Basis of Allotment

BAFNA PHARMACEUTICALS LIMITED

BAFNA PHARMACEUTICALS LIMITED

[Incorporated on March 28,1995 under the Companies Act, 1956 as 'Bafna Pharmaceuticals Limited' vide Certificate of Incorporation issued by the Registrar of Companies, Chennai having registration no. 18-30698 and obtained Certificate of commencement of Business on April 20,1995]
Registered Office: Bafna Towers, No. 299, Thambu Chetty Street, Chennai-600 001
Tel.: +91-44-25267517/25270992;Fax: +91-44-25231264; E-mail: cs@bafnapharma.com; Website: www.bafnapharma.com
Contact Person: Mr. R. Jayaraman, Company Secretary & Compliance Officer

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 64,00,000 EQUITY SHARES OF Rs. 10/- EACH AT A PRICE OF Rs. 40/- PER EQUITY SHAR (INCLUDING SHARE PREMIUM OF Rs. 30/- PER EQUITY SHARE) FOR CASH AGGREGATING Rs. 2560.00 LACS
THE ISSUE PRICE OF Rs.40/- PER EQUITY SHARE IS 4 TIMES OF THE FACE VALUE

The Board of Directors thank the investing public for their overwhelming response to the Public Issue which opened for subscription on 27.05.2008 and closed on 30.05.2008. The Company received 22,747 gross applications for 3,16,89,450 equity shares of which valid applications were 22,367 for 3,12,47,400 equity shares. Out of the total valid applications received, 22,295 applications in Retail category for 2,62,26,300 equity shares and 72 applications in the Non- Retail category for 50,21,100 equity shares.

The Public issue was over subscribed by 4.8784 times in Retail category and 4.9034 times in Non-Retail category. Overall, the Public Issue was oversubscribed by 4.88 times.

In terms of the prospectus dated 13.05.2008 and also as per the guidelines issued by SEBI, a minimum of 50% of the net issue to the Public shall be available for allotment to Retail Individual Investors and balance of the net issue to the public shall be available for allotment to individual applicants other than Retail Individual Investors and other investors including Corporate Bodies / Institutions irrespective of number of shares applied for. However, out of the total subscription, 84% were applied by Retail investors and 16% were applied by Non-Retail investors. Hence, the Basis of Allotment was drawn in the proportion of the subscription, i.e. 84% to be allotted to Retail Investors and the balance, i.e. 16% to Non-Retail Investors.

As required under the Listing Agreement, the Basis of Allotment has been approved by the Designated Stock Exchange i.e. Bombay Stock Exchange Limited on 20.06.2008

The details of the valid applications received in the Issue in Retail Individual Investors and Non-Retail Investors categories are as under (after technical rejections):

Category No. of Applications No. of Shares Subscription (No. of Times)
Retail Applicants 22,295 2,62,26,300 4.8784
Non - Retail Applicants 72 50,21,100 4.9034

A. Allotment to Retail Investors
The Basis of Allotment to the Retail Investors, at the issue price of Rs.40/- per Equity Shares, was finalised in consultation with BSE. The category was oversubscribed by 4.8784 times. The total number of shares allotted in this category is 53,76,206 Equity Shares (including 206 excess shares due to rounding off). The category-wise details of the Basis of Allotment are as under:

Category No. of Applications % to Total Total No .of Shares Applied % to Total No. of Shares Allotted Ratio Total No. of Shares Allotted
150 4.639 20.81 6.95850 2.65 150 8:39 1.42650
300 2,456 11.02 7,36800 2.81 150 16:39 1,51050
450 1,510 6.77 6,79500 2.59 150 8:13 1,39350
600 1,550 6.95 9,30000 3.55 150 41:50 1,90650

750 onwards

Firm Proportionate

B. Allotment to Non-Retail Investors
The Basis of Allotment for the Non-Retail Investors, who have applied at the issue price of Rs.40/- per Equity Shares for a total amount of more than Rs. 1,00,000/-, was finalised in consultation with BSE. The category was oversubscribed 4.9034 times. The total number of shares allotted in this category is 10,24,000 Shares.
All the applicants in this category have been given firm allotment on proportionate basis inverse to the over-subscription ratio.
The Board of the Company, at its Meeting held at the Registered Office of the Company in Chennai on June 21,2008 has approved the basis of allotment of shares of the issue and has allotted the shares to various successful applicants.
Refunds have been made through ECS, Direct credit and RTGS into the Bank Accounts of the applicants or Refund orders as the case may be to their address as mentioned in the records maintained with the Depositories. In case the same is not received within ten days, applicants may contact the Registrar, address given below. ECS intimation Note and Refund Orders have been overprinted with the Bank Mandate details as registered, if any, with the Depositories. The Equity shares allotted to successful applicants have been credited to their beneficiary accounts. The company is taking steps to get the Equity Shares admitted for trading on Bombay Stock Exchange Limited within seven working days from the date of approval of the basis of allotment.

INVESTORS PLEASE NOTE:
These details of the allotment made have been hosted on the website of Registrars to the Issue, Cameo Corporate Services Ltd. at www.cameoindia.com
All future correspondence in this regard may kindly be addressed to the Registrars to the Issue, quoting full name of the First / Sole applicant, serial number of the application, DPID and Client ID, number of shares applied for, Bank branch Name where the application was submitted and payment details at the address given below

Cameo Corporate Services Ltd, Unit: Bafna, 'Subramanian Building', No. 1, Club House Road, Chennai 600 002 Phone : 044 2846 0390 /1073/ 0014, Fax : 044-2846 0129, Email: investor@cameoindia.com

Place : Chennai
Date : June 24th, 2008
For Bafna Pharmaceuticals Limited
Sd/-
BAFNA MAHAVEER CHAND
CHAIRMAN & 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 BAFNA PHARMACEUTICALS LIMITED

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