Basis of Allotment

This is only an advertisement for information purpose and not a prospectus announcement

This is only an advertisement for information purpose and not a prospectus announcement.

GYSCOAL ALLOYS LIMITED

The Company was originally incorporated as Shreenath Mineral Metal Private Limited on September 29,1999 under the Companies Act, 1956 as a private limited company by the Registrar of Companies, Gujarat, Dadra & Nagar Haveli. The name of the Company was changed to Gyscoal Alloys Private Limited and a fresh certificate of incorporation consequent to the change of name was granted by Registrar of Companies, Gujarat on June 21,2004. The Company subsequently became a public limited Company and the name of the Company was changed to Gyscoal Alloys Limited and the fresh certificate of incorporation was granted to the Company on March 21,2006 by the Registrar of Companies, Gujarat. For details of the change in the name of our Company and registered office, see "History and Certain Corporate Matters" on page 81. Company Incorporation Number (CIN) of the Company is U27209GJ1999PLC036656

Regd. Office: 2nd Floor, Mrudul Tower, B/h. Times of India, Ashram Road, Ahmedabad - 380009,
Tel: 91-79-26574878,26677998; Fax: +91-79-26579387; E-mail: ipo@gyscoal.com; Website: www.gyscoal.com,
Contact Person: Ms. Neha Choksi, Company Secretary & Compliance Officer

PROMOTERS: MR. VIRAL M. SHAH, MR. MANISH M. SHAH, MR. ZANKARSINH K. SOLANKI,
MRS. GIRABEN K. SOLANKI AND GENERAL CAPITAL AND HOLDING COMPANY PRIVATE LIMITED

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 77,00,000 EQUITY SHARES OF Rs.10 EACH FOR CASH AT A PRICE OF Rs. 71 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 61 PER EQUITY SHARE) AGGREGATING Rs. 5467 LACS BY GYSCOAL ALLOYS LIMITED ('COMPANY' OR 'ISSUER' OR 'GAL') (HEREINAFTER REFERRED TO AS THE "ISSUE"). THE ISSUE WOULD CONSTITUTE 48.65% OF THE FULLY DILUTED POST ISSUE PAID UP CAPITAL OF THE COMPANY.

THE FACE VALUE PER EQUITY SHARE IS Rs. 10/-. THE ISSUE PRICE PER
EQUITY SHARE IS Rs. 71 AND IT IS 7.1 TIMES THE FACE VALUE.

The Issue is being made through  the 100% Book Building Process wherein up to 50% of the Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers, out of which 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 Qualified Institutional Buyers, including Mutual Funds, subject to valid Bids being received at or above Issue Price. Further, at least 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and at least 35% of the Issue shall be availablefor allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.

The Issue received 19,249 applications for 65,722,320 equity shares resulting in 8.5354 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Investor are as under: (Before technical rejections)

Category No. of Applications No. of Shares No. of times Subscription
A Retail Individual Bidders 19,195 21,269,250 7.8921
B Non Institutional Bidders 45 38,541,690 33.3694
C Qualified Institutional Bidders 9 5,911,380 1.5354
Total 19,249 65,722,320 8.5354

Final Demand
The final demand at different bid prices is as under:

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to total
65 803,250 1.1884 67,593,420 100.0000
66 3,510 0.0052 66,790,170 98.8116
67 3,780 0.0056 66,786,660 98.8065
68 742,500 1.0985 66,782,880 98.8009
69 8,190 0.0121 66,040,380 97.7024
70 4,680 0.0069 66,032,190 97.6903
71 45,200,340 66.8709 66,027,510 97.6833
CUTOFF 20,827,170 30.8124 20,827,170 30.8124
TOTAL 67,593,420 100.0000

The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange Limited ("BSE") on October 21,2010.

A. Allocation to Retail Individual Investors (After Technical Rejections) (Including ASBA Applications)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 71 per Equity Share, was finalized in consultation with BSE. This category has been over subscribed to the extent of 7.8239 times. The total number of shares allotted in Retail Individual Investor category is 2,695,000 Equity Shares to 16,398 successful applicants. 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 Allocated Ratio Total No. of Shares Allocated
90 1679 8.88 151,110 0.72 90 5:39 19,350
180 676 3.58 121,680 0.58 90 10:39 15,570
270 397 2.10 107,190 0.51 90 5:13 13,770
360 286 1.51 102,960 0.49 90 20:39 13,230
450 295 1.56 132,750 0.63 90 9:14 17,100
540 108 0.57 58,320 0.28 90 10:13 7,470
630 303 1.60 190,890 0.91 90 9:10 24,570
720 207 1.09 149,040 0.71 92 1:1 19,044
810 59 0.31 47,790 0.23 104 1:1 6,136
900 133 0.70 119,700 0.57 115 1:1 15,295
990 40 0.21 39,600 0.19 127 1:1 5,080
1080 24 0.13 25,920 0.12 138 1:1 3,312
1170 31 0.16 36,270 0.17 150 1:1 4,650
1260 27 0.14 34,020 0.16 161 1:1 4,347
1350 14643 77.44 19,768,050 93.75 172 1:1 2,518,596
1350 23:45 7,480

