Basis of Allotment

(This is only an advertisement for Information purpose and not a Prospectus announcement. This does not constitute an invitation or offer to acquire, purchase or subscribe for securities. Not for publication or distribution, direct/ or indirectly outside India)

wpe3.jpg (2816 bytes) MADHAV COPPER LIMITED

Our Company was originally incorporated as "Madhav Copper Private Limited" at Bhavnagar, Gujrat as a Private Limited Company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated November 19, 2012 issued by the Registrar of Companies, Gujarat, Dadra and Nagar Haveli Subsequently, our Company was converted into a Pubic Limited Company pursuant to shareholders resolution passed at the Extra-Ordinary General Meeting of our Company held on August 02, 2016 and the name of our Company was changed to "Madhav Copper Limited" and a fresh Certificate of Incorporation consequent upon conversion from Private Limited Company to Public Limited Company dated August 17, 2016 issued by the Registrar of Companies, Ahmedabad, Gujarat. Further, shares of our company listed and traced pursuant to Initial Public Offering on SME Platform of National Stock Exchange India of Limited ("NSE EMERGE") with effect from February 06, 2017. The Corporate Identification Number of our Company is L27201GJ2012PLC072719.

Registered Office: Plot No. 2107/D, Office No. 203, 2nd Floor, D&I Excelus Waghawadl Road, Bhavnagar, Gujrat-364001, India; Tel: +91 278 2221034; E-mail: info@madhavcopper.com; Website: www.madhavcopper.com,
Corporate Identification Number: L27201GJ2012PLC072719, Contact Person: Pratik Patel, Company Secretary and Compliance officer:
PROMOTERS OF OUR COMPANY: NILESH PATEL, ROHIT CHAU HAN AND DIVYA MONPARA
BASIS OF ALLOTMENT

FURTHER PUBLIC OFFER CONSISTING OF FRESH ISSUE OF 24,99,600 EQUITY SHARES OF FACE VALUE OF Rs.5 EACH ("EQUITY SHARES") OF MADHAV COPPER LIMITED ("COMPANY"OR "ISSUER") FOR CASH AT A PRICE OF Rs. 102 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 97 PER EQUITY SHARE) AGGREGATING Rs. 2,549.59 LAKHS (THE "ISSUE"). THE ISSUE INCLUDES A RESERVATION OF 1,26,000 EQUITY SHARES OF FACE VALUE Rs. 5/- EACH AT A PRICE OF Rs. 102 PER EQUITY SHARE AGGREGATING Rs. 128.52 LAKHS FOR SUBSCRIPTION BY THE MARKET MAKER TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. NET ISSUE OF 23,73,600 EQUITY SHARES OF FACE VALUE OF Rs. 5/- EACH FOR CASH AT A PRICE OF Rs. 102/- PER EQUITY SHARE, AGGREGATING Rs. 2,421.07 LAKHS IS HEREINAFTER REFERED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 9.21 % AND 8.74% RESPECTIVELY OFTHE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.

The Issue is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR"). The Issue is being made through the Book Building Process in compliance with Chapter IV read with Regulation 281 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended the ("SEBI ICDR Regulations") and allocation in the net issue to the public was made in terms of Regulation 281 read with 253(1) of the SEBI (ICDR) Regulations, as amended, wherein not less than 15% of the Net Issue was available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Net Issue was available for allocation to Retail Individual Investors. There were no equity shares reserved for allocation to QIB Portion. However, QIBs can apply in the Non-Institutional Portion.

All Bidders have only participated in the issue through the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective bank account (including UPI ID for RIIs using UPI Mechanism) (UPI ID, RIIs and UPI Mechanism are defined hereinafter) wherein the Bid Amounts has been blocked by the SCSBs or under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. For details, see "Issue Procedure" on page 213 of the Prospectus.

RISKS TO INVESTORS:

I. The face value of the Equity Shares is Rs. 5 each. The Issue Price as stated in "Basis for Issue Price" on page 82 of Prospectus should not be taken to be indicative of the market price of the Equity Shares after the further issued Equity Shares are listed on SME Platform of National Stock Exchange of Limited. No assurance can be given regarding an active or sustained trading in the Equity Shares or regarding the price at which the Equity Shares will be traded after listing.
II. As on date of the Prospectus, the average cost of acquisition per Equity Share by our Promoters viz. Nilesh Patel. Rohit Chauhan and Divya Monpara is Rs. 0.83 each.

