SJVN
Limited
Our Company was originally incorporated on May 24,1988 under the Companies Act, 1956,
as amended (the "Companies Act") as a private
limited company under the name of Nathpa Jhakri Power Corporation Private Limited with the
Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh. For details of
changes in the name of our Company, see section titled "History and Certain Other
Corporate Matters" on page 102 of the Prospectus.
Registered and Corporate Office: SJVNL, Himfed Building, New Shimla,
Himachal Pradesh, 171009.
Tel: +91 177 267 0741/ 0064/ 0490/ 0521/ 1091. Fax: +91
177 267 0542. Company Secretary and Compliance Officer: Mr. P.S.R.
Murthy. Tel: +91 177 267 2324. Fax: +91 177 267 0737. E-mail: psr.murthy@sjvn.nic.in Website:
www.sjvn.nic.in. For details of changes in
the registered address of our Company, see section titled "History and Certain Other
Corporate Matters' on page 102 of the Prospectus.
BASIS OF ALLOTMENT
PUBLIC OFFERING OF 415,000,000 EQUITY SHARES OF FACE VALUE RS. 10 EACH (THE
"EQUITY SHARES") FOR CASH AT A PRICE OF RS. 26 PER EQUITY SHARE (INCLUDING A
SHARE PREMIUM OF RS. 16 PER EQUITY SHARE) OF SJVN LIMITED ("SJVN" OR
"COMPANY") AGGREGATING UP TO RS. 10,627.37 MILLION THROUGH AN OFFER FOR SALE
(THE "OFFER FOR SALE" OR THE "OFFER") BY THE PRESIDENT OF INDIA ACTING
THROUGH THE MINISTRY OF POWER, GOVERNMENT OF INDIA (THE "SELLING SHAREHOLDER").
THE OFFER COMPRISED A NET OFFER TO THE PUBLIC OF 411,650,000 EQUITY SHARES (THE "NET
OFFER") AND A RESERVATION OF 3,350,000 EQUITY SHARES FOR PURCHASE BY ELIGIBLE
EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION") AT THE OFFER PRICE. THE OFFER AND
NET OFFER CONSTITUTED 10.03% AND 9.95 % OF THE PAID-UP EQUITY CAPITAL OF OUR COMPANY,
RESPECTIVELY.
OFFER PRICE IS RS. 26 PER EQUITY SHARE OF FACE VALUE RS. 10 EACH. THE OFFER
PRICE IS 2.6 TIMES THE FACE VALUE. A DISCOUNT OF RS. 1.30 BEING 5% OF THE OFFER PRICE,
DETERMINED PURSUANT TO COMPLETION OF THE BOOK BUILDING PROCESS HAS BEEN OFFERED TO EUGIBLE
EMPLOYEES AND RETAIL INDIVIDUAL BIDDERS.
All terms used herein and not specifically defined shall have the same meaning as
ascribed to such terms under the Prospectus dated May 6,2010 (the" Prospectus")
with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh.
Pursuant to the provisions of regulation 41 (2) (a) of the Securities Exchange Board of
India (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("SEBI
ICDR Regulations"), the Net Offer consisted of an
offer for sale of less than 10% of the issued and paid up share capital of our Company and
has been made through a 100% book building process in compliance with the provisions of
Rule 19(2)(b) of the SCRR (as defined below), wherein at least 60% of the Net Offer has
been Allotted on a proportionate basis to Qualified Institutional Buyers ("QIBs"
and the allocation to the QIBs, the "QIB Portion").
5% of the QIB Portion has been made available for allocation on a proportionate basis to
Mutual Funds only. The remainder of the QIB Portion has been made available for allocation
on a proportionate basis to QIBs, including Mutual Funds, subject to valid Bids being
received at or above the Offer Price. Further, not less than 10% of the Net Offer has been
made available for allocation on a proportionate basis to Non Institutional Bidders and
not less than 30% of the Net Offer has been made available for allocation on a
proportionate basis to Retail Individual Bidders, subject to valid Bids being received at
or above the Offer Price. 3,350,000 Equity Shares has been made available for allocation
on a proportionate basis to Eligible Employees (as defined hereafter), subject to valid
Bids being received from them at or above the Offer Price.
