Basis of Allotment

Corporate Office

ABG Shipyard Limited

Registered Office: Magdala Port, Dumas Road, Surat: 395 007; Tel: +91 261 272 5191; Fax: +91 261 2726481
Corporate Office: 4th and 5th Floor, Bhupati Chambers, 13, Mathew Road, Mumbai: 400 004. Tel: + 91 22 56563000; Fax: +91 22 23649236;
Contact person: Manoj Raichandani, DGM (Finance) & Company Secretary; E-mail: ipoabgindia.com; Website: http:/Avww.abgindia.com (We were incorporated on March 15, 1985 as Magdala S ipyard Private Limited, under the Companies Act, 1956. On May 25, 1995, our name was changed to ABG Shipyard Private Lirnited and further on  June 14, 1995 our name was changed to ABG Shipyard Limited.)

BASIS OF ALLOCATION

PUBLIC ISSUE OF UP TO 8,500,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS.185 PER EQUITY SHARE, AGGREGATING TO RS. 1672.50 MILLION BY ABG SHIPYARD LIMITED ("THE COMPANY" OR "ISSUER"). THE FRESH ISSUE REFERRED TO HEREIN AS THE "ISSUE" INCLUDES A RESERVATION OF 200,000 EQUITY SHARES FOR SUBSCRIPTION BY EMPLOYEES OF ABG SHIPYARD LIMITED (THE "EMPLOYEE RESERVATION PORTION") AND NET ISSUE TO THE PUBLIC OF 8,300,000 EQUITY SHARES OF THE FACE VALUE OF RS. 10 EACH AT THE PRICE OF RS. 186 FOR CASH AGGREGATING RS. 1535.50 MILLION (HEREWITH REFERRED TO AS "NET ISSUE")


THE NET ISSUE CONSTITUTES 16.30 % OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR COMPANY. THE FACE VALUE OF THE SHARE 1S RS. 10 AND THE ISSUE PRICE IS 18.5 TIMES THE FACE VALUE

The Issue was made through the 100% Book Building Process where in 60% of the Net Issue is allocated on a discretionary basis to Qualified Institutional Buyers ("QIBs"). Further, 10% of the Net Issue is allocated on a proportionate basis to Non-institutional Bidders and the remaining 30% of the Net Issue is allocated on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.

The Issue received 272337 applications for 466250412 equity shares resulting in 54.85 times subscription. The details of the application received in the Issue from Retail Investors, Non Institutional Investors, Qualified Institutional Investors and Employees categories is as under:

Category No. of
Applications
No.of SharesBid* No.of times
Subscribed #
Retail Investors 270578

66558447

26.73

Non Institutional Investors 1335

97589330

117.57

Qualified Institutional Buyers 248

301920005

60.62

Employees 176

182630

0.91

*Including bids received at cut off price. # After eliminating cheque returns

Final Demand

A sample of the final demand at different bid prices is as under:

Bid Price No. of Shares

% of Total

Cumulative Total

Cumulative

155 199,605

0.04

474,941,145

100.00

158 7,420

0.00

474,740,385

99.96

160 78,435

0.02

474,732,895

99.96

161 3,220

0.00

474,654,460

99.94

163 3,115

0.00

474,650,610

99.94

165 157,605

0.03

474,646,795

99.94

168 5,810

0.00

474,488,595

99.90

170 185,955

0.04

474,482,680

99.90

173 3,220

0.00

474,296,095

99.86

175 300,685

0.06

474,292,630

99.86

176 805

0.00

473,991,945

99.80

178 12,180

0.00

473,990,965

99.80

180 145,320

0.03

473,978 785

99.80

182 6,475

0.00

473,833,395

99.77

183 175

0.00

473,826,920

99.77

184 1,610

0.00

473,826,745

99.77

185 411,045,565

86.55

473,825,135

99.77

9999 62,779,570 13.22 62,779,570

13.22

474941 145 100.00

The Basis of Allotment was finalized in consultation with Bombay Stock Exchange Limited (BSE) on December 8, 2005.
A. Allocation to Retell Investors
The Basis of Allocation to the Retail Investors, who have bid at cut-off or at the Issue Price of Rs.185/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 25.44863 times. The total number of shares allotted in this category is 2495220 Equity Shares. The category-wise details of the Basis of Allocation are as under:

Category No. Applns. % to total Total No. of
Shares applied
% to total No. of Shares
allocated
in the category
Ratio Total No. of
Shares
allocated
35

