Basis of Allotment

Gokul Refoils And Solvent Limited

Gokul Refoils And Solvent Limited

(Our Company was incorporated on December 29, 1992 as Gokul Refoils and Solvent Private Limited vide Registration No. 04-18745 under the Companies Act, 1956. Subsequently it was converted into a public limited company vide special resolution passed at the Extra Ordinary General Meeting of the Company held on May 2, 1994, pursuant to which we received a fresh certificate of Incorporation dated July 1, 1994 by the Registrar of Companies, Gujarat. For further details please refer the chapter titled "History and Corporate Structure" on page 151 of the Prospectus.)
Registered Office: State Highway No. 41, Near Sujanpur Patia, Sidhpur, Gujarat- 384151 Tel. No. +91-2767-222075, 220 975 Fax No. +91 -2767 - 223475
Corporate Office: "GOKUL HOUSE", 43 - Shreemal Co- op Housing Society Limited, Opp. Shikhar Building, Navrangpura, Ahmedabad - 380 009, Tel: +91-79-6630 4555 Fax: +91-79 6630 4543; Email: gokulipo@gokuloil.com, Website: www.gokuloil.com Company Secretary and Compliance Officer: Mr. Manish Kella

BASIS OF ALLOCATION

PUBLIC ISSUE OF 71,58,392 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 195 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 185 PER EQUITY SHARE) FOR CASH AGGREGATING TO RS. 13959 LACS (THE "ISSUE") OUT OF WHICH 75,000 EQUITY SHARES HAVE BEEN RESERVED FOR ELIGIBLE EMPLOYEES OF OUR COMPANY ("EMPLOYEE RESERVATION PORTION"). THE NET ISSUE TO THE PUBLIC SHALL BE 70,83,392 EQUITYSHARES OF RS.10 EACH FOR CASH AT A PRICE OF RS. 195 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 185 PER EQUITY SHARE) FOR CASH AGGREGATING TO RS. 13813 LACS (THE "NET ISSUE TO PUBLIC")THE ISSUE WILL CONSTITUTE 26.85 % OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR COMPANY AND THE NET ISSUE TO PUBLIC WILL CONSTITUTE 27.41 % OF THE FULLY DILUTED POST ISSUE PAID -UP CAPITAL OF OUR COMPANY.
THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 195/- AND IT IS 19.5 TIMES THE FACE VALUE.

The Issue was made through the 100% Book Building Process wherein at least 50% of the net Issue was 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, up to 15% of the Issue was made available for allocation on a proportionate basis to Non-Institutional Bidders and up to 35% of the Issue was made available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price. FURTHER UPTO 75,000 EQUITY SHARES WERE MADE AVAILABLE FOR ALLOCATION ON A PROPORTIONATE BASIS TO ELIGIBLE EMPLOYEES, SUBJECT TO VALID BIDS BEING RECEIVED AT OR ABOVE THE ISSUE PRICE.
The Issue received 52155 applications for 28442050 equity shares resulting in 3.9732 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Investor and Employee categories are as under: (Before technical rejections)

Category No. of Applications No. of Shares Subscription
     Qualified Institutional Buyers 15 9635710 2.7206
     Non Institutional Investors 137 5766285 5.4271
     Retail Individual Investors 51885 12954130 5.2252
     Employees 118 85925 1.1457

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
175 1096760 3.3621 32620805 100.0000
176 1155 0.0035 31524045 96.6379
177 455 0.0014 31522890 96.6343
178 735 0.0023 31522435 96.6329
180 8750 0.0268 31521700 96.6307
182 2100 0.0064 31512950 96.6038
183 595 0.0018 31510850 96.5974
185 959980 2.9428 31510255 96.5956
186 43575 0.1336 30550275 93.6527
188 105 0.0003 30506700 93.5192
189 525 0.0016 30506595 93.5188
190 4305 0.0132 30506070 93.5172
194 980 0.0030 30501765 93.5040
195 18091570 55.4602 30500785 93.5010
CUTOFF 12409215 38.0408 12409215 38.0408
TOTAL 32620805 100.0000

