|Basis of Allotment|
is a public announcement for information purposes only and is not a prospectus announced
and does not constitute an invitation or offer to aquire, Purchase or subscribe to
securities This not for release, publication or distribution directly or indirectly
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SBI LIFE INSURANCE COMPANY LIMITED
Our Company was incorporated at Mumbai on October 11,2000 as SBI Life
Insurance Company Limited, a public limited company under the Companies Act, 1956 and
received a certificate of commencement of business on November 20, 2000 Our Company is
registered with IRDAI for carrying out the business of life insurance pursuant to
registration certificate number 111. dated March 29 2001 For details relating, to change
In the registered office of our Company. see "History and Certain Corporate
Matters" on page 167 of the Prospectus dated september 25,2017
("Prospectus") Registered Office and Corporate Office:
'NATRAJ'.M.v Road and Western Express Highway Junction, Andheri (East), Mumbai 400069.Tel:
(9122) 6191 0000 Fax:(9122)6191 0338.
OUR PROMOTERS: STATE BANK OF INDIA AND BNP PARIBAS CARDIF S.A.
Our Company has registered the Prospectus with the Registrar of
Companies and the Equity Shares are proposed to be listed on BSE and NSE and the trading
will commence on
BASIS OF ALLOTMENT
INITIAL PUBLIC OFFER OF 120,000,000 EQUITY SHARES OF OUR COMPANY FOR CASH AT A PRICE OF RS 700 PER EQUITY SHARE AGGREGATING TO RS 83,864 MILLION THROUGH AN OFFER FOR SALE BY STATE BANK OF INDIA AND BNP PAR1BAS CARDIF S.A. ("PROMOTER SELLING SHAREHOLDERS") OF 80,000,000 EQUITY SHARES AND 40,000,000 EQUITY SHARES, RESPECTIVELY, AGGREGATING TO RS 55,909.33 MILLIONS AND RS 27,954.67 MILLION. RESPECTIVELY (THE "OFFER-). THIS OFFER INCLUDES A RESERVATION OF 2,000,000 EQUITY SHARES (CONSTITUTING 0.2% OF OUR POST-OFFER PAID-UP SHARE CAPITAL) FOR PURCHASE BY ELIGIBLE EMPLOYEES AT A DISCOUNT OF 9.71% (EQUIVALENT TO RS 68) ON THE OFFER PRICE (AS DEFINED IN "DEFINITION AND ABBREVIATIONS" OF THE PROSPECTUS) AGGREGATING TO RS 1,264 MILLION (THE "EMPLOYEE RESERVATION PORTION") AND A RESERVATION OF 12,000,000 EQUITY SHARES (CONSTITUTING 10% OF THE OFFER) FOR PURCHASE BY STATE BANK SHAREHOLDERS (AS DEFINED IN "DEFINITION AND ABBREVIATIONS" OF THE PROSPECTUS) FOR CASH AT A PRICE OF RS 700 PER EQUITY SHARE AGGREGATING TO RS 8,400 MILLION (THE "STATE BANK SHAREHOLDERS RESERVATION PORTION"). THE OFFER CONSTITUTES 12% OF OUR POST-OFFER PAID-UP SHARE CAPITAL AND THE NET OFFER CONSTITUTES 10.60% OF OUR POST-OFFER PAID-UP SHARE CAPITAL.
Offer Price: Rs 700 per Equity Share of face value of Rs 10 each
Risks to Investors:
i. The 8 Lead Managers associated with the Offer have handled 59 public
issues in the past three
BID/ OFFER PERIOD: OPENED ON; WEDNESDAY, SEPTEMBER 20, 2017;
The Offer has been made through the Book Butting Process, in terms of Rule l9(2)(b) of the Securities Contracts (Regulation) Rules, 1957 as amended ("SCRR"). The Offer was made in accordance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("SEBI Regulations"), wherein 50% of the Net Offer was allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs"), provided that our Company and the Promoter Selling Shareholders in consultation with the Lead Managers, allocated 60% of the QIB Portion to Anchor Investors on a discretionary basis, out of which one-third was reserved for domestic Mutual Funds only, subject to valid Bids received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, in accordance with the SEBI Regulations. 5% of the QIB Portion (excluding the Anchor Investor Portion) was allocated on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion was available for allocation on a proportionate basis to all QIB Bidders (other than Anchor investors), Including Mutual Funds, subject to valid Bids received at or above the Offer Price. Further, not lees than 15% of the Net Offer was available for allocation on a proportionate basis to Non-institutonal Investors and not less than 35% of the Net Offer was available for allocation to Retail Indrvidual Bidders in accordance with the SEBl Regulations, subject to valid Bids received at or above the Offer Price. All potential investors, other than Anchor Investors, were required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process providing details of their respecfcve bank account which was blocked by the SCSBs, to participate in this Offer For details, see "Offer Procedure" beganing on page 446 of the Prospectus
The bidding for Anchor Investors opened and closed on September 19, 2017. The Company received 108 Anchor Investor Application Forms from 69 Investors for 33,539,331 Equity Shares The Anchor Investor Offer Price was finalized at Rs 700 per Equity Share. A total of 31,800,000 Equity Shares were allocated under the Anchor investor portion.
