Basis of Allotment

National Thermal Power Corporation Limited

SPANCO
SPANCO TELESYSTEMS AND SOLUTIONS LIMITED

B-22, Krishna Bhuvan, B.S. Deoshi Marg, Deonar, Mumbai -400 088
Tel: (022) 5597 5566, 2555 7201; Fax: (022) 5597 5599


Composite Issue aggregating to Rs. 2500.00 lacs comprising of:

Right Issue of 69,855,000 equity shares of Rs.10/- each for cash at a premium of Rs.15/- per share (i.e At a price of Rs.25/- per share) aggregating to Rs.1746.25 lacs to the existing equity shareholders of the company in the ratio of 1 (one) equity share for every equity share held i.e (1:1) as on 15/09/2004 (record date)

Public Issue of 30,15,000 equity share of Rs.10/- each at a premium of Rs.15/- per share (i.e. At a price of Rs.25/-

BASIS OF ALLOTMENT

The Board of Directors of the Spanco thanks the Investing Shareholders and Public for their overwhelming response to the Rights cum Public Issue of Equity Shares of the Company. The Basis of Allotment was finalised on November 25,2004 in consultation with the The Stock Exchange Mumbai (BSE) and shares have been allotted as per details given below:

Rights Issue: Issue Opened on 08/10/2004 and Closed on 08/11/2004

Particulars
No. of shares offered on Right basis 69,85,000
No. of Valid application received 645
Total no. of shares applied for 97,83,926
% to the net offer 140.07%

All the valid application have been considered for allotment. The break-up of the applicants & allottees who have lodged applications through Cash/Cheque/Demand Drafs is given below:

Category No. of Applications Entitlement (No. of Shares) Additional Shares Total Allotment
Shareholders who applied for their entitlement without additional shares 19 3,82,544 - 3,82,544 3,82,544
Shareholders who applied for their entitlement with additional shares 386 37,74,560 28,32,242 66,06,802 39,52,603
Renouncees without Additional shares 35 25,04,660 - 25,04,660 25,04,660
Renouncees without Additional shares 56 1,44,742 1,24,178 2,68,920 1,44,742
Total 636 68,06,506 29,56,420 97,62,926 69,84,549

Note: 9 applications have been rejected for technical reasons.
Beneficiary ownership in respect of 451 shares have not been established by NSDL as on the record date. Applications for these 451 shares have been kept in abeyance.

Public Issue : Issue Opened on 01/11/2004 and Closed on 08/11/2004. The Public Issue component has been oversubscriped 47.05 times as follows:

Application Category No. of Valid applications received No. of shares applied for No. of shares offered No. of times oversubscribed
NRI/FII 54 75,79,300 13,56,500 5.59
Employees 44 3,02,000 3,01,500 1.00
Resident Indian 37,788 13,39,87,200 13,57,000 98.74
Total 37,886 14,18,68,500 30,15,000

Categorised allotment of equity shares in the NRI/FII Category is as follows:

Sr.No. Category Ratio No. of shares alloted per allottee Sr.No. Category Ratio No. of shares allotted per allottee Sr.No. Category Ratio No. of shares alloted per allottee
1 200 1:1 200 9 1800 1:1 322 17 318000 1:1 56914
2 400 1:1 200 10 2000 1:1 358 18 628000 1:1 112396
3 600 2:3 200 11 2800 1:1 501 19 678200 1:1 121380
4 800 1:1 200 12 3000 1:1 537 20 700000 1:1 125282
5 1000 1:1 200 13 8000 1:1 1432 21 1200000 1:1 214768
6 1200 1:2 215 14 10000 1:1 1790 22 1348000 1:1 241256
7 1400 2:3 251 15 16000 1:1 2864 23 1356500 1:1 242777
8 1600 1:1 286 16 24000 1:1 4295

Note: 3 applications have been rejected in this category for technical reasons.

Categorised allotment of equity shares in the Employee Category is as follows:

Sr.No. Category Ratio No. of shares alloted per allottee Sr.No. Category Ratio No. of shares allotted per allottee Sr.No. Category Ratio No. of shares alloted per allottee
1 200 1:1 200 6 4000 1:1 3993 11 32000 1:1 31947
2 400 1:1 399 7 6200 1:1 6190 12 85800 1:1 85658
3 600 1:1 599 8 10000 1:1 9983 13 90800 1:1 90561
4 1000 1:1 998 9 20400 1:1 20366
5 2000 1:1 1997 10 30000 1:1 29950

Categorised allotment of equity shares to the Resident Indian Category is as follows:

