mechanism, as the case may be. Anchor Investors were not permitted to participate in the Offer through the ASBA process. For details, specific attention is invited to 'Offer Procedure' on page 329 of the Prospectus. The bidding for Anchor Investor opened and closed on Monday, May 09, 2022. The Company received 24 applications from 15 Anchor Investors for 27,77,825 Equity Shares. The Anchor investor price was finalized at Rs. 630 per Equity Share. A total of 2,530,651 Equity Shares were allocated under the Anchor Investor Offer Price aggregating to Rs. 1,594,310,130,00.

The Offer received 42,868 applications for 71,34,301 Equity Shares (prior to technical rejections) resulting in 0.8345 times subscription. The details of the applications received in the Offer from various categories are as under. (before technical rejections):

Category No. of Applications No. of Equity Shares applied Shares Reserved as per Prospectus No. of times Subscribed Amount (Rs)
A. Retail Investors 41,753 11,68,584 29,52,427 0.3958 73,58,88,358.00
B. HNI upto 10 Lac 218 80,799 4,21,775 0.1916 5,08,84,395.00
C. HNI above 10 Lac 127 8,63,374 8,43,551 1.0235 54,39,25,620.00
D. Employee Reservation 735 1,23,119 1,13,835 1.0816 7,03,00,995.00
E. QIB 11 21,20,600 16,87,101 1.2569 1,33,59,78,000.00
F. Anchor Investors 24 27,77,825 25,30,651 1.0977 1,75,00,29,750.00
TOTAL 42,866 71,34,301 85,49,340 0.8345 4,46,70,07,118.00

Final Demand

A summary of the final demand as at different Bid prices is as under:

Sr. No. Rate Shares % to total Cumulative Total Cumulative to Total
1. 595 37,007 0.50 37,007 0.50
2. 596 2,001 0.03 39,008 0.53
3. 597 966 0.01 39,974 0.54
4. 598 529 0.01 40,503 0.55
5. 599 690 0.01 41,193 0.56
6. 600 13,248 0.18 54,441 0.74
7. 601 621 0.01 55,062 0.75
8. 602 184 0.00 55,246 0.75
9. 603 230 0.00 55,476 0.75
10. 604 161 0.00 55,637 0.76
11. 605 1,955 0.03 57,592 0.78
12. 606 184 0.00 57,776 0.78
13. 607 69 0.00 57,845 0.79
14. 608 115 0.00 57,960 0.79
15. 609 299 0.00 58,259 0.79
16. 610 6,164 0.08 64,423 0.87
17. 611 276 0.00 64,699 0.88
18. 612 552 0.01 65,251 0.89
19. 613 184 0.00 65,435 0.89
20. 614 161 0.00 65,596 0.89
21. 615 3,358 0.05 68,954 0.94
22. 616 161 0.00 69,115 0.94
23. 617 184 0.00 69,299 0.94
24. 618 322 0.00 69,621 0.94
25. 619 69 0.00 69,690 0.95
26. 620 4,807 0.07 74,497 1.01
27, 621 345 0.00 74,842 1,02
28. 622 115 0.00 74,957 1.02
29. 623 207 0.00 75,164 1.02
30. 624 46 0.00 75,210 1.02
31. 625 2,254 0.03 77,464 1.05
32. 626 138 0.00 77,602 1.05
33. 627 207 0.00 77,809 1.06
34. 628 1,196 0.02 79,005 1.07
35. 629 1,656 0.02 80,661 1.09
36. 630 36,38,769 52.11 39,19,430 53.20
37. 9,999 34,47,884 46.80 73,67,314 100.00
TOTAL 73,67,314 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being BSE on May 18, 2022.

