Jet Airways (India) Limited

Registered Office: SM Centre, Andheri Kurla Road, Andheri (East), Mumbai - 400059, India. Tel: 91 22 2850 5080,
Fax: 91 22 2856 0622, Email: corporate@jetairways.com, Website: www,jetairways.com
(The company was incorported on April 1, 1992, as a Private Limited company under the Companies Act, 1956. The Company became a deemed public limited company on july1, 1996 and was converted into a private limited company on January 19, 2001. The Company became a Public Limited company on December 28, 2004.)

BASIS OF ALLOCATION

PUBLIC OFFER OF 17,266,801 EQUITY SHARES OF RS.10 EACH FOR CASH AT A PRICE OF RS. 1100 PER EQUITY SHARE, AGGREGATING RS.18,993 MILLION, COMPRISING A FRESH ISSUE OF 14,245,111 EQUITY SHARES BY JET AIRWAYS (INDIA) LIMITED ("JET AIRWAYS" OR THE "ISSUER") AND AN OFFER FOR SALE OF 3,021,690 EQUITY SHARES BY TAIL WINDS LIMITED ("TAIL WINDS" OR THE "SELLING SHAREHOLDER"). THE FRESH ISSUE AND THE OFFER FOR SALE ARE JOINTLY REFERRED TO HEREIN AS THE "OFFER". 1,200,000 EQUITY SHARES WILL BE RESERVED IN THE OFFER FOR SUBSCRIPTION BY EMPLOYEES AT THE OFFER PRICE (THE "EMPLOYEE RESERVATION PORTION", AND THE OFFER OF EQUITY SHARES OTHER THAN THE EMPLOYEE RESERVATION PORTION, THE "NET OFFER"). THE FACE VALUE OF THE EQUITY SHARES IS RS.10 AND THE OFFER PRICE IS 110 TIMES OF THE FACE VALUE. THE OFFER WILL CONSTITUTE 20% OF THE FULLY DILUTED POST OFFER PAID-UP EQUITY CAPITAL OF THE COMPANY.

The Offer is being made through the 100% Book Building Process wherein at least 60% of the Net Offer shall be offered on a discretionay basis to Qualified Institutional Buyers (QIBs). If at least 60% of the Net Offer cannot be allocated to QIBs, then the entire application money will be refunded forthwith. Further,up to 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and up to 25% of the Net Offer shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Offer Price. Further, 1,200,000 Equity Shares shall be available for allocation on a proportionate basis to the Employees, subject to valid Bids being received at or above the Offer Price..

The Issue received 4,47,648 bids for 277,565,746* equity shares resulting in 16.08 times subscription. The details of the applications received in the issue from Employees, Retail Individual, Non-institutional and Qualified Institutional investor categories as under : (before technical rejections)

# Including bids received at cut-off price.     * After eliminating cheque returns.

Final Demand
A sample of the final demand at different bid prices is as under :

The Baisi of Allotment was finalised in consultation with The National Stock Exchange of India Limited ("NSE") on March 8, 2005.

A) Employees
The Basis of Allocation to the employees of the Jet Airways (India) Limited, who have bid at cut-off or at the Issue Price of Rs. 1,100/- per Equity Share, was finalized in consultation with NSE. The total number of shares allotted in this category is 291,636. The allotment was full & firm for all valid bids. The undersubscribed shares of the employee reservation portion being 908,364 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 Issue Price of Rs. 1,100/- per Equity Share, was finalized in consultation with NSE. The category was oversubscribed 2.985 times. The total number of shares alloted in this category is 4,470,882 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 Investors, who have bid for at or above the Issue Price of Rs. 1,100/- per Equity Share, was finalized in consultation with NSE. The category was oversubscribed 12.4981 times. The total number of shares allotted in this category is 2,864,202 Equity Shares. A sample of category-wise details of the Basis of Allocation are as under:

D) Allocation to QIBs

The Board of Directors of JET AIRWAYS at its Meeting held at Mumbai on March 9, 2005 has approved the basis of allocation of shares and allotted the shares to various successful applicants.

The despatch of Refund Orders has been completed by March 10, 2005 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 shares allocated to the successful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. Issuer is taking steps to get sthe Equity shares admitted for trading on the Nations Stock Exchange of India Limited and on the The Stock Exchange, Mumbai within seven working days from the date of approval of basis of allocation.

INVESTORS PLEASE NOTE
This details of the allocation made would also be hosted on the website of Registrars to the Issue, Karvy Computershare Privated Limited at www.karvy.com or http://karisma.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: Jet Airways, Karvy House, 46, Avenue 4, Street No. 1, Banjara Hills,
Hyderabad - 500034, FAX: 040-23311968. Email: Jetipo@karvy.com, Website: www.karvy.com
TOLL FREE - HELPLINE NUMBERS : 1-600-334-001

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 JET AIRWAYS (INDIA) LIMITED.