The Offer received 186,952 applications for 2,700,634,250 Equity Shares resulting 6.51
times subscription. The details of the applications received in the offer from QIBs,
Non-Institutional Bidders, Retail Individual Bidders and Eligible Employees categories are
as under (before technical rejections):
|
Category |
No. of Applications |
No. of Shares |
No. of times subscription |
A |
Retail Individual Bidders |
1,86,053 |
37,46,20,500 |
3.0335 |
B |
Non Institutional Bidders |
228 |
9,73,13,000 |
2.3640 |
C |
Qualified Institutional Bidders |
115 |
2,22,78,20,000 |
9.0199 |
D |
Employees |
556 |
8,80,750 |
0.2629 |
|
Total |
1,86,952 |
2,70,06,34,250 |
6.5075 |
Final Demand
The final demand at different bid prices is as under:
Bid Price |
No. of Applications |
No. of Shares |
% to total |
Cumulative Total |
Cumulative % of Total |
23 |
6,913 |
14,03,42,250 |
3.4768 |
2,66,97,22,750 |
100.0000 |
24 |
3,024 |
6,42,84,250 |
1.5209 |
2,57,64,80,250 |
96.5074 |
25 |
2,611 |
6,21,21,750 |
1.3132 |
2,59,97,75,750 |
97.3800 |
26 |
27,840 |
2,30,86,70,250 |
14.0017 |
2,63,33,27,000 |
98.6367 |
CUTOFF |
1,58,445 |
32,48,64,500 |
79.6875 |
32,48,42,250 |
12.1676 |
TOTAL |
1,98,833 |
|
100.0000 |
2,66,97,22,750 |
|
The Basis of Allocation was finalized in consultation with the National Stock Exchange
of India Limited ("NSE") on May 13,2010.
A. Employees (After Technical Rejections)
The Basis of Allocation to the employees of the SJVN Ltd, who have bid at cut-off or at
the Offer Price of Rs. 26 per Equity Share (Rs: 1.30 discount on the Offer price was given
to the employees and hence the net offer price for this category is Rs.24.70 per Equity
Share), was finalized in consultation with NSE. The total number of shares allotted in
this category is 8,58,000. The undersubscribed portion of 24,92,000 equity shares have
been spilled over to QIBs(14,95,200 Equity Shares), Non-Institutional Bidders (2,49,200
Equity Shares) and Retail Individual Investor Category (7,47,600 Equity Shares). The
category-wise details of the Basis of Allotment are (Sample) as under:
Category |
No. of
Applns. |
% to
total |
Total No. of
Shares applied |
% to
total |
No. of
Shares allocated |
Ratio |
Total No.
of Shares allocated |
250 |
33 |
6.08 |
8250 |
0.96 |
250 |
1:1 |
8250 |
500 |
96 |
17.68 |
48000 |
5.59 |
500 |
1:1 |
48000 |
750 |
23 |
4.24 |
17250 |
2.01 |
750 |
1:1 |
17250 |
1000 |
150 |
27.62 |
150000 |
17.48 |
1000 |
1:1 |
150000 |
1500 |
37 |
6.81 |
55500 |
6.47 |
1500 |
1:1 |
55500 |
2000 |
73 |
13.44 |
146000 |
17.02 |
2000 |
1:1 |
146000 |
2500 |
7 |
1.29 |
17500 |
2.04 |
2500 |
1:1 |
17500 |
3000 |
18 |
3.31 |
54000 |
6.29 |
3000 |
1:1 |
54000 |
3500 |
4 |
0.74 |
14000 |
1.63 |
3500 |
1:1 |
14000 |
3750 |
85 |
15.65 |
318750 |
37.15 |
3750 |
1:1 |
318750 |
B. Allocation to Retail Individual Investors (After Technical Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid, at cut-off or at
the Offer Price of Rs. (26) per Equity Share, was finalized in consultation with NSE (Rs
1.30 discount on the Offer price was given to the retail individual investors and hence
the net Offer price for this category is Rs. 24.70 per Equity Share). This category has
been over subscribed to the extent of 2.957 times. There were 39,726 Applications
Collected in ASBA Process for 69,325,250 Shares. 180521 applications for 36738000 equity
shares were found valid and they were considered for allotment. The total number of shares
allotted in Retail Individual Investor category is 12,42,42,600 Equity Shares to 1,51,690
successful applicants, which includes the spill over portion from Employee Category of
7,47,600 equity shares. The category-wise details of the Basis of Allotment are as under:
Category |
No. of
Applns. |
% to
total |
Total No. of
Shares applied |
% to
total |
No. of
Shares allocated |
Ratio |
Total No.