A. Allotment to Retail Individual Bidders (after technical rejections) (including ASBA Applications)

The Basis of allotment to the Retail individual Bidders, who have Bid at the Cut-Off Price or at the Offer Price of Rs. 630 per Equity Share, was finalized in consultation with the Designated Stock Exchange, being BSE. This category has been subscribed to the extent of 0.3744 times. The total number of Equity Shares Allotted in Retail Portion is 11,05,242 Equity Shares to 39,550 successful. Retail Individual Bidders, The category-wise details of the Basis of Allotment are as under:

Category No. of Applications Received % of Total Total No. of Equity Shares applied % to Total No. of Equity Shares allotted per Bidder Ratio Total No. of Equity Shares allotted
23 36,414 92.07 8,37,522 75.78 23 1:1 837,522
46 1,824 4.61 83,904 7.59 46 1:1 83,904
69 451 1.14 31,119 2.82 69 1:1 31,119
92 194 0.49 17,848 1.61 92 1:1 17,848
115 190 0.48 21,850 1.98 115 1:1 21,850
138 69 0.17 9,522 0.86 138 1:1 9,522
161 81 0.20 13,041 1.18 161 1:1 13,041
184 17 0.04 3,128 0.28 184 1:1 3,128
207 8 0.02 1,656 0.15 207 1:1 1,656
230 60 0.15 13,800 1.25 230 1:1 13,800
253 8 0.02 2,024 0.18 253 1:1 2,024
276 6 0.02 1,656 0.15 276 1:1 1,656
299 228 0.58 66,172 6.17 299 1:1 68,172
TOTAL 39,550 100.00 11,05,242 100.00 11,05,242

B. Allotment to Non-Institutional Bidders (After Technical Rejections) (Upto 10 lacs)

The Basis of allotment to the Non-Institutional Bidders, who have Bid at the Offer Price of Rs. 630 per Equity Share, was finalized in consultation with the Designated Stock Exchange, being BSE The Non-Institutional Portion has been subscribed to the extent of 0.1876 times. The total number of Equity Shares Allotted in the category is 79,143 Equity Shares to 213 successful Non- Institutional Bidders. The category-wise details of the Basis of Allotment are as under:

Category No. of Applications Received % of Total Total No. of Equity Shares applied % to Total No. of Equity Shares allotted per Bidder Ratio Total No. of Equity Shares allotted
322 177 83.10 56,994 72.01 322 1:1 56,994
345 12 5.63 4,140 5.23 345 1:1 4,140
368 5 2.35 1,840 2.32 368 1:1 1,840
460 1 0.47 460 0.58 460 1:1 460
483 2 0.94 966 1.22 483 1:1 956
506 1 0.47 506 0.64 506 1.1 506
575 1 0.47 575 0.73 575 1:1 575
621 1 0.47 621 0.78 621 1:1 621
690 2 0.94 1,380 1.74 690 1:1 1,380
782 3 1.41 2,346 2.96 782 1:1 2,346
805 1 0.47 805 1.02 805 1:1 805
851 2 0.94 1,702 2.15 851 1:1 1,702
1,012 1 0.47 1,012 1.28 1,012 1:1 1,012
1,035 1 0.47 1,035 1.31 1,035 1:1 1,035
1,587 3 1.41 4,761 6.02 1,587 1:1 4,761
TOTAL 213 100 79,143 100 79,143

C. Allotments Non-Institutional Bidders (After Technical Rejections) (Above 10 lacs)

The Basis of Allotment to the Non-Institutional Bidders, who have Bid at the Offer Price of Rs 630 per Equity Share, was finalized in consultation with the Designated Stock Exchange, being BSE. The Non-Institutional Portion has been subscribed to the extent of 0.7245 times. The total number of Equity Shares Allotted in this category is 859,349 Equity Shares to 126 successful Non- Institutional Bidders. The category-wise details of the Basis of Allotment re as under:

Category No. of Applications Received % of Total Total No. of Equity Shares applied % to Total No. of Equity Shares allotted per Bidder Ratio Total No. of Equity Shares allotted
1,610 108 85.71 1,73,880 20.23 1,610 1:1 173,880
2,990 1 0.79 2,990 0.35 2,990 1:1 2,990
3,450 2 1.59 6,900 0.80 3,450 1:1 6,900
4,761 1 0.79 4,761 0.55 4,761 1:1 4,761
7,935 1 0.79 7,935 0.92 7,935 1:1 7,935
8,993 4 3.17 35,972 4.19 8,993 1:1 35,972
31,740 1 0.79 31,740 3.69 31,740 1:1 31,740
39,675 2 1.59 79,350 9.23 39,675 1:1 79,350
39,698 1 0.79 39,698 4.62 39,698 1:1 39,698
79,350 4 3.17 3,17,400 36.93 79,350 1:1 3,17,400
1,58,723 1 0.79 158,723 18.47 1,58,723 1:1 1,58,723
TOTAL 126 100 859,349 100 859,349

