GMR INFRASTRUCTURE LIMITED
(Incorporated as Varalskshmi Vasavi Power Projects Limited and
subsequently changed as GMR Vasavi Infrastructure Finance Limited on May 31,1999-and
changed to GMR Infrastructure Limited on July 24, 2000.)
Corporate Office: Skip House, 25/1,
Museum Road, Bangalore - 560 025.
Tel:+91-80-2207 0100, Fax:+91-80-22998118. Website: www.gmrgroup.co.in
BASIS OF ALLOTMENT
PUBLIC ISSUE OF 38,136,980 EQUITY SHARES OF RS. 10/- EACH FOR CASH AT A
PRICE OF RS. 210/- PER EQUITY SHARE IN RESPECT OF QUALIFIED INSTITUTIONAL BIDDERS AND
NON-INSTITUTIONAL BIDDER AND RS. 199.50 IN RESPECT OF RETAIL BIDDERS AND ELIGIBLE
EMPLOYEES OF THE COMPANY (REFERRED TO AS "THE ISSUE"). THE ISSUE COMPRISES A NET
ISSUE TO THE PUBLIC OF 37,636,980 EQUITY SHARES OF RS. 10/- EACH ("THE NET
ISSUE") AND A RESERVATION FOR ELIGIBLE EMPLOYEES OF THE COMPANY OF 500,000 EQUITY
SHARES OF RS. 10/- EACH ("ELIGIBLE EMPLOYEES OF THE COMPANY").THE NET OFFER TO
THE PUBLIC WOULD CONSTITUTE 11.37% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE
COMPANY.
THE FACE VALUE PER EQUITY SHARE IS RS.10/- EACH FOR CASH AT A PRICE OF
RS. 210/- EACH AND THE ISSUE PRICE IS 21 TIMES OF THE FACE VALUE.
The Issue made through the 100% Book Building Process wherein up to 60% of the Issue to
the public was to be allocated on a proportionate basis to Qualified Institutional Buyers
("QIBs") (including 5% of the QIB portion that was to specifically be allotted
to mutual funds)., Further, not less than 10% of the Net Issue to the public shall be
available for allocation on a proportionate basis to Non-Institutional Bidders and not
less than 30% of the Net Issue to the public 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 43,750 applications for 254,511,263 equity shares resulting in 6.68
times subscription. The details of the applications received in the Issue from Qualified
Institutional Buyers, Non-Institutional, Eligible Employees of the Company and Retail
Investor categories are as under: (Before technical
rejections)
| Category |
No. of Applications |
No. of Shares |
Subscription |
| Qualified Institutional Buyers |
98 |
247,292,975 |
10.95 |
| Non Institutional Investors |
179 |
986,400 |
0.26 |
| Employees |
458 |
524,150 |
1.05 |
| Retail Individual Investors |
43,015 |
5,707,738 |
0.51 |
Final Demand
A sample of the final demand at different bid prices is as under:
| Bid Price |
No. of Shares |
% to Total |
Cumulative Total |
Cumulative % to total |
| 210 |
53,949,950 |
21.17 |
254,895,500 |
100.00 |
| 211 |
300 |
0.00 |
200,945,550 |
78.83 |
| 212 |
400 |
0.00 |
200,945,250 |
78.83 |
| 213 |
50 |
0.00 |
200,944,850 |
78.83 |
| 214 |
75 |
0.00 |
200,944,800 |
78.83 |
| 215 |
467,900 |
0.18 |
200,944,725 |
78.83 |
| 216 |
275 |
0.00 |
200,476,825 |
78.65 |
| 217 |
200 |
0.00 |
200,476,550 |
78.65 |
| 218 |
75 |
0.00 |
200,476,350 |
78.65 |
| 220 |
1,197,875 |
0.47 |
200,476,275 |
78.65 |
| 222 |
2,125 |
0.00 |
199,278,400 |
78.18 |
| 224 |
25 |
0.00 |
199,276,275 |
78.18 |
| 225 |
8,545,000 |
3.35 |
199,276,250 |
78.18 |
| 226 |
425 |
0.00 |
190,731,250 |
74.83 |
| 227 |
175 |
0.00 |
190,730,825 |
74.83 |
| 230 |
67,866,000 |
26.63 |
190,730,650 |
74.83 |
| 231 |
250 |
0.00 |
122,864,650 |
48.20 |
| 232 |
25 |
0.00 |
122,864,400 |
48.20 |
| 234 |
2,750 |
0.00 |
122,864,375 |
48.20 |
| 235 |
644,025 |
0.25 |
122,861,625 |
48.20 |
| 236 |
375 |
0.00 |
122,217,600 |
47.95 |
| 237 |
2,575 |
0.00 |
122,217,225 |
47.95 |
| 238 |
1,650 |
0.00 |
122,214,650 |
47.95 |
| 240 |
10,575 |
0.00 |
122,213,000 |
47.95 |
| 241 |
50 |
0.00 |
122,202,425 |
47.94 |
| 242 |
25 |
0.00 |
122,202,375 |
47.94 |
| 243 |
25 |
0.00 |
122,202,350 |
47.94 |
| 245 |
2,825 |
0.00 |
122,202,325 |
47.94 |
| 247 |
50 |
0.00 |
122,199,500 |
47.94 |
| 248 |
300 |
0.00 |
122,199,450 |
47.94 |
249 |
1,550 |
0.00 |
122,199,150 |
47.94 |
| 250 & Cut Off Price. |
122,197,600 |
47.94 |
122,197,600 |
47.94 |
|
254,895,500 |
100.00 |
|
|
The Basis of Allocation was finalized in consultation with Bombay Stock Exchange
Limited ("BSE") on 16th August, 2006
A. Allocation to Retail Investors
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or