 

THE FACE VALUE OF EQUITY SHARES IS Rs.5/- EACH.
THE ISSUE PRICE IS RS.102.00/- PER EQUITY SHARE
BID/ISSUE PROGRAMME OPENED ON: MONDAY, JANUARY 27, 2020
CLOSED ON: THURSDAY, JANUARY 30, 2020

The further issued Equity Shares of our Company issued through the Prospectus are proposed to be listed on the SME Platform of National Stock Exchange of India Limited ('NSE EMERGE'), in terms of regulation 281 read with Chapter IV of the SEBI (ICDR) Regulations, 2018 as amended from time to time. Our Company has received an In - Principle approval letter dated January 01, 2020 from National Stock Exchange of India Limited for using its name in the Offer document for listing of our shares on the NSE EMERGE. For the purpose of this Issue, National Stock Exchange of India Limited is the Designated Stock Exchange.

SUBSCRIPTION DETAILS

The Issue has received 1883 applications for 4140000 Equity shares (before technical rejections, before bids not banked but after Invalid Multiple/Duplicate bids) including Market Maker Application of 1,26,000 Equity Shares. The issue was subscribed to the extent of 1.66 times as per the application data (before technical rejections, before bids not banked but after Invalid Multiple/Duplicate bids). After considering the technical rejections and bids not banked cases, the issue was subscribed 1.52 times.

The details of application received (Before Technical Rejection but after bids not banked and application banked but bid not registered)

CATEGORY NUMBER OF APPLICATIONS NUMBER OF EQUITY SHARES SUBSCRIPTION
Market Maker 1 126000 1.00
Non Retail Investors 126 1723200 1.45
Retail Individual Investors 1736 2083200 1.76
Total 1863 3932400 1.57

Final Demand

Sr No Bid Price No of Equity Shares % to total Cumulative % of Cumulative total
1. 100 19200 0.46 19200 0.46
2. 101 2400 0.06 21600 0.52
3. 102 3523200 85.10 3544800 85.62
4. Cut Off 595200 14.38 4140000 100.00
Total 4140000 100.00

ALLOCATION: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - National Stock Exchange of India Limited on February 04, 2020.

A. Allocation to Market Maker (After Technical Rejections): The Basis of Allotment to the Market Maker, at the issue price of Rs. 102.00/ -per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 1.00 time. The total number of shares allotted in this category is 1,26,000 Equity shares in full out of reserved portion of 1,26,000 Equity Shares.
B. Allocation to Retail Individual Investors (After Technical Rejections): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs. 102.00/- per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 1.542* times. Total number of shares allotted in this category is 1308000* Equity Shares. The category wise basis of allotment is as under:
Sr. No. No. of Shares Applied for (Category wise) No. of Applications received % to total Total No. of Equity Shares applied % to total Proportionate Shares Available Allocation per Applicant Before rounding off Allocation per Applicant After rounding off Ratio of Allottees to the Applicants Number of successful applicants (after rounding off) %of Total Total No. of shares allocated/ alloted % of Total Surplus/ (Deficit)
1 1200 1681 100.00 2017200 100.00 1308000 778.11 1200 59:91 1090 100.00 1308000 100 00 0

