|Basis of Allotment|
|(This is only an advertisement
for information purpose not for publication or distribution, directly or indirectly
outside India, and not a prospectus announcement)
APM TERMINALS PIPAVAV
GUJARAT PIPAVAV PORT LTD.
(Our Company was incorporated as Gujarat Pipavav Port Limited on August 5,1992, a public limited company under the Companies Act, 1956.) Registered Office: Pipavav Port, At Post Uchchaiya via Rajula, District Amreli, Gujarat- 365 560. Tel: +91-2794-3024 00, Fax: +91-2794-302 402. Corporate Office: 301, Trade Centre, Bandra Kuria Complex, Bandra (East), Mumbai- 400051.Tel:+ 91-22-3001 1300, Fax: +91-22-3001 1333.Email:email@example.com Website:www.pipavav.com
BASIS OF ALLOTMENT
PUBLIC ISSUE OF 108,695,652 EQUITY SHARES OF Rs. 10 EACH OF GUJARAT PIPAVAV PORT LIMITED ("GPPL" OR THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF Rs. 46 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 36 PER EQUITY SHARE) AGGREGATING TO Rs. 5,000.00 MILLION ("FRESH ISSUE") AND AN OFFER FOR SALE OF 11,707,369 EQUITY SHARES BY THE INFRASTRUCTURE FUND OF INDIA, LLC AND THE INDIA INFRASTRUCTURE FUND, LLC (THE "SELLING SHAREHOLDERS") ("OFFER FOR SALE" AND TOGETHER WITH THE FRESH ISSUE THE "ISSUE"). THE ISSUE ALSO INCLUDES A RESERVATION OF UPTO 2,173,913 EQUITY SHARES OF Rs. 10 EACH AGGREGATING TO Rs. 100.00 MILLION FOR THE ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION"). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION IS REFERRED TO AS THE "NET ISSUE". THE ISSUE WILL CONSTITUTE 28.4% OF THE POST ISSUE PAID UP CAPITAL OF OUR COMPANY. THE NET ISSUE WILL CONSTITUTE 27.9% OF THE POST ISSUE PAID UP CAPITAL OF OUR COMPANY.
THE COMPANY HAS ALLOTTED 20,482,326 EQUITY SHARES TO ANCHOR INVESTORS AT RS. 46 PER EQUITY SHARE IN ACCORDANCE WITH SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009, AS AMENDED
THE FACE VALUE OF EQUITY SHARES IS RS. 10 EACH. THE ISSUE PRICE IS 4.2 TIMES THE FACE VALUE AT THE LOWER END OF THE PRICE BAND AND 4.8 TIMES THE FACE VALUE AT THE HIGHER END OF THE PRICE BAND.
The Company is undertaking the Issue in accordance with the first proviso to Rule 19(2)(b)(ii) of the Securities Contracts Regulations Rules, 1957, as amended ("SCRR"). This Issue is being made through the 100% Book Building Process wherein at least 60% of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs"). 5% of the QIB Portion (exduding Anchor investor 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 allocationon a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not less than 10% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. If at least 60% of the Net Issue cannot be allotted to QIBs, then the entire application money shall be refunded forthwith. Further, up to 2,173,913 Equity Shares shall be available for allocation on a proportionate basis to Eligible Employees, subject to valid bids being received at or above the Issue Price. The Issue shall be for more than 25% of the post-Issue capital. Potential investors may participate in this Issue through an Application Supported by Blocked Amount providing details about the bank account which will be blocked by the Self Certified Syndicate Bank for the same.
The Issue received 237,320 applications for 2,229,127,290 equity shares resulting in 18.51 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Bidders, Employees and Anchor Investor categories areas under: (Before technical rejections)
The Basis of Allocation was finalized in consultation with the Designated Stock Exchange, being the National Stock Exchange Limited ("NSE") on September 02,2010.
The Basis of Allocation to the employees of Gujarat Pipavav Port Ltd, who have bid at cut-off or above the Issue Price of Rs.46/- per Equity Share was finalized in consultation with NSE. The total number of shares allotted in this category is 123,500. The undersubscribed portion of 615124 shares have been spilled over to QIBs, Non-Institutional Bidders and Retail Individual Investor Category in the ratio of 6:1:3 respectively.
B. Allocation to Retail Individual Bidders (Including Applications Supported by Blocked Amount ("ASBA")) (After Technical Rejections)
The Basis of Allocation to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs.46/- per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 9.53 times. There were 40392 applications for 640192540 equity shares made under ASBA process. Of these 39433 applications for 637092430 equity shares were found valid and on proportionate basis the Company has allotted to 26857 investors aggregating to 44301353 shares. The total number of shares allotted in Retail Individual Bidders category is 36,083,856 Equity Shares which were allotted to 181,701 successful applicants. The category-wise details of the Basis of Allocation are as under:
C. Allocation to Non Institutional Bidders (After Technical Rejections)
D. Allocation to QIBs
The Basis of Allocation to the Qualified Institutional Bidders, who have bid above the Issue price of Rs.46/- per Equity Share was finalized on the price priority basis. Overall 86 applications for 723901880 Equity Shares were found valid and the quantum of shares allotted to this category is 51685387 and on proportionate basis.
E. Anchor Investors
The Company allotted 20,482,326 equity shares to 20 Anchor Investors in consultation with the Lead Managers.
The IPO Committee of the Board of Directors of the Company at its Meeting held at Hyderabad on 3rd September, 2010 has approved the basis of allocation of Equity Shares of the Issue and has accordingly allotted the Equity Shares to the Bidders.
The CAN-cum-Refund Orders and allotment advice and/ or notices have been dispatched to the address of the Bidders as registered with the depositories on or prior to 07.09.2010. Further, the instructions to Self Certified Syndicate Banks have been dispatched on or prior to 07.09.2010. In case the same is not received within 10 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. The Equity Shares allotted to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned.
Commencement of Trading: The Equity Shares are expected to be admitted for trading on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited on September 09,2010 subject to receipt of necessary approvals.
INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrar to the Issue, Karvy Computershare Private Limited at http://karisma.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/ Sole applicant, serial number of the Bid-cum-Application Form, number of Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:
Karvy Computershare Private Limited
TOLL FREE - HELPLINE NUMBER
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 GUJARAT PIPAVAV PORT LIMITED.
Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.
Gujarat Pipavav Port Limited is proposing, subject to market conditions and other considerations, a public issue of its equity shares and has filed a Prospectus with the Registrar of Companies. The Prospectus is available on the website of the Securities & Exchange Board of India at www.sebi.gov.in; on the websites of the BRLMs at www.kotak.com and www.idfccapital.com; that of the Co-BRLM at www.idbicapital.com. This advertisement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any equity shares, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any potential investor should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Prospectus including the section titled "Risk Factors". This advertisement may not be published or distributed in the United States and is not an offer or solicitation of an offer for sale of securities in the United States. These securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration under such act. There will be no public offering of securities in the United States.