Indian Overseas Bank

Constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970
Central Office : 763, Anna salai, Chennai 600 002, Phone : 28415702, Fax: 28523372.

Public Issue of 10,00,00,000 equity shares of Rs. 10/- each for cash at a premium of Rs. 14/- (ie at a price of Rs 24/- per share) aggregating Rs 240 crores("public issue")

Basis of Allotment

The board of Direftors thank the investing public for their encouraging response to the public issue which opened for subscriptrion on 5.09.2003 and closed on 12.09.2003.   The Public Issue has received 4,26,048 valid applications for 55,05,60,500 equity shares from the indian public resulting in 6.88 times subscription for the net public offer.  It has received 16,772 valid applications for 1,00,18,700 equity shares from the employees resulting in 1.002 times subscription in the employees category.  It has received 2,881 valid applications for 2,08,46,700 equity shares from the NRIs/OCBs/FIIs resulting in 2.08 times subscription in this category.  The Basis of Allotment was finalised in consultation with The Stock Exchange, Mumbai on 3.10.2003 and 10,00,00,000 equity shares have been allotted by the Share Allotment Committee of directors in the meeting held on 7.10.2003.

There are 28.58 allottees for every Rs 1 lakh of the Public Issue (Including Employees and NRIs/OCBs/FIIs).

I. Public
The net offer of 8,00,00,000 Equity Shares was made to the Indian Public.  The Bank has received 4,26,048 valid applications for a total of 55,05,60,500 equity shares resulting in 6.88 times of over subscription.

1. Individual investors who have aplied for not more than Rs. 50,000/- worth of shares ie upto 2000 shares : (Retail Investors)
The Bank has received 4,17,162 valid applications for 21,21,87,200 shares in this category resulting in 5.30 times subscription.  The details of category-wise allotment are given below:

2. Indivudual investors who have applied for more than Rs. 50,000/- worth of shares (ie more than 2000 shares), corporate bodies & institutions.

The Bank has received 8,886 valid applications for 33,83,73,300 shares resulting in 8.75 times subscription in this category,. Shares have been allotted on a firm basis in proportion to the inverse of the subscription ratio ie 8.75 times and rounded off to the nearest marketable lot of 100 shares.

II. Employees
The bank has received 16,772 valid applications for 1,00,18,700 shares resulting in 1.002  times subscription in this category.
For the applicatiions upto 2000 shares, full and firm allotment has been made.
For applications over 2000 shares shares have been allotted on a firm basis and in proportion of inverse of the subscription ratio ie 1.002 times and rounded off to the market lot of 100 shares.

III. NRI/OCB/FIIs
The bank has received 2,881 valud applications for 2,08,46,700 shares resulting in 2.08 times subscription.
Shares have been allotted on a firm basis in proportion of inverse of the subscription ratio ie 2.08 times and rounded off to the nearest marketable lot of 100 shares. In respect of two below mentioned categories, there were draws of lot.

* Additional Shares in these categories have been allotted on the basis of draw of lots
In the interest of investing public, we furnish below the break up of the applications and the allotees who have lodged application through cash/cheque/dd and through stockinvest.

Share certificates/Refund orders/cancelled stock invests, wherever applicable, have already been despatched on 9.10,2003 and in case of shares in the electronic form, the beneficiary account of allottees with CDSL have been credited on 13.10.2003 and with NSDL on 14,10.2003 and listing applications have been filed with the The Stock Exchange, Mumbai, The National Stock Exchange Limited and The  Madras Stock Exchange Limited on 07.10.2003.
All future correspondence in this respect should be addressed to Registrars to issue at their below mentioned address by mentioning full name of first applicant, applicant, Application No., No. of Shares applied and bank Branch where the Application had been lodged: