The Company has performed an assessment of realisability of the carrying value of its investments in subsidiaries as at 31 March 2023, pursuant to which an amount of C125.77 recognized as an impairment loss towards investments in Wynclark Pharmaceuticals Private Limited during the earlier years has now been reversed. This reversal was mainly due to significant improvement in the operational and financial performance of the aforesaid subsidiary leading to consistent profits being earned from its operations and the Company's plan with respect to the future operations.

Further, pursuant to the aforesaid said assessment carried out, Company has also recognized a provision towards impairment of its investments and loans receivable (including interest receivables) from Kalyani Meditimes Private Limited (KMT) to the tune of C35.00 and C 21.33, respectively. The provision for impairment was mainly on account of a significant decline in the operations of KMT.

Loan 1

The Company has given loan to Kalyani Meditimes Private Limited (Borrower) for use by the borrower towards its working capital and general corporate use purposes and carries an interest rate of 18% p.a. and payable monthly. The loan is repayable on demand within one working day of such demand. The outstanding balance of the loan as at March 31, 2023 is H4.50 millions (March 31, 2022 : 4.5 millions)

Loan 2

The Company has given loan to Kalyani Meditimes Private Limited (Borrower) for use by the borrower towards its working capital and general corporate use purposes and carries an interest rate of 18% p.a. and payable yearly. The loan is repayable in 12 months from the issue date. The Outstanding balance of the loan as at March 31, 2023 is C 13.32 millions (March 31,2022 : 23.32 millions)

(i) Equity shares

The Company has only one class of equity shares having par value of C2 per share (March 31, 2022- C 2 per share). Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

ii) 0.001% Series A CCPS

The Company has issued 0.001% Series A CCPS having face value of H20 per share. The CCPS carries preference as to dividend over equity share holders. If dividend on cumulative preference shares is not declared for a financial year, the entitlement thereto is carried forward to the next year. The preference share holders are entitled to one vote per share at meetings of the company on any resolutions of the company directly affecting their rights on fully convertible basis. In the event of liquidation, preference shareholders have a preferential right over equity shareholders to be repaid to the extent of capital paid-up and dividend in arrears on such shares.

iii) 0.001% Series B CCPS

The Company has issued 0.001% Series B CCPS having face value of H20 per share. The CCPS carries preference as to dividend over equity share holders. If dividend on cumulative preference shares is not declared for a financial year, the entitlement thereto is carried forward to the next year. The preference share holders are entitled to one vote per share at meetings of the company on any resolutions of the company directly affecting their rights on fully convertible basis.

iv) 0.001% Series B1 CCPS

The Company has issued 0.001% Series B1 CCPS having face value of H20 per share. The CCPS carries preference as to dividend over equity share holders. If dividend on cumulative preference shares is not declared for a financial year, the entitlement thereto is carried forward to the next year. The preference share holders are entitled to one vote per share at meetings of the company on any resolutions of the company directly affecting their rights on fully convertible basis.

v) 0.001% Series B2 CCPS

The Company has issued 0.001% Series B2 CCPS having face value of H20 per share. The CCPS carries preference as to dividend over equity share holders. If dividend on cumulative preference shares is not declared for a financial year, the entitlement thereto is carried forward to the next year. The preference share holders are entitled to one vote per share at meetings of the company on any resolutions of the company directly affecting their rights on fully convertible basis.

vi) 0.001% Series Cl CCPS

The Company has issued 0.001% Series C1 CCPS having face value of H20 per share. The CCPS carries preference as to dividend over equity share holders. If dividend on cumulative preference shares is not declared for a financial year, the entitlement thereto is carried forward to the next year. The preference share holders are entitled to one vote per share at meetings of the company on any resolutions of the company directly affecting their rights on fully convertible basis. In the event of liquidation, preference shareholders have a preferential right in accordance with the terms of the agreement.

vii) 0.001% Series C2 CCPS

The Company has issued 0.001% Series C2 CCPS having face value of H20 per share. The CCPS carries preference as to dividend over equity share holders. If dividend on cumulative preference shares is not declared for a financial year, the entitlement thereto is carried forward to the next year. The preference share holders are entitled to one vote per share at meetings of the company on any resolutions of the company directly affecting their rights on fully convertible basis. In the event of liquidation, preference shareholders have a preferential right in accordance with the terms of the agreement.