Sr.No. Category Ratio No. of shares alloted per allottee Sr.No. Category Ratio No. of shares allotted per allottee Sr.No. Category Ratio No. of shares alloted per allottee
1 200 1:66 200 38 11000 1:1 200 75 150000 1:1 1149
2 400 2:67 200 39 12000 3:8 200 76 156000 1:1 1195
3 600 3:67 200 40 12600 1:1 200 77 160000 1:1 1226
4 800 3:50 200 41 13000 1:1 200 78 196000 1:1 1502
5 1000 5:67 200 42 14000 1:2 200 79 200000 1:1 1532
6 1200 1:11 200 43 15000 1:2 200 80 200200 1:1 1534
7 1400 3:28 200 44 16000 4:7 200 81 201000 1:1 1540
8 1600 8:67 200 45 16800-26000 1:1 200 82 25000 1:1 1916
9 1800 7:52 200 46 28000 1:1 215 83 295000 1:1 2260
10 2000 3:20 200 47 30000 1:1 230 84 320000 1:1 2452
11 2200 1:14 200 48 32000 1:1 245 85 350000 1:1 2682
12 2400 8:91 200 49 36000 1:1 276 86 352000 1:1 2697
13 2600 1:12 200 50 40000 1:1 306 87 400000 1:1 3065
14 2800 10:97 200 51 43200 1:1 331 88 401000 1:1 3073
15 3000 1:9 200 52 48000 1:1 368 89 500000 1:1 3831
16 3200 3:25 200 53 50000 1:1 383 90 600000 1:1 4597
17 3400 1:10 200 54 54000 1:1 414 91 620000 1:1 4751
18 3600 8:61 200 55 56000 1:1 429 92 650000 1:1 4981
19 3800 10:69 200 56 60000 1:1 460 93 675000 1:1 5172
20 4000 13:85 200 57 64000 1:1 490 94 760000 1:1 5823
21 4200 1:4 200 58 70000 1:1 536 95 800000 1:1 6130
22 4400 1:3 200 59 75000 1:1 575 96 839000 1:1 6429
23 4800 1:4 200 60 80000 1:1 613 97 920000 1:1 7049
24 5000 1:5 200 61 87400 1:1 670 98 1000000 1:1 7662
25 5200 1:7 200 62 88800 1:1 680 99 1200000 1:1 9195
26 5400 1:3 200 63 90000 1:1 690 100 1215000 1:1 9310
27 5600 1:6 200 64 96000 1:1 736 101 1280000 1:1 9808
28 6000 1:5 200 65 100000 1:1 766 102 1600000 1:1 12260
29 6400 1:4 200 66 109000 1:1 835 103 1648000 1:1 12628
30 7000 2:11 200 67 109400 1:1 838 104 1680000 1:1 12873
31 7800 1:1 200 68 112000 1:1 858 105 2000000 1:1 15325
32 8000 7:25 200 69 120000 1:1 919 106 2368000 1:1 18144
33 8200 1:3 200 70 125000 1:1 958 107 2400000 1:1 18390
34 8800 1:3 200 71 128000 1:1 981 108 2664000 1:1 20412
35 9200 1:1 200 72 128200 1:1 982 109 2800000 1:1 21455
36 9800 1:1 200 73 130000 1:1 996 110 3000000 1:1 22987
37 10000 17:46 200 74 140000 1:1 1073 111 3015000 1:1 23102

Note: 3751 applications have been rejected in this category due to technical reasons.

In the process of rounding off to the nearest multiple, the final allotement in the public issue component has resulted in an additional allotment of 2277 equity shares.

The despatch of refund orders, allotment letters and physical certificates has been completed on 30/11/2004. The credit in respect of allotment in dematerialized form in Central Depository Services (India) Limited (CDSL) and in National Securities Depository Ltd (NSDL) is being completed. The physical certificates in respect of demat rejection cases have been dispatched on 30/11/2004.

Note : Allottees receiving partly paid shares may please note that a separate ISIN No. (i,e. IN9360B01024) has been granted by the depositories for partly paid shares. Partly paid shares will be traded separately on BSE. The process of corporate action for credit of fully paid up shares to the demat account of the shareholders may take about 2 weeks from the date of payment of amount payable on call.

The Company has received approval of listing application seeking permission for listing of the equity shares issued pursuant to the composite issue from BSE vide their letter no. List/sdm/rk/sm/04 dated 30/11/2004.

Lead Manager to the Issue

KEYNOTE
CORPORATE SERVICES LIMITED
307, Regent Chambers,
Narimon Point, Mumbai- 400 021.
Tel.: (022) 2202 5230; Fax : (022) 2283 5467
Email : mbd@keynoteindia.net

Registrar to the Issue

BIGSHARE SERVICES PVT. LTD
E/2, Ansa Industrial Estate, Saki Vihar Road,
Sakinaka, Andheri (E), Mumbai - 400 072.
Tel.: (022) 2856 0651/52; Fax: (022) 2852 5207
Email : bigshare@bom7.vsnl.net.in
SEBI Regn. No. INR000001385

Place: Mumbai
Date: 30/11/2004

For Spanco Telesystems and Solutions Limited
Sd/-
Kapil Puri
Chairman

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