|Basis of Allotment|
Offer for sale by
the government of India of Equity Shares in
Offer for Sale by the Selling Shareholder of 3,976,374 Equity Shares of Rs. 10 each at a price of Rs. 485 per Equity Share in cash aggregating Rs. 1,904.43 million (hereinafter referred to as the "Offer"). The Offer would constitute 26.25% of the paid-u0p capital of CMC Limited (the "Company"). The Equity Shares being offered for sale are listed on The Stock Exchange, Mumbai. The National Stock Exchange of India Limited. The Hyderabad Stock Exchange Limited. The Calcutta Stock Exchange Association Limited. The Madras Stock Exchange Limited and The Delhi Stock Exchange Association Limited.
The Equity Shares are tradeable on these exchanges. The Company has applied for delisting from The Hyderabad Stock Exchange Limited. The Calcutta Stock Exchange Association Limited. The Madras Stock Exchange Limited and The Delhi Stock Exchange Association Limited.
The Equity Shares being offered pursuant to this Offer are already listed. As advised by Securityes and Exchange Board of India, the SEBI Guidelined for public issues/offers do not apply to a listed company facilitating one of the shareholders to dispose of its holding through an offer for sale, such as this Offer. However, the Selling Shareholder has voluntarily decided to adopt the SEBI Guidelines, particularly the guidelines for the 100% Book Building Process, save for certain deviations. Pursuant to the decision of the Selling Shareholder, a maximum of 1,988,174 of the Offer shall be available for allocation on a ediscretionary basis to Qualified Institutional Buyers. Further, not less than 994,100 of the Offer shall be available for allocation on a proportionate basis to Retail Bidders, subject to valid Bids being received at or above the Offer Price. The Selling Shareholder has decided to transfer the Equity Shares to RetailBidders at Rs 460.75 per Equity Share which is at 5% discount to the price for QIBs and NOn-Institutional Bidders. The Selling Shareholder is solely responsible for this decision and the consequences thereof. For further details, see "Terms of the Offer" on page 45 of the Final Sale Document.
The Selling Shareholder has received 128169 valid applications for 38184510 shares resulting in 9.6 times subscription as follows:
The level of subscription should not be taken to be indicative of the market price of the equity shares.
BASIS OF ALLOCATION
A) Allocation to Non Institutional Bidders:
B) Allocation to Retail Individual Bidders:
C) Allocation to Qualified Institutionsl Buyers
Date of completion of despatch of refund orders
: March 15, 2004
All correspondences with reference to this issue should 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 following address:
MCS Limited 'Sri Padmavathi Bhavan',
Plot No. 93, Road No. 16, MIDC Area, Andheri (East), Mumbai- 400093