Basis of Allotment
Bank of Baroda

Bank of Baroda

(Bank of Baroda was originally incorporated on July 20, 1908 under the Baroda Companies Act, 1897 as "Bank of Baroda Limited" with its Head Office at Vadodara). (Constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 on July 19, 1969) Head Office: Baroda House, Mandvi, Vadodara 390 006, Gujarat, India Tel: (91 265) 251 8715, 236 3001, 236 2225; Fax: (91 265) 236 2914 Corporate Office: Baroda Corporate Centre, C-26, G Block, Bandra-Kuria Complex, Bandra (E), Mumbai 400 051, Maharashtra. Tel: (91 22) 5698 5000-04, 2652 2112; Fax: (91 22) 2652 3510, 2652 1955. Contact Person: P.K. Ramaswamy Iyer; Email: dgm.legal.bcc@bankofbaroda.com; Website: www.bankofbaroda.com

BASIS OF ALLOCATION

PUBLIC ISSUE OF 71,000,000 EQUITY SHARES: OF RS.10/- EACH FOR CASH AT A PRICE OF RS. 230/- PER EQUITY SHARE AGGREGATING RS. 16,330 MILLION (REFERRED TO AS "THE ISSUE"). THE ISSUE COMPRISED A NET ISSUE TO THE PUBLIC OF UP TO 63,900,000 EQUITY SHARES OF RS.10 EACH AND A RESERVATION FOR ELIGIBLE EMPLOYEES OF UP TO 7,100,000 EQUITY SHARES OF RS. 10 EACH. THE ISSUE WOULD CONSTITUTE 19.49% OF THE FULLY DILUTED POST ISSUE CAPITAL OF THE BANK.

THE FACE VALUE PER EQUITY SHARE IS RS.10/- EACH FOR CASH AT A PRICE OF RS.230/- EACH AND THE ISSUE PRICE IS 23 TIMES OF THE FACE VALUE.

The Issue was made through the 100% Book Building Process wherein upto 50% of the net issue to the public was to be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") (including 5% of the QIB portion that was to specifically be allotted to mutual funds). Further, not less than 15% of the net Issue to the public was made available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the net Issue to the public was made available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price.

The Issue received 253665 applications for 843638161 equity shares resulting in 11.88 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Investors and Employee and categories are as under:

Category No. of Applications No. of Shares Subscription
Retail Bidders 234731 36688681 1.64
Non Institutional Bidders 2860 30928175 3.22
Qualified Institutional Bidders 264 773425980 24.20
Employees 15810 2595325 0.36

 Final Demand
The final demand at different bid prices is as under:

Bid Price No. of Shares % of Total Cumulative Total Cumulative % to total
210 9956190 1.17 848969790 100.00
211 1770 0.00 839013600 98.83
212 4620 0.00 839011830 98.83
213 52350 0.01 839007210 98.83
214 3240 0.00 838954860 98.82
215 58980 0.01 838951620 98.82
216 720 0.00 838892640 98.81
217 1530 0.00 838891920 98.81
218 52410 0.01 838890390 98.81
219 1410 0.00 838837980 98.81
220 2683860 0.32 838836570 98.81
221 4620 0.00 836152710 98.49
222 22350 0.00 836148090 98.49
223 750 0.00 836125740 98.49
224 570 0.00 836124990 98.49
225 621930 0.07 836124420 98.49
226 151110 0.02 835502490 98.41
227 750 0.00 835351380 98.40
228 6330 0.00 835350630 98.40
229 1050 0.00 835344300 98.40
230 & Cut Off 835343250 98.39 835343250 98.39
848969790 100.00

 The Basis of Allocation was finalized in consultation with the National Stock Exchange of India Limited ("NSE") on 1st February, 2006.

 A. Allocation to Employees

The Basis of Allocation to the Employees category, who have bid at cut-off or at and above the Issue Price of Rs.230/- per Equity Share, was finalized in consultation with NSE. The category was subscribed to the extent of 0.35 times. Hence full & firm allotments have been made against all valid applications. The total number of shares allotted in this category is 2505810 Equity Shares. The unsubscribed portion of 4594190 equity shares has been added to Retail Individual Investors category.

