Vishal Nirmiti Limited IPO to open on 30th September, 2026

• Price Band fixed at ₹ 208 to ₹ 220 per Equity Share of face value of ₹ 10 each
• Bid/ Offer Opening Date: Wednesday, 30^th September, 2026 and Bid/ Offer Closing Date: Monday, 5^th October, 2026
• Bids can be made for a minimum of 68 equity shares of face value ₹ 10 each and in multiples of 68 equity shares of face value of ₹ 10 each thereafter
• The total Offer comprises a Fresh Offer of up to ₹ 145.00 crore and Offer for Sale up to 15,00,000 Equity Shares of ₹ 10 each aggregating up to ₹ 31.20 crore at the Floor Price of ₹ 208 per Equity Share and ₹ 33.00 crore at the Cap Price of ₹ 220 per Equity Share by the Promoter Group Selling Shareholder Vaman Prestressing Company Private Limited (“Selling Shareholder”).
• Red Herring Prospectus dated 24^th September, 3036 (“RHP”)

Vishal Nirmiti Limited proposes to open the initial public offering (“Offer”) of its equity shares of face value ₹ 10 each (“Equity Shares”) on Wednesday, 30^th September, 2026. The Bid/Offer Closing Date is Monday, 5^th October, 2026.

The Price Band of the Offer has been fixed from ₹ 208 per Equity Share of face value ₹10 each to ₹ 220 per Equity Share of face value of ₹ 10 each. Bids can be made for a minimum of 68 Equity Shares of face value ₹ 10 each and multiples of 68 Equity Shares of face value ₹ 10 each thereafter. The Offer comprises a Fresh Offer of up to ₹ 145.00 crore and an Offer for Sale of up to 15,00,000 Equity Shares of ₹10 each aggregating up to ₹ 31.20 crore at the Floor Price of ₹208 per Equity Share and ₹ 33.00 crore at the Cap Price of ₹ 220 per Equity Share by the (“Selling Shareholder”) Vaman Prestressing Company Private Limited. The total Offer size amounts to ₹ 178.00 crore at the Cap Pric and the Company proposes to utilise the ₹ 75.00 crore of the total Net Proceeds towards funding working capital requirements and ₹ 19.00 crore for repayment/pre-payment of term loans.

Vishal Nirmiti Limited is a civil engineering, manufacturing and construction company, primarily engaged in the business of manufacturing and dealing of Pre-Stressed Concrete (PSC) sleepers for railways, precast and pre-stressed concrete products for various applications and are also into fabrication and erection of Mild Steel Pipes (MS Pipes), MS Liner, and Penstock Pipes for Pumped Storage Project (PSP). We provide engineering, procurement, infrastructure and construction services for railway infrastructure and various civil engineering, irrigation and infrastructure development projects across sectors such as railways, renewable power and industrial sectors. Our business is divided into two segments, namely – (a) Manufacturing segment and (b) Services segment.

This Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”), read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations). This Offer is being made through the Book Building Process in terms of Regulation 6(1) of the SEBI ICDR Regulations and in terms of Regulation 32(1) of the SEBI ICDR Regulations, wherein not more than 1% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion, the “QIB Portion”). Further, 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price.

However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs. Further, not less than 29% of the Offer shall be available for allocation to Non-Institutional Bidders out of which (a) one third of such portion shall be reserved for applicants with application size of more than ₹ 2.00 lakhs and up to ₹ 10.00 lakhs; and (b) two third of such portion shall be reserved for applicants with application size of more than ₹ 10.00 lakhs, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of non-institutional investors and not less than 70% of Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All Bidders, are mandatorily required to participate in the Offer through the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Accounts (as defined hereinafter) including UPI ID in case of RIBs in which the Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or by the Sponsor Bank under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts.

The Equity Shares of the Company are proposed to be listed on the Main Board of BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”) (BSE and NSE together, the “Stock Exchanges”).

Saffron Capital Advisors Private Limited is the sole Book Running Lead Manager to the Offer and MUFG Intime India Private Limited is the Registrar to the Offer.

Disclaimer:

VISHAL NIRMITI LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and filed the RHP with RoC and the Stock Exchanges on September 24, 2026. The RHP is available on the website of SEBI at www.sebi.gov.in, as well as on the websites of the Stock Exchanges i.e. BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, on the website of our Company at www.vishalnirmiti.com; and on the website of the BRLM, i.e. Saffron Capital Advisors Private Limited at www.saffronadvisor.com.

Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see ‘Risk Factors’ beginning on page 21 of the RHP. Potential investors should not rely on the DRHP filed with SEBI and the Stock Exchanges, and should instead rely on the RHP, for making any investment decision.

This announcement does not constitute an offer of the Equity Shares for sale in any jurisdiction, including the United States. The Equity Shares offered in the Offer have not been and will not be registered, listed or otherwise qualified in any jurisdiction except India and may not be offered or sold to persons outside of India except in compliance with the applicable laws of each such jurisdiction. In particular, the Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States and may not be offered or sold in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The Equity Shares offered in the Offer are being offered and sold only outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act (“Regulation S”).