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Akme Fintrade (India) Ltd IPO

Status:

Overview

IPO date
19 Jun 2024 to 21 Jun 2024
Face value
₹ 10 per share
Price
₹ 114 to ₹120 per share
Issue Size
11,000,000 shares
(aggregating up to ₹ 132 Cr)
Allotment Date
24 Jun 2024
Listing at
NSE
Issue type
Book Building
Sector

Objectives of Akme Fintrade (India) Ltd IPO

Initial public offering of 1,10,00,000^ equity shares of face value of Rs. 10 each ("Equity Shares") of Akme Fintrade (India) Limited (The Company" or the "Issuer") for cash at a price of Rs. 120 per equity share (including a premium of Rs. 110 per equity share) ("Issue Price") aggregating up to Rs. 132.00 crores ("The Issue"). The issue will constitute 25.78 % of the post-issue paid-up equity share capital. The issue includes a reservation of up to 5,50,000 equity shares of face value of Rs. 10 each aggregating up to Rs. 6.60 crores (constituting up to 1.29 of the post-issue paid-up equity share capital) for subscription by eligible employees ("Employee Reservation Portion"). The issue less the employee reservation portion is hereinafter referred to as the "Net Issue". The issue and net issue shall constitute 25.78 % and 24.49 %, respectively of the post-issue paid-up equity share capital of the company. The face value of the equity shares is Rs. 10 each and the issue price is 12 times the face value of the equity shares.

Akme Fintrade (India) Ltd IPO Strategy

  • Increase focus on Digitisation and expanding product portfolio.
  • Deepen, strengthen, and expand geographical Presence.
  • Continue to focus on small business owners and self-employed individuals.
  • Enhance its Brand Recall to Attract New Customers.
  • Leverage its Network, Domain Expertise and Data to Enhance Product Offering.
  • Leverage Technology to Grow its Business.

About Akme Fintrade (India) Ltd

Akme Fintrade India Ltd was originally incorporated as Akme Fintrade (India) Private Limited' dated February 5, 1996 by the RoC, Jaipur. Thereafter, Company status converted to a Public Limited Company on January 05, 1997 and its name was changed to Akme Fintrade (India) Limited' vide fresh Certificate of Incorporation dated March 11, 1997. The Company'is an Udaipur based diversified Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). Incorporated in 1996, the Company is engaged in providing specialized retail financing services to the lower income and middle-income groups of the society. Since over two decades, the Company primarily caters to financially underserved masses spread across urban, semi-urban, and rural areas in the formal and informal sectors. It offers a wide range of retail finance products such as micro enterprise loans, SME loans, two-wheeler loans, used car loans and commercial vehicle loans to satisfy the varied needs of customers. Company shares relevant applications with multiple lenders, increasing the probability of securing a loan and providing choices to the lenders to select the best loan for their portfolio. The Company has footprints in rural and semi-urban geographies in 4 Indian states Rajasthan, Maharashtra, Madhya Pradesh and Gujarat through registered office at Udaipur, Rajasthan, 12 branches and presence including digital and physical branches at more than 25 locations across India. Apart from branch network, it has reach to 23 locations digitally. The Company is headquartered in Udaipur having presence in the States of Rajasthan, Madhya Pradesh, Gujarat and Maharashtra. It operate in two principal lines of business, comprising Vehicle financing, Used Commercial Vehicle, 2 Wheeler Loans, Used 2 Wheeler Loans and Business Finance to small business owners and SME/MSME business owners. It finance the purchase of new two-wheelers and Three Wheelers, such as Scooters, motorcycles and auto rickshaws to salaried professionals and self-employed non-professionals. . It finance the purchase of used commercial vehicles, including light commercial vehicles (LCVs), which carry goods and passengers, and heavy commercial vehicles (HCVs), which carry goods. For LCVs, the customers are typically medium and small fleet operators. For HCVs, customers are typically transport operators and small businesses. The lending business to small business owners including SME and MSME lending business, primarily involves in extending secured loans for business purposes to small and medium size enterprises, including businessmen, traders, manufacturers and self-employed professionals. The property securing these loans are typically completed and largely self-occupied residential and commercial property. As at March 31, 2022, Company had more than 33,959 loans as of Vehicle Finance and MSMEs outstanding, including small enterprises, and self-employed non-professionals for their stores, retail outlets, handicrafts manufacturers and other businesses. The Company made an Initial Public Offer by issuing 1,10,00,000 Equity Shares of face value of Rs 10 each by raising funds aggregating to Rs 132 Crore through Fresh Issue in June, 2024.

