Bharati Shipyard Limited

Registered office : Saheb Building, 4th Floor, D. N. Road, Fort, Mumbai - 400 001, India.
Tel: +91-22-2267 9090; Fax +91-22-22655 4044; E-Mail; ipo@bharatishipyard.com; Website: www.bharatishipyard.com
Corporate Office: 19, Bombay Mutual Building, Sir P.M. Road, Fort, Mumbai - 400 001, India.
Tel; +91-22-2266 1194, Fax: +91-22-2266 0601; E-Mail; ipo@bharatishipyard.com; Website: www.bharatishipyard.com

Public Issue of 12,500,000 Equity Shared of Rs 10 each at a price of Rs.66/- per share for cash aggregating Rs. 825.00 million (hereinafter referred to as the "Issue") including reservation for permanent employeed of 12,50,000 Equity Shared. The issue would constitute 555.56% of the fully diluted post issue paid up capital of the compay.

THE FACE VALUE OF THE EQUITY SHARED IS Rs. 10 AND THE ISSUE PRICE IS 6.6 TIMES OF THE FACE VALUE

BASIS OF ALLOCATION

The company has received 4055,46 valid bids for 902,132,000 equity shared resulting in 72.17 times subscription. 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 the company. The valid demand (considering highest value bid in case of multiple bids) from institutional, Non Institutional, Retail Bidder and Employee categories is as under:

A) Allocation to Non Institutional Bidders:

The Basis of Allocation to the Non Institutional Bidders who have bid for at the Issue Price of Rs.66/- per equity share,was finalized in consultation with the The Stock Exchange, Mumbai. Total number of shares allocated in this category is 2,812,800. There were 4,610 valid applications and proportionate allotment has been made to 2,386 allottees.

B) Allocation to Retail Individual Bidders:

The Basis of Allocation to the Retail Individual Bidders, who have bid for at the Issue Price of Rs.66/- per Equity Share, was finalized in consultation with the The Stock Exchange, Mumbai, on a proportionate basis after rounding off to the nearest one share. The total number of shares allocated in this category is 3,662,800. A sample of category-wise details of the Basis of Allocatin is as under:

C) Allocation to Permanent Employees:

The Basis of Allocation to the Employees Bidders, who have bid for at the Issue Price of Rs. 66/- per Equity Share, was finalized in consultation with the The Stock Exchange, Mumbai. Since the reserved quota was undersubscribed all the 128 valid applicants were allotted in full the number of shares applied for. The total number of shares allocated in this category is 399,400.

D) Allocation to QIB Bidders:

Date of Completion of dispatch of refund orders : December23, 2004
Date of credit of shares allocated to successful bidders : December 23, 2004

The credit of shares to the accounts of successful bidders has been
completed in 11 Working Days after the Bid Closing Date

Allotment details have been hosted on the website with the following URL www.intimespectrum.com.
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:
Intime Sepctrum Registry Ltd., C-13, Pannalal Silk Mills Compound, Kantilal Manganlal Industrial Estate, L.B.S. Marg, Bhandup (west), Mumbai - 400 078, India. Tel:+91-22- 5555 5491-4; Fax: +91 22 5555 5499;
Email: bharatiship@intimespectrum.com.