 B. Allocation to Retail Investors

The Basis of Allocation to the Retail Investors, who have bid at cut-off or at and above the Issue Price of Rs.230/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 1.30 times. The total number of shares allotted in this category is 26959190 Equity Shares. The category-wise details of the Basis of Allocation are as under:

Category No. Applns. % to total Total No. of
Shares applied		 % to total No. of Shares
allocated		 Ratio Total No. of
Shares allocated
30 36595 16.33 1097850 3.14 30 37:48 846270
60 33146 14.79 1988760 5.68 46 FIRM 1524716
90 29114 12.99 2620260 7.49 69 FIRM 2008866
120 19638 8.76 2356560 6.74 92 FIRM 1806696
150 11474 5.12 1721100 4.92 116 FIRM 1330984
180 7050 3.15 1269000 3.63 139 FIRM 979950
210 56755 25.33 11918550 34.06 162 FIRM 9194310
240 1394 0.62 334560 0.96 185 FIRM 257890
270 410 0.18 110700 0.32 208 FIRM 85280
300 2542 1.13 762600 2.18 231 FIRM 587202
330 344 0.15 113520 0.32 254 FIRM 87376
360 361 0.16 129960 0.37 277 FIRM 99997
390 1196 0.53 466440 1.33 300 FIRM 358800

ADDITIONAL

 1 5:22 273
420 24045 10.73 10098900 28.86 324 FIRM 7790580

 C. Allocation to Non Institutional Investors

The Basis of Allocation to the Non institutional, who have bid at and above the issue Price of Rs.230/- per Equity Share, was finalized in consultation with NSE. The category was subscribed 3.01 times. The total number of shares allotted in this category is 9585000 Equity Shares. The category-wise details of the Basis of Allocation are as under:

Category No. Appins. % to total Total No. of
Shares applied		 % to total No. of Shares allocated Ratio Total No. of
Shares allocated
450 284 11.92 127800 0.44 149 FIRM 42316
480 88 3.69 42240 0.15 159 FIRM 13992
510 217 9.11 110670 0.38 169 FIRM 36673
5010 22 0.92 110220 0.38 1660 FIRM 36520
25020 1 0.04 25020 0.09 8289 FIRM 8289
50010 3 0.13 150030 0.52 16568 FIRM 49704
100020 1 0.04 100020 0.35 33137 FIRM 33137
500010 1 0.04 500010 1.73 165654 FIRM 165654
1086480 1 0.04 1086480 3.76 359953 FIRM 359953
1086900 1 0.04 1086900 3.76 360092 FIRM 360092
2550000 1 0.04 2550000 8.81 844699 FIRM 844699

 D. Allocation to QIBs

Allocation to QIBs have been done on a proportionate basis in consultation with the National Stock Exchange of India Limited. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available (15975000) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (303525000) on proportionate basis. The Sectoral Cap and other limits applicable to the holdings of the shares in the bank have been taken into account while allotting the shares. Mutual Funds were allotted 23.77% of the shares available for QIB segement and other QIB applicants were allotted the remaining 76.23% of the shares available for QIBs.

Category Fls/Banks MFs Flls Insurance Companies VCs Total
No. of Shares 3688560 7593115 18253831 2379950 34544 31950000

 The Committee of Directors of the bank at it's Meeting held at Vadodara on 2nd February, 2006 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants.

The CAN cum Refund Orders and allotment advice and notice has been dispatched to the address of the investors as registered with the depositories. In case the same is not received within ten days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The bank is taking steps to get the equity shares admitted for trading on the National Stock Exchange of India Limited, Bombay Stock Exchange Limited and Vadodara Stock Exchange Limited within seven working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the Issue, Karvy Computerahare Private Limited at www.karvy.com or http://kcpl.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrars to the issue quoting full name of the First/ Sole applicant, 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: Unit: Bank of Baroda, Karvy House, 46, Avenue 4, Street No.1, Banjara Hills,Hyderabad - 500034, Fax: 040-23311968 Email: bobfpo@karvy.com or mailmanager@karvy.com

TOLL FREE - HELPLINE NUMBER: 1-600-3454001

Place: Vadodara
Date : February 3, 2006

For Bank of Baroda
Sd/-
Vinay A Shah
Company Secretary

 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 PROSPECTS OF BANK OF BARODA.
Close