This is only an advertisement and not a prospectus
announcement.
Persistent Systems Limited
Registered Office: Bhageerath, 402, Senapati Bapat Road, Pune 411
016, Maharashtra,
India; Tel: (91 20) 3024 2000; Fax: (91 20) 2565 7888 Company Secretary and Compliance
Officer: Vivek Sadhale; Email: investors@persistent.co.in;
Website: www.persistentsys.com
Promoters: Our Company is promoted by Dr. Anand Deshpande and S. P. Deshpande
BASIS OF ALLOTMENT
PUBLIC ISSUE OF 5,419,706 EQUITY SHARES OF RS. 10 EACH OF PERSISTENT SYSTEMS LIMITED
(THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF RS. 310 PER
EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 300 PER EQUITY SHARE) CONSISTING OF A FRESH
ISSUE OF 4,139,000 EQUITY SHARES AND AN OFFER FOR SALE OF 1,280,706 EQUITY SHARES BY DR.
SHRIDHAR BHALCHANDRA SHUKLA AND VIJAYALAXMI SHRIDHAR SHUKLA (HOLDING SHARES JOINTLY) AND
ASHUTOSH VINAYAK JOSHI (COLLECTIVELY KNOWN AS "THE SELLING SHAREHOLDERS"),
AGGREGATING UP TO RS. 1680.11 MILLION (THE "ISSUE"). THE ISSUE COMPRISES A NET
ISSUE TO THE PUBLIC OF 4,877,730 SHARES OF RS. 10 EACH (THE "NET ISSUE") AND A
RESERVATION OF UP TO 541,976 EQUITY SHARES OF RS. 10 EACH FOR
ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION"). THE ISSUE WILL
CONSTITUTE 13.55% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR COMPANY AND THE
NET ISSUE WILL CONSTITUTE 12.19% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR
COMPANY. THE EQUITY SHARES ARE PROPOSED TO BE LISTED ON THE NATIONAL STOCK EXCHANGE OF
INDIA ("NSE") AND BOMBAY STOCK EXCHANGE LIMITED ("BSE").
THE ISSUE PRICE IS RS. 310. THE FACE VALUE OF THE EQUITY SHARES IS RS. 10
AND THE ISSUE
PRICE IS 31 TIMES OF THE FACE VALUE.
THE MINIMUM LOT SIZE IS 20 SHARES
The Issue is made through the 100% Book Building Process wherein at least 60% of the
net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers
("QIBs") (including 5% of the QIB portion that was to be specifically allotted
to mutual funds), further, up to 15% of the Issue shall be available for allocation on a
proportionate basis to Non-Institutional Bidders and up to 25% of the Issue shall be
available for allocation on a proportionate basis to Retail Bidders, subject to valid bids
being received at or above the Issue Price.
The Issue received 146,371 applications for 503,556,520 equity
shares resulting in 92.91 times subscription. The details of the applications
received in the Issue from Qualified Institutional Buyers, Non-Institutional Retail
Individual Investor and Employee categories are as under: (Before technical rejections)
| Category |
No. of Applications |
No. of Shares |
No. of times subscription |
| Qualified Institutional Buyers |
240 |
420,318,080 |
143.6181 |
| Non Institutional Investors |
374 |
52,048,540 |
106.7065 |
| Retail Individual Investors |
144,132 |
30,849,300 |
21.0817 |
| Employee Investors |
1,625 |
340,600 |
0.6284 |
| Total |
146,371 |
503,556,520 |
|
Final Demand
A summary of the final demand at different bid prices is as under:
| Bid Price |
No. of Shares |
% to total |
Cumulative Total |
Cumulative % to Total |
| 290 |
2,522,720 |
0.4927 |
512,069,820 |
100.0000 |
| 291 |
4,320 |
0.0008 |
509,547,100 |
99.5073 |
| 292 |
1,980 |
0.0004 |
509,542,780 |
99.5065 |
| 293 |
180 |
0.0000 |
509,540,800 |
99.5061 |
| 294 |
10,000 |
0.0020 |
509,540,620 |
99.5061 |
| 295 |
5,560 |
0.0011 |
509,530,620 |
99.5041 |
| 296 |
200 |
0.0000 |
509,525,060 |
