Basis of Allotment

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(This is only an advertisement for Information purpose. This is not a Prospectus announcement and does not constitute an invitation or offer to acquire, purchase or subscribe for securities. Not for publication or distribution, directly or indirectly outside India.)

NARAYANI STEELS LIMITED

Our Company was incorporated as "Narayani Steels Private Limited" under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated February 10,1995 issued by Registrar of Companies, Andhra Pradesh bearing Registration No. 01 -19412 at Vizianagaram, Andhra Pradesh. Subsequently our Company was converted into a Public Limited Company pursuant to Shareholders' Resolution passed at the Annual General Meeting of the Company held on August 17, 2015 and the name of our Company was changed to "Narayani Steels Limited" vide fresh Certificate of Incorporation dated August 24,2015. The Corporate Identification Number of our Company (CIN) is U27109WB1996PLC082021. For details of Incorporation, Change of Name and Registered Office of our Company, please refer chapters titled 'General Information' and 'Our History and Certain Other Corporate Matters' beginning on page 71 and 174 respectively of the Prospectus.

Registered Office: 23A, N.S. Road, 7th Floor, Room No. - 31, Kolkata 700 001, West Bengal, India
Corporate Office: D. No. 30-15-138/20, 2nd Floor, Binayaka Complex, Dabagardens, Visakhapatnam-530 020, Andhra Pradesh, India.
Tel No.: 0891 2501182; Fax No.: 0891 2501182; E-mail: info@narayanitmt.com; Website: www.narayanitmt.com
Corporate Identification Number: U27109WB1996PLC082021; Contact Person: Ms. Nisha Rathor, Company Secretary and Compliance Officer

PROMOTERS OF OUR COMPANY: SUNIL CHOUDHARY AND SUNIL CHOUDHARY HUF

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 36,00,000 EQUITY SHARES OF FACE VALUE OF RS. 10 EACH ("EQUITY SHARES") OF NARAYANI STEELS LIMITED (THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF RS. 32 PER EQUITY SHARE, INCLUDING A SHARE PREMIUM OF RS. 22 PER EQUITY SHARE (THE "ISSUE PRICE"), AGGREGATING RS. 1,152 LAKHS ("THE ISSUE"), OF WHICH 1,88,000 EQUITY SHARES OF FACE VALUE RS. 10 EACH FOR CASH AT A PRICE OF RS. 32 PER EQUITY SHARE, AGGREGATING RS. 60.16 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. ISSUE OF 34,12,000 EQUITY SHARES OF FACE VALUE OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 32 PER EQUITY SHARE, AGGREGATING RS. 1,091.84 LAKHS IS HEREINAFTER REFERED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 33.00% AND 31.28% RESPECTIVELY OF THE FULLY DILUTED POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.

In terms of Prospectus dated August 25,2016 and as per Regulation 43(4) of SEBI (ICDR) Regulations, 2009 wherein

(a) minimum of 50% of the Net Offerto Public shall initially be made available to Retail Individual Investors.

(b) the balance net offer of shares to the public shall be made available for allotment to

(i) individual applicants other than retail investors and

(ii) other investors including corporate bodies/ institutions irrespective of no. of shares applied for.

(c) the unsubscribed portion of the net offer to any one of the categories specified in (a) or (b) shall/may be made available for allocation in any other category, if so required.

Explanation: for the purpose of Regulation 43(4) of SEBI (ICDR) Regulations, 2009, if the retail individual investor is entitled to more than fifty percent, on proportionate basis, the retail individual investors shall be allocated that higher percentage. All Investors have participated in this offer through ASBA process. For details in this regards, specific attention is invited to chapter "Issue Procedure" on page 355 of the Prospectus.

THE F/ICE VALUE OF EQUITY SHARES IS RS. 10 EACH. THE ISSUE PRICE OF RS. 32.00 IS 3.2 TIMES OF THE FACE VALUE
ISSUE OPENED ON SEPTEMBER 01,2016 AND CLOSED ON SEPTEMBER 06,2016.

