Basis of Allotment

EMKAY SHARE AND STOCK BROKERS LIMITED

EMKAY SHARE AND STOCK BROKERS LIMITED

(The company was incorporated as Emkay Share and Stock Brokers Private Limited on 24th January, 1995 under the provisions of Companies Act. 1956. The Company was converted from Private Limited to Public Limited Company under the provisions of Companies Act, 1956 on 20th October. 2005 and the name was changed to
Emkay Share and Stock Brokers Limited)
Registered Office: 4 D, 4th Floor, Hamam House, Ambalal Doshi Mang, Fort, Mumbai 400 001.
Tel.:+91-22-5660 6690, Fax: +91-22-2490 4795
Corporate Office: Phoenix House,'C' Wing, 4th Floor, Phoenix Mills, Senapati Bapat Marg, Lower Parel,
Mumbai 400013. Tel No.:+91-22-5660 6690, Fax No.: +91-22-2490 4795 E-mail: compliance@emkayshare.com
Website: www.emkayshare.com Compliance Officer: Mr. Vijay Shenoy

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 82,50,000 EQUITY SHARES OF RS. 10/- EACH ISSUED FOR CASH AT A PRICE OF RS.120/-(INCLUDING PREMIUM OF RS. 110/-) PER SHARE AGGREGATING RS. 7500.00 LACS (HEREINAFTER REFERRED TO AS "THE ISSUE") INCLUDING EMPLOYEE RESERVATION OF 2,00,000 EQUITY SHARES OF RS.10/- EACH ISSUED FOR CASH AT A PRICE OF RS.120/- AND THE NET ISSUE TO THE PUBLIC OF 60,50,000 EQUITY SHARES OF RS.10/-EACH ISSUED FOR CASH AT A PRICE OF RS. 120/- AGGREGATING TO RS. 7260.00 LACS. THE ISSUE CONSTITUTES 25.88% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY.THE FACE VALUE PER EQUITY SHARE IS RS.10/-EACH AND THE ISSUE PRICE IS 12 TIMES OF THE FACE VALUE

The Issue has been made through the 100% book building process wherein not more than 50% of the Net Issue to the public has been allocated on a proportionate basis to Qualified Institutional Buyers (QIBs) (including 5% of the QIB portion to be specifically reserved for Mutual Funds). Further. not less than 15% of the Net Issue and 35% of the Net Issue has been allotted on a proportionate basis to Non- Institutional Bidders and Retail Bidders respectively.

The Issue received 43,668 applications for 4,83,25,580 equity shares (including reserved category for Employees) resulting in 7.73 times subscription. The details of the valid applications received in the Issue from Retail, Non- Institutional Investor, Qualified Institutional Investor and Employee categories are as under:

Category No. of Applications No. of Shares Subscription (times)
Qualified Institutional Buyers 28 2,65,21,800 8.77
Non Institutional Investors 214 71,81,100 7.91
Retail Investors 43,268 1,43,91,680 6.79
Employees 140 2,31,000 1.16
Total 43,668 4,83,25,580 7.73

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
100 350700 0.7054 49713950 100.0000
101 2900 0.0058 49363250 99.2946
102 1400 0.0028 49360350 99.2887
103 100 0.0002 49358950 992859
104 50 0.0001 49358850 99.2857
105 48050 0.0926 49358800 992856
106 10350 0.0208 49312750 99.1930
107 16500 0.0332 49302400 99.1722
108 800 0.0016 49285900 99.1390
109 1100 0.0022 49285100 99.1374
110 354850 0.7134 49284000 99.1352
111 16950 0.0341 48929350 98.4218
112 18000 0.0362 48912400 98.3877
113 13800 0.0274 48894400 98.3515
114 1850 0.0037 48880800 98.3241
115 115850 0.2330 48878950 98.3204
116 1250 0.0025 48763100 98.0874
117 8950 0.0180 48761850 98.0848
118 900 0.0018 48752900 98.0668
119 200 0.0004 48752000 98.0650
120 34954400 70.3110 48751800 98.0646
9999 13797400 27.7536 13797400 27.7536
49713950 100.0000

The Basis of Allotment was finalized In consultation with the Bombay Stock Exchange Limited on April 20, 2006.

A) Allocation to Retail Investors
The Basis of Allocation to the Retells Investors, who have bid at cut-off or at and above the Issue Price of Rs.120/- per Equity Share, was finalized In consultation with BSE. The category was over subscribed 6.79 times. The total number of shares allotted in this category is 21,17,500 Equity Shares. The category-wise details of the Basis of Allocation.

