|Basis of Allotment|
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: firstname.lastname@example.org; 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:
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:
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:
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.
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
TOLL FREE - HELPLINE NUMBER: 1-600-3454001
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.