Basis of Allotment
Bombay Rayon Fashions Limited

Bombay Rayon Fashions Limited

(The Company was originally incorporated as Mudra Fabrics Private Limited on May 21, 1992. Name of the Company was changed to Mudra Fabrics Limited w.e.f. October 13,1992. Name of the Company was further changed to Bombay Rayon Fashions Limited w.e.f. September 30, 2004)

Registered Office: D-1st Floor, Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Andheri (East), Mumbai 400 072. Tel: + 91 22 5695 5566 Fax: + 91 22 2847 6992; Email: ipo@bombayrayon.com; Website: www.bombayrayon.com; Compliance Officer: Mr. A. R. Mundra

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 1,34,75,000 EQUITY SHARES OF THE FACE VALUE OF RS. 10/- EACH AT A PRICE OF RS. 70/- PER EQUITY SHARE FOR CASH AGGREGATING RS. 9,432.50 LAKHS (REFERRED TO AS THE 'ISSUE'), INCLUDING RESERVATION FOR EMPLOYEES OF 6,12,500 EQUITY SHARES. THE NET OFFER TO PUBLIC CONSTITUTES 27.51% OF THE POST ISSUE PAID-UP EQUITY CAPITAL OF BOMBAY RAYON FASHIONS LIMITED ('ISSUER' OR THE COMPANY').

THE FACE VALUE PER EQUITY SHARE IS RS. 10/- AND THE ISSUE PRICE IS SEVEN (7) TIMES OF THE FACE VALUE

The Issue is made through a 100% Book Building Process, wherein not more than 50% of the Net Issue to the Public was to be allotted on a discretionary basis to Qualified Institutional Buyers ('Q/Bs'). Further, not less than 15% of the Net Issue to the Public was available for allotment on a proportionate basis to Non-Institutional Bidders / Investors and not less than 35% of the Net Issue to the Public was available for allotment on a proportionate basis to the Retail Bidders / Investors, subject to valid bids were received within the Price Band.

The Issue received 1,56,552 applications for 14,56,03,000 Equity Shares resulting in 22.6399 times subscription (excluding applications by QIBs and Employees of the Company). The details of the applications received in the Issue from Retail Bidders / Investors, Non-Institutional Bidders / Investors, Employees and Qualified Institutional Buyers' categories (before technical rejections) are as under:

Category

No. of
Applications

 No. of Equity Shares
Applied For		 Subscription
       (*)
Retail Investors 1,55,999 8,77,91,000 19.5009
Non-Institutional Investors 553 5,78,12,000 29.9641
Qualified Institutional Buyers 59 8,63,92,100 13.4332
Employees 127 6,45,200 1.0533
Total 1,56,738 23,26,40,300

*): Note: Number of times of the respective category.

Final Demand

A sample of the final demand at different bid prices is as under:

Bid Price (Rs./Share) No. of Equity Shares % to Total Bids Cumulative Total Bids Cumulative % to Total Bids
60 60,75,400 2.4118 23,78,24,600 100.0000
61 2,77,600 0.1102 23,73,08,300 99.7829
62 12,30,300 0.4884 23,72,85,000 99.7731
63 11,500 0.0046 23,72,04,000 99.7391
64 6,600 0.0026 23,72,01,200 99.7389
65 57,54,400 2.2844 23,71,98,800 99.7369
66 14,17,000 0.5625 23,67,62,000 99.5532
67 11,000 0.0044 23,66,88,500 99.5223
68 4,05,100 0.1608 23,66,82,900 99.5199
69 7,300 0.0029 23,66,65,500 99.5126
70 15,47,70,700 61.4404 23,66,63,300 99.5117
Cut-Off 8,19,37,000 32.5271 8,19,26,600 34.4483

The Basis of Allotment was finalized in consultation with Bombay Stock Exchange Limited ('BSE') on Tuesday, November 29, 2005.

A. Allotment to Retail Investors

The Basis of Allotment to the Retail Investors, who have bid at cut-off or at the Issue Price of Rs. 70/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 19.01901 times. The total number of Equity Shares allotted in this category is 45,06,300. The category-wise details of the Basis of Allotment are as under:

Category No. of Applications

% to Total

 Total No. of Equity Shares Applied % to Total No. of Equity Shares Allotted Ratio Total No. of Equity Shares Allotted
100 20,288 13.32 20,28,800 2.37 1,06,672 1:19 1,06,800
200 19,400 12.73 38,80,000 4.53 2,04,006 2:19 2,04,200
300 13,680 8.98 41,04,000 4.79 2,15,784 3:19 2,16,000
400 8,284 5.44 33,13,600 3.87 1,74,226 4:19 1,74,400
500 12,170 7.99 60,85,000 7.11 3,19,943 5:19 3,20,300
600 6,407 4.20 38,44,200 4.49 2,02,124 6:19 2,02,300
700 52,810 34.66 3,69,67,000 43.18 19,43,687 7:19 19,45,600
800 887 0.58 7,09,600 0.83 37,310 8:19 37,300
900 420 0.28 3,78,000 0.44 19,875 9:19 19,900
1,000 1,701 1.12 17,01,000 1.99 89,437 10:19 89,500
1,100 440 0.29 4,84,000 0.57 25,448 11:19 25,500
1,200 363 0.24 4,35,600 0.51 22,803 12:19 22,900
1,300 334 0.22 4,34,200 0.51 22,830 13:19 22,900
1,400 15,183 .9.96 2,12,56,200 24.83 11,17,629 14:19 11,18,700