Category No. of
Applns.
% to
Total
Total No. of
Shares applied
% to
Total
Proportional
Allocation
Ratio Total No. of
Shares allocated
50 8189 14.56 308450 2.20 50 17:100 52450
100 5787 13.65 578700 4.13 50 3:10 87400
150 2552 8.02 382800 2.73 50 9:20 57650
200 3708 8.75 741800 5.30 50 3:5 111750
250 1589 3.70 392250 2.80 50 19:25 59600
300 1723 4.07 518900 3.69 50 91:100 78400
360 920 2.17 322000 2.30 53 FIRM 48760
400 12131 28.62 4852400 34.65 60 FIRM 727860
450 373 0.88 167850 1.20 68 FIRM 25364
500 464 1.09 232000 1.66 76 FIRM 35264
550 80 0.19 44000 0.31 83 FIRM 6640
600 199 0.47 119400 0.85 91 FIRM 18109
850 50 0.12 32500 0.23 98 FIRM 4900
700 87 0.21 60900 0.43 105 FIRM 9135
750 94 0.22 70500 0.50 113 FIRM 10622
800 6476 15.28 5180800 37.00 121 FIRM 783596

B) Allocation to Non Institutional Investors
The Basis of Allocation to the Non institutional investors, who have bid at cut-off or at and above the Issue Price of Rs.120/-per Equity Share, was finalized in consultation with BSE. The category was subscribed 7.91 times. The total number of shares allotted in this category is 9,07,500 Equity Shares. A sample of 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
Proportional
Allocation
Ratio Total No. of
Shares allocated
20800 10 4.74 208000 2.90 2630 FIRM 26300
25000 6 2.09 150000 2.09 3161 FIRM 18966
83300 2 0.95 166600 2.32 10531 - FIRM 21062
100000 2 0.95 200000 2.79 12643 FIRM 25286
166650 1 0.47 166650 2.32 21068 FIRM 21068
250000 1 0.47 250000 3.48 31606 FIRM 31606
333300 1 0.47 333300 4.64 42137 FIRM 42137
416650 2 0.95 833300 11.61 52675 FIRM 105350
460000 1 0.47 460000 6.41 58155 FIRM 58155
833300 1 0.47 833300 11.61 105351 FIRM 105351
1666650 1 0.47 1666650 23.22 210708 FIRM 210708

C) Allocation to Employees:
The Basis of Allocation to the Employees category, who have bid at cut-off or at the Issue Price of Rs.120 per Equity Share, was finalized in consultation with NSE. The category was subscribed to the extent of 1.16 times. The total number of Equity Shares allotted in this category is 2,00,000 Equity Shares.

All the applicants have been given firm allotment on proportionate basis inverse to the over-subscription ratio.

D) Allocation to OIBs

Category FIs/Banks MFs Flls Insurance Companies VCs Total
No.of Shares 140759 917649 1966592 - - 3025000

The Board of Directors of the Company has approved the Basis of Allocation through a resolution by circulation on April 21, 2006 and has allotted shares to various successful applicants.

The Refund Orders have been dispatched on April 21, 2006 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 printed with the Bank Mandate details as registered, if any, with the depositories. The shares allotted to successful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. Emkay Share and Stock Brokers Limited 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.

INVESTORS PLEASE NOTE
This details of the allocation made are being 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, whose address is furnished below, 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.

Book-Running Lead Manager Registrar to the Issue
Centrum Capital Limited
5th Floor, Khetan Bhavan, 198, J. Tata Road
Churchgate, Mumbai 400 020.
Tel.: +91-22-2202 3838; Fax: +91-22-2204 6096
E-mail: emkay@centrum.co.in Website: www.centrum.co.in
Contact Person: Ms. Sangeeta Sanghvi
Intims Spectrum Registry Limited
C-13, Pannalal Silk Mills Compound, LBS Marg Bhandup (West), Mumbai 400 078.
Tel.: +91-22-2596 0320; Fax: +91-22-2596 0329
E-mail: emkayipo@intimespectrum.com
Website: www.intimespecirum.com
Contact Person: Mr. Vishwas Attawar
Place: Mumbai
Date : April 25, 2006

For Emkay Share and Stock Brokers Limited,
Sd/-
Krishna Kumar Karwa
Managing Director

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
EMKAY SHARE AND STOCK BROKERS LIMITED.

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