The Offer (exdudng Anchor) received 1,019,941 applications for 312,827,340 Equity Shares (prior to technical rejections) resulting n 3.55 times subscripton The details of the applications received in the Offer from various categories are as under (before technical rejections)
A summary of the final demand as at different Bid prices is as under:
The Basis of Allotmenl was finalized m consultation with the Designated Stock Exchange, being the National Stock Exchange of India Limited (the "NSE"), on September 28, 2017.
A. Allotment to Retail Individual Bidders (including ASBA Applications) (after technical refections)
The Basis of Allotment to the Retail Individual Bidders, who have bid at the Cut- Off Price or at the Offer Price of Rs 700 per Equity Share was finalized in consultation with the Designated Stock Exchange This category has been subscnbed to the extent of 0.7259 times The total number of Equity Shares Allotted in Retail Portion is 28,993,545 Equity Shares to 936,713 successful Retail Individual Bidders. The calegory-wise details of the Basis of Allotment are as under.
B. Allotment to Non-Institutional Bidders (After Technical Rejections)
The Basis of Allotment to the Non-institutional Bidders, who nave bid at the Offer Price of Rs 700 per Equity Share, was finalized in consultation with the Designated Stock Exchange The Non - Institutional Portion has been subscnbed to the extent of 0.5840 times. The total number of Equity Shares Allotted in this category is 9,996,273 Equity Shares to 985 successful Non- Institutional Bidders The category-wise details of the Basis of Allotment are as under
C. Allotment under State Bank Shareholders Reservation Portion
The Basis of Allotment to the Shareholders Reservation, who have bid at the Offer Pnce of Rs 700 per Equity Share, was finalized in consultation with the Designated Stock Exchange. The Shareholders Reservation Portion has been subscribed to the extent of 0.3521 times The total number of Equity Shares Allotted in this category is 4,225,725 Equity Shares to 34,192 successful Reserved Bidders. The category-wise details of the Basis of Allotment are as under.
D. Allotment to Eligible Employees
The Basis of Allotment to the Eligible Employees, who have bid at the Offer Price (after Employee Discount) of Rs 632 per Equity Share, was finalized in consultation with the Designated Stock Exchange. This category has been subscnbed to the extent of 0.8288 times. The total number of Equrty Shares Allotted in Eligible Employee category is 1,657,551 Equity Shares to 15,908 successful Bidders. The category-wise detais of the Basis of Allotment are as under.
E. Allotment to QIBs (Other than anchor investors)
Allotment to QIBs, who have Bid at the Offer Price of Rs 700 per Equity Share, has been done on a proportionate basis in consultation with the Designated Stock Exchange This category has been subscnbed to the extent of 6.1156 times of QIB Portion As per the SEBl Regulations Mutual Funds were Allotted 5% of the Equity Shares of QIB Portion available i.e. 2,166,346 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were Allotted the remainng available Equity Shares i.e. 41,160,560 Equity Shares on a proportionate basis. The total number of Equity Shares Allotted in the QIB Portion is 43,326,906 Equity Shares, which were allotted to 149 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under.
F. Allotment to Anchor Investors
Our Company and the Promoter Selling Shareholders, in consultation with the Lead Managers, have allocated 31,800,000 Equity Shares to 69 Anchor investors (through 108 Applications) at the Anchor Investor Offer Price of Rs 700 per Equity share in accordance with the SEBI Regulations. This represents 60% of the QIB portion. Allotment to such Anchor Investors is as mentioned below.
The IPO Committee of our Company on September 28, 2017 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has Allotted the Equity Shares to various successful Bidders The Allotment Advice-cum-intimationsand / or notices will be dispatched to the address of the investors as registered with the depositories Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on September 28, 2017 and payment to non-Syndicate brokers have been issued on September 29, 2017. In case the same is not recerved within ten days, investors may contact the Registrar to the Offer at the address given below The Equity Shares Allotted to the successful Allottees have been uploaded on September 28, 2017 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. Our Company has filed the Listing application with NSE and BSE on September 29, 2017. Our company has received the listing and trading approvals from NSE and BSE, and the trading will commence on October 3,.2017.
All capitalised terms used and not specifically defined herein shall have the meaning ascribed to them in the Prospectus.
INVESTORS PLEASE NOTE
The details of the allotment made will be hosted on the website of the Registrar to the Offer, Karvy Computershare Private Limited at https://karisma.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the first/ sole Bidder, Bid cum Application Form number, Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Fom, address of the Bidder, number of Equity Share applied for, the name and address of the designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:
Karvy Computershare Private Limited
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 SBI LIFE INSURANCE COMPANY LIMITED.