Syndicate Bank
(Syndicate Bank was originally incorporated in 1925 as Canara Industrial & Banking Syndicate Limited with its Head Office in Udupi, Karnataka, it was renamed as Syndicate Bank Limited with effect from January 1,1964, and the Head Office was shifted to Manipal, Karnataka on April19, 1964. Constituted under the Banking (Acquisittion and Transfer of Undertakings) Act, 1970 on July 19, 1969). Head Office: Manipal 576104, Karnataka, India Tel:+91-820-2571181 Fax:+91-820-2570266 Website: www.syndicatebank.com Email: inrc@syndicatebank.net

BASIS OF ALLOCATION

PUBLIC ISSUE OF 50,000,000 EQUITY SHARES OF RS.10 EACH FOR CASH AT A PRICE OF RS.50/- PER EQUITY SHARE AGGREGATTING RS.2,500 MILLION (REFERRED TO AS THE "ISSUE"). OF SYNDICATE BANK ("THE BANK" OR "ISSUER"). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF AT LEAST 45,000,0000 EQUITY SHARES OF RS. 10 EACH (THE "NET ISSUE") AND A RESERVATION FOR ELIGIBLE EMPLOYEES O UP TO 5,000,000 EQUITY SHARES OF RS. 10 EACH AT THE ISSUE PRICE. THE ISSUE CONSTITUTES 9.58% OF THE FULLY DILUTED POST ISSUE PAID-UP EQUITY CAPITAL OF THE BANK).
THE FACE VALUE PER EQUITY SHARES IS RS.50/- EACH AND THE ISSUE PRICE IS 5 TIMES OF THE FACE VALUE.

The issue made through the 100% Book Building Process wherein 50% of the Net Issue to the public  was to be allocated on a discretionary basis to Qualified Institutional Buyers ("QIBs), Further, not less than 15% of the Net Issue to the public shall be available for allocation on a proportionate  basis  to Non-Institutional Bidders and not less than 35% of the Net Issue to the public shall be 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 132507 applications for 156401651 equity shares resulting in 28.24 times subscription. The details of the application received in the isssue from Retail, Non Institutional,  Employees and Qualified Institutional Investor categories are as under:

Final demand
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 July 25, 2005

A. Allocation to Employees
The basis oAllocation to the employees of Syndicate Bank, who have bid at cut-off or at the issue Price of Rs.50/- per Equity Share, was finalized  in consultation with NSE. The category was over subscribed 2.48 times. The total number of shares alloted in this category is 5,000,000 Equity Shares, The category-wise details of the Basis of Allocation are as under:

B. Allocation to Reail Investors
The Basis of Allocation to the Retail Investors, wo have bid at cur-off or at and above the Issue Price of Rs.50/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 4.40 times. The total number of shares allotted in this category is 15750000 Equity shares. The category-wise details of the Basis Allocation are as under:

C. Allocation to Non Institutional Investors
The Basis of Allocation to the Non Institutional Institutional, who have bid at cut-off or and above the Issue Price Rs. 50/ per Equity Share. was finalized in sonsultation with NSE. The category was subscirbed 11.57 times. The total number of shares alloted in this category is 6750000 Equity Shares. The category-wise details of the Basis of Allocation are as under:

D. Allocation to QIBs

The committee of Directors for IPO of the company at it's Meeting held at Hyderabad on 26th July, 2005 has approved the basis of allocation of shares and allotted the shares to various successful applicants.
The Refund Orders will be 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 sucessfull 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 and the Stock Exchange, Mumbai within seven working days from the date of approval of the basis fo allocation.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the Issue, Karvy Computershare Private Limited at www.karvy.com or http://kcpl.karvy.com

All future corresspondence 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 belo:

Karvy Computershare Private Limited
Unit: Syndicate Bank, Karvy House, 46, Avenue 4, Street No.1, Banjara hills, Hyderabad-500034, Fax: 040-23311968 Email: syndicatebank.fpo@karvy.com or mailmanager@karvy.com

TOLL FREE- HELPLINE NUMBERS 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 SYNDICATE BANK