Basis of Allotment
emami limited

Emami Limited

(Incorporated on March 11, 1983 as A.M.P Udyog Viniyog Limited under the Companies Act, 1956. In 1994, Himani Ltd was merged with AMP Udyog Viniyog Ltd., vide hon'ble Calcutta High Court order dated February 8, 1994 and its name was changed as per fresh certificate of Incorporation dated May 5, 1994. In 1998, Emami Ltd was then merged with Himani Ltd. vide Hon'ble Calcutta High Court order dated July 21, 1998 and its name was changed as Emami Ltd. as per fresh certificate of Incorporation dated September 1, 1998).

Registered Office: 6A, R.N. Mukherjee Road, Stephen House, Kolkata-700001. (Formerly located at 9, Old China Bazar Street, Kolkata - 700001 and subsequently shifted to 179, Bangur Park, Rishra, Hoogly - 712248 and 8, Bentinck Street, Taher Mansion, Kolkata-700001) Tel: +91-33-2248 7651/52/53/54, Fax: +91-33-2210 0879;
E-mail: publicissue@emamigroup.com. Website: www.emamigroup.com

BASIS OF ALLOCATION

Public Issue of 50,00,000 Equity Shares of Rs. 2/- each for cash at a price of Rs. 70 Per Equity Share by Emami Ltd (hereinafter referred to as the "Company") aggregating Rs. 3500 lacs (hereinafter referred to as the "Issue"). Out of this, 5,00,000 Equity Shares of Rs.2/- each for cash at a price of Rs. 70 per Equity Share aggregating Rs.350 lacs will be reserved for subscription by Employees in India of Emami Ltd. (the "Employee Reservation Portion"). Therefore, the net Issue to the public will be of 45,00,000 Equity Shares of Rs. 2/- each for cash at a price of Rs.70 per Equity Share aggregating Rs. 3150 lacs. The Issue consitutes 8.18% of the fully diluted post issue paid up equity share capital of the Company.

ISSUE PRICE OF Rs. 70 PER EQUITY SHARE OF FACE VALUE OF Rs. 2/- EACH. THE ISSUE PRICE IS 35 TIMES OF THE FACE VALUE

The Issue is being made through the 100% Book Building Process wherein up to 10% of the issue is reserved for Employees of the Company. Up to 50% of the net Issue to the public shall be allocated on a discretionary basis to Qualified Institutional Buyers ("QIBs"). Further, not less than 25% of the net Issue to the public shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 25% 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 abovae the Issue Price.

The Issue received 1,78,347 bids for 181,533,600 shares resulting in 36.31 times subscription. The details of the applications received in the Issue from Employees, Retail, Non Institutional and Qualified Institutional investor categories are as under:

Category No. of Applications No. of Shares Bid Subscription
Qualified Institutional Buyers 76 96,437,000 42.86
Non Institutional Investors 1,110 18,813,000 16.72
Retail Investors 177,018 65,859,800 58.54
Employees 143 423,800 0.85

Final Demand

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

Bid Pirce (Rs.) No. of Shares % of Total Cumulative Total Cumulative %
60 1,777,550 0.95 187,286,044 100.00
61 42,000 0.02 185,508,494 99.05
62 318,900 0.17 185,466,494 99.03
63 31,400 0.02 185,147,594 98.86
64 6,700 0.00 185,116,194 98.84
65 1,917,106 1.02 185,109,494 98.84
66 343,200 0.18 183,192,388 97.81
67 90,300 0.05 182,849,188 97.63
68 535,400 0.29 182,758,888 97.58
69 9,900 0.01 182,223,488 97.30
70 & Cut-off 182,213,588 97.29 182,213,588 97.29
187,286,044 100.00

The Basis of Allotment was finalized in consultation with The Stock Exchange, Mumbai (BSE) on March 21, 2005

