Basis of Allotment

JINDAL

Jindal Poly Films Limited

(The company was incorporated on September 9, 1974 under the Companies Act as Hindustan Pipe Udyog Limited. On April 10, 1992, the name of the company was changed to Jindal Polyester and Steel Limited. Subsequently, the name of the company was changed to Jindal Polyester Limited on January 17, 1995 and thereafter, to Jindal Poly Films Limited on April 19, 2004.)
Registered Office: 19th K.M., Hapur-Bulandshahr, Uttar Pradesh, India.
Tel: +91 122 2333 287; Fax: +91 122 2333 344

Corporate Office: 56-Hanuman Road New Delhi-110 001 Tel: +91 11 2334 9270-74

Fax: +91 11 2374 8209 E-mail: jpfl_fpo@jindalpoly.com Website: www.jindalpoly.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 8,333,325 EQUITY SHARES OF RS. 10 EACH ("EQUITY SHARES") OF JINDAL POLY FILMS LIMITED (THE "COMPANY"), AT A PRICE OF RS. 360 PER EQUITY SHARE FOR CASH AGGREGATING UPTO RS. 3,000 MILLION (THE "ISSUE"). THE ISSUE WOULD CONSTITUTE 29.66% OF THE FULLY DILUTED POST-ISSUE PAID-UP CAPITAL OF THE COMPANY.

THE ISSUE PRICE OF RS. 360 PER EQUITY SHARE OF FACE VALUE OF RS. 10 EACH IS 36 TIMES THE FACE VALUE

The Issue was made through the 100% Book Building Process wherein upto 50% of the Issue was to be allocated on a discretionary basis to Qualified Institutional Buyers. Further, at least 15% of the Issue was to be available for allocation on a proportionate basis to Non-Institutional Bidders and at least 35% of the Issue was to be made available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. However, subsequent to the Book Building Process, the Company allocated 45% of the Issue on a discretionary basis to Qualified Institutional Bidders. Consequently, 15% of the Issue was made available for allocation on a proportionate basis to Non-Institutional Bidders and 40% of the Issue was made available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.

The Board of  Directors of Jindal Poly Films Limited wish to thank the investing public, for their response to the Issue which opened for subscription on Thursday, June 9, 2005 and closed on Wednesday, June 15, 2005. The Issue has received 86,776 applications fro 23,127,316 Equity Shares resulting in 2.7753 times subscription. The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - The Stock Exchange, Mumbai ("BSE") on Monday, June 27, 2005. The details of the subscription received in the Issue from Institutional, Non-Institutional and Retail categories (before technical rejections) are as under:

Category No. of Applications No. of shares bid* Subscription#
Qualified Institutional Buyers 37 8,918,055 2.3781
Non-Institutional Bidders 409 6,240,270 4.9921
Retail Individual Bidders 86,330 7,968,991 2.3907

*After emliminating cheque returns.
#Including bids received at cut-off-price.

A)ALLOTMENT TO RETAIL INDIVIDUAL BIDDERS
The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs.360/- per Equity Share, was finalised in consultation with the BSE. The Company has received 83,806 valid applications for 7,718,760 Equity Shares in this category resulting in 2.3157 times subscription. The number of shares allotted to Retail Individual Bidders is 3,333,286. The details of category-wise allotment are given below:

Category No. of Applications % to Total No. of Shares Applied % To Total No. of Shares Allotted Ratio Total Shares Allotted
15 12016 14.34 180240 2.34 15 18:43 75450
30 10563 12.60 316890 4.11 15 6:7 135795
45 6031 7.20 271395 3.52 19 FIRM 114589
60 6360 7.59 381600 4.94 26 FIRM 165360
75 3060 3.65 229500 2.97 32 FIRM 97920
90 3090 3.69 278100 3.60 39 FIRM 120510
105 2943 3.51 309015 4.00 45 FIRM 132435
120 29329 35.00 3519480 45.60 52 FIRM 1525108
135 2037 2.43 274995 3.56 58 FIRM 118146
150 567 0.68 85050 1.10 65 FIRM 36855
165 43 0.05 7095 0.09 71 FIRM 3053
180 141 0.17 25380 0.33 78 FIRM 10998
195 125 0.15 24375 0.32 84 FIRM 10500
210 157 0.19 32970 0.43 91 FIRM 14287
225 199 0.24 44775 0.58 97 FIRM 19303
240 6262 7.47 1502880 19.47 104 FIRM 651248
255 226 0.27 57630 0.75 110 FIRM 24860
270 657 0.78 177390 2.30 117 FIRM 76869