of Shares allocated |
250 |
31960 |
17.7 |
7990000 |
2.17 |
250 |
23:68 |
2702500 |
500 |
23742 |
13.15 |
11871000 |
3.23 |
250 |
23:34 |
4015250 |
750 |
7278 |
4.03 |
5458500 |
1.49 |
254 |
1:1 |
1848612 |
1000 |
18602 |
10.3 |
18602000 |
5.06 |
338 |
1:1 |
6287476 |
1250 |
3031 |
1.68 |
3788750 |
1.03 |
423 |
1:1 |
1282113 |
1500 |
4187 |
2.32 |
6280500 |
1.71 |
507 |
1:1 |
2122809 |
1750 |
4968 |
2.75 |
8694000 |
2.37 |
592 |
1:1 |
2941056 |
2000 |
8074 |
4.47 |
16148000 |
4.4 |
676 |
1:1 |
5458024 |
2250 |
849 |
0.47 |
1910250 |
0.52 |
761 |
1:1 |
646089 |
2500 |
2325 |
1.29 |
5812500 |
1.58 |
845 |
1:1 |
1964625 |
2750 |
503 |
0.28 |
1383250 |
0.38 |
930 |
1:1 |
467790 |
3000 |
1768 |
0.98 |
5304000 |
1.44 |
1015 |
1:1 |
1794520 |
3250 |
376 |
0.21 |
1222000 |
0.33 |
1099 |
1:1 |
413224 |
3500 |
1209 |
0.67 |
4231500 |
1.15 |
1184 |
1:1 |
1431456 |
3750 |
71649 |
39.69 |
268683750 |
73.14 |
1268 |
1:1 |
90850932 |
C. Allocation to Non-Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Non-Institutional Investors, who have bid at the Offer
Price of Rs. 26 per Equity Share, was finalized in consultation with NSE. This category
has been subscribed to the extent of 2.326 times and hence allotment was done on
proportionate basis to all valid applicants. Overall 205 applications for 96339750 equity
shares were found valid and they were considered for allotment. The total number of equity
shares allotted in this category is 4,14,14,200 to 205 successful applicants, which
includes the spill over portion from Employee Category of 2,49,200 equity shares. The
category-wise details of the Basis of Allotment are (Sample) as under:
Category |
No. of
Applns. |
% to
total |
Total No. of
Shares applied |
% to
total |
No. of
Shares allocated |
Ratio |
Total No.