(c) Terms of conversion of preference shares

i) 0.001% Series A CCPS

0.001% Series A CCPS having face value of H20 per share shall be entitled to be converted into equity shares at the earliest of the following events in the manner stipulated under Articles of association ('AOA'):

a. upon filing of the Draft Red Herring Prospectus with SEBI in connection with the Initial Public Offer ('IPO') and

b. exercise of option by the CCPS shareholder in respect of either the full or part of the CCPS , not later than maturity date i.e., 19 years from the issue date.

ii) 0.001% Series B CCPS

0.001% Series B CCPS having face value of H20 per share shall be entitled to be converted into equity shares at the earliest of the following events in the manner stipulated under Articles of association ('AOA'):

a. upon filing of the Red Herring Prospectus with SEBI in connection with the IPO and

b. exercise of option by the CCPS shareholder in respect of either the full or part of the CCPS, not later than maturity date i.e., 19 years from the issue and allotment date.

iii) 0.001% Series B1 CCPS

0.001% Series B1 CCPS having face value of H20 per share shall be entitled to be converted into equity shares at the earliest of the following events in the manner stipulated under Articles of association ('AOA'):

a. upon occurrence of the B1 Measurement Event i.e., (i) one day prior to filing of the Red Herring

Prospectus ('RHP') for an IPO or Qualified IPO as defined in the agreement or (ii) Transfer of all

New Investor 3 Specific Shares pursuant to (a) a Third Party Sale, (b) a Strategic Sale or (c) any other

sale of all the New Investor 3 Specific Shares, which, in case of (ii) above, would be deemed to be Transferred last, i.e., after Transfer of all other Shares in the Company held by the New Investor 3; and

b. B1 CCPS that have not been converted into Equity Shares as per option above, shall compulsorily convert into Equity Shares on the Maturity Date i.e.,19 years from the issue and allotment date.

iv) 0.001% Series B2 CCPS

0.001% Series B2 CCPS having face value of H20 per share shall be entitled to be converted into equity shares at the earliest of the following events in the manner stipulated under Articles of association ('AOA'):

a. upon occurrence of the B2 Measurement Event i.e., (i) one day prior to filing of the Red Herring

Prospectus ('RHP') for an IPO or Qualified IPO as defined in the agreement or (ii) Transfer of all

the Subscription Shares 2 pursuant to (a) a Third Party Sale, (b) a Strategic Sale or (c) any other

sale of all Subscription Shares 2 Shares, which, in case of (ii) above, would be deemed to be Transferred last, i.e., after Transfer of all other Shares in the Company held by the Investor; and

b. B2 CCPS that have not been converted into Equity Shares as per option above, shall compulsorily convert into Equity Shares on the Maturity Date i.e.,19 years from the issue and allotment date.

v) 0.001% Series C1 CCPS

0.001% Series C1 CCPS having face value of H20 per share shall be entitled to be converted into equity shares at the earliest of the following events in the manner stipulated under Articles of association ('AOA'):

a. upon occurrence of the New Investor 3 Measurement Event i.e.,(i) one day prior to filing of the Red Herring Prospectus ('RHP') for an IPO or Qualified IPO as defined in the agreement or (ii) Transfer of all New Investor 3 Specific Shares pursuant to (a) a Third Party Sale, (b) a Strategic Sale or (c) any other sale of all the New Investor 3 Specific Shares, which, in case of (ii) above, would be deemed to be Transferred last, i.e., after Transfer of all other Shares in the Company held by the New Investor 3; and

b. exercise of option by the CCPS shareholder in respect of either the full or part of the CCPS, not later than maturity date i.e., 19 years from the issue and allotment date.

vi) 0.001% Series C2 CCPS

0.001% Series C2 CCPS having face value of H20 per share shall be entitled to be converted into equity shares at the earliest of the following events in the manner stipulated under Articles of association ('AOA'):

a. upon occurrence of the Investor Measurement Event i.e., (i) one day prior to filing of the Red Herring Prospectus ('RHP') for an IPO or Qualified IPO as defined in the agreement or (ii) Transfer of all the Subscription Shares 2 pursuant to (a) a Third Party Sale, (b) a Strategic Sale or (c) any other sale of all the Subscription Shares 2 Shares, which, in case of (ii) above, would be deemed to be Transferred last, i.e., after Transfer of all other Shares in the Company held by the Investor; and

b. exercise of option by the CCPS shareholder in respect of either the full or part of the CCPS, not later than maturity date i.e., 19 years from the issue and allotment date.