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Strengths vs Risks of Akme Fintrade (India) Ltd

Know the pros & cons

Strengths

  • arrowProven execution capabilities with a strong rural focus.
  • arrowWell established Vehicle Finance, small businesses lending business.
  • arrowStable and experienced management team.
  • arrowCustomer centric approach and deep understanding of target customers.
  • arrowAccess to Diversified Sources of Capital and Effective Asset Liability Management.
  • arrowRobust underwriting process and risk management policies.
  • arrowHub and Spoke business model that improves efficiencies and decreases costs.

Risks

  • arrowThe company has experienced a decline in revenue in Fiscal Year 2022 and may consider to experience such decline in the future.
  • arrowThe Company has higher levels of NPAs as compared to some of its peer companies and hence the company's business may be adversely affected if the company is unable to provide for such higher levels of NPAs.
  • arrowThe Company did not comply with certain RBI norms/guidelines in the past. Non-compliance with the RBI's norms/guidelines and violations of regulations prescribed by the RBI, could expose it to certain penalties and restrictions.
  • arrowThe Company has changed its shareholding by more than 26% during FY 2021-22 and FY2022-23 and has changed its management during the FY 2021-22 without taking the prior approval from RBI. The company cannot assure you that such or other instances of violations may not occur in future and the Company, Promoters and Directors may not be subjected to the disciplinary penal action or fine and penalties by the Reserve Bank of India, and if such actions are initiated or penalty and fine imposed, the same may adversely affect the results of its operations, revenues and profitability and adversely impact the company reputation in the market.
  • arrowThe company has in the past, made certain issuances and allotments of its equity shares which may not be in compliance with the applicable provisions and rules of the Companies Act, 1956. the company cannot guarantee that its will not be subject to any other complaints and penalties in the future regarding the said violations.
  • arrowIts business and operational presence is concentrated in the State of Rajasthan and the company result of operations may be adversely affected by difficulties in expanding its business or pursuing new business opportunities in new regions and markets.
  • arrowA survey was carried out on November 23, 2022 by the Income-tax authorities at premises of the Company at 4-5 Subcity Centre, Savina, Krishi Mandi, Udaipur, and Search was carried out at its Promoters namely Nirmal Kumar Jain and Dipesh Jain and its Promoter Group member namely Jenisha Jain under Section 132 of the I.T. Act at 18, Tagore Nagar, Sector-4, Udaipur.
  • arrowSome of its secretarial records are not traceable.
  • arrowIts credit ratings are presently low and any future downward revision in the company credit ratings could adversely affect its ability to service the company debts as well as raise funds in the future hence affecting its results of operations and financial conditions.
  • arrowThe Company is party to a legal proceeding being Civil Suit No. 516 of 2021 filed by Messrs Timeglass Construction and Sandeep Barjatya, (purportedly Partner of M/s Timeglass Construction) inter-alia alleging that a mortgage against a loan has been illegally obtained by the Company. Any adverse outcome of such proceeding may adversely affect its reputation, business, operations, financial condition and results of operations.
  • arrowThe company significantly depends on its business Loans and any adverse developments in this sector, or in the other industries in which its business loan customers operate, could adversely affect the company's business, results of operations, financial condition and cash flows.
  • arrowCertain statutory and regulatory licenses and approvals are required for conducting its business and any failures or omission to obtain, maintain or renew these licenses and approvals in a timely manner, or at all, could adversely affect its business and results of operations.
  • arrowThe Company, its Promoters and Directors are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
  • arrowThe company may faces asset-liability mismatches, which could affect its liquidity and consequently may adversely affect the company's operations, cash flows and profitability.
  • arrowIts may faces difficulties and incur additional expenses in operating in rural & semi-urban markets, where infrastructure is limited, and recovery of the company loans is comparably difficult.
  • arrowThe Company has experienced negative cash flow in the past and may continue to do so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
  • arrowIts inability to maintain the company's capital adequacy ratio could adversely affect its business.
  • arrowIts liquidity may be affected by the COVID-19 pandemic which may affect the company's ability to continue to operate and grow its business.
  • arrowThe Company has inadvertently failed to submit certain intimations as required under the SEBI Listing Regulations to the BSE. In the event the Company fails to submit requisite disclosures to regulators in future, then the Company may be penalised by the regulators and the same may affect its results of operations.