D. Allotment to Eligible Employees: (Upto Rs. 2,00,000)

The Basis of Allotment to the Eligible Employees, who have Bid at the Offer Price of Rs 630 (including discount of Rs. 59 per Equity Share offered to Eligible Employees) per Equity Share, was finalized in consultation with the Designated Stock Exchange, being BSE. The Employee Reservation Portion has been subscribed to the extent of 0.7668 times, times. The total number of Equity Shares Allotted in this category is 87,285 Equity Shares to 517 success Eligible Employees. The category-wise details of the Basis of Allotment are as under:

Category No. of Applications Received % of Total Total No. of Equity Shares applied % to Total No. of Equity Shares allotted per Bidder Ratio Total No. of Equity Shares allotted
23 110 21.28 2,530 2.90 23 1:1 2,530
46 75 14.51 3,450 3.95 46 1:1 3,450
69 24 4.64 1,656 1.90 69 1:1 1,656
92 41 7.93 3,772 4.32 92 1:1 3,772
115 18 3.48 2,070 2.37 115 1:1 2,070
138 12 2.32 1,656 1.90 138 1:1 1,656
161 13 2.51 2,093 2.40 161 1:1 2,093
184 20 3.87 3,680 4.22 184 1:1 3,680
207 5 0.97 1,035 1.19 207 1:1 1,035
230 12 2.32 2,760 3.16 230 1:1 2760
253 3 0.58 759 0.87 253 1:1 759
276 5 0.97 1,380 1.58 276 1:1 1,380
299 25 4.84 7,475 8.56 299 1:1 7,475
322 7 1.35 2,254 2.58 322 1:1 2,254
345 62 11.99 21,390 24.51 345 1:1 21,390
368 11 2.13 3,795 4.35 345 1:1 3,795
391 5 0.97 1,725 1.98 345 1:1 1,725
414 6 1.16 2,070 2.37 345 1:1 2,070
437 3 0.58 1,035 1.19 345 1:1 1,035
506 2 0.39 690 0.79 345 1:1 690
529 5 0.97 1,725 1.98 345 1:1 1,725
552 1 0.19 345 0.40 345 1:1 345
621 2 0.39 690 0.79 345 1:1 690
690 4 0.77 1,380 1.58 345 1:1 1,380
713 2 0.39 690 0.79 345 1:1 690
782 5 0.97 1,725 1.98 345 1:1 1,725
851 6 1.16 2,070 2.37 345 1:1 2,070
874 33 6.38 11,385 13.04 345 1:1 11,385
TOTAL 517 100.00 87,285 100.00 87,285

D. Allotment to Eligible Employees: (Above Rs. 200,000 and upto Rs. 5,00,000)

The Basis of Allotment to the Eligible Employees, who have Bid at the Offer Price of Rs. 630 (Including discount of Rs. 59 per Equity Share offered to Eligible Employees) per Equity Share was finalized in consultation with the Designated Stock Exchange, being BSE. The Employee Reservation Portion has been subscribed to the extent of 1.0534 times. The total number of Equity Shares Allotted in this category is 26,550 Equity Shares to 85 successful Eligible Employees. The category-wise details of the Basis of Allotment are as under:

Category No. of Applications Received % of Total Total No. of Equity Shares applied % to Total No. of Equity Shares allotted per Bidder Ratio Total No, of Equity Shares allotted
368 11 12.94 253 0.90 22 1:1 242
391 5 5.66 230 0.82 44 1:1 220
414 6 7.06 414 1.48 66 1:1 396
437 3 3.53 276 0.99 87 1:1 261
506 2 2.35 322 1.15 153

