|Basis of Allotment|
is only an advertisement for information purposes, not for publication or distribution,
directly or indirectly outside India and not a Prospectus Announcement)
POWER GRID CORPORATION OF INDIA LIMITED
Our Company was incorporated in New Delhi on October 23,1989 under the Companies Act, 1956 (the "Companies Act 1956") as a public limited company under the name 'National Power Transmission Corporation Limited'. For more information on change in the name of our Company and our registered office, see "History and Certain Corporate Matters" on page 132 of the Prospectus dated December 11,2013 (the "Prospectus").
Registered Office: B-9, Qutab
Institutional Area, Katwaria Sarai, New Delhi 110 016, India.
PROMOTER: PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF POWER, GOVERNMENT OF INDIA ("MOP") AND THE MINISTRY OF DEVELOPMENT OF NORTH EASTERN REGION, GOVERNMENT OF INDIA ("MODONER"), PRESENTLY HOLDING 69.42% OF THE ISSUED AND PAID UP CAPITAL OF THE COMPANY. FOR DETAILS, SEE "CAPITAL STRUCTURE" ON PAGE 36 OF THE PROSPECTUS.
BASIS OF ALLOTMENT
FURTHER PUBLIC OFFER OF 787,053,309 EQUITY SHARES OF RS.10 EACH ("EQUITY SHARES") FOR CASH AT A PRICE OF RS.90* PER EQUITY SHARE OF POWER GRID CORPORATION OF INDIA LIMITED ("POWERGRID", "OUR COMPANY" OR "THE ISSUER") AGGREGATING RS.69,586.4 MILLION (THE "OFFER"). THE OFFER COMPRISES A FRESH ISSUE OF 601,864,295 EQUITY SHARES BY OUR COMPANY (THE "FRESH ISSUE") AND AN OFFER FOR SALE OF 185,189,014 EQUITY SHARES BY THE PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF POWER, GOVERNMENT OF INDIA (THE "SELLING SHAREHOLDER") (THE "OFFER FOR SALE"). THE OFFER COMPRISES A NET OFFER TO THE PUBLIC OF 784,053,309 EQUITY SHARES ("THE NET OFFER") AND A RESERVATION OF 3,000,000 EQUITY SHARES FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS DEFINED IN THE PROSPECTUS) (THE "EMPLOYEE RESERVATION PORTION"). THE OFFER WOULD CONSTITUTE 15.04% OF THE POST OFFER PAID-UP EQUITY CAPITAL OF OUR COMPANY AND THE NET OFFER WOULD CONSTITUTE 14.99% OF THE POST OFFER PAID-UP EQUITY CAPITAL OF OUR COMPANY. THE FACE VALUE OF THE EQUITY SHARE IS RS.10 EACH.
BID/OFFER OPENED ON DECEMBER 3, 2013 AND CLOSED ON DECEMBER 5, 2013 FOR QIB BIDDERS AND ON DECEMBER 6, 2013 FOR ALL OTHER BIDDERS.
THE FACE VALUE OF THE EQUITY SHARES IS RS.10 EACH. THE OFFER PRICE IS 7 90 PER EQUITY SHARE* AND IS NINE TIMES THE FACE VALUE OF THE EQUITY SHARE.
* Discount of Rs. 4.50 to the Offer Price was offered to Retail Individual Investors (the "Retail Discount") and Eligible Employees bidding in the Employee Reservation Portion (the "Employee Discount").
The Equity Shares of the Company offered in the Offer are proposed to be listed on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") and the trading is expected to commence on December 19,2013.
The Offer was made in accordance with Regulation 27 read with Regulation 26(1) (d) and (e) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended ("SEBIICDR Regulations"), through the Book Building Process where 50% of the Net Offer will be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") ("QIB Category"). Further, 5% of the QIB Category will be available for allocation on a proportionate basis to Mutual Funds only. The remainder was available for allocation on a proportionate basis to QIBs and Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. Further, not less than 15% of the Net Offer was available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Net Offer was available for allocation to Retail Individual Investors, in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Further, 3,000,000 Equity Shares was available for allocation on a proportionate basis to Eligible Employees, subject to valid Bids being received from them at or above the Offer Price.
The Offer received 3,83,061 applications for 5,29,24,67,850 equity shares resulting in 6.72 times subscription. The details of the applications received in the Offer from various categories are as under: (Before technical rejections)
A summary of the final demand as per the BSE and the NSE as on the Bid/Offer Closing Dated at different Bid prices is as under:
The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on December 16, 2013. A. Allotment to Retail Individual Investors (After Technical Rejections) (including ASBA Applications)
The Basis of Allotment to the Retail Individual Investors, who have bid at Cut-off Price or at the Offer Price of 790 per Equity Share net of Retail Discount, was finalized in accordance with the SEBI ICDR Regulations, in consultation with the NSE. This category has been over subscribed to the extent of 2.1077 times. The total number of Equity Shares allotted in Retail Individual Investor category is 27,44,18,658 Equity Shares to 3,70,948 successful applicants. Tfie category-wise details of the Basis of Allotment are as under:
B. Allotment to Non Institutional Investors (After Technical
C. Allotment to QIBs (After Technical Rejections)
D. Allotment to Eligible Employees (After Technical Rejections)
(including ASBA Applications)
Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus dated December 11,2013 filed with the Registrar of Companies, National Capital Territory of Delhi and Haryana.
INVESTORS PLEASE NOTE
These details of the Allotment made shall be hosted on the website of Registrar to the Offer, Karvy Computershare Private Limited at http://karisma.karvy.cnm
All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/Sole Bidder, serial number of the Bid-cum-Application Form, number of Equity Shares Bid for, name of the member of the Syndicate or the Registered Broker and place where the Bid was submitted and payment details at the address given below:
Computershare Private Limited
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF POWER GRID CORPORATION OF INDIA LIMITED.
Power Grid Corporation of India Limited has filed a Prospectus with the Registrar of Companies, National Capital Territory of Delhi and Haryana, the Securities and Exchange Board of India ("SEBI"), the National Stock Exchange of India Limited and the BSE Limited. The Prospectus is available on the website of the SEBI and the websites of SBI Capital Markets Limited, Citigroup Global Markets India Private Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited and UBS Securities India Private Limited, the Book Running Lead Managers. Any potential investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the Offer Documents filed with the Registrar of Companies, National Capital Territory of Delhi and Haryana, including the section titled "Risk Factors". The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933 or any state securities laws in the United States and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933 and in accordance with any applicable U.S. state securities laws. Tfie Equity Shares are being offered and sold only (1) in the United States to persons reasonably believed to be "qualified institutional buyers" as defined in Rule 144A, and (2) outside the United States in offshore transactions in reliance on Regulation S and the applicable laws of each jurisdiction where such offers and sales occur. Except with respect to eligible investors in jurisdictions where such offer is permitted by law, nothing in this advertisement constitutes an offer or an invitation by or on behalf of either the Issuer or the Selling Shareholder or the BRLMs or the Syndicate Members to subscribe for or purchase any of the securities described therein. If a jurisdiction requires that the offering be made by a licensed broker or dealer and either the BRLM or a Syndicate Member or any affiliate of such BRLM or Syndicate Member is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by such BRLM or Syndicate Member or any of its eligible affiliates on behalf of the Issuer and the Selling Shareholder in such jurisdiction. No public offering of securities is contemplated in the United States or any other jurisdiction outside India.