The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange Limited ("BSE") on 26th May, 2008. A. Allocation to Employees (After Technical Rejections)
The Basis of Allocation to the Employees, who have bid at cut-off or at the Issue Price of Rs. 195/- per Equity Share was finalized in consultation with BSE. The category was subscribed 1.132600 times. The total number of Equity Shares allotted in this category is 75000 Equity Shares to 116 successful applicants. The category wise details of the Basis of Allocation (sample) 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
35 18 15.52 630 0.74 35 FIRM 630
70 17 14.66 1190 1.4 61 FIRM 1037
280 3 2.59 840 0.99 247 FIRM 741
315 4 3.45 1260 1.48 278 FIRM 1112
420 2 1.72 840 0.99 371 FIRM 742
455 1 0.86 455 0.54 402 FIRM 402
770 2 1.72 1540 1.81 680 FIRM 1360
980 2 1.72 1960 2.31 865 FIRM 1730
1015 4 3.45 4060 4.78 896 FIRM 3584
1750 1 0.86 1750 2.06 1545 FIRM 1545
2975 1 0.86 2975 3.5 2627 FIRM 2627
5250 1 0.86 5250 6.18 4635 FIRM 4635
7700 1 0.86 7700 9.06 6799 FIRM 6799
8505 1 0.86 8505 10.01 7509 FIRM 7509
15645 1 0.86 15645 18.42 13782 FIRM 13782

B. Allocation to Retail Individual Investors (After Technical Rejections)
The Basis of Allocation to Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 195/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 5.182092 times. The total number of equity shares allotted in this category is 2479193 to 36499 successful applicants. The 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
35 11875 23.2 415625 3.24 35 1:5 83125
70 5110 9.98 357700 2.78 35 2:5 71540
105 3914 7.65 410970 3.2 35 3:5 82180
140 2758 5.39 386120 3.01 35 4:5 77210
175 1322 2.58 231350 1.8 35 FIRM 46270
210 985 1.92 206850 1.61 40 FIRM 39400
245 4638 9.06 1136310 8.84 47 FIRM 217986
280 1161 2.27 325080 2.53 54 FIRM 62694
315 231 0.45 72765 0.57 60 FIRM 13860
350 483 0.94 169050 1.32 67 FIRM 32361
385 116 0.23 44660 0.35 74 FIRM 8584
420 163 0.32 68460 0.53 81 FIRM 13203
455 194 0.38 88270 0.69 87 FIRM 16878
490 18233 35.62 8934170 69.54 94 FIRM 1713902

C. Allocation to Non Institutional Investors (Alter Technical Rejections)
The Basis of Allocation to Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 195/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 5.414369 times. The total number of equity shares allotted in this category is 1062503 to 133 successful applicants. The category wise details of the Basis of Allocation (sample) 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
525 4 3.01 2100 0.04 97 FIRM 388
560 2 1.5 1120 0.02 104 FIRM 208
3500 3 2.26 10500 0.18 646 FIRM 1938
7665 1 0.75 7665 0.13 1416 FIRM 1416
10080 1 0.75 10080 0.18 1862 FIRM 1862
10115 1 0.75 10115 0.18 1868 FIRM 1868
10255 1 0.75 10255 0.18 1894 FIRM 1894
10500 3 2.26 31500 0.55 1939 FIRM 5817
12495 1 0.75 12495 0.22 2308 FIRM 2308
17990 1 0.75 17990 0.31 3323 FIRM 3323
20160 1 0.75 20160 0.35 3723 FIRM 3723
30205 1 0.75 30205 0.53 5579 FIRM 5579
52500 2 1.5 105000 1.83 9697 FIRM 19394
137865 1 0.75 137865 2.4 25463 FIRM 25463
153860 1 0.75 153860 2.67 28417 FIRM 28417
175000 1 0.75 175000 3.04 32321 FIRM 32321
205100 2 1.5 410200 7.13 37881 FIRM 75762
209300 1 0.75 209300 3.64 38656 FIRM 38656
256550 1 0.75 256550 4.46 47383 FIRM 47383
403305 1 0.75 403305 7.01 74486 FIRM 74486
512820 1 0.75 512820 8.91 94710 FIRM 94710

D. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with NSE. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available (1,77,085) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (33,64,611) on proportionate basis.

Category Fls/Banks MFs Flls VCs Total
No. of Shares 82072 752562 2695857 11205 3541696

The IPO Committee of the company at it's Meeting held at Mumbai on May 27th, 2008 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants.

The CAN-cum-Refund Orders/allotment advice and call money notices have 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 atthe 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 the National Stock Exchange of India Limited and Bombay Stock Exchange 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,
Intime Spectrum Registry Limited at www.intimespectrum.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:

INTIME SPECTRUM REGISTRY LIMITED
C-13, Pannalal Silk Mills Compound, L.B.S Marg,
Bhandup (W), Mumbai - 400 078. Tel: +91-22-25960320. Fax: +91-22-25960329.
Email: gokulipo@intimespectrum.com
TOLL FREE-HELPLINE NUMBERS - 1800 22 0320

Place: Mumbai
Date: May 27, 2008

For Gokul Refoils and Solvent Limited
sd/-
Manish Kella
Company Secretary and Compliance Officer

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 GOKUL REFOILS AND SOLVENT LIMITED

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