  • arrowThe company is subject to certain conditions and restrictions in terms of its financing arrangements.
  • arrowThe company has made Company Law related non- compliances in the past. Its may be subject to regulatory action, including monetary penalty that may be imposed on the company.
  • arrowThe company does not own premises where its branch offices are located. Any termination or failures by it to renew the rent and license agreements in a favorable and timely manner, or at all, could adversely affect its business and results of operations. Moreover, many of the lease and license agreements entered into by it may not be duly registered or adequately stamped.
  • arrowIts inability to meet the company obligations, including financial and other covenants under its debt financing arrangements, could adversely affect the company's business, results of operations and financial condition.
  • arrowThe company requires substantial capital for its business and any disruption in the company sources of capital could have an adverse effect on its business, results of operations and financial condition.
  • arrowThe risk of non-payment or default by its borrowers may adversely affect the company business, results of operations and financial condition.
  • arrowThe company is affected by volatility in interest rates for both its lending and treasury operations, which could cause its net interest income to vary and consequently affect the company's profitability.
  • arrowThe Objects of the Issue for which funds are being raised have not been appraised by any bank or financial institution. The deployment of funds is entirely at the discretion of its management and as per the details mentioned in the section titled "Objects of the Issue". Any revision in the estimates may require it to reschedule its expenditure and may have a bearing on its expected revenues and earning.
  • arrowThe company operates in a highly competitive industry and its inability to compete effectively may adversely affect the company's business.
  • arrowThe company depends on the services of its management team and employees. The company inability to retain existing members of its management team and recruit new members for the company management team may adversely affect its business.
  • arrowAny failures or significant weakness of its internal controls system could cause operational errors or incidents of fraud, which would adversely affect its profitability and reputation.
  • arrowThe company utilize the services of certain third parties for parts of its operations. Any deficiency or interruption in their services could adversely affect its business and reputation.
  • arrowA substantial portion of its customers are first time borrowers which increases risks of non- payment or default for the company.
  • arrowThe company may be exposed to potential losses due to a decline in value of assets secured in its favour, and due to delays in the enforcement of such security upon default by its borrowers.
  • arrowFailures to train and motivate its 125 employees may lead to an increase in the company employee attrition rates which is 15.79% as on December 31, 2023 and its results of operations could be adversely affected as a result of any disputes with its employees.
  • arrowThe company is exposed to risks that may arise if its customers opt for balance transfers to other lenders.
  • arrowA small portion of its collections from customers is in cash, exposing the company to certain operational risks.
  • arrowThe company has given corporate guarantees to financial institutions, which may or may not crystallize.
  • arrowThe company has included certain non-GAAP financial measures and other selected statistical information related to its operations in this Red Herring Prospectus. Such non-GAAP measures and statistical information may vary from any standard methodology that is applicable across the financial services industry and may not be comparable with financial or statistical information of similar nomenclature computed and presented by other companies.
  • arrowNegative publicity could damage its reputation and adversely impact the company business and financial results.
  • arrowThis Red Herring Prospectus contains information from third parties and an industry report obtained from Dun and Bradstreet, which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Issue. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.
  • arrowThe company may enter into related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its results of operation and financial condition.
  • arrowThe Company may not be able to pay dividends in the future. Its ability to pay dividends in the future will depends upon the company's future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of its financing arrangements.
  • arrowThe average cost of acquisition of Equity Shares by its Promoters may be lower than the Floor Price.
  • arrowSome of its Directors/Promoters may be interested in companies or entities which are in the same line of business as the company.
  • arrowAny failures to protect or enforce its rights to own or use trademarks and brand names and identities could have an adverse effect on its business and competitive position.
  • arrowThe Price Band, Issue Price, market capitalization to total turnover and price to earnings ratio based on the Issue Price of the Company, may not be indicative of the market price of the Company on listing or thereafter.

Akme Fintrade (India) Ltd Peer Comparison

Understand the company’s industry standing

Akme Fintrade India Ltd
MAS Financial Services Ltd
Shriram Finance Ltd
Face Value
10
10
10
Standalone / Consolidated
Standalone
Consolidated
Consolidated
Total Income Rs. Cr.
69.57
990.26
30508.39
EPS-Basis
5.85
37.18
160.54
EPS-Diluted
5.85
37.18
159.83
NAV Per Share
64.65
277.83
1162.12
P/E-Basic EPS
---
26.47
14.73
P/E-Diluted EPS
---
---
---
RONW(%)
7.72
13.55
13.82
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 19 Jun 2024 & closes on 21 Jun 2024.

Akme Fintrade India Ltd was originally incorporated as Akme Fintrade (India) Private Limited' dated February 5, 1996 by the RoC, Jaipur. Thereafter, Company status converted to a Public Limited Company on January 05, 1997 and its name was changed to Akme Fintrade (India) Limited' vide fresh Certificate of Incorporation dated March 11, 1997. The Company'is an Udaipur based diversified Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). Incorporated in 1996, the Company is engaged in providing specialized retail financing services to the lower income and middle-income groups of the society. Since over two decades, the Company primarily caters to financially underserved masses spread across urban, semi-urban, and rural areas in the formal and informal sectors. It offers a wide range of retail finance products such as micro enterprise loans, SME loans, two-wheeler loans, used car loans and commercial vehicle loans to satisfy the varied needs of customers. Company shares relevant applications with multiple lenders, increasing the probability of securing a loan and providing choices to the lenders to select the best loan for their portfolio. The Company has footprints in rural and semi-urban geographies in 4 Indian states Rajasthan, Maharashtra, Madhya Pradesh and Gujarat through registered office at Udaipur, Rajasthan, 12 branches and presence including digital and physical branches at more than 25 locations across India. Apart from branch network, it has reach to 23 locations digitally. The Company is headquartered in Udaipur having presence in the States of Rajasthan, Madhya Pradesh, Gujarat and Maharashtra. It operate in two principal lines of business, comprising Vehicle financing, Used Commercial Vehicle, 2 Wheeler Loans, Used 2 Wheeler Loans and Business Finance to small business owners and SME/MSME business owners. It finance the purchase of new two-wheelers and Three Wheelers, such as Scooters, motorcycles and auto rickshaws to salaried professionals and self-employed non-professionals. . It finance the purchase of used commercial vehicles, including light commercial vehicles (LCVs), which carry goods and passengers, and heavy commercial vehicles (HCVs), which carry goods. For LCVs, the customers are typically medium and small fleet operators. For HCVs, customers are typically transport operators and small businesses. The lending business to small business owners including SME and MSME lending business, primarily involves in extending secured loans for business purposes to small and medium size enterprises, including businessmen, traders, manufacturers and self-employed professionals. The property securing these loans are typically completed and largely self-occupied residential and commercial property. As at March 31, 2022, Company had more than 33,959 loans as of Vehicle Finance and MSMEs outstanding, including small enterprises, and self-employed non-professionals for their stores, retail outlets, handicrafts manufacturers and other businesses. The Company made an Initial Public Offer by issuing 1,10,00,000 Equity Shares of face value of Rs 10 each by raising funds aggregating to Rs 132 Crore through Fresh Issue in June, 2024.

Akme Fintrade (India) Ltd IPO will close on 21 Jun 2024.

  • Proven execution capabilities with a strong rural focus.
  • Well established Vehicle Finance, small businesses lending business.
  • Stable and experienced management team.
  • Customer centric approach and deep understanding of target customers.
  • Access to Diversified Sources of Capital and Effective Asset Liability Management.
  • Robust underwriting process and risk management policies.
  • Hub and Spoke business model that improves efficiencies and decreases costs.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Nirmal Kumar Jain 11410090 36.02 11410090 26.74
2 Manju Devi Jain 1161480 3.67 1161480 2.72
3 Dipesh Jain 697880 2.2 697880 1.64
4 Nirmal Kumar Jain HUF 1277470 4.03 1277470 2.99