Nature and purpose of reserves

a) Securities premium

Securities premium is used to record the premium on issue of shares. The premium will be utilised in accordance with the provisions of the Act.

b) Share based payment reserve

The Company has granted equity settled share based payment plans for certain categories of employees of the Company. (Refer note 34).

c) General Reserve

General reserve is used from time to time to transfer profit from reserves, for appropriation purposes.

d) Retained earnings

Retained earnings are profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.

e) Capital reserve

Capital reserve represents reserve created as part of common control transaction (business transfer) in financial year 2021.

f) Amalgamation adjustment account

Represents reserve created as part of common control transaction (business transfer) in financial year 2021.

The Company has business losses amounting to C 116.12 which can be carried forward for the next 7 years and unabsorbed depreciation loss amounting to C 8.24.

Note 1:

The Company has received a demand notice of C 34.86 on account of certain disallowances and additions to the total income. The Company has filed an appeal with the Commissioner of Income Tax (Appeals) challenging the said demand. On the basis of evaluation of the said demand notice and the underlying facts by an independent external consultant, the Company is confident that the matter would be settled in its favour. Accordingly, no adjustments have been made to these financial statements in this regard.

33. Employee benefits

I. Post Employment Benefits A. Defined Benefits Plan - Gratuity

Company has a defined benefit plan which provides for gratuity payments for its employees. Under the plan, every employee who has completed at least five years of service gets gratuity on departure @ 15 days salary (based on last drawn basic salary) for each completed year of service. The scheme is partly funded in the form of a qualifying insurance policy managed by Life Insurance Corporation of India.

B. Defined Contribution Plan Provident fund and other funds

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees towards provident fund and Employee state insurance, which is defined contribution plan. The Company has no obligations other than to make specified contributions. The contributions are charged to the statement of profit and loss as they accrue.

The amount recognised as an expense towards for the year aggregated to C 12.05 (March 31,2022: C 3.82) and is included in contribution to provident fund and other funds.

II. Other benefits - Leave Encashment

The employees of the Company are entitled to leave encashment which are both accumulating and non-accumulating in nature. The expected cost of accumulating leave encashment is determined by actuarial valuation based on the additional amount expected to be paid as a result of the unused entitlement that has accumulated at the balance sheet date. Expense on non-accumulating leaves is recognized in the year in which the absences occur.

The amount recognised as an expense towards leave compensated absences for the year aggregated to C 3.25 (March 31, 2022: C 0.90).

34. Employee stock option plan

(i) MedPlus Employees Stock Option and Shares Plan 2009 (ESOP 2009)

(a) The Company instituted MedPlus Employees Stock Option and Shares Plan 2009 (ESOP 2009). The Board of directors approved the plan on November 16, 2009. The plan is effective from November 1,2009 which provided for issue of 9,673 stock options to eligible employees. The options vest over a period of four years or as approved by remuneration committee and would be settled by issue of fully paid equity shares.

Pursuant to a resolution passed by the Board of Directors on February 17, 2011, the Company had formed a trust (MedPlus Employee Benefit Trust) to implement and administer ESOP 2009 and had allotted 9,673 options to the Trust.

The Company has allotted (before giving impact of bonus and split) 4,110 equity shares and 5,563 shares to the trust at premium of C 0.01102 per share and C 0.00578 per share respectively, aggregating total securities premium of C 77.44

Amount receivable from the trust for options granted aggregating to C77.54 (Face value - C 0.10 and Premium of C 77.44) has been accounted as 'Amount recoverable from Trust in kind' and has been deducted from share capital and securities premium respectively as these are in the nature of own shares held. The same will be adjusted at the time of exercise of options by the employees.