* After considering proportionate allotment

C. Allocation to Other than Retail Individual Investor (After Technical Rejection): The Basis of Allotment to other than Retail Individual Investors, at the issue price of Rs. 102.00/- per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 1.543* times. Total number of shares allotted in this category is 1065600* Equity Shares. The category wise basis of allotment is as under:
Sr. No. No. of Shares Applied for (Category wise) No. of Applications received % to total Total No. of Equity Shares applied % to total Proportionate Shares Available Allocation per Applicant Before rounding off Allocation per Applicant After rounding off Ratio of Allottees to the Applicants Number of successful applicants (after rounding off) %of Total Total No. of shares allocated/ alloted % of Total Surplus/ (Deficit)
1 2400 37 30.08 88800 5.40 57516 1554.49 1200 1:1 37 30.09 44400 4.17 -13116
0.00 0.00 1200 11:37 0.00 13200 1.24 13200
2 3600 8 6.50 28800 1.75 18654 2331.75 1200 1:1 8 6.50 9600 0.90 -9054
0.00 0.00 1200 7:8 0.00 8400 0.79 8400
3 4800 8 6.50 38400 2.33 24872 3109 2400 1:1 8 6.50 19200 1.80 -5672
0.00 0.00 1200 5:8 0.00 6000 0.56 6000
4 6000 7 5.69 42000 2.55 27203 3886.14 3600 1:1 7 5.69 25200 2.36 -2003
0.00 0.00 1200 2:7 0.00 2400 0.23 2400
5 7200 5 4.07 36000 2.19 23317 4663.4 3600 1:1 5 4.07 18000 1.69 -5317
0.00 0.00 1200 4:5 0.00 4800 0.45 4800
6 8400 3 2.44 25200 1.53 16322 5440.67 4800 1:1 3 2.44 14400 1.35 -1922
0.00 0.00 1200 2:3 0.00 2400 0.23 2400
7 9600 17 13.82 163200 9.92 105705 6217.94 6000 1:1 17 13.82 102000 9.57 -3705
0.00 0.00 1200 3:17 0.00 3600 0.34 3600
8 10800 8 6.50 86400 5.25 55961 6995.13 6000 1:1 8 6.50 48000 4.50 -7961
0.00 0.00 1200 7:8 0.00 8400 0.79 8400
9 12000 9 7.32 108000 6.56 69952 7772.44 7200 1:1 9 7.32 64800 608 -5152
0.00 0.00 1200 4:9 0.00 4800 0.45 4800
10 13200 1 0.81 13200 0.80 8550 8550 8400 1:1 1 0.81 8400 0.79 -150
11 15600 1 0.81 15600 0.95 10104 10104 9600 1:1 1 0.81 9600 0.90 -504
12 18000 2 1.63 36000 2.19 23317 11658.5 10800 1:1 2 1.63 21600 2.03 -1717
0.00 0.00 1200 1:2 0.00 1200 0.11 1200
13 19200 1 0.81 19200 1.17 12436 12436 12000 1:1 1 0.81 12000 1.13 -436
14 20400 1 0.81 20400 1.24 13213 13213 13200 1:1 1 0.81 13200 1.24 -13
15 22800 1 0.81 22800 1.39 14768 14768 14400 1:1 1 0.81 14400 1.35 -368
16 30000 2 1.63 60000 3.65 38862 19431 19200 1:1 2 1.63 38400 3.60 -462
17 31200 1 0.81 31200 1.90 20208 20208 20400 1:1 1 0.81 20400 1.91 192
18 38400 1 0.81 38400 2.33 24872 24872 25200 1:1 1 0.81 25200 2.36 328
19 48000 3 2.44 144000 8.75 93269 31089.67 31200 1:1 3 2.44 93600 8.78 331
20 49200 3 2.44 147600 8.97 95601 31867 31200 1:1 3 2.44 93600 8.78 -2001
0.00 0.00 1200 2:3 0.00 2400 0.23 2400
21 90000 1 0.81 90000 5.47 58293 58293 58800 1:1 1 0.81 58800 5.52 507
22 97200 2 1.63 194400 11.82 125913 62956.5 62400 1:1 2 1.63 124800 11.71 -1113
0.00 0.00 1200 1:2 0.00 1200 0.11 1200
23 195600 1 0.81 195600 11.89 126692 126691 127200 1:1 1 0.81 127200 11.94 508
GRAND TOTAL 123 100.00 1645200 100.00 1065600 123 100.00 1065600 100.00 0

*After considering proportionate allotment

The Board of Directors of the Company at its meeting held on February 04, 2020 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock Exchange viz. National Stock Exchange of India Limited and authorized corporate action for allotment of shares in dematerialized form to various successful applicants.

The CAN and allotment advice and/or notices shall be dispatched to the address of the Applicants as registered with the depositories / as filled in the application form on or before February 05, 2020. Further, the instructions to SCSBs has been issued on February 04, 2020 for unblocking of funds. The Equity Shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. In case the same is not received within prescribed time, Investors may contact the registrar to the Issue at the address given below. The Company is taking steps to get the further issued Equity Shares admitted for trading on the SME Platform of National Stock Exchange of India Limited within six working days from the date of the closure of the Issue. The trading is proposed to commence on or before February 06, 2020 subject to receipt of listing and trading approvals from National Stock Exchange of India Limited.

INVESTORS PLEASE NOTE

The details of the allotment made will be hosted on the website of the Registrar to the Issue at www.bigshareonline.com. All future correspondence in this regard may kindly be addressed to the Registrar quoting full name of the First/ Sole applicant, serial number of the Application Form, number of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:

wpe4.jpg (1336 bytes) BIGSHARE SERVICES PRIVATE LIMITED
1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol, Andheri East, Mumbai - 400059
Tel: +91 2262638200; Fax: +91 2262638299; Email: ipo@bigshareonline.com; Website: www.bigshareonline.com;
Investor Grievance Id: investor@bigshareonline.com; Contact Person: Babu Raphael; SEBI Registration Number: INR000001385
Corrigendum Notice to Investors

In the Price Band Advertisement dated January 20, 2020.

1. Minimum Return on Total Net Worth post Issue to maintain Pre issue EPS for the year ended March 31, 2019 at cap price should be replaced and read as Rs. 11.25 instead of Rs. 11.39 and at floor price should be replaced and read as Rs. 11.39 instead of Rs. 11.25.
2. Net Asset Value (NAV) per Equity Share after the Issue - At Cap Price should be replaced and read as Rs. 15.20 instead of Rs. 15.01 and at floor price should be replaced and read as Rs. 15.01 instead of Rs. 15.20.
For Madhav Copper Limited
On behalf of the Board of Directors
Sd/-
Date: February 05, 2020 Rohit Chauhan
Place: Bhavnagar Managing Director

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 MADHAV COPPER LIMITED.

Note: All Capitalized used and not defined herein shall have the respective meanings assigned to them in the Prospectus.

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