|Basis of Allotment|
METAL & POWER LIMITED
(The Company was originally Incorporated as Ankit Steel Works Private Ltd. on 7th August, 2002 by Registrar of Companies, West Bengal. The name of the Company was changed to Ankit Metal & Power Private Limited and a Fresh Certificate of Incorporation consequent to change of name was granted to the company on 9th July, 2004. The Company subsequently became a public limited Company and the name of the Company was further changed to Ankit Metal & Power Limited and the Fresh Certificate of incorporation was granted to the Company on 31st August,2004.)
Regd. Office: 35, Chittranjan Avenue, Kolkata - 700 012, Tel: +91-33-22119805/06,22118807,
BASIS OF ALLOTMENT
PUBLIC ISSUE OF 1,19,00,000 EQUITY SHARES OF RS.10/- EACH FOR CASH AT A PRICE OF RS. 36/- PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 26/- PER EQUITY SHARE) AGGREGATING Rs. 4284.00 LACS BY ANKIT METAL & POWER LIMITED (THE COMPANY" OR "ISSUER" OR "AMPL") (HEREINAFTER REFERRED TO AS THE "ISSUE") COMPRISING OF PROMOTERS' CONTRIBUTION OF 23,10,000 EQUITY SHARES OF FACE VALUE OF RS.10/- (HEREINAFTER REFERRED TO AS THE "PROMOTERS' CONTRIBUTION"), 11,90,000 EQUITY SHARES OF FACE VALUE OF RS.10/- RESERVED FOR THE EMPLOYEES OF THE COMPANY (HEREINAFTER REFERRED TO AS THE "EMPLOYEES RESERVATION PORTION") AND A NET OFFER TO THE PUBLIC OF 84,00,000 EQUITY SHARES OF RS.10/- EACH (HEREINAFTER REFERRED TO AS THE "NET OFFER TO THE PUBLIC".) OF WHICH 8,40,000 EQUITY SHARES BEING 10% OF THE NET OFFER TO THE PUBLIC TO BE COMPULSORILY ALLOTTED TO QIBS. THE NET OFFER TO THE PUBLIC WOULD CONSTITUTE 25.55% OF THE FULLY DILUTED POST ISSUE PAID UP CAPITAL OF THE COMPANY.
ISSUE PRICE Rs.36/- PER EQUITY SHARE THE ISSUE PRICE IS 3.6 TIMES OF THE FACE VALUE
The Issue was made through 100% Book Building Process wherein upto 50% of the Net Issue was available for allocation on a proportionate basis to Qualified Institutional Buyers, out of which 5% was available for allocation on a proportionate basis to Mutual Funds only and the remainder of the QIB portion was available for allocation on proportionate basis to ail Qualified institutional Buyers, including Mutuat Funds, subject to valid Bids being received at or. above the Issue Price. Further, atleast 15% of the Net Issue was available for allocation on a proportionate basis to Non-institutional Bidders and atleast 35% of the Net Issue was available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received from them at or above the Issues Price
The Issue received 8162 bids/applications for 1,25,65,270 Equity Shares resulting in 1.310 times subscription. The details of the bids/ applications received (before technical rejections) In the Issue from Retail Bidders, Non-institutional bidders, Qualified Institutional Buyers and Eligible Employees are as under:
The Basis of allotment was finalized In consultation with the Bombay Stock Exchange Limited ("BSE") on Tuesday, July 03, 2007. The Board of Directors of the Company at its meeting held on Tuesday, July 03,2007 approved the Basis of Allocation of Equity Shares in the Issue and allotted the Equity Shares to various successful applicants.
A) Allocation to Retail Investors
The retail category was over subscribed 2.2854 times. 7848 valid applications for 6718970 Equity Shares were received against an offer of 2940000 Equity Shares. After adjusting the part of under subscription from the QIB category and Employee Reservation portion of 835408 and 663558 Equity Shares, a total 4438966 Equity Shares were allocated in this category due to which the over subscription reduced to 1.5136 times.
All the valid applicants in this category, except the applicants for 190 shares, have been given firm allotment on proportionate basis inverse to the over subscription ratio. For applicants applying for 190 Equity Shares, 190 Equity Shares have been allocated to 33 applicants out of every 50 applicants.
B) Allocation to Non Institutional Investors
The Non institutional category was over subscribed 1.9318 times. 18 valid applications for 2434090 Equity Shares were received against an offer of 1260000 Equity Shares. After adjusting the part of under subscription from the QIB category and Employee Reservation portion of 358032 and 284382 Equity Shares, a total 1902414 Equity Shares were allocated in this category due to which the oversubscription reduced to 1.2794 times. All the valid applicants in this category have been given firm allotment on proportionate basis inverse to the over subscription ratio.
C) Allocation to Employee Category
10 valid applications for 242060 Equity Shares were received against an offer of 1190000 Equity Shares resulting in 0.2034 times subscription. Full and firm allocation was made to all the applicants in this category. The under subscription in this category of 947940 Equity Shares were added to Retail and Non-Institutional Category in the ratio of 70:30.
D) Allocation to QIBs
3 valid applications for 3006560 Equity Shares were received against an offer of 4200000 Equity Shares resulting in 0.7158 times subscription. Full and firm allocation was made to all the applicants in this category. The under subscription in this category of 1193440 Equity Shares were added to Retail and Non-Institutional Category in the ratio of 70:30. The details of shares allocated in this category are asunder:
The ECS intimation, Refund Orders /Allotment Intimations cum Notice due to applicants have been despatched to the address of the investors as registered with the depositories on Wednesday, July 4, 2007. In case the same is not received within ten days, investors may contact 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 will be credited to their beneficiary accounts on Thursday, July 05, 2007 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 (BSE) within seven working days from the date of approval of basis of allocation.
Investors may please note:
These details of allocation/allotment 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 the 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 and place where the bid was submitted and payment details at the address given below:
Intime Spectrum Registry Limited (Unit: Ankit Metal & Power Limited)
Date : July 04, 2007
For Ankit Metal & Power Limited
|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 PROSPECTS OF ANKIT METAL & POWER LIMITED.|