|Basis of Allotment|
(The Company was incorporated as Lucky Laminate Private Limited on
December 19, 1990 under the Companies Act, 1956, as amended. The name of the Company was
subsequently changed to Asahi Songwon Colors Limited on April 19, 1996.)
PUBLIC ISSUE OF 37,22,222 EQUITY SHARES OF RS. 10 EACH ("EQUITY SHARES") OF ASAHI SONGWON COLORS LIMITED ("COMPANY") FOR CASH AT A PRICE OF RS. 90 PER EQUITY SHARE, AGGREGATING RS. 334,999,980. THE ISSUE CONSTITUTES 30.33 % 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 9 TIMES THE FACE VALUE
This Issue is being made through a 100% Book Building Process wherein upto 50% of the Issue shall be allotted on a proportionate basts to Qualified Institutional Buyers ("QIBs"). 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the QIB portion shall be available for allocation on a proportionate basis to all QIBs including Mutual Funds, subject to valid bids being received at or above the Issue Price. Further, not less than 15% of the Issue shall be available for allocation on a proportionate basis to Non Institutional Bidders and not less than 35% of the Issue shall 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 has received 1594 applications for 6579900 Equity Shares resulting in 2.12 times subscription. The details of the subscription received in the Issue from Qualified Institutional, Non-Institutional and Retail Individual Bidders categories are as under: (Before technical reiections)
The Basis of Allocation was finalised in consultation with the Designated Stock
Exchange - The Bombay Stock Exchange Limited ("BSE") on 25th May, 2007.
The Board of Directors for Issue of the Company vide resolution dated 26th May, 2007 has approved the basis of allocation of Equity Shares and allotted the Equity Shares to various successful applicants. The Confirmation of Allocation Note ("CAN') and Refund Orders in respect of refunds due to applicants are being dispatched to the address of the investors as registered with the depositories. In case the same is not received within ten (10) days, investors may contact at 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 are being credited to their respective 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 Bombay Stock Exchange Limited ("BSE") within seven (7) working days from the date approval of Basis of Allocation.
INVESTORS PLEASE NOTE
This communication is intended for release solely in India. This communication is not an offer of securities for sale in any other jurisdiction, including the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933.
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 ASAHI SONGWON COLORS LIMITED.