Basis of Allotment

owa Excel Infoways Limited

Excel Infoways Limited

(The Company was originally incorporated as Excel Infoways Private Limited on 7th January, 2003 by Registrar of Companies, Maharashtra, Mumbai vide Registration No.138568, The Company subsequently became a public limited Company and the name of the Company was changed to Excel Infoways Limited and the fresh certificate of incorporation was granted to the Company on 9th August, 2006. CIN No of the Company is U72900MH2003PLC138568).

Registered Office: 31 -A, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai - 400 053.
Tel: +91-22-40309898, Fax: +91-22-26394248, Email: ipo@excel-infoways.com, Website: www.excel-infoways.com Contact Person: Ms. Bhavana D Shah, Company Secretary & Compliance Officer

BASIS OF ALLOCATION

PUBLIC ISSUE OF 56,67,000 EQUITY SHARES OF RS.10 EACH FOR CASH AT A PRICE OF RS.85 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS.75 PER EQUITY SHARE) AGGREGATING RS.4816.95 LACS (HEREINAFTER REFERRED TO AS THE "ISSUE") BY EXCEL INFOWAYS LIMITED ('THE COMPANY" OR "ISSUER" OR "EIL"). THE ISSUE WOULD CONSTITUTE 26.77 % OF THE FULLY DILUTED POST ISSUE PAID UP CAPITAL OF THE COMPANY.

ISSUE PRICE: RS. 85 PER EQUITY SHARE
OF FACE VALUE RS. 10/- EACH
THE ISSUE PRICE IS 8.5 TIMES OF THE FACE VALUE

The Issue was made through the 100% Book Building process wherein upto 50% of the issue to the public was to be allocated on a proportionate basis to Qualified Institutional Buyers, out of which 5% of the QIB portion was available for allocation on a propotionate basis to Mutual Funds only, and the remainder of the QIB Portion was 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 to the public was available for allocation on a proportionate basis to Non-instilutional Bidders and at least 35% of the Issue to the public was 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 received 6,897 applications for 1,04,09,920 shares resulting in 1.8369 times subscription. The delails of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional and Retail Individual investor categories are as under: (Before technical rejections)

Category No. of Applications No. of Shares Subscription
Qualified Institutional Buyers 2 1387200 0.4896
Non Institutional Investors 92 4077400 4.7967
Retail individual Investors 6803 4945320 2.4933

Final Demand
A summary of the final demand at various price levels as per the electronic book is given below:

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to Total
80 2018800 13.4802 14976000 100.0000
81 3840 0.0256 12957200 86.5198
82 860640 5.7468 12953360 86.4941
83 1045120 6.9786 12092720 80.7473
84 80 0.0005 11047600 73.7687
85 6261840 41.8125 11047520 73.7682
CUTOFF 4785680 31.9557 4785680 31.9557
TOTAL 14976000 100.0000

The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange Limited ("BSE") on 28th July, 2009.

A. Allocation to Retail Individual Investors including ASBA Applicants(After Technical Rejections)
The Basis of Allocation to Retail Individual investors, who have bid at cut-off or at the Issue Price of Rs. 85 per Share, was finalized in consultation with BSE. The category was over subscribed 1.645898 times. The total number of shares allotted in this category is 29,95,939 to 6,253 successful applicants including spill over from QIB Category (10,12,410 Shares) The category-wise details of Basis of Allocation 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
80 1363 20.16 109040 2.21 80 62:99 68320
160 409 6.05 65440 1.33 97 FIRM 39673
240 293 4.33 70320 1.43 146 FIRM 42778
320 229 3.39 73280 1.49 194 FIRM 44426
400 98 1.45 39200 0.79 243 FIRM 23814
480 72 1.06 34560 0.70 292 FIRM 21024
560 380 5.62 212800 4 32 340 FIRM 129200
640 80 1.18 51200 1.04 389 FIRM 31120
720 16 0.24 11520 0.23 437 FIRM 6992
800 32 0.47 25600 0.52 486 FIRM 15552
880 17 0.25 14960 0.30 535 FIRM 9095
960 15 0.22 14400 0.29 583 FIRM 8745
1040 5 0.07 5200 0.11 632 FIRM 3160
1120 3753 55.50 4203360 85.25 680 FIRM 2552040

B. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to Non-institutional investors, who have bid at the Issue Price of Rs. 85 per Share, was finalized in consultation with BSE. The category was over subscribed 3.171052 times. The total number of Shares allotted in this category is 12,83,940 Shares to 89 successful applicants including spill over from QIB Category (4,33,890 Shares). The category-wise details of Basis of Allocation (Sample) 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
2240 3 3.37 6720 0.17 706 FIRM 2118
2400 1 1.12 2400 0.06 757 FIRM 757
2800 1 1.12 2800 0.07 883 FIRM 883
10000 1 1.12 10000 0.25 3154 FIRM 3154
11120 1 1.12 11120 0.27 3507 FIRM 3507
11200 1 1.12 11200 0.28 3532 FIRM 3532
11600 3 3.37 34800 0.85 3658 FIRM 10974
24000 2 2.25 48000 1.18 7569 FIRM 15138
29200 1 1.12 29200 0.72 9208 FIRM 9208
29360 4 4.49 117440 2.88 9259 FIRM 37036
29440 1 1.12 29440 0.72 9284 FIRM 9284
80000 1 1.12 80000 1.96 25228 FIRM 25228
100000 5 5.62 500000 12.28 31535 FIRM 157675
117600 3 3.37 352800 8.67 37085 FIRM 111255
235200 1 1.12 235200 5.78 74171 FIRM 74171
294160 1 1.12 294160 7.22 92762 FIRM 92762

C. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI (Dip) Guidelines, Mutual Funds were offered 5% of QIB portion, however there was no application from Mutual Fund. The Unsubscribed portion of QIB category, i.e. 14,46,300 shares is spilled over to Retail category (10,12,410shares)and Non Institutional Investors (4,33,890 shares) in the ratio of 70:30.

Category (Fll) No. of
Applications
% to
Total
Total No. of
Shares Applied
% to
Total
No.of
Shares
Allocated
Ratio Total No. of
Shares
Allocated
1386000 1 50.00 1386000 99.91 1386000 FIRM 1386000
1200 1 50.00 1200 0.09 1200 FIRM 1200

The Board of Directors of the company at its Meeting held at Mumbai on 28th July 2009 has approved the basis of allocation of shares and has allotted the shares to various successful applicants.

The CAN-cum-Refund Orders and Allotment Advice cum ECS/RTGS/NEFT/Direct Credit intimation have been dispatched on 29th July, 2009 to the address of the investors as registered with the depositories. Instructions toASBA banks to transfer funds related to equity shares allocated, if any, and unblock the remaining amount have been given on 29th July, 2009. in case the same is not received within ten days, investors may contact at the address given below. The Company has filed listing application with Bombay Stock Exchange Limited and National Stock Exchange of India Limited on 29th July, 2009, The Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The shares allocated to successful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The company is taking steps to get the shares admitted for trading on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited within seven working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE

This details of the allocation made have been hosted on the website of Registrar to the issue, Link Intime India Private Limited at www.linkintime.co.in

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 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:

Link Intime India Private United
13, Pannalal Silk Mills, Compound, LBS Marg, Bhandup (West),
Mumbai -400 078 
Tel:+91-22-25960320,Fax:+91-22-25960329
Email: eil-ipo@linkintirne.co.in, Website: www.linkintime.co.in
Contact Mr. Sachin Achar

Place : Mumbai
Date  :30th July,2009
For Excel infoways Limited
on behalf of Board of Directors
Sd/-
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 EXCEL INFOWAYS LIMITED

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