  • The company has experienced a decline in revenue in Fiscal Year 2022 and may consider to experience such decline in the future.
  • The Company has higher levels of NPAs as compared to some of its peer companies and hence the company's business may be adversely affected if the company is unable to provide for such higher levels of NPAs.
  • The Company did not comply with certain RBI norms/guidelines in the past. Non-compliance with the RBI's norms/guidelines and violations of regulations prescribed by the RBI, could expose it to certain penalties and restrictions.
  • The Company has changed its shareholding by more than 26% during FY 2021-22 and FY2022-23 and has changed its management during the FY 2021-22 without taking the prior approval from RBI. The company cannot assure you that such or other instances of violations may not occur in future and the Company, Promoters and Directors may not be subjected to the disciplinary penal action or fine and penalties by the Reserve Bank of India, and if such actions are initiated or penalty and fine imposed, the same may adversely affect the results of its operations, revenues and profitability and adversely impact the company reputation in the market.
  • The company has in the past, made certain issuances and allotments of its equity shares which may not be in compliance with the applicable provisions and rules of the Companies Act, 1956. the company cannot guarantee that its will not be subject to any other complaints and penalties in the future regarding the said violations.
  • Its business and operational presence is concentrated in the State of Rajasthan and the company result of operations may be adversely affected by difficulties in expanding its business or pursuing new business opportunities in new regions and markets.
  • A survey was carried out on November 23, 2022 by the Income-tax authorities at premises of the Company at 4-5 Subcity Centre, Savina, Krishi Mandi, Udaipur, and Search was carried out at its Promoters namely Nirmal Kumar Jain and Dipesh Jain and its Promoter Group member namely Jenisha Jain under Section 132 of the I.T. Act at 18, Tagore Nagar, Sector-4, Udaipur.
  • Some of its secretarial records are not traceable.
  • Its credit ratings are presently low and any future downward revision in the company credit ratings could adversely affect its ability to service the company debts as well as raise funds in the future hence affecting its results of operations and financial conditions.
  • The Company is party to a legal proceeding being Civil Suit No. 516 of 2021 filed by Messrs Timeglass Construction and Sandeep Barjatya, (purportedly Partner of M/s Timeglass Construction) inter-alia alleging that a mortgage against a loan has been illegally obtained by the Company. Any adverse outcome of such proceeding may adversely affect its reputation, business, operations, financial condition and results of operations.
  • The company significantly depends on its business Loans and any adverse developments in this sector, or in the other industries in which its business loan customers operate, could adversely affect the company's business, results of operations, financial condition and cash flows.
  • Certain statutory and regulatory licenses and approvals are required for conducting its business and any failures or omission to obtain, maintain or renew these licenses and approvals in a timely manner, or at all, could adversely affect its business and results of operations.
  • The Company, its Promoters and Directors are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.
  • The company may faces asset-liability mismatches, which could affect its liquidity and consequently may adversely affect the company's operations, cash flows and profitability.
  • Its may faces difficulties and incur additional expenses in operating in rural & semi-urban markets, where infrastructure is limited, and recovery of the company loans is comparably difficult.
  • The Company has experienced negative cash flow in the past and may continue to do so in the future, which could have a material adverse effect on its business, prospects, financial condition, cash flows and results of operations.
  • Its inability to maintain the company's capital adequacy ratio could adversely affect its business.
  • Its liquidity may be affected by the COVID-19 pandemic which may affect the company's ability to continue to operate and grow its business.
  • The Company has inadvertently failed to submit certain intimations as required under the SEBI Listing Regulations to the BSE. In the event the Company fails to submit requisite disclosures to regulators in future, then the Company may be penalised by the regulators and the same may affect its results of operations.
  • The company is subject to certain conditions and restrictions in terms of its financing arrangements.
  • The company has made Company Law related non- compliances in the past. Its may be subject to regulatory action, including monetary penalty that may be imposed on the company.
  • The company does not own premises where its branch offices are located. Any termination or failures by it to renew the rent and license agreements in a favorable and timely manner, or at all, could adversely affect its business and results of operations. Moreover, many of the lease and license agreements entered into by it may not be duly registered or adequately stamped.
  • Its inability to meet the company obligations, including financial and other covenants under its debt financing arrangements, could adversely affect the company's business, results of operations and financial condition.
  • The company requires substantial capital for its business and any disruption in the company sources of capital could have an adverse effect on its business, results of operations and financial condition.
