|Basis of Allotment|
Offer for Sale by
the President of India
Offer for Sale by the Selling Shareholder of up to 71,850,056 equity shares of Rs. 10 each at a price of Rs. 170 in cash aggregating Rs. 12,214,509,520 (hereinafter referred to as the "Offer")constituting 28.945% of the paid up capital of Indian Petrochemicals Corporation Limited (the "Company"). The Selling Shareholder has decided to transfer the 211,880,858 equity shares to Retail Individual Bidders at Rs. 161.50 per equity share which is at a 5% discount compared to the price for QIBs and Non Institutional Bidders. Consequently, the net proceeds to the Selling Shareholder aggregates to Rs 12,028,522,228.50.
The equity shares offered for sale are already listed on the National Stock Exchange of India Limited, The Stock Exchange, Mumbai, the Vadodara Stock Exchange and the Calcutta Stock Exchange Association Limited. The equity shares are tradeable on these exchanges. The Company has applied for delisting from the Vadodars Stock Exchange and the Calcutta Stock Exchange Association Limited.
As advised by Securityes and Exchange Board of India, 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 35,925,028 equity shares of the Offer were available for allocation on a discretionary basis to Qualified Institutional Buyers. Further not less than 17,962,514 equity shares of the Offer were available for allocation on a proportionate basis to Non Institutional Bidders and not less than 17,962,514 equity shares of the Offer were available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Offer Price.
The Selling Shareholder has received 196,511 valid applications for 351,259,545 shares resulting in 4.89 times subscription as follows.
The level of subscription should not be taken to be indicative of the market price of the equity shares.
A) Allocation to Non Institutional Bidders:
B) Allocation to Retail Individual Bidders:
C) Allocation to Qualified Institutional Buyers (QIB):
Date of Completion of despatch of refund orders
: March 12, 2004
The transfer of shares to the accounts of successful
Allocation/Transfer details have been hosted on the website with the following URL http://www.karvy.com
All correspondence with reference to this issue should be addressed to the Registrar to the Offer 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:
Karvy Consultants Ltd. Unit: IPCL Public
Offer, Karvy House,