During the year March 31, 2023 416 (March 31, 2022 8,760) options were exercised by employees which resulted in

(i) increase in paid up capital by March 31, 2023 C 0.00 (March 31, 2022: C 0.09) and

(ii) increase of securities premium by March 31, 2023 C Nil (March 31, 2022: C 67.51)

Further, recovery of C 11.89 (March 31, 2022: C 5.86) from ESOP trust was done on account of exercised options during the year ended March 31, 2023

(ii) MedPlus Employees Stock Option and Shares Plan 2021 (ESOP 2021)

(a) The Company instituted MedPlus Employees Stock Option and Shares Plan 2021 (ESOP 2021). The Board of directors approved the plan on August 9, 2021. The plan is effective from August 9, 2021 which provided for issue of 1,117,612 stock options to eligible employees. The options vest over a period of four years from the grant date at 10%, 25%, 25% and 40% respectively, as a % of options granted. Vesting period may be accelerated on deserving cases, subject to applicable law and minimum vesting period of at least one year. During the year ended March 31, 2023 the Company has granted 95,941 (March 31, 2022: 70,317) Options to its employees and 36,900 (March 31,2022: 865,587) Options to the employees of its subsidiaries under Employee stock option and Share plan 2021 after taking necessary approval at an exercise price of H541.98 per option on March 30, 2023 (March 31,2022: H232 per option on November 22, 2021).

Note: The management of the Company made an application with the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE) during the year ended March 31, 2023 in connection with seeking their approval for allotment of equity shares of the Company to the employees of the subsidiaries granted in accordance with The ESOP 2021 plan. An in-principle approval of the BSE and NSE has been received in this regard. However, the approval is subject to ratification of the scheme and the underlying stock options granted to the employees of the subsidiaries through a separate Special Resolution by the shareholders of the Company. The necessary process to seek the approval of the shareholders has already been initiated by the management subsequent to the year ended March 31, 2023. However, in view of the management, the said process is not expected to have any impact on these financial statements, including the accounting for the stock options granted to the employees of the subsidiaries.

35.Leases

The Company recognises right-of-use asset representing its right to use the underlying asset for the lease term at the lease commencement date. The cost of the right-of-use asset measured at inception shall comprise of the amount of the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date less any lease incentives received, plus any initial direct costs incurred and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset or restoring the underlying asset or site on which it is located. The right-of-use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated using the straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use asset.

The Company does not face a significant liquidity risk with regards to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when fall due.

36. Segment reporting

In accordance with Ind AS 108, Operating Segments, segment information has been given in the consolidated financial statements of MedPlus Health Services Limited and therefore no separate disclosure on segment information is given in these standalone financial statements.

37. Capital Commitments

As at March 31,2023 the Company has commitments of C 22.51 relating to contracts remaining to be executed on capital account. (March 31,2022: C141.77)

38. Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

The Ministry of Micro, Small and Medium Enterprises has issued an Office Memorandum dated August 26, 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filling the Memorandum. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at March 31,2023 has been made in the standalone financial statements based on information received and available with the Company. Further in the view of the Management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Company has not received any claim for interest from any supplier under the said Act.

1. All transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding balances for trade receivable, trade payable and other payables are unsecured, interest free and settlement occurs in cash. The Company has recorded impairment of balances relating to amounts owed by related party during the year ended March 31,2023, provision for bad and doubtful debts will be made on an aggregate basis i.e. not specific to party. The assessment is undertaken each financial year through evaluating the financial position of the related party and the market in which the related party operates.

2. Managerial remuneration does not include post employment benefit which is determined for Company as whole

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

Fair value hierarchy

Refer note 2.2f for accounting policy on Fair value.

The carrying amount of financial assets and financial liabilities measured at amortised cost in the standalone financial statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

There are no transfers between levels 1 and 2 during the year.

41. Financial risk management

The Company's principal financial liabilities comprise of trade and other payables. The main purpose of these financial liabilities is to finance the Company's operations and investments. The Company's principal financial assets include investments in subsidiaries, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Company's activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company's primary risk management focus is to minimize potential adverse effects of market risk on its financial performance. The Company's risk management assessment and policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Company's activities. The Board of Directors is responsible for overseeing the Company's risk assessment and management policies and processes.

Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in the values of financial instruments may result from changes in the credit, interest rate, liquidity and other market changes. The Company's Financial instruments are not affected by market risk.

Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for credit. Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, cash and cash equivalents, bank deposits and other financial assets. None of the financial instruments of the Company result in material concentration of credit risk, except for trade receivables.

