Basis of Allotment

GLOBAL VECTRA HELICORP LIMITED

GLOBAL VECTRA HELICORP LIMITED

(Our Company was originally incorporated as Azal India Private Limited on April 13,1998. We subsequently changed the name of our Company to Global Helicorp Private Limited pursuant to a special resolution of the shareholders passed at an extraordinary general meeting on May 23, 2003. This name was subsequently changed to Global Vectra Helicorp Private Limited pursuant to a special resolution of the shareholders passed at an extraordinary general meeting on August 26, 2004. The name was changed to Global Vectra Helicorp Limited and the fresh certificate of incorporation consequent on change of name was granted to our Company on October 10, 2005 by the Registrar of Companies, N.C.T. of Delhi and Haryana at New Delhi)

Registered Office: A-54, Kailash Colony, New Delhi 110 048, Corporate Office: 202, Krishna Kunj, V. L. Mehta Marg, JVPD Scheme, Mumbai 400 056, Tel: (91 22) 2618 6155; Fax: (91 22) 2617 6501 Email: info@gvhl.net
Website: http://www.globalhelicorp.com   Compliance Officer. Mr. Vikram D. Kakaiya

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 3,500,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 185 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS. 175 PER EQUITY SHARE AGGREGATING RS. 647.50 MILLION COMPRISING A FRESH ISSUE OF 2,800,000 EQUITY SHARES OF RS. 10 EACH BY THE COMPANY ("FRESH ISSUE") AND AN OFFER FOR SALE BY AZAL AZERBAIJAN AVIATION LIMITED OF 700,000 EQUITY SHARES OF RS. 10 EACH (THE "OFFER FOR SALE"). THE FRESH ISSUE AND THE OFFER FOR SALE ARE JOINTLY REFERRED TO AS THE "ISSUE". THE ISSUE WOULD CONSTITUTE 25.0% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY

The Issue is being made through the 100% book building process wherein at least 50% of the Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs"), out of which 5% shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder shall be available for allocation on a proportionate basis to QIBs and Mutual Funds, subject to valid Bids being received from them at or above the Issue Price. Further, at least 15% of the Issue will be available for allocation on a proportionate basis to Non-institutional Bidders and at least 35% of the Issue will be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.

The Issue received 8423 applications for 12347640 equity shares resulting in 3.53 times subscription. The details of valid applications received from Retail, Non Institutional Investor, Qualified Institutional Investor categories are as under (After Cheque Return):

Category No. of Applications No. of Shares Subscription times
Qualified Institutional Bidders 27 10962690 6.26
Non Institutional Investors 26 125310 0.24
Retail Investors 8370 1259640 1.03
Total 8423 12347640 3.53

Final Demand

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

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to Total
175 102120 0.80 102120 0.80
176 150 0.00 102270 0.81
177 30 0.00 102300 0.81
178 60 0.00 102360 0.81
180 87150 0.69 189510 1.49
182 30 0.00 109540 1.49
184 480 0.00 190020 1.50
185 4666080 36.73 4856100 38.23
187 150 0.00 4856250 38.23
188 180 0.00 4856430 38.23
189 480 0.00 4856910 38.23
190 2170800 17.09 7027710 55.32
195 510 0.00 7028220 55.32
198 90 0.00 7028310 55.32
199 30 0.00 7028340 55.32
200 4470780 35.19 11499120 90.52
CUT-OFF 1204860 9.48 12703980 100.00
TOTAL 12703980

The Basis of Allotment was finalised with the National Stock Exchange of India limited on October 18, 2006.

Allocation to Retail Investors

The application from Retail Investors who have bid at Cut-Off or above the issue Price of Rs. 185/- per equity shares have been considered for allotment. The category was subscribed 1.03 times and after considering spillover from non-institutional investors the category was subscribed 0.76167 times. All the investors who have applied have been allotted equity shares on a Firm Basis. The category wise details of the Basis of Allocation are as under:

Categroy No. of Applicants % to Total Total No. of Shares Applied % to Total Shares allotted per allottee Ratio Total No. of Shares Allocated
30 2190 26.62 65700 5.31 30 FIRM 65700
60 1339 16.28 80340 6.49 60 FIRM 80340
90 829 10.08 74610 6.03 90 FIRM 74610
120 594 7.22 71280 5.76 120 FIRM 71280
150 418 5.08 62700 5.07 150 FIRM 62700
180 207 2.52 37260 3.01 180 FIRM 37260
210 226 2.75 47460  3.83 210 FIRM 47460
240 1380 16.78 331200 26.76 240 FIRM 331200
270 58 0.71 15660 1.27 270 FIRM 15660
300 83 1.01 24900 2.01 300 FIRM 24900
330 11 0.13 3630 0.29 330 FIRM 3630
360 24 0.29 8640 0.7 360 FIRM 8640
390 6 0.07 2340 0.19 390 FIRM 2340
420 10 0.12 4200 0.34 420 FIRM 4200
450 27 0.33 12150 0.98 450 FIRM 12150
480 818 9.94 392640 31.72 480 FIRM 392840
510 3 0.04 1530 0.12 510 FIRM 1530
540 3 0.04 1620 0.13 540 FIRM 1620

Allocation to Non Institutional Investors (Individuals who have applied for an amount Rs.1,00,001/- and above, Bodies Corporate/ Institutions)

The category was subscribed 0.23771 times. Ail the Investors who have applied for 510 shares and above have been allotted equity shares on Firm Basis. Undersubscription has been spilled over to the other categories. The category wise details of the Basis of Allocation are as under:

Category No. of
Applicants
% to Total Total No. of Shares Applied % to Total Shares Allotted
per Allottee
Ratio Total no.of Shares Allocated
510 2 8 1020 0.82 510 FIRM 1020
540 2 8 1080 0.87 540 FIRM 1080
570 1 4 570 0.46 570 FIRM 570
630 2 8 1260 1.01 630 FIRM 1260
780 1 4 780 0.63 780 FIRM 780
960 1 4 960 0.77 960 FIRM 960
990 1 4 990 0.79 990 FIRM 990
1020 1 4 1020 0.82 1020 FIRM 1020
1260 2 8 2520 2.02 1260 FIRM 2520
1500 4 16 6000 4.81 1500 FIRM 6000
1800 1 4 1800 1.44 1800 FIRM 1800
2400 2 8 4800 3.85 2400 FIRM 4800
2490 1 4 2490 2 2490 FIRM 2490
6000 1 4 6000 4.81 6000 FIRM 6000
12480 1 4 12480 10 12480 FIRM 12480
27000 1 4 27000 21.63 27000 FIRM 27000
54030  1 4 54030 43.29 54030 FIRM 54030

Allocation to QIBs

The QIB portion was subscribed 6.26 times and after considering spillover from non-institutional investors and retail investors the category was subscribed 5.07279 times. All the investors who have applied have been allotted equity shares on a Firm Basis. The details are as under.

Category FIs/Banks Mfs FIIs Insurance Companies VCs Total
- - 1345355 791985 - - 2137340

Dates of Despatch of Refund Orders, Credit to Beneficiary Accounts and Listing Details

Activity Date of Completion
Approval of Basis of Allotment by NSE ( Designated Stock Exchange) October 18, 2006
Despatch of Allotment Advices and Refund Orders October 20, 2006
Listing Application to NSE and BSE October 20, 2006
Electronic Credit to Beneficiary Accounts with CDSL and NSDL October 20, 2006
Listing and Trading Permission by NSE October 26, 2006

The Board of Directors of the Company at its meeting held on October 19, 2006 has approved the Basis of Allotment of the shares and has allotted the shares to various successful applicants.

The refund orders have been despatched to the First/Sole applicant at the address registered with the Depositories. In case the same is not received within ten days, investors may contact the Registrars at the address given below:

Investors may please note that the details of the allocation made are being hosted on the website of the Registrar to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the first/sole applicant, Serial Number of the Bid-cum-Application Form, number of the shares bid for, name of the member of the syndicate and the place where the bid was submitted and the payment details at the address given below:

INTIME SPECTRUM REGISTRY LIMITED
C-13, Pannalal Silk Mills Compound
LBS Marg, Bhandup (W), Mumbai -400 078
TeI: 91 22 2596 0320-28, Fax: 91 22 2596 0329
e-mail:gvhlipo@intimespectrum.com
Website: www.intimespectrum.com

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE EITHER OF THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF GLOBAL VECTRA HELICORP LIMITED.

For Global Vectra Helicorp Limited

Place: Mumbai Sd/-

Date : 20th October, 2006 Director

Place : Mumbai
Date : 20th October, 2006

For Global Vectra Helicorp Limited
Sd/
Director

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