1:1

306
529 5 5.88 920 3.29 175 1:1 875
552 1 1.18 207 0.74 197 1:1 197
621 2 2.35 552 1.97 262 1:1 524
690 4 4.71 1,380 4.93 327 1:1 1,308
713 2 2.35 736 2.63 350 1:1 700
782 5 5.86 2,185 7.81 415 1:1 2,075
851 6 7.06 3,036 10.86 480 1:1 2,880
874 33 38.82 17,457 62.42 502 1:1 16,566
TOTAL 85 100.00 27,968 100.00 26,550

E. Allotment to QIBs

Allotment to QIBs. who have Bid at the Offer Price of Rs 630 per Equity Share or above, has been done on a proportionate basis in consolation with the Designated Stock Exchange, being BSE. This category has been subscribed to the extent of 1.2569 times of QIB Category. As per the SEBI ICDR Regulations, Mutual Funds there Allotted 5% of the Equity Shares of QIB Category available i.e. 193,057 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were Allotted the remaining available Equity Shares i.e. 1,927,543 Equity Shares on a proportionate basis. The total number of Equity Shares Allotted in the QIB Category Rs 21,20,600 Equity Shares, which were allotted to 11 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under:

Category FIS/Banks MF's IC'S NBFC's AIF FPC VC's Total
QIB - 19,04,630 - - - 2,15,970 - 21,20,600

F. Allotment to Anchor Investors

The Company and the Selling Shareholders in consultation with the BRLMs, have allocated 25,30,651 Equity Shares to 15 Anchor Investors (through 24 Applications) at the Anchor Investor Offer Price of Rs. 630 per Equity Share in accordance with the SEBI ICDR Regulations. The represents 60% of the QIB Category.

Category FIS/Banks MF's IC's NBFC's AIF FPC VC's Total
Anchor Investors - 20,99,240 - - - 4,31,411 - 25,30,651

The Board of Directors of our company on May 18, 2022 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being BSE and has allotted the Equity Shares to various successful Bidders. The Allotment Advice-cum-Intimations and/or notices will be dispatched to the address of the investors as registered with the depositories. Further the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on May 18, 2022 and payment to non- Syndicate brokers have been issued on May 18, 2022. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares Allotted to the successful Allottees have been uploaded on May 19, 2022 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application With BSE and NSE on May 19, 2022. The Company has received listing and trading approval from BSE and NSE and the trading will commence on or about May 20, 2022.

All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.

INVESTORS PLEASE NOTE

The details of the allotment made will be hosted on the website of the Registrar to the Offer, Link Intime India Private Limited at www.linkintime.co.in

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the first/sole Bidder, Bid cum Application Form number, Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid-cum-Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:

wpe1BE.jpg (1271 bytes)
Link Intime India Private Limited
C 101, 247 Park. L B.S. Marg, Vikhroli (West), Mumbai - 400 083, Maharashtra.
Tel: +91 22 4918 6200
E-mail: prutent.ipo@linkintime.co.in
Investor grievance e-mail: prudent.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact person: Shanti Gopalkrishnan
SEBI registration number: INR000004058
For PRUDENT CORPORATE ADVISORY SERVICES LIMITED
On behalf of the Board of Directors
Place: Ahmedabad Sd /-
Date: May 19, 2022 Company Secretary and Compliance Officer

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 PRUDENT CORPORATE ADVISORY SERVICES LIMITED.

PRUDENT CORPORATE ADVISORY SERVICES LIMITED has filed the Prospectus dated May 14, 2022 with RoC. The Prospectus shall be available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and is available on the websites of the BRLMs i.e. ICICI Securities Limited, Axis Capital Limited and Equirus Capital Private Limited at www.icicisecurities.com, www.axiscapital.co.in and www.equirus.com, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled "Risk Factors" on page 27 of the Prospectus.

This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United Stales, and any securities described in this announcement may not be offered or sold in the United Slates absent registration under the U.S. Securities Act of 1933 or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the Company and that will contain detailed information about the Company and management, as well as financial statements, However the securities described in this announcement are not being offered or sold in the United States.



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