Receivables

The customer credit risk is managed by the Company's established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on the individual credit limits as defined in accordance with this assessment and outstanding customer receivables are regularly monitored. The Company receivables turnover is quick and historically, there was no significant defaults on account of those customer in the past. Ind AS requires an entity to recognise in profit or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognised in accordance with Ind AS 109. The Company assesses at each date of statements of financial position whether a financial asset or a group of financial assets is impaired. Expected credit losses are measured at an amount equal to the 12 month expected credit losses or at an amount equal to the life time expected credit losses if the credit

risk on the financial asset has increased significantly since initial recognition. The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information. Since the trade receivables are from related parties, no credit risk is observed.

Exposure to credit risk:

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was C 02.97, 77.34 as of March 31, 2023 and March 31,2022 respectively, being the total of the carrying amount of balances with trade receivables.

Other financial instruments including cash deposits

Credit risk from balances with banks is managed by the Company's treasury department in accordance with the Company's policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Company's Board of Directors on an annual basis, and may be updated throughout the period subject to approval of the authorised person. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.

Liquidity risk

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company's performance to developments affecting a particular industry.

In order to avoid excessive concentrations of risk, the Company's policies and procedures include specific guidelines to focus on the maintenance of a diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly

42. Capital Management

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders. The primary objective of the Company's capital management is to maximise the shareholder value.

The Company manages its capital structure in consideration to the changes in economic conditions and the requirements of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.The Company includes within net debt, borrowings including interest accrued on borrowings less cash and short-term deposits.

43. Details of CSR expenditure

The Company is not required to spend any amount towards CSR as per the provisions of Sec 135 of the Companies Act, 2013 since the Company has losses in previous years.

44. The Company does not have any has long term contracts or derivative contracts on which material foreseeable losses were noted.

45. The Company has granted loans and made investment in some of its subsidiaries. Loans and Investments has been given for general corporate and working capital purpose respectively.None of those borrowings have been utillised for further advancement of loans/investment for the year ended March 31, 2023 and March 31,2022.

46. Other statutory information

(i) Based on the available information, the Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

(ii) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(iii) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

(iv) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

(v) The Company have not advanced or loaned or invested funds other than disclosed in note 45 to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Comapany shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) On 28 February 2019, the Hon'ble Supreme Court of India has delivered a judgment clarifying the principles that need to be applied in determining the components of salaries and wages on which Provident Fund (PF) contributions need to be made by establishments. However, considering that there are numerous interpretative issues relating to retrospective application of this judgement, the Company has assessed the impact of the matter and concluded that there is no material impact on the financial statements. The Company will evaluate its position and update its provision, if required, on receiving further clarity on the subject.

(viii) The Company is not declared as Wilful Defaulter by any Bank or Financial Institution or other lender.

(ix) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(x) The company is not part of any group (as per the provisions of Core Investment Companies (Reserve Bank) Directions, 2016 as amended).

47. Initial Public Offer and Utilization of Proceeds

The Company has completed an Initial Public Offer ('IPO') of 17,573,342 equity shares of face value of C 2 each during the year ended March 31, 2022 along with a consequent listing of its equity shares on the Bombay Stock Exchange Limited ('BSE') and National Stock Exchange of India Limited ('NSE'). The IPO involved a Fresh Issue of 7,544,511 equity shares by the Company for an amount of C 6,000 and an offer for sale of 10,028,831 equity shares by certain shareholders for an amount of C 7,982.95. Further, an amount of C 536.83 has been incurred towards the IPO related expenses which are proportionately allocated between the Company and the Selling Shareholders as per respective offer size, with the Company' share of expenses aggregating to C C 217.27 being adjusted against the balance of Securities Premium in accordance with the provisions of the Companies Act, 2013. The net proceeds received from the aforesaid IPO would be utilized towards investment in a subsidiary for meeting its working capital requirements and towards general corporate purposes.

The utilization of IPO proceeds received by the holding Company (Net of IPO related expense) is summarized below:

The ratio has decreased from 1% in March 2022 to 0% in March 2023 mainly due to increase in average equity by holding company.

49. The Board of Directors of the Company, at their meeting held on 10 January 2023, have approved a Scheme of amalgamation (Scheme) between the Company and MHS Pharmaceuticals Private Limited (MHS), a wholly owned subsidiary, with an appointed date of 1 April 2023. The management is in the process of filing the Scheme with the National Company Law Tribunal and other regulators for their approval.