of Shares allocated |
4000 |
16 |
7.8 |
64000 |
0.07 |
1719 |
1:1 |
27504 |
5000 |
12 |
5.85 |
60000 |
0.06 |
2149 |
1:1 |
25788 |
15500 |
3 |
1.46 |
46500 |
0.05 |
6663 |
1:1 |
19989 |
19000 |
7 |
3.41 |
133000 |
0.14 |
8168 |
1:1 |
57176 |
20000 |
5 |
2.44 |
100000 |
0.1 |
8598 |
1:1 |
42990 |
23000 |
1 |
0.49 |
23000 |
0.02 |
9887 |
1:1 |
9887 |
60000 |
1 |
0.49 |
60000 |
0.06 |
25793 |
1:1 |
25793 |
276750 |
1 |
0.49 |
276750 |
0.29 |
118968 |
1:1 |
118968 |
384500 |
7 |
3.41 |
2691500 |
2.79 |
165288 |
1:1 |
1157016 |
384750 |
1 |
0.49 |
384750 |
0.4 |
165395 |
1:1 |
165395 |
800000 |
3 |
1.46 |
2400000 |
2.49 |
343901 |
1:1 |
1031703 |
846250 |
1 |
0.49 |
846250 |
0.88 |
363783 |
1:1 |
363783 |
1000000 |
1 |
0.49 |
1000000 |
1.04 |
429877 |
1:1 |
429877 |
6000000 |
2 |
0.98 |
12000000 |
12.46 |
2579260 |
1:1 |
5158520 |
7500000 |
2 |
0.98 |
15000000 |
15.57 |
3224074 |
1:1 |
6448148 |
11538250 |
1 |
0.49 |
11538250 |
11.98 |
4960023 |
1:1 |
4960023 |
D. Allocation to QIBs (After Technical Rejections)
Allocation to QIBs has been done on a proportionate basis in consultation with NSE. As per
the SEBI regulations, Mutual Funds were initially allocated 5% of the quantum of shares
available (1,24,24,260 Equity Shares), including Spill over from Employee Category
to the extent of 74,760 Equity Shares and other QIBs were allocated the remaining
available shares (23,60,60,940 Equity Shares) on proportionate basis, including
Spill over from Employee Category to the extent of 14,20,440 Equity Shares.
Category |
Fls/Banks |
Flls |
MFs |
ICs |
VCs |
Total |
No.of Shares |
4,01,02,659 |
38,476,484 |
6,70,02,355 |
10,23,44,937 |
5,58,765 |
24,84,85,200 |
The IPO Committee of the company at its Meeting held on May 14,2010 has taken on record
the basis of allocation of shares approved by the designated Stock Exchange. The
CAN-cum-Refund Orders and allotment advice and/ or notices have been dispatched to the
address of the investors as registered with the depositories. In case the same is not
received within ten days, investors may contact at the address given below. The Refund
Orders have been over-printed with the Bank Account details as registered, if any, with
the depositories and the dispatch have been completed on May 17,2010. The shares allocated
to successful applicants have been credited to their beneficiary accounts on May 15,2010
subject to validation of the account details with the depositories concerned. The final
listing permission from NSE and BSE has been received on May 17,2010 and the equity shares
of the company have been admitted for trading with effect from May 20,2010.
INVESTORS PLEASE NOTE: This details of the allocation made would be hosted on the
website of Registrars to the Issue, Link Intime India Private Limited at Website: www.linkintime.co.in
All future correspondence in this regard may kindly be addressed to the Registrars
to the issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-
application form, number of shares bid for, name of the Member of the Syndicate and Place
where the bid was submitted and payment details at the address given below:
Link Intime India Private Limited: C-13, Pannalal Silk Mills Compound, L.B.S.
Marg, Bhandup (West),
Mumbai 400 078
Tel.: +91 22 2596 0320, Fax: +91 22 2596 0329 Email ID: sjvnl.ipo@linkintime.co.in
Date : 17th May, 2010 |
For SJVN Limited,
on behalf of Board of Directors
Sd/-
Chairman & Managing Director |
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET
PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF SJVN LIMITED.
CORRIGENDUM
As disclosed in the Prospectus dated May 6, 2010(the "Prospectus"), in
furtherance to the finalisation of "Basis of Allotment" by the Company
and the Selling Shareholder in consultation with the NSE, i.e. the designated stock
exchange, the aggregate offer size has been revised from Rs. 10,625.10 million to Rs.
10627.37 million. Accordingly, the Prospectus shall stand amended to this effect.
Date : 17th May, 2010 |
For SJVN Limited,
on behalf of Board of Directors
Sd/-
Chairman & Managing Director |
|