A) Allocation of Employees
The Basis of Allocation to the Emami Limited, who have bid at cut-off or at the Issue Price of Rs. 70/- per Equity Share was finalized in consultation with BSE. The total number of shares allotted in this category is 4,23,800. The allotment was full & firm for all valid bids. The under subscribed shares of the employees reservation portion being 76,200 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 Retail Investors, who have bid at cut-off or at the Issue Price of Rs. 70/- per Equity Share, was finalized in consultation with BSE. The category was oversubscribed 58.54 times. The total number of shares allotted in this category is 11,62,300 Equity Shares. The category-wise details of the Basis of Allocation are as under:

No. of
Shares		 No. of
Application		 % to total Total No. of
Shares applied		 % to total No. of Shares
allocated		 Ratio Total No. of
Shares allocated
100 47709 26.95 4770900 7.24 100 1:57 83700
200 33142 18.72 6628400 10.06 100 3:85 116900
300 17969 10.15 5390700 8.19 100 5:94 95500
400 8430 4.76 3372000 5.12 100 7:99 59600
500 13269 7.50 6634500 10.07 100 3:34 117000
600 4860 2.75 2916000 4.43 100 9:85 51400
700 51639 29.17 36147300 54.89 100 11:89 638200

C) Allocation to Non Institutional Investors

The Basis of Allocation to the Non Institutional Investors, who have bid for at the Issue Price of Rs. 70/- per Equity Share, was finalized in consultation with BSE. The category was oversubscribed 16.72 The total number of shares allotted in this category is 11,63,900 Equity Shares. A sample of category-wise details of the Basis of Allocation is as under:

No. of
Shares		 No. of
Application		 % to total Total No. of
Shares applied		 % to total No. of Shares
allocated		 Ratio Total No. of
Shares allocated
800 62 5.59 49600 0.26 100 1:2 3100
900 13 1.17 11700 0.06 100 8:13 800
1000 174 15.68 174000 0.92 100 21:29 12600
1100 18 1.62 19800 0.11 100 FIRM 1800
1200 12 1.08 14400 0.08 100 FIRM 1200
1300 8 0.72 10400 0.06 100 FIRM 800
2500 18 1.62 45000 0.24 200 FIRM 3600
4000 10 0.90 40000 0.21 200 FIRM 2000
5400 9 0.81 48600 0.26 300 FIRM 2700
10500 1 0.09 10500 0.06 600 FIRM 600
12100 1 0.09 12100 0.06 700 FIRM 700
13500 1 0.09 13500 0.07 800 FIRM 800
15000 14 1.26 210000 1.12 900 FIRM 12600
20000 41 3.69 820000 4.36 1200 FIRM 49200
30000 3 0.27 90000 0.48 1900 FIRM 5700
50000 2 0.18 100000 0.53 3100 FIRM 6200
100000 9 0.81 900000 4.78 6200 FIRM 55800
150000 4 0.36 600000 3..19 9300 FIRM 37200
300000 1 0.09 300000 1.59 18600 FIRM 18600
500000 1 0.09 500000 2.66 30900 FIRM 30900
2038400 1 0.09 2038400 10.84 126100 FIRM 126100

D) Allocation to QIBs

Category FIs/Banks MFs FIIs Insurance Companies VCs Others Total
No. of Shares 38,000 17,92,000 4,18,000 2,000 - - 22,50,000

The share transfer and shareholders Investors grievance committee at its Meeting held   held at Kolkata on March 21, 2005 has approved the basis of allocation of shares and allotted the shares to various successful applicants.

The despatch of Refund Orders is being 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 are being 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 Stock Exchange, Mumbai and The Calcutta Stock Exchange within seven working days from the date of approval of basis of allocation.

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:

DATAMATICS FINANCIAL SOFTWARE & SERVICES LTD
Plot No. A.16 & 17, MIDC, Part B, Crosslane, Marol, Andheri (E), Mumbai 400093
Tel: 022 28375519-24, 28345824 Fax: 022 28350217. Email: Emami@datamatics.com



Place : Kolkata
Date  : March 22, 2005

For Emami Limited
Sd/-
A.K.Joshi
Company Secretary

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 EMAMI LIMITED

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