|Basis of Allotment|
ORIENTAL BANK OF
BASIS OF ALLOCATION
PUBLIC ISSUE OF 58,000,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS.250 PER EQUITY SHARE AGGREGATING RS. 14,500 MILLION (THE "ISSUE") BY ORIENTAL BANK OF COMMERCE ("THE BANK" OR "THE ISSUER"). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF UP TO 46,400,000 EQUITY SHARES OF RS. 10 EACH (THE "NET ISSUE"), A RESERVATION FOR EMPLOYEES OF UPTO 5,800,000 EQUITY SHARES OF RS.10 EACH AND A RESERVATION FOR EXISTING SHARESHOLDERS OF THE BANK OF UPTO 5,800,000 EQUITY SHARES OF RS.10 EACH, AT THE ISSUE PRICE. THE ISSUE WOULD CONSTITUTE 23.15% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE BANK.
THE FACE VALUE OF THE EQUITY SHARES IS RS. 10 EACH AND THE ISSUE PRICE IS 25 TIMES OF THE FACE VALUE.
The Board of Directors of Oriental Bank of Commerce wish to thank the investing public for their response to the issue. The Issue received 37,623 bids for 179,538,625 Equity Shares resulting in 3.10 times subscription. The Issue received 32,510 valid bids (at and above the cut off price of Rs. 250/- per share) for 130,841,800 Equity Shares resulting in 2.26 times subscription. The details of the valid applications (at and above the cut off price of Rs. 250/- per share) received in the Issue from Employees, Existing Shareholders, Retail, Non-Institutional bidders and Qualified Institutional buyers categories are as under:
* After eliminating Cheque returns # Including Bids at cut-off price.
The final demand at different bid prices is as under:
The Basis of Allocation was finalized in consultation with The National Stock Exchange, Mumbai (NSE) (Designated Exchange) on May 10, 2005.
(A) Allocation to Employees
(B) Allocation to Existing Shareholders
(C) Allocation to Retail Investors
(D) Allocation to Non Institutional Investors
(E) Allocation to QIBs
The Chairman and Managing Director of Oriental Bank of Commerce approved the basis of allocation and allotment of shares on May 12, 2005.
The despatch of Refund Orders has been made to the address of the Investors as registered with the depositories. Necessary steps have been taken for the credit of the allotted shares to the successful applicants subject to validation of account details with the depositories concerned. Necessary steps have been taken to get the Equity Shares admitted for trading on the National Stock Exchange and The Stock Exchange, Mumbai (BSE). NSE and BSE have given the approval for trading of shares from May 16, 2005.
INVESTORS PLEASE NOTE: These details of the allocation made would also be hosted on the website of registrars to the Issue, MCS Limited at http://www.mcsind.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:
MCS LIMITED (Unit: Oriental Bank of Commerce - FPO), Sri Padmavati Bhavan, Plot No. 93, Road No. 16, MIDC Area, Andheri (East), Mumbai 400093 Tel: (91 22) 2820 1785; Fax (91 22) 28201783, Email: firstname.lastname@example.org; website:http://www.mcsind.com/
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE PROSPECTUS OF THE BANK.