Basis of Allotment

Gallantt Metal Limited

Gallantt Metal Limited

Incorporated in India on February 07, 2005, under the Companies Act, 1956 with Registration No. 21-101553 with the Registrar of Companies, West Bengal.

Registered Office: "Centre Point", 21, Hemant Basu Sarani, 3rd Floor, Room No. 306, Kolkata - 700 001, India. Tel. : (033) 30288500-06 Fax : (033) 3028 8499, E-mail : gml@gallantt.com, Website : www.gallantt.com
Contact Person: Mr. Rajesh Upadhyaya
Works Office : Near Toll Gate, Village: Samakhyali, Taluka : Bachau, District: Kutch, Gujarat
Telefax : 91-2837-283690!267307

BASIS OF ALLOTMENT

Public Issue of 37,120,000 Equity Share of Re.10/- each for cash at per aggregating Rs. 3,712 Lacs (hereinafter referred to as the "Issue") comprising of 6,000,000 Equity Shares of Promoters and Promoter Group Contribution, 1,556,000 Equity Shares reserved for Permanent Employees of the Company and Net Offer to the Public of 29,564,000 Equity Shares of Rs.10/- each of which 29,56,400 Equity Shares being 10% of the Net Offer to the public to be compulsorily allotted to CABs. The Net Offer to the Public would constitute 38.74% of the fully diluted post issue paid up capital of the Company.

The Face Value of the Equity Shares is Rs. 10/- each and the Issue Price is 1 time of the Face Value.
The Project has a participation of Rs.11,450/- Lacs as Term Loans from Consortium of Banks.

The Board of Directors of GALLANTT METAL LIMITED wish to thank the investing public, for their response to the Issue which opened for subscription on Monday, March 6, 2006 and closed on Friday, March 10, 2006. The Issue has received 14253 applications for 7,45,91,600 Equity Shares resulting in 2.397 times subscription. The details of the Applications received in the Issue (before technical rejections) are as under.

Category No. of Applications No. of Shares Subscription
Employee Category 28 1562000 1.004
Qualified Institutional Investors 5 4980000 1.684
Non-Retail Category 71 32823500 2.776
Retail Category 14149 35226100 2.383

The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - Bombay Stock Exchange Limited, ("BSE") on Friday, March 24, 2006.

A) ALLOTMENT TO EMPLOYEES

The Basis of Allotment to the Employees category, who have applied at Rs. 10/- per Equity Share, was finalised in consultation with BSE. The category was subscribed 1.004 times. Firm allotments have been made against all applications. The total number of shares allotted in this category is 1556000 Equity Shares. The category-wise details of the Basis of Allotment (sample) are as under:

Category No. of Applications % to Total Total No. of Shares applied % to Total No. of Shares allotted per allottee Ratio Total No. of Shares allotted
4000 1 3.570 4000 0.260 3985 FIRM 3985
5000 3 10.710 15000 0.960 4981 FIRM 14943
25000 1 3.570 25000 1.600 24904 FIRM 24904
40000 2 7.140 80000 5.120 39846 FIRM 79692
51000 2 7.140 102000 6.530 50804 FIRM 101608
51500 1 3.570 51500 3.300 51302 FIRM 51302
52000 2 7.140 104000 6.660 51800 FIRM 103600
52500 1 3.570 52500 3.360 52298 FIRM 52298
53000 1 3.570 53000 3.390 52796 FIRM 52796
60000 2 7.140 120000 7.680 59769 FIRM 119538
70000 2 7.140 140000 8.960 69731 FIRM 139462
75000 5 17.860 375000 24.010 74712 FIRM 373560
80000 1 3.570 80000 5.120 79692 FIRM 79692
85000 2 7.140 170000 10.880 84673 FIRM 169346
90000 1 3.570 90000 5.760 89654 FIRM 89654
100000 1 3.570 100000 6.400 99620 FIRM 99620

B) ALLOTMENT TO QUALIFIED INSTITUTIONAL INVESTORS (Minimum 10%)*
The Basis, of Allotment to the Qualified Institutional Investors, who have applied at the Issue price of
Rs. 10/- per Equity Share, was finalised in consultation with BSE. The category was subscribed 1.684
times. The total number of shares allotted In this category is 2956402 Equity Shares. The category-wise
details of the Basis of Allotment (sample) are as under

Category No. of Applications % to Total Total No. of Shares applied % to Total No. of Shares allotted per allottee Ratio Total No. of Shares allotted
130000 1 20.000 130000 2.610 77175 FIRM 77175
250000 1 20.000 250000 5.020 148414 FIRM 148414
600000 1 20.000 600000. 12.050 356193 FIRM 356193
1000000 1 20.000 1000000 20.080 593655 FIRM 593655
3000000 1 20.000 3000000 60.240 1780965 FIRM 1780965

*Balance added to Non-Retail Category

C) ALLOTMENT TO NON-RETAIL CATEGORY

The Basis of Allotment to the Non-Retail Investors, who have applied at the issue price of Rs. 10/- per Equity Share, was finalised in consultation with BSE. The category was subscribed 2.939 times. The - total number of shares allotted in this category is 11825617 Equity Shares. The category-wise details of the Basis of Allotment (sample) are as under:

Category No. of Applications % to Total Total No. of Shares applied % to Total No. of Shares allotted per allottee Ratio Total No. of Shares allotted
10500 4 6.250 42000 0.120 3573 FIRM 14292
12000 1 1.560 12000 0.030 4083 FIRM 4083
13000 1 1.560 13000 0.040 4423 FIRM 4423
14000 1 1.560 14000 0.040 4764 FIRM 4764
15000 1 1.560 15000 0.040 5104 FIRM 5104
16000 1 1.560 16000 0.050 5444 FIRM 5444
20000 1 1.560 20000 0.060 6805 FIRM 6805
40000 1 1.560 40000 0.120 13610 FIRM 13610
50000 3 4.690 150000 0.430 17013 FIRM 51039
62825 1 1.560 52825 0.150 17974 FIRM 17974
60000 2 3.130 120000 0.350 20415 FIRM 40830
80000 1 1.560 80000 0.230 27220 FIRM 27220
100000 2 3.130 200000 0.580 34025 FIRM 68050
101586 1 1.560 101586 0.290 34565 FIRM 34565
140000 1 1.560 140000 0.400 47635 FIRM 47635
150000 2 3.130 300000 0.860 51038 FIRM 102076
200000 1 1.560 200000 0.580 68050 FIRM 68050
243807 1 1.560 243807 0.700 82955 FIRM 82955
250000 8 12.500 2000000 5.750 85063 FIRM 680504
300000 2 3.130 600000 1.730 102075 FIRM 204150
400000 1 1.560 400000 1.150 136100 FIRM 136100
406345 1 1.560 406345 1,170 138259 FIRM 138259
500000 11 17.190 5500000 15.820 170125 FIRM 1871375
520000 1 1.580 520000 1.500 176930 FIRM 176930
750000 2 3.130 1500000 4.320 255188 FIRM 510376
1000000 4 6.250 4000000 11.510 340251 FIRM 1361004
1100000 1 1.560 1100000 3.160 374276 FIRM 374276
1219035 1 1.580 1219035 3.510 414777 FIRM 414777
2000000 3 4.690 6000000 17.260 680501 FIRM 2041503
2500000 1 1.560 2500000 7.190 850627 FIRM 850627
3500000 1 1.580 3500000 10.070 1190877 FIRM 1190877
3750000 1 1.560 3750000 10.790 1275940 FIRM 1275940

D) ALLOTMENT TO RETAIL INDIVIDUAL INVESTORS

The Basis of Allotment to the Retail Individual Investors, who have applied at the issue price of Rs. 10/- per Equity Share, was finalised in consultation with BSE. The category was subscribed 2.280 times, The total number of shares allotted in this category is 14784305 Equity Shares. The category-wise details of the Basis of Allotment (sample) are as under

Category No. of
Applications
% to
Total
Total No.
of Shares
applied
% to
Total
No. of Shares
allotted per
allottee
Ratio Total No.
of Shares
allotted
500 3750 27.830 1875000 5.560 500 19:43 828000
1000 3204 23.770 3204000 9.510 500 7:8 1401500
1500 679 5.040 1018500 3.020 658 FIRM 446782
2000 1311 9.730 2622000 7.780 877 FIRM 1149747
2500 471 3.490 1177500 3.490 1097 FIRM 516687
3000 747 5.540 2241000 6.650 1316 FIRM 983052
3500 88 0.650 308000 0.910 1535 FIRM 135080
4000 233 1.730 932000 2.770 1754 FIRM 408682
4500 1403 10.410 6313500 18.730 1974 FIRM 2769522
5000 306 2.270 1530000 4.540 2193 FIRM 671058
5500 17 0.130 93500 0.280 2412 FIRM 41004
6000 15 0.110 90000 0.270 2632 FIRM 39480
6500 1 0.010 6500 0.020 2851 FIRM 2851
7000 21 0.160 147000 0.440 3070 FIRM 84470
7500 17 0.130 127500 0.380 3290 FIRM 55930
8000 20 0.150 160000 0.470 3509 FIRM 70180
8500 4 0.030 34000 0.100 3728 FIRM 14912
9000 27 0.200 243000 0.720 3947 FIRM 106569
9500 101 0.750 959500 2.850 4167 FIRM 420867
10000 1062 7.880 10620000 31.510 4386 FIRM 4657932

The Committee of Directors of the company at its meeting held at Kolkata at 10:30 AM on March 25, 2006 has approved the Basis of Allotment of shares of the Issue and has allotted the shares to various successful applicants.

The Refund Orders and Allotment Advice and notice has 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 at the address given below. The Refund Orders have been overprinted with the Bank Mandate details as registered, If any, with the depositories. The shares allotted 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 Bombay Stock Exchange Limited and National Stock Exchange of India Limited within seven working days from the date of approval of the Basis ofAllotment.

INVESTORS PLEASE NOTE

The details of the allotment made would also be hosted on the website of the Registrar to the Issue, Niche Technologies Pvt Ltd. at www.nichetechpl.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First / Sole applicants, serial number of the Application Form, number of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below

Lead Manager to the Issue
Anand Rathl Securities Private Limited

54-55 Mittal Court 'B' Nariman Point Mumbal - 400 021
Tel. :+91-22-22871388 Fax: +91-22-22835131
Contact Person : Mr. Sunny Agrawal
E-mall : gallantt@rathi.com Website : www.rathi.com
Niche Technologies Pvt. Ltd.
D-511, Bagree Market, 71, B.R.B. Beau Road, Kolkata - 700 001
Tel.: +91-33-22357270/7271 Fax: +91-33-22156823
Contact Person : Mr. S. Abbas
E-mail : gml@nichetechpl.com
Website : www.nichtechpl.com
Place: Kolkata
Date : 28.03.2006

For GALLANTT METAL LIMITED
Sd/-
Managing Director

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECT OF GALLANTT METAL LIMITED.
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