B)ALLOTMENT TO NON-INSTITUTIONAL BIDDERS
The Basis of Allotment to the Non-Institutional Bidders, who have bid for at the Issue Price of Rs.360/- per Equity Share, was finalized in consultation with BSE. The Company has received 364 applications for 3,545,580 Equity Shares in this category resulting in 2.8364 times subscription. The number of shares allotted to Non-Institutional Bidders is 1,250,039. A sample category-wise allotment is as under:

Category No. of Applications % to Total No. of Shares Applied % To Total No. of Shares Allotted Ratio Total Shares Allotted
285 4 1.10 1140 0.03 101 FIRM 404
300 25 6.87 7500 0.21 106 FIRM 2650
315 1 0.27 315 0.01 111 FIRM 111
330 1 0.27 330 0.01 116 FIRM 116
345 2 0.55 690 0.02 122 FIRM 244
360 2 0.55 720 0.02 127 FIRM 254
375 6 1.65 2250 0.06 132 FIRM 792
390 1 0.27 390 0.01 137 FIRM 137
465 1 0.27 465 0.01 164 FIRM 164
480 5 1.37 2400 0.07 169 FIRM 845
495 15 4.12 7425 0.21 175 FIRM 2625
1500 5 1.37 7500 0.21 529 FIRM 2645
5010 4 1.10 20040 0.57 1766 FIRM 7064
15000 1 0.27 15000 0.42 5288 FIRM 5288
20805 2 0.55 41610 1.17 7335 FIRM 14670
41655 1 0.27 41655 1.17 14686 FIRM 14686
46665 1 0.27 46665 1.32 16452 FIRM 16452
52500 1 0.27 52500 1.48 18509 FIRM 18509
52800 1 0.27 52800 1.49 18615 FIRM 18615
55500 1 0.27 55500 1.57 19567 FIRM 19567
55545 6 1.65 333270 9.40 19583 FIRM 117498
66660 1 0.27 66660 1.88 23502 FIRM 23502
67560 1 0.27 67560 1.91 23819 FIRM 23819
83325 1 0.27 83325 2.35 29377 FIRM 29377
111105 1 0.27 111105 3.13 39171 FIRM 39171
127785 1 0.27 127785 3.60 45052 FIRM 45052
138885 1 0.27 138885 3.92 48966 FIRM 48966
150000 1 0.27 150000 4.23 52884 FIRM 52884
273390 1 0.27 273390 7.71 96367 FIRM 96367

C)ALLOTMENT TO QUALIFIED INSTITUTIONAL BUYERS

Category FIs/ Banks MFs FIIs Insurance Companies VCs Total
No. of Shares 1002000 329040 913960 1505000 Nil 3750000

The Committee of Directors of Jindal Poly Films Limited vide resolution dated June 27, 2005 has approved the basis of allotment of shares as above and the shares to various successful applicants have been allotted accordingly.

The CAN-cum-refund orders in respect of refunds due to applicants will be dispatched to the address of the investors as registered with the depositories. The refund orders will be printed with the Bank Mandate details as registerd, if any, with the validation of the account details with the depositories concerned. The credit of Equity Shares into the respective depository accounts of investors and dispatch of CAN-cum-refund orders is expected to take place on June 29,2005. The Company is taking steps to get the Equity Shares admitted for trading on The Stock Exchange, Mumbai (BSE) and National Stock Exchange of India Limited(NSE) within seven working days from the date approval of basis of allotment.

INVESTORS PLEASE NOTE
This details of the allotment made would also be hosted on the website of registrars to the Issue, Karvy Computershare Private Limited at http://kcpl.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 applicants, 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:

KARVY COMPUTERSHARE PRIVATE LIMITED
Karvy House, 46, Avenue 4 Street No.1, Banjara Hills, Hyderabad-500 034.
Toll Free No. 1-600-334001; Fax: +91 40 2331 1968, Email: jpfl_fpo@karvy.com; website: www.karvy.com

Place  :  New Delhi
Date   :  June 29, 2005

For Jindal Poly Films Limited
Sd/-
Punit Gupta
Director (Films)

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO TBE INDICATIVE OF EITHER THE MARKET PRICE OF EQUITY SHARE ON LISTING OR THE PROSPECTUS OF JINDAL POLY FILMS LIMITED

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