Basis of Allotment

Shree Renuka Sugars Limited

Shree Renuka Sugars Limited

(Incorporation October 25, 1995 at Belgaum under the Companies Act, 1956 with Incorporation No. 08-19046.)
Registered office: BC105, Havelock Road, Camp, Belgaum-590 001. Tel: +91-831-240 4000 Fax: +91-831-240 4961;
Contact Person: Mr. R.H.Sadekar.
E-mail: investor@renukasugars.com; Website: www.renukasugars.com

BASIS OF ALLOCATION

PUBLIC ISSUE OF 3,508,772 EQUITY SHARES OF FACE VALUE RS.10/- EACH AT A PRICE OF RS.285 FOR CASH AT A PREMIUM AGGREGATING RS.1,000 MILLION (HEREIN REFERRED TO AS THE "ISSUE"). THERE WILL ALSO BE A GREEN SHOE OPTION OF 350,877 EQUITY SHARES FOR CASH AT A PRICE OF RS.285 PER EQUITY SHARE AGGREGATING RS.100 MILLION. THE ISSUE AN THE GREEN SHOE OPTION AGGREGATE RS.1,100 MILLION. THE FACE VALUE OF THE EQUITY SHARES IS RS.10/-. THE ISSUE WILL CONSTITUTE 14.93% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY ASSUMING THAT THE GREEN SHOE OPTION IS NOT EXERCISED AND16.18% ASSUMING THAT THE GREEN SHOE OPTION IS EXERCISED IN FULL.

The Issue made through the 100% Book Building Process wherein 60% of  the Issue to the public was to be allocated on a discretionary basis to Qualified Institutional Buyers ("QIBs")., 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 54299 applications for 54967992 equity shares resulting in 14.24 times subscription. The details of the application received in the Issue from Qualified Institutional Buyers, Non-Institutional and Retail Investor categories are as under:

Category

No. of Applications No. of Shares Subscription
Qualified Institutional Buyers 72 40360380 17.42
Non Institutional Investors 252 7273600 18.84
Retail Investors 53975 7334012 6.33

Final Demand

A summary of  the Final demand at various price levels as per the electronic book is given below

Bid Price

No. of Shares % to Total Cumulative
no. of Shares Total
Cumulative %
to Total
250 2502960 4.44 56311380 100.00
251 340 0.00 53808420 95.56
252 240 0.00 53808080 95.55
253 40 0.00 53807840 95.55
255 260 0.00 53807800 95.55
257 20 0.00 53807540 95.55
260 6200 0.01 53807520 95.55
261 60 0.00 53801320 95.54
262 40 0.00 53801260 95.54
263 80 0.00 53801220 95.54
264 20 0.00 53801140 95.54
265 880 0.00 53801120 95.54
266 700 0.00 53800240 95.54
267 40 0.00 53799540 95.54
269 20 0.00 53799500 95.54
270 3840 0.01 53799480 95.54
272 20 0.00 53795640 95.53
275 163660 0.29 53795620 95.53
276 80 0.00 53631960 95.24
277 1000 0.00 53631880 95.24
278 20 0.00 53630880 95.24
280 137860 0.24 53630860 95.24
281 20 0.00 53493000 95.00
282 240 0.00 53492980 94.99
285 160 0.00 53492740 94.99
290 123900 0.22 53492580 94.99
291 20 0.00 53368680 94.77
293 40 0.00 53368660 94.77
294 220 0.00 53368620 94.77
295 60 0.00 53368400 94.77
297 20 0.00 53368340 94.77
298 860 0.00 53368320 94.77
300 & at cut off 53367460 94.77 53367460 94.77
56311380 100.00

The Basis of Allotment was finalized in consultation with Bombay Stock Exchange Limited ("BSE") ON 25TH October, 2005.