  • The risk of non-payment or default by its borrowers may adversely affect the company business, results of operations and financial condition.
  • The company is affected by volatility in interest rates for both its lending and treasury operations, which could cause its net interest income to vary and consequently affect the company's profitability.
  • The Objects of the Issue for which funds are being raised have not been appraised by any bank or financial institution. The deployment of funds is entirely at the discretion of its management and as per the details mentioned in the section titled "Objects of the Issue". Any revision in the estimates may require it to reschedule its expenditure and may have a bearing on its expected revenues and earning.
  • The company operates in a highly competitive industry and its inability to compete effectively may adversely affect the company's business.
  • The company depends on the services of its management team and employees. The company inability to retain existing members of its management team and recruit new members for the company management team may adversely affect its business.
  • Any failures or significant weakness of its internal controls system could cause operational errors or incidents of fraud, which would adversely affect its profitability and reputation.
  • The company utilize the services of certain third parties for parts of its operations. Any deficiency or interruption in their services could adversely affect its business and reputation.
  • A substantial portion of its customers are first time borrowers which increases risks of non- payment or default for the company.
  • The company may be exposed to potential losses due to a decline in value of assets secured in its favour, and due to delays in the enforcement of such security upon default by its borrowers.
  • Failures to train and motivate its 125 employees may lead to an increase in the company employee attrition rates which is 15.79% as on December 31, 2023 and its results of operations could be adversely affected as a result of any disputes with its employees.
  • The company is exposed to risks that may arise if its customers opt for balance transfers to other lenders.
  • A small portion of its collections from customers is in cash, exposing the company to certain operational risks.
  • The company has given corporate guarantees to financial institutions, which may or may not crystallize.
  • The company has included certain non-GAAP financial measures and other selected statistical information related to its operations in this Red Herring Prospectus. Such non-GAAP measures and statistical information may vary from any standard methodology that is applicable across the financial services industry and may not be comparable with financial or statistical information of similar nomenclature computed and presented by other companies.
  • Negative publicity could damage its reputation and adversely impact the company business and financial results.
  • This Red Herring Prospectus contains information from third parties and an industry report obtained from Dun and Bradstreet, which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Issue. There can be no assurance that such third-party statistical, financial and other industry information is either complete or accurate.
  • The company may enter into related party transactions in the ordinary course of its business and the company cannot assure you that such transactions will not have an adverse effect on its results of operation and financial condition.
  • The Company may not be able to pay dividends in the future. Its ability to pay dividends in the future will depends upon the company's future earnings, financial condition, cash flows, working capital requirements and capital expenditures and the terms of its financing arrangements.
  • The average cost of acquisition of Equity Shares by its Promoters may be lower than the Floor Price.
  • Some of its Directors/Promoters may be interested in companies or entities which are in the same line of business as the company.
  • Any failures to protect or enforce its rights to own or use trademarks and brand names and identities could have an adverse effect on its business and competitive position.
  • The Price Band, Issue Price, market capitalization to total turnover and price to earnings ratio based on the Issue Price of the Company, may not be indicative of the market price of the Company on listing or thereafter.

The Issue type of Akme Fintrade (India) Ltd is Book Building.

The minimum application for shares of Akme Fintrade (India) Ltd is 125.

The total shares issue of Akme Fintrade (India) Ltd is 11000000.

Initial public offering of 1,10,00,000^ equity shares of face value of Rs. 10 each ("Equity Shares") of Akme Fintrade (India) Limited (The Company" or the "Issuer") for cash at a price of Rs. 120 per equity share (including a premium of Rs. 110 per equity share) ("Issue Price") aggregating up to Rs. 132.00 crores ("The Issue"). The issue will constitute 25.78 % of the post-issue paid-up equity share capital. The issue includes a reservation of up to 5,50,000 equity shares of face value of Rs. 10 each aggregating up to Rs. 6.60 crores (constituting up to 1.29 of the post-issue paid-up equity share capital) for subscription by eligible employees ("Employee Reservation Portion"). The issue less the employee reservation portion is hereinafter referred to as the "Net Issue". The issue and net issue shall constitute 25.78 % and 24.49 %, respectively of the post-issue paid-up equity share capital of the company. The face value of the equity shares is Rs. 10 each and the issue price is 12 times the face value of the equity shares.