at and above the Issue Price of Rs.210/- per Equity Share, was finalized in consultation
with BSE. The category was subscribed to the extent of 0.49 times. Hence FULL and FIRM
allotments have been made against all valid applications. The total number of 41,952
applicants were allotted 5,541,775 Equity Shares. The spill over portion has been added to
Qualified Institutional Bidders category. The shares have been allotted at a price of
Rs.199.50 per share.
B. Allocation to Eligible Employees of the Company
The Basis of Allocation to the Eligible Employees of the Company, who have bid at cut-off
or at and above the Issue Price of Rs.210/- per Equity Share, was finalized in
consultation with BSE. The category was subscribed to the extent of 0.80 times. Hence FULL
and FIRM allotments have been made against all valid applications The total number of 421
applicants were allotted 403,675 Equity Shares.The spill over portion has been added to
Qualified Institutional Bidders category.
C. Allocation to Non-Institutional Bidders
The Basis of Allocation to the Non-Institutional category, who have bid at cut-off or at
and above the Issue Price of Rs.210/- per Equity Share, was finalized in consultation with
BSE. The category was subscribed to the extent of 0.23 times. Hence FULL and FIRM
allotments have been made against all valid applications. The total number of fully paid
shares allotted in this category is 877,375 Equity Shares. The spill over portion has been
added to Qualified Institutional Bidders category.
D. Allocation to QIBs
Allocation to QIBs have been done on a proportionate basis in consultation with BSE. As
per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares
available (1,565,708) and other QIBs and unsatisfied demands of Mutual Funds were allotted
the remaining available shares (29,748,447) on proportionate basis.
| Category |
Fls/Banks |
MFs |
Flls |
Insurance Companies |
VCs |
Total |
| No. of Shares |
7,820,919 |
2,187,928 |
18,435,195 |
2,385,861 |
484,252 |
31,314,155 |
The Committee of Directors of the company at its Meeting held at Hyderabad on 17"
August, 2006 has approved the basis of allocation of shares of the Issue and has allotted
the shares to various successful applicants.
In view of the heavy rains and consequent floods in some parts of the country during
August 5, 2006 to August 10, 2006, the Escrow Bankers to the issue have reported
disruption in clearing process in some places. It is proposed to hold in abeyance
allotment of 40,375 Equity Shares, till the status of the clearance of the payment
instruments against such applications is duly informed by the Escrow collection banks to
the Registrars to the Issue. These shares will be credited to the eligible investors
accounts and the listing and trading permission for the same will be sought from the stock
exchanges in due course.
The Refund Orders and allotment advice and notice has 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 Mandate details as registered, if any, with the depositories.
The shares allocated to successful applicants are being credited to their beneficiary
accounts subject to validation of the account details with the depositories concerned. The
company is taking steps to get the equity shares admitted for trading on BSE and National
Stock Exchange of India Limited within seven working days from the date of approval of the
basis of allocation.
INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the
Issue, Karvy Computershare Private Limited at www.karvy.com
or http://kcpl.karvy.com
All future correspondence 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 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:
Karvy Computershare Private Limited
Unit: GMR Infra, Karvy House, 46, Avenue 4, Street No.1, Banjara Hills, Hyderabad -
500034, Fax: 040-23311968 Email: gmr.ipo@karvy.com
and mailmanager@karvy.com
TOLL FREE - HELPLINE NUMBER : 1-600-3454001
Place: Bangalore
Date: August 18, 2006 |
For GMR Infrastructure Limited
Sd/-
A S Cherukupalli
Company Secretary |
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 GMR INFRASTRUCTURE
LIMITED. |