|Basis of Allotment|
IVRCL Infrastructures & Projects Limited
(The Company was originally incorporated on November 16, 1987 as I. Venku Reddy Constructions Private Limited. It was renamed as I. Venku Reddy Constructions Limited, then renamed as IVR Constructions Limited and subsequently as IVRCL Infrastructures & Projects Limited on April 7, 1999)
Registered Office: M-22/3 RT, Vijayanagar Colony,
Hyderabad - 500 034.
BASIS OF ALLOCATION
Public Issue of 3,189,870 Equity Shares of Rs. 10/- each at a price of Rs. 395/- for cash aggregating Rs. 1260 million (Referred to as the "Issue") including Reservation for Employees of 189,870 Equity Shares of Rs. 10/- each at a price of Rs.395/- for cash aggregating Rs. 75 million. There will also be a Green Shoe Option of 478,470 Equity Shares of Rs. 10/- each aggregating Rs. 189 milllion. The Issue and the Green Shoe Option aggregate Rs. 1449 million. The Issue would constitute 15.82% of the post issue paid-up capital of our Company assuming that the Green Shoe Option is not exercised and 15.45% assuming that the Green Shoe Option is exercised.
ISSUE PRICE OF RS. 395/- PER EQUITY SHARE OF FACE VALUE OF RS. 10/- EACH,
The Issue was made through the 100% Book Building Process wherein 189, 870 equity shares have been reserved for allotment to permanent employees. Up to 50% of the Issue have been offered on a discretionary basis to Qualified Institutional Buyers ("QIBs"). Further, not less than 25% of the Issue have been available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 25% of the Issue to the public have been 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 73008 applications for 50297623 equity shares resulting in 13.71 times subscription. The details of the application received in the Issue from Employees, Retail, Non Institutional and Qualified Institutional Investor categories are as under:
A sample of the final demand at different bid prices is as under:
The Basis of Allotment was finalized in consultation with National Stock Exchange of India Limited (NSE) on April 5, 2005.
A) Allocation to Employees
The Basis of Allocation to the Employees of IVRCL Infrastructures & Projects Ltd., who have bid at cut-off or at the Issue Price of Rs.395/- per Equity Share, was finalised in consultation with NSE. The total number of shares allotted in this category is 189870. The allotment was firm for all valid bids. The category-wise details of the Basis of Allocation are as under:
B) Allocation to Retail Investors
The Basis of Allocation to the Retail Investors, who have bid at cut-off or at or above the Issue Price of Rs.395/- per Equity Share, was finalised in consultation with NSE. The category was over subscribed 6.22 times. The total number of shares allotted in this category is 869618 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 cut-off or at the Issue Price of Rs.395/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 1.52 times. The total number of shares allotted in this category is 869617 Equity Shares. A sample of of category-wise details of the Basis of Allocation is as under:
D) Allocation to QIBs
The Public Issue Committee of the company at its Meeting held at Hyderabad on April 5, 2005 has aproved the basis of allocation of shares and allotted the shares to various successful applicants.
The despatch of Refund Orders have been made 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 the Equity shares admitted for trading on the National Stock Exchange of India Limited and on The Stock Exchange, Mumbai within seven working days from the date of approval of basis of allocation.
INVESTORS PLEASE NOTE
All future correspondence in this regard may kindly be addressed to the Registrars to the issue quoting full name of the Firs/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:
TOLL FREE - HELPLINE NUMBERS: 1-600-334001
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 IVRCL INFRASTRUCTURES & PROJECTS LTD