19918

7.70

697130 1.10 27394

2:51

27335
70

20796

8.04

1455720 2.29 57202

4:51

57155
105

20108

7.77

2111340 3.32 82965

6:51

82915
140

15242

5.89

2133880 3.36 83850

8:51

83790
175

8812

3.41 1542100 2.43 60597

10:51

60550
210

12106

4.68

2542260 4.00 99898

12:51

99750
245

107964

41.73

26451180 41.66 1039395 33:120 1039150
280

3100

1.20

868000 1.37 34108

16:51

34090
315

1047

0.40

329805 0.52 12960

18:51

12950
350

2138

0.83

748300 1.18 29404

20:51

29330
385

742

0.29

285670 0.45 11225

22:51

11200
420

915

0.35

384300 0.61 15101

24:51

15085
455

577

0.22

262535 0.41 10316

26:51

10290
490

1650

0.64

808500 1.27 31770

28:51

31710
525

43579

16.85

22878975 36.03 899026 59:100 899920

B. Allocation to Non Institutional Investors
The Basis of Allocation to the Non institutional investors, who have bid at cut-off or at the Issue Price of Rs.185/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 117.07 times. The total number of shares allotted in this category is 831728 Equity Shares. The category-wise details of the Basis of Allotment are as under

Category No. Applns. % to total Total No. of
Shares applied
% to total No. of Shares
allocated
in the category
Ratio Total No. of
Shares
allocated
560

62

5.02

34720 0.04 297

4:31

280
5250

26

2.11

136500

0.14 1166 FIRM 1170
10780

10

0.81

107800

0.11 921 FIRM 920
13510

14

1.13

189140

0.19 1616 FIRM 1610
29995

19

1.54

569905 0.59 4868 FIRM 4864
70000

13

1.05

910000 0.93 7773 FIRM 7774
99995

13

1.05

1299935

1.34 11104 FIRM 11102
1_08080_

7

0.57

756560 0.78 6462 FIRM 6461
162155

6

0.49

972930 1.00 8311 FIRM 8310
199990

8

0.65

1599920 1.64 13666 FIRM 13664
270270

8

0.65

2162160 2.22 18469 FIRM 18472
399980

7

0.57

2799860 2.88 23916 FIRM 23919
499975

6

0.49

2999850 3.08 25624 FIRM 25626
810810

9

0.73

7297290 7.49 62333 FIRM 62334
999985

2

0.16

1999970 2.05 17084 FIRM 17084
1142855

1

0.08

1142855 1.17 9762 FIRM 9750
1351000

1

0.08

1351000 1.39 11540

FIRM

11520
1621620

2

0.16

3243240 3.33 27703 FIRM 27664
2520000

1

0.08

2520000 2.59 21526 FIRM 21500
2849980

1

0.08

2849980 2.93 24339

FIRM

24320

C. Allocation to QIBs

Category  Fls/Banks  MFs FIIs Insurance Companies VCs  Total
No.of Shares 171000  2172922  2494500 80000 72000 4990422

D. Allocation to Employees
The Basis of Allocation to the employees of ABG Shipyard Limited who have bid at cut-off or at the Issue Price of Rs.185/- per Equity Share, was finalized in consultation with BSE The total number of shares allotted in this category is 182630. The allotment was full & firm for all valid bids. The unsubscribed portion of 17370 equity shares was added to the QIB, Retail & Non Institutional Investors categories.
The Board of Directors of ABG Shipyard Limited at its Meeting held at Surat on December 8, 2005 has approved the basis of allocation of shares and allotted the shares to various successful applicants.
The despatch of Refund Orders has been completed by December 10, 2005 to the address of the investors as registered with the depositories. The refund orders have been printed with the Bank Mandate details as registered, if any, with the depositories. The shares allocated to the successful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The company has submitted the listing application on December 9, 2005. Issuer is taking steps to get the Equity shares admitted for trading on the Bombay Stock Exchange Limited within seven working days from the date of approval of basis of allocation.

INVESTORS PLEASE NOTE
This details of the allocation made would also be hosted on the webalte of Registrars to the Issue, intime Spectrum Registry Limited at www.intimespectrum.com
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:

INTIME SPECTRUM REGISTRY LIMITED
C-13, Pannalel Silk Mills Compound, Kantilal Maganlal Industrial Estate,
LBS Marg, Bhondup (W), Mumbai 400 078. Tel: 5555 5491 Fax: 5555 5499
Website: www.intImesp2ctrum.com E-mail: abgshipyard@Intimespectrum.com



Place : Surat
Date : December 12, 2005

For ABG Shipyard Limited
Sd/-
Rlshi Agarwal
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 ABG SHIPYARD LIMITED.

 

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