B. Allocation to Non Institutional Investors (After Technical Rejections) (Including ASBA Applications)
The Basis of Allocation to the Non-Institutional Investors, who have bid at the Issue Price of Rs. 71 per Equity Share, was finalized in consultation with BSE. This category has been over subscribed to the extent of 33.3668 times. The total number of equity shares allotted in this category is 1,155,000 equity shares to 44 successful applicants. The category-wise details of the Basis of Allotment are (Sample) under:

Category No. of Applications % to Total Total No. of Shares Applied % to Total No. of Shares Allocated Ratio Total No. of Shares Allocated
1440 1 2.27 1,440 0.00 90 1:1 90
2700 1 2.27 2,700 0.01 90 1:1 90
6750 2 4.55 13,500 0.04 203 1:1 406
7020 1 2.27 7,020 0.02 210 1:1 210
13500 1 2.27 13,500 0.04 405 1:1 405
63360 5 11.36 316,800 0.82 1899 1:1 9,495
91530 2 4.55 183,060 0.48 2743 1:1 5,486
105570 1 2.27 105,570 0.27 3164 1:1 3,164
422550 2 4.55 845,100 2.19 12664 1:1 25,328
500040 1 2.27 500,040 1.30 14986 1:1 14,986
563310 1 2.27 563,310 1.46 16882 1:1 16,882
2112660 2 4.55 4,225,320 10.96 63317 1:1 126,634
2309940 2 4.55 4,619,880 11.99 69229 1:1 138,458
5634000 1 2.27 5,634,000 14.62 168834 1:1 168,834
7042230 2 4.55 14,084,460 36.55 211033 1:1 422,066

C. Allocation to QIBs
Allocation to QIBs has been done on-a proportionate basis in consultation with BSE. As per the SEBI regulations, QIBs were allocated shares (3,850,000 Equity Shares) on proportionate Basis.

Category FIIs / Banks Flls MFs ICs VCs Total
No. of Shares - 3,850,000 - - 3,850,000

The Board of Directors of the company at its Meeting held on October 22,2010 has taken on record the basis of allocation of shares approved by the designated Stock Exchange viz., Bombay Stock Exchange Limited, Mumbai, of the Offer and has authorized the Corporate Action for the transfer of the shares to various successful applicants. The CAN-cum-Refund Orders along with allotment advice and notices have been dispatched to the address of the bidders as registered with the depositories on October 23, 2010. The instructions to Self Certified Syndicate Banks ("SCSBs") for unblocking and transfer of funds have been sent on October 22,2010. In case the same is not received, bidders may contact at the address given below. The equity shares allocated to successful applicants are credited to their beneficiary accounts on October 22,2010 and October 23,2010 subject to validation of the account details with the depositories concerned. The Company will file its Listing application with Bombay Stock Exchange Limited (the "Designated Stock Exchange") and the National Stock Exchange of India Limited ("NSE") on October 25,2010 and is taking steps to get the Equity Shares admitted for trading on these Exchanges w.e.f. October 27,2010.

INVESTORS PLEASE NOTE
This detail of the allocation made would be hosted on the website of Registrars to the Offer, Link Intime India Private Limited at Website: www.linkintime.co.in

All future correspondence in this regard may kindly be addressed to the Registrars to the offer quoting full name of the First/ Sole applicant, Serial number of the bid-cum- application form, number of shares bid for, name of me Member of the Syndicate and Place where the bid was submitted and payment details at the address given below:

Link Intime India Private Limited
C-13, Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West), Mumbai: 400 078
Tel.: +91 22 2596 0320, Fax: +91 22 2596 0329, Email ID: gal.ipo@linkintime.co.in

Place : Ahmedabad
Date : October 23, 2010
For Gyscoal Alloys Limited
Ms.Neha Choksi
Company Secretary and Compliance Officer

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 GYSCO ALALLOYS LIMITED

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