99.5030 |
| 297 |
460 |
0.0001 |
509,524,660 |
99.5030 |
| 298 |
540 |
0.0001 |
509,524,400 |
99.5029 |
| 299 |
860 |
0.0002 |
509,523.860 |
99.5028 |
| 300 |
2,410,840 |
0.4708 |
509,523,000 |
99.5026 |
| 301 |
1780 |
0.0003 |
507,112,160 |
99.0318 |
| 302 |
140 |
0.0000 |
507,110,380 |
99.0315 |
| 303 |
680 |
0.0001 |
507,110,240 |
99.0315 |
| 304 |
320 |
0.0001 |
507,109,560 |
99.0313 |
| 305 |
7,900 |
0.0015 |
507,109.240 |
99.0313 |
| 306 |
320 |
0.0001 |
507,101,340 |
99.0297 |
| 307 |
320 |
0.0001 |
507,101,020 |
99.0297 |
| 308 |
760 |
0.0001 |
507,100,700 |
99.0296 |
| 309 |
720 |
0.0001 |
507,099,940 |
99.0295 |
| 310 |
477,923,700 |
93.3317 |
507,099,220 |
99.0293 |
| CUTOFF |
29,175,520 |
5.6976 |
29,175,520 |
5.6976 |
| TOTAL |
512,069,820 |
100.0000 |
|
|
The Basis of Allocation was finalized in consultation with the National Stock Exchange
of India Limited ("NSE") on March 29, 2010.
A. Allocation to Employees (After Technical Rejections)
The Basis of Allocation to the employees of Persistent Systems Limited, who have bid at
cut-off or at the Issue Price of Rs.310/- per Equity Share, was finalized in consultation
with NSE. The total number of shares allotted in this category is 3,34,760.
The undersubscribed portion of 207,216 equity shares have been spilled over to QIBs.
Non-Institutional Bidders and Retail Individual Investor Category in the ratio of
60:10:30.
B. Allocation to Retail Individual Investors (Including ASBA Applications) (After
Technical Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at
the Issue Price of Rs.310/- per Equity Share was finalized in consultation with NSE. This
category has been over-subscribed to the extent of 21.0817 times and hence allotment was
done on full and firm basis to all valid applicants. Overall 142,348 applications for
30,604,620 Equity Shares were found valid and they were considered for allotment. The
above includes 26,244 valid applications for 5,635,820 Equity Shares made under the ASBA
process. The total number of shares allotted in Retail Individual Investor category is
1,525,480 Equity Shares to 76,274 applicants.
C. Allocation to Non-lnstitutional Investors (After Technical Rejections)
The Basis of Allocation to the Non-Institutional Investors, who have bid at the Issue
Price of Rs.310/- per Equity Share was finalized in consultation with NSE. This category
has been over-subscribed to the extent of 106.7065 times. Overall 374 applications for
52,048,540 Equity Shares were found valid and they were considered for allotment. The
total number of Equity Shares allotted in this category is 508,495 (including spill over
of 20,722 Equity Shares from other categories) to 272 applicants. The category-wise
details of the Basis of Allocation (sample) are as under:
No. shares
applied for
(Category wise) |
No. of
Samples |
% to
Total |
Total No. of
Shares applied |
% to
Total |
No. of
Shares allocated |
Ratio |
Total No. of
Shares allocated |
| 340 |
17 |
4.84 |
5,780 |
0.01 |
20 |
3:17 |
60 |
| 360 |
2 |
0.57 |
720 |
0.00 |
20 |
1:2 |
20 |
| 380 |
4 |
1.14 |
1,520 |
0.00 |
20 |
1:4 |
20 |
| 400 |
10 |
2.85 |
4,000 |
0.01 |
20 |
1:5 |
40 |
| 420 |
6 |
1.71 |
2,520 |
0.00 |
20 |
1:6 |
20 |
| 440 |
3 |
0.85 |
1,320 |
0.00 |
20 |
1:3 |
20 |
| 460 |
1 |
0.28 |
460 |
0.00 |
20 |
1:1 |
20 |
| 480 |
5 |
1.42 |
2,400 |
0.00 |
20 |
1:5 |
20 |
| 500 |
17 |
4.84 |
8,500 |
0.02 |
20 |
4:17 |
80 |
| 600 |
3 |
0.65 |
1,800 |