B. Allotment to Non-Institutional Investors

The Basis of Allotment to the Non-institutional Investors, who have bid at the Issue Price of Rs. 70/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 29.84847 times. The total number of Equity Shares allotted in this category is 19,29,636. The category-wise details of the Basis of Allotment are as under:

Category NO. Of Applications % to Total Total No. of Equity Shares Applied % to Total No. of Equity Shares Allotted Ratio

Total No. of Equity Shares Allotted
1,500 47 9.48 70,500 0.12 2,362 1:2 2,400 ,
5,000 27 5.44 1,35,000 0.23 4,523 FIRM 4,536
10,000 15 3.02 1,50,000 0.26 5,025 FIRM 5,025
25,000 4 0.81 1,00,000 0.17 3,350 FIRM 3,352
50,000 17 3.43 8,50,000 1.48 28,477 FIRM 28,475
1,00,000 4 0.81 4,00,000 0.69 13,401 FIRM 13,400
5,00,000 4 0.81 20,00,000 3.47 67,005 FIRM 67,004
10,00,000 1 0.20 10,00,000 1.74 33,503 FIRM 33,503
13,50,000 1 0.20 13,50,000 2.34 45,228 FIRM 45,228
15,00,000 2 0.40 30,00,000 5.21 1,00,508 FIRM 1,00,508
19,29,300 2 0.40 38,58,600 6.70 1,29,273 FIRM 1,29,274
20,20,000 1 0.20 20,20,000 3.51 67,675 FIRM 67,675
42,85,800 1 0.20 42,85,800 7.44 1,43,585 FIRM 1,43,585

C. Allotment to QIBs

The total number of Equity Shares allotted QIBs is 64,31,250 Equity Shares as follows:

Category Fls/Banks MFs Flls Venture Capitals Total
No. of Shares 12,47,500 30,25,000 21,58,750 - 64,31,250

D. Allotment to the Employees of the Company

The Basis of Allotment to the Employees of Bombay Rayon Fashions Limited, who have bid at cut-off or at the Issue Price of Rs. 70/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 1.0533 times. The total number of Equity , Shares allotted in this category is 6,12,500. The category-wise details of the Basis of Allotments are as under:

Category No. of Applications % to Total Total No. of Equity Shares Applied % to Total No. of Equity Shares Allotted Ratio Total No. of Equity Shares Allotted
100 3 2.36 300 0.05 285 FIRM 300
200 5 3.94 1,000 0.15 949 FIRM 950
300 3 2.36 900 0.14 854 FIRM 855
500 90 70.87 45,000 6.97 42,719 FIRM 42,750
1,000 1 0.79 1,000 0.15 949 FIRM 949
3,000 3 2.36 9,000 1.39 8,544 FIRM 8,544
15,500 1 0.79 15,500 2.40 14,714 FIRM 14,714
25,500 19 14.96 4,84,500 75.09 4,59,945 FIRM 4,59,952
38,000 1 0.79 38,000 5.89 36,074 FIRM 36,050
50,000 1 0.79 50,000 7.75 47,467 FIRM 47,436

Pursuant to Clause 6.8.3.2 (g) of the SEBI (Disclosure and Investor Protection Guidelines), 2000 and item no. 24 of the Notes to the Capital Structure (page no. 24) of the Prospectus dated Tuesday, November 22,2005, the Company has rounded-off fractional Equity Shares to the nearest one (1) Equity Share.

In view of rounding-off of the fractional Equity Shares to the nearest one (1) Equity Share, while finalizing the Basis of Allotment, the Issue Size has increased to 1,34,79,686 Equity Shares of Rs. 10/- each at a Price of Rs. 70/- per Equity Share aggregating Rs. 9,435.78 lakhs.

The Board of Directors of the Company at it's Meeting held at Mumbai on Tuesday, November 29, 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 (10) 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 Equity Shares allotted to successful applicants are being credited to their respective 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 Bombay Stock Exchange Limited and National Stock Exchange of India Limited within seven (7) working days from the date of approval of the Basis of Allotment.

INVESTORS MAY PLEASE NOTE

These details of allotment made, would be hosted on the website of the Registrar to the Issue, Intime Spectrum Registry Limited at www.lntlmespectrum.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue, Intime Spectrum Registry Limited, quoting full name of the First / Sole Applicant, Serial Number of the Bid-cum-Application Form, Number of Equity Shares bid for, Name of the Member of the Syndicate, Place where the bid was submitted and payment details at the address given below:

Intime Spectrum Registry Limited
C-13, Pannalal Silk Mills Compound, LBS Marg,
Bhandup (West), Mumbai - 400 078 Telephone No.: +91 - 22 - 5555 5491 -94;
Fax No.: +91 - 22 - 5555 5499;
Email: brflipo@intimespectrum.com
Place :Mumbai
Date : Friday, December 2, 2005

For Bombay Rayon Fashions Limited
Sd/-
A.R. Mundra
Executive Director - Finance

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 BOMBAY RAYON FASHIONS LIMITED.
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