|Basis of Allotment|
|TATA CONSULTANCY SERVICES LTD.
(Tata Consultancy Services Limited was incorporated as RR Donnely(India) Private Limited on January 19, 1995. The name of RR Donnelley (India) Pvt. Limited was changed to Orchid Print India Limited on March 19, 2001. The name was changed to Tata Consultancy Services Limited on December 17,2002).
|BASIS OF ALLOCATION|
|PUBLIC ISSUE OF 55,452,600 EQUITY SHARES OF
Re 1/- EACH AT A PRICE OF Rs. 850/- PER SHARE FOR CASH AGGREGATING Rs. 47,134.7 MILLION
CONSISTING OF A FRESH ISSUEOF 22,775,000 EQUITY SHARES BY TATA CONSULTANCY SERVICES
LIMITED ("TCS LTD.") AND AN OFFER FOR SALE OF 32,677,600 EQUITY SHARES BY TATA
SONS LIMITED ("TATA SONS") AND CERTAIN OTHER SHAREHOLDERS OF TCS LTD. (TOGETHER
WITH TATA SONS, "THE SELLING SHAREHOLDERS"). THE FRESH ISSUE AND THE OFFER FOR
SALE ARE JOINTLY REFFERED TO HEREIN AS THE "OFFER". THE OFFER INCLUDES A
RESERVATIONOF 5,545,260 EQUITY SHARES BY THE EMPLOYEES AND DIRECTORS IN INDIA OF THE TCS
DIVISION, TCS LTD. AND TATA SONS ("EMPLOYEE RESERVATION PORTION"). A GREENSHOE
OPTION OF 8,317,880 EQUITY SHARES IS OFFERED BY TATA SONS FOR CASH AT A PRICE OF RS 850/-
PER EQUITY SHARE AGGREGATING TO Rs 7,070.2 MILLION.THE OFFER AND THE GREEN SHOE
OPTION AGGREGATING RUPEES 54,204.9 MILLION.
THE FACE VALUE OF THE EQUITY SHARES IS Re.1 AND THE OFFER PRICE IS 850 TIMES OF THE FACE VALUE.THE OFFER CONSTITUTE 13.33% OF THE FULLY DILUTED POST OFFER PAID UP CAPITAL OF TCS LTD.
|The Issue was made through the 100% book-building scheme wherein 60% of
the Issue was to be allocated on a discretionary basis to Qualified Institutional Buyers.
Further, not less than 15% of the Issue was to be made available for allocation on a
proportionate to Non-Institutional Bidders and not less than 25% of the Issue was to be
made available for allocation on a proportionate basis to Retail Bidders, subject to valid
Bids being received at or above the Issue Price.
TCS Ltd. received 1,351,355 bids for 490,084,350 equity shares resulting in 7.69 times subscription. TCS ltd. has decided to exercise the Green Shoe Option. The details of the Applications received in the offer from Employees, Retail, Non-Institutional and Institutional categories are as under :
|(a) Including bids received at cut-off price.
(b). Calculated on the reserved allocation size including the Green Shoe Option at or above the issue price of Rs.850/-
A sample of the final demand at different bid prices is as under :
|The Basis of Allotment was finalized in consultation with The National
Stock Exchange of India Limited ("NSE") on August 18, 2004.
The Basis of Allocation to the employees and Directors in India of the TCS Division, TCS Ltd. and Tata Sons, who have bid at cut-off or at or above the Issue Price of Rs. 850/- per Equity Share, was finalized in consultation with NSE. The total number of shares allotted in this category is 4,930,156. Full and firm allotment has been done to all valid applications. The undersubscribed shares of the employee reservation portion being 1,446,892 Equity Shares have been apportioned for allocation in the Retail and the Non Institutional category in the ratio of 50:50.
B) Allocation to Retail Investors
The Basis of Allocation to the Retail Investors, who have bid at cut-off or at or above the Issue Price of Rs. 850/- per Equity Share, was finalized in consultation with NSE. The category was oversubscribed 2.862472 times. The total number of shares allotted in this category is 15,071,806 Equity Shares. In this category there are 7,092.54 allottees per Rs. 100,000 of offer size. The category-wise details of the Basis of Allocation is as under :
|C) Allocation to Non Institutional Investors
The Basis of Allocation to the Non Institutional Investors, who have bid for at or above the Issue Price of Rs. 850/- per Equity Share, was finalized in consultation with NSE. The category was oversubscribed 19.150314 times. The total number of Shares allotted in this category is 9,332,459 Equity Shares.. In this category there 596.69 allottees per Rs. 100,000 of offer size. A sample of category-wise details of the Basis of Allocation is As under :
|D) Allocation to QIBs
|The Board of Directors of TCS Ltd. at its Meeting Held at Mumbai on
August 19, 2004, has approved the basis of allocation of shares as above and allotted the
shares to various successful applicants.
The Refund Orders have been despatched on Friday, August 20, 2004 to the address of the investors as registered with the depositories. The refund orders have been printed with the Bank Mandate details as registered, If any, with the depositories. The share allocated to the successful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. TCS Ltd. is taking steps to get the Equity shares admitted for trading on The National Stock Exchange of India Limited and on The Stock Exchange, Mumbai within seven working days from the date of approval of basis of allocation.
INVESTORS PLEASE NOTE
All future correspondence in this regard may kindly be addressed to the Registrars 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 Computers Private Limited
Unit: TCS Ltd.,Karvy House,
46, Avenue 4, Street No.1, Banjara Hills,
Hyderabad - 500034
Email: email@example.com Website: www.karvy.com
Hyderabad: 040-23312454, Ahmedabad: 079-26420422 / 26400527 / 26400528, Bngalore: 080-26621184 / 26621192, Mumbai: 022-56381746 / 56381747 / 56381748, Kolkata: 033-24644891 / 24647231 / 24634788, New Delhi: 011-23324401 (5 Lines), Chennai: 044-28151034 / 3445 / 3658.
|For Tata consultancy Services Ltd.
S H Rajadhyaksha
Date: August 21, 2004
|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 PROSPECTUS OF TCS LTD.|
|TATA CONSULTANCY SERVICES LIMITED Registered
Office: Bombay House, 24 Homi Mody Street, Fort, Mumbai 400 001.
Corporate Office: 11th Floor, Air India Building, Nariman Point, Mumbai 400 021, India.
Fax: (91 22) 5668 9661, Email: firstname.lastname@example.org