|Basis of Allotment|
Our Company was incorporated as 'Arihant Domestic Appliances Private Limited' a private limited company under the provisions of Companies Act, 1956, vide certificate of incorporation dated August 22,1991, bearing registration number 11 - 63045 of 1991 issued by the Registrar of Companies, Mumbai. Our Company was converted into a public limited company and the name of our Company was changed to 'Arihant Domestic Appliances Limited' as evidenced by fresh certificate of incorporation dated January 9,2009. Further vide fresh certificate of incorporation dated March 24,2010 our Company's name was changed to 'Innoventive Industries Limited'. The corporate identification number of our Company is U29309MH1991PLC063045.
Registered Office: Gat No. 1261, Village Sanaswadi, Pune Nagar
Road, Taluka: Shirur, District Pune - 412 208,
BASIS OF ALLOTMENT
PUBLIC ISSUE OF 1,85,81,650 EQUITY SHARES OF RS. 10 EACH OF INNOVENTIVE INDUSTRIES LIMITED ("IIL" OR THE "COMPANY" OR THE "ISSUER") FOR CASH ATA PRICE OF Rs. 117 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 107 PER EQUFTY SHARE) AGGREGATING TO Rs. 21,740.53 LAKHS (THE "ISSUE"). THE ISSUE WILL CONSTITUTE 31.15% OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF THE COMPANY.
THE FACE VALUE OF EACH EQUITY SHARE IS Rs. 10 EACH. THE ISSUE PRICE IS RS. 117 PER EQUITY SHARE AND IS 11.7 TIMES THE FACE VALUE OF THE EQUITY SHARES.
BID/ISSUE OPENED ON APRIL 26,2011
Promoters of the Company: Mr. Chandu Chavan, Mr. Ravindra Katre and Mr. Sanjay Waghulade
The Issue is being made under sub-regulation (1) of Regulation 26 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and through the 100% Book Building Process wherein not more than 50% of the Issue has been allocated on a proportionate basis to Qualified Institutional Buyers, of which 5% was made available for Allocation on a proportionate basis to Mutual Funds only and the remaining QIB portion was made available for allocation to the QIB bidders including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not less than 35% of the Issue was made available for allocation on a proportionate basis to Retail Individual Bidders and not less than 15% of the Issue was made available for allocation on a proportionate basis to Non-Institutional Bidders, subject to valid Bids being received at or above the Issue Price. Bidders were allowed to participate in this Issue through an Application Supported by Blocked Amount ("ASBA") process providing details about the bank account which was blocked by the Self Certified Syndicate Banks ("SCSBs") for the same.
The Issue received 13,636 applications for 1,88,45,250 equity shares resulting in 1.0041 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional Investors and Retail Individual Investors are as under: (Before technical rejections)
The Basis of Allocation was finalized in consultation with the Designated Stock Exchange, being the National Stock Exchange of India Limited ("NSE") on May 6,2011.
A. Allocation to Retail Individual Investors (Including Applications Supported by Blocked Amount ("ASBA") (After Technical Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or above the Issue Price of 117/- per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 0.97 times. There were 5,062 applications for 30,19,900 equity shares made under ASBA process. Of these 4,923 applications for 28,86,000 equity shares were found valid and they were considered for allotment. The total number of shares allotted in Retail Individual Investor category is 73,49,300 Equity Shares which were allotted to 13,272 successful applicants. Full and firm allotment was made to all valid applicants in this category.
B. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Non-Institutional Investors, who have bid at or above the Issue Price of Rs.117/- per Equity Share or above, was finalized in consultation with NSE. This category has been subscribed to the extent of 0.94 times and hence allotment was done on full and firm basis to all valid applicants. There were 3 applications for 17,400 equity shares made under ASBA process. Of these 3 applications for 17,400 equity shares were found valid and they were considered for allotment. The total number of shares allotted in Non Institutional Investor category is 3,24,850 equity Shares which were allotted to 65 successful applicants.
C Allocation to QIBs
The Basis of Allocation to the Qualified Institutional Bidders, who have bid above the Issue price of Rs.117/- per Equity Share was finalized in consultation with NSE. There were 12 applications for 66,56,250 equity shares made under ASBA process. Of these 12 applications for 66,56,250 equity shares were found valid and they were considered for allotment. The total number of shares allotted in Qualified Institutional Investors category is 79,89,500 Equity Shares which were allotted to 15 successful applicants.
The IPO Committee of the Board of Directors of the Company at its Meeting held at Pune om May 06,2011 has taken on record the basis of allocation of Equity Shares of the Issue and has accordingly allotted the Equity Shares to the Bidders.
The CAN-cum-Refund Orders and allotment advice and/ or notices have been dispatched to the address of the Bidders as registered with the depositories on or prior to May 10,2011. In case the same is not received within 10 days, investors may contact at the address given below. The instructions to Self Certified Syndicate Banks have been dispatched on or prior to May 06,2011. The Refund Orders have been over-printed with the Bank Account details as registered, if any, with the depositories. The Equity Shares allocated to successful applicants are being credited to their 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 and National Stock Exchange of India Limited and has submitted the Listing application on May 10,2011.
INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrar to the Issue, Karvy Computershare Private Limited at http://karisma.karvy.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 Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:
Karvy Computershare Private Limited
TOLL FREE-HELPLINE NUMBER
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OFTHE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF INNOVENTIVE INDUSTRIES LIMITED.
Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.