Please Find Attached Certificate under Regulation 165 of the SEBI (ICDR) Reg, 2018
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Desh Rakshak Aushdhalaya Limited, an Ayurvedic products manufacturer based in Haridwar and listed on BSE (Scrip Code: 531521), has submitted a valuation certificate from Registered Valuer Arpit Baslas in connection with a proposed preferential allotment of 12,60,000 equity shares at a face value of Rs. 10 each. The company's shares are classified as infrequently traded on BSE, and since the proposed allotment exceeds 5% of the post-issue share capital, an independent valuation was mandated under SEBI (ICDR) Regulations 165 and 166A. The fair value of the equity shares has been determined at Rs. 22 per share as on the valuation date of April 29, 2025, based on a weighted blend of the Book Value method (Rs. 22.01), Discounted Cash Flow method (Rs. 21.67), PECV method (Rs. 5.74), and 90-day VWAP Market Price method (Rs. 28.64). The existing paid-up capital stands at Rs. 4.43 crore (44,38,324 shares), and the preferential issue is expected to raise approximately Rs. 2.77 crore at the determined fair value.
Existing shareholders will face a dilution of approximately 22% in their stake due to the issuance of 12,60,000 new shares, though management has confirmed no change in control. The preferential issue price of Rs. 22 per share is above the face value, which is positive, but the shares are infrequently traded, suggesting limited liquidity for existing holders in the near term.