A) Allotment to Retail Individual Bidders:
The Basis of Allocation to the Retail Investors, who have bid at cut-off or at and above the Issue Price of Rs. 285/- per Euity Share, was finalized in consultation with BSE. The category was over subscribed 6.18 times. The total number of shares allotted in this category is 1157895 Equity Shares. The category-wise details of the Basis of Allocation are as under:

Category
(No. of Shares
Applied For)

No.of
Applications
Received
% to
Total
No. of
Shares
Applied
% to
Total
No. of
Shares
Allocated
Ratio of
Allottees to
Applicants
Total
Shares
Allocated
0 7279 13.86 145580 2.03 20 3:19 22980
40 5186 9.88 207440 2.90 20 6:19 32760
60 3591 6.84 215460 3.01 20 9:19 34020
80 2059 3.92 164720 2.30 20 5:08 25740
100 3955 7.53 395500 5.52 20 4:05 63280
120 1198 2.28 143760 2.01 20 11:12 21960
140 1219 2.32 170660 2.38 23 1:1 28037
160 19577 37.28 3132320 43.73 26 1:1 509002
180 198 0.38 35640 0.50 29 1:1 5742
200 482 0.92 96400 1.35 32 1:1 15424
220 62 0.12 13640 0.19 36 1:1 2232
240 111 0.21 26640 0.37 39 1:1 4329
260 86 0.16 22360 0.31 42 1:1 3612
280 86 0.16 24080 0.34 45 1:1 3870
300 342 0.65 102600 1.43 49 1:1 16758
320 7030 13.39 2249600 31.41 52 1:1 365560
340 47 0.09 15980 0.22 55 1:1 2585
1 1:13 4
Grand Total 52508 100.00 7162380 100.00 1157895

B) Allotment to Non Institutional Bidders:

The Basis of Allocation to the Non institutional, who have bid at and above the Issue Price of Rs.285/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 18.84 times. The total number of shares allotted in this category is 385964 Equity Shares. A sample of category-wise details of the Basis of Allocation are as under:

Category

No. of
Applns.
% to
Total
Total no. of
Shares Applied
% to
Total
No. of Shares
Allocated
Ratio Total No. of
Shares Allocated
360 5 2.03 1800 0.02 20 1:1 100
400 18 7.32 7200 0.10 21 1:1 378
1000 19 7.72 19000 0.26 53 1:1 1007
5000 6 2.44 30000 0.41 265 1:1 1590
20080 1 0.41 200800 0.28 1066 1:1 1066
51000 1 0.41 51000 0.70 2707 1:1 2707
112580 1 0.41 112580 1.55 5976 1:1 5976
500000 1 0.41 500000 6.88 26540 1:1 26540
1060340 2 0.81 2120680 29.16 56284 1:1 112568
1386000 1 0.41 1386000 19.06 73544 1:1 73544

C) Allotment to Qualified Institutional Buyers (QIBs):

Category

Financial
Institutions/Banks
Mutual
Funds
Foreign
Institutional Investors
Insurance
Companies
Total
No. of Shares 30000 940500 1145290 200000 2315790

The Committee of  Directors for IPO of the company at it's Meeting held at Hyderabad on 26th  October, 2005 has approved the basis of allocation of shares and allotted the shares to various successful applicants.
The Refund Orders will be 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 depositoreis. The shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details awiht the depositories concerned. The Company is taking steps to get the equity shares admitted for trading on Bombay Stock Exchange Limited and National Stock Exchange of India Limited within seven working days from the date of approval of the basis of allocation.


Place : Mumbai
Date  : October 26, 2005

For Shree Renuka Sugars Limited
R.H. Sadekar

Company Secretary

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 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 address given below:

Karvy Computershare Private Limited
Unit: Renuka Sugars, Karvy House, 46, Avenue 4, Street No.1, Banjara Hills,
Hyderabad - 500034, Fax : 040-23311968
Email : renukasugars@karvy.com or mailmanager@karvy.com

TOLL FREE - HELPLINE NUMBERS
1-600-3454001

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