Basis of Allotment

ORIENTAL BANK OF COMMERCE

ORIENTAL BANK OF COMMERCE
(Constituted under the Banking Companies (Acquisition and Transfer of undertakings) Act, 1980
as Oriental Bank of Commerce on April 15, 1980)
Head Office : E-Block Harsha Bhawan, Connaught Place, New Delhi 110 001, India
Tel: (91 11) 2341 5318; Fax (91 11) 2341 5567; E-mail: obc fpo@obc.co.in; Website: www.obcindia.com

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:

Category No. of Applications No. of Shares Bid* Subscription#
Qualified Institutional Buyers 73 117,742,850 5.07
Non Institutional Bidders 422 6,964,775 1.00
Retail Investors 28,479 3,412,325 0.21
Existing Shareholders 2,301 2,441,425 0.12
Employees 1,235 280,425 0.04

* After eliminating Cheque returns # Including Bids at cut-off price.

Final Demand

The final demand at different bid prices is as under:

Price

No. of Shares % to total Cumulative Total Cumulative %
260 & CUT-OFF 89,958,950 38.11 89,958,950 38.11
259 1,475 0.00 89,712,700 38.11
258 1,675 0.00 89,712,800 38.11
257 150 0.00 89,712,900 38.11
256 225 0.00 89,712,950 38.11
255 67,725 0.03 89,775,675 38.14
253 100 0.00 89,775,675 38.14
252 500 0.00 89.776.025 38.14
251 4,289,600 1.82 92,385,075 39.95
250 53,046,300 22.47 131,698,000 62.43
249 10200 0.00 131,700,875 62.43
248 4,350 0.00 131,704,250 62.43
247 75 0.00 131,704,325 62.43
246 200 0.00 131,704,325 62.43
245 3,526,000 1.49 134,007,825 63.93
243 650 0.00 134,008,000 63.93
242 650 0.00 134,008,150 63.93
241 1,900 0.00 134,010,050 63.93
240 31,919,100 13.52 137,872,400 77.45
238 925 0.00 137,873,250 77.45
237 300 0.00 137,873,350 77.45
236 9,850 0.00 137,882,575 77.45
235 53,226,775 22.55 179,538,625 100.00
Total 236,067,675 100.00

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
The total number of shares allotted in this category is 280,425 Equity Shares. The total number of valid bids reveived in this category is 1,235 resulting in 0.04 times subscription. Full and firm allotment was made in this category for all the valid bids.

(B) Allocation to Existing Shareholders
The total number of shares allotted in this category is 2,441,425 Equity Shares. The total number of valid bids reveived in this category is 2,301 resulting 0.42 times subscription. Full and firm allotment was made in this category for all the valid bids.

(C) Allocation to Retail Investors
The total number of shares allotted in this category is 3,412,325 Equity Shares. The total number of valid bids reveived in this category is 28,479 resulting in 0.21 times subscription. Full and firm allotment was made in this category for all the valid bids.

(D) Allocation to Non Institutional Investors
The total number of shares allotted in this category is 6,964,775 Equity Shares. The total number of valid bids received in this category is 422 resulting in slightly over 1.00 times subscription. Full and firm allotment was made in this category for all the valid bids. The oversubscription in this category was met from the shortfall in other categories.

(E) Allocation to QIBs

Category

FIs and Banks MFs FIIs Insurance
Companies
Total
No. of Shares 14,368,400 3,298,271 16,000,000 11,234,379 44,901,050

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: obcfpo@mcsind.com; website:http://www.mcsind.com/


Place: New Delhi
Date: May 13, 2005

For Oriental Bank of Commerce
Sd/-
(Shri Rajiv Madhok)
General Manager

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.

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