0.00 |
20 |
1:3 |
20 |
| 620 |
1 |
0.28 |
620 |
0.00 |
20 |
1:1 |
20 |
| 640 |
6 |
1.71 |
3,840 |
0.01 |
20 |
1:3 |
40 |
| 660 |
2 |
0.57 |
1,320 |
0 00 |
20 |
1:2 |
20 |
| 700 |
1 |
0.28 |
700 |
0.00 |
20 |
1:1 |
20 |
| 720 |
1 |
0.28 |
720 |
0.00 |
20 |
1:1 |
20 |
| 800 |
2 |
0.57 |
1,600 |
0.00 |
20 |
1:2 |
20 |
| 960 |
7 |
1.99 |
6,720 |
0.01 |
20 |
3:7 |
60 |
| 1000 |
22 |
6.27 |
22,000 |
0.04 |
20 |
1:2 |
220 |
| 1080 |
1 |
0.28 |
1,080 |
0.00 |
20 |
1:1 |
20 |
| 1200 |
1 |
0.28 |
1,200 |
0.00 |
20 |
1:1 |
20 |
| 1240 |
1 |
0.28 |
1,240 |
0.00 |
20 |
1:1 |
20 |
| 1260 |
2 |
0.57 |
2,560 |
0.00 |
20 |
1:2 |
20 |
| 1300 |
2 |
0.57 |
2,600 |
0.01 |
20 |
1:2 |
20 |
| 1320 |
1 |
0.28 |
1,320 |
0.00 |
20 |
1:1 |
20 |
| 1500 |
5 |
1.42 |
7,500 |
0.01 |
20 |
4:5 |
80 |
| 1600 |
14 |
3.99 |
22,400 |
0.04 |
20 |
11:14 |
220 |
| 1620 |
2 |
0.57 |
3,240 |
0.01 |
20 |
1:1 |
40 |
| 1860 |
1 |
0.28 |
1,860 |
0.00 |
20 |
1:1 |
20 |
| 16120 |
6 |
1.71 |
96,720 |
0.19 |
158 |
1:1 |
948 |
| 400000 |
1 |
0.28 |
400,000 |
0.77 |
3,912 |
1:1 |
3,912 |
| 483840 |
1 |
0.28 |
483,840 |
0.93 |
4,731 |
1:1 |
4,731 |
| 2903220 |
1 |
0.28 |
2,903,220 |
5.58 |
28,390 |
1:1 |
28,390 |
The Basis of Allocation to the Qualified Institutional Investors, who have bid at the
Issue Price of Rs.310/- per Equity Share or above, was finalized in consultation with NSE
Overall 240 applications for 420,318,080 Equity Shares were found valid and they were
considered for allotment (including spill over of 2,926,638 Equity Shares from other
categories).
| Category |
Flls |
Fls/Banks |
MFs |
INC/VCs |
Total |
| No. of Equity Shares |
1,958,982 |
376,463 |
564,034 |
151,492 |
3,050,971 |
The Board of Directors of the Company at its meeting held on March 30, 2010 has
approved the basis of allocation of Equity Shares of the Issue and has allotted the Shares
to various successful applicants.
The CAN-cum-Refund Orders and Refund credit advice 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. The Equity Shares allocated to successful applicants have been credited to
their beneficiary accounts subject to validation of the account details with the
depositories concerned.
The Equity Shares of the Company shall be listed and admitted for trading on the Bombay
Stock Exchange Limited and the National Stock Exchange of India Limited on or before April
6, 2010.
Note: All capitalised terms used and not defined herein shall have the same meaning
assigned to them in the Prospectus dated March 23, 2010 ('¦Prospectus").
INVESTORS PLEASE NOTE
These details of the allocation made would be hosted on the website of Registrar to the
Issue, Link Intimes India Private Limited, website: www.linklntime.co.in
All future correspondences in this regard may kindly be addressed to the Registrars
to the Issue quoting full name of the Firs/Sole applicant, Serial number of the
bid-cum-application form, number of Equity 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
C13,Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West)
Mumbai 400 078. Maharashtra, India
Tel: (91 22) 2596 0320 Fax: (91 22) 2596 0329
Email: psl.ipo@linkintime.co.in
Website: www.linkintime.co.in
Contact Person: Sachin Achar SEBI Registration No: INR000004058
Place: Pune
Date: March 31, 2010 |
For Persistent Systems Limited
Sd/-
Vivek Sadhale
Company Secretary & Head - Legal |
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 PERSISTENT SYSTEMS
LIMITED. |