The Equity Shares offered through the Prospectus are proposed to be listed on the SME platform of BSE Limited ("BSE") ("BSE SME") in terms of the chapter XB of the SEBI (ICDR) Regulations, 2009 as amended from time to time. The Company is not required to obtain an in-principle approval for the shares being offered in this Issue. However, the Company has received an approval letter dated December 09,2015 from BSE for using its name in the Prospectus for listing of our Shares on BSE SME. The designated stock exchange is BSE SME.

SUBSCRIPTION DETAILS

The Issue has received 539 applications for 51,60,000 Equity shares (Before Technical Rejections) (including Market Maker Application of 1,88,000 Equity Shares) resulting 1.43 times subscription. After considering, Technical Rejection cases, the issue was subscribed 1.41 times (including the Market Maker Portion). The details of application received (Before Technical Rejection)

CATEGORY NUMBER OF
APPLICATIONS
NUMBER OF
EQUITY SHARES
SUBSCRIPTION
Market Maker 1 1,88,000 1.00
Other than Retail Individual Investors 27 29,28,000 1.718
Retail Individual Investors 511 20,44,000 1.197
TOTAL 539 51,60,000 1.43

The details of applications rejected by the Registrar on technical grounds are detailed below:

CATEGORY NUMBER OF
APPLICATIONS
NUMBER OF
EQUITY SHARES
Market Maker 0 0
Other than Retail Individual Investors 2 36,000
Retail Individual Investors 8 32,000
TOTAL 10 68,000

Detail of the Applications Received (After Technical Rejection):

CATEGORY NUMBER OF
APPLICATIONS
NUMBER OF
EQUITY SHARES
SUBSCRIPTION REVISED
SUBSCRIPTION
Market Maker 1 1,88,000 1.00 1.00
Other than Retail Individual Investors 25 28,92,000 1.697 1.697
Retail Individual Investors 503 20,12,000 1.178 1.178
TOTAL 529 50,92,000 1.41 1.41

ALLOCATION: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - BSE on September 7, 2016.

A. Allocation to Market Maker (After Technical Rejections): The Basis of Allotment to the Market Maker, at the issue price of Rs. 32/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 1,88,000 Equity shares in full out of reserved portion of 1,88,000 Equity Shares.

B. Allocation to Retail Individual Investors (After Technical Rejections): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs. 32/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.178 times. Total number of shares allotted in this category is 17,08,000 Equity Shares. The category wise basis of allotment is as under:

No. of Shares
Applied for
(Category wise)
No. of
Applications received
% to
total
Total No.
of Equity
Shares applied
% to
total
Proportionate
Shares Available
Allocation per Applicant
(Before
Rounding Off)
Allocation per Applicant
(After
Rounding Off)
Ratio of
Allottees to the Applicants
Total No.
of Equity
Shares allotted
Surplus/ (Deficit)
4,000 503 100.00 20,12,000 100.00 17,08,000 3395.63 4,000 427:503 17,08,000 0
TOTAL 503 100.00 20,12,000 17,08,000 17,08,000

C. Allocation to Other than Retail Individual Investor (After Technical Rejection): The Basis of Allotment to other than Retail Individual Investors, at the issue price of Rs 32/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.697 times. Total number of shares allotted in this category is 17,04,000 Equity Shares. The category wise basis of allotment is as under:

No. of Shares
Applied for
(Category wise)
No. Of
Applications received
% to
total
Total No.
of Equity
Shares applied
% to
total
Proportionate
Shares Available
Allocation per Applicant
(Before
Rounding Off)
Allocation per Applicant
(After
Rounding Off)
Ratio of
Allottees to the Applicants
Total No.
of Equity
Shares allotted
Surplus/ (Deficit)
8,000 10 40.00 80,000 2.77 47,137 4,713.69 4,000 1:1 40,000 (7,137)
12,000 6 24.00 72,000 2.49 42,423 7,070.54 8,000 1:1 48,000 5,577
28,000 1 4.00 28,000 0.97 16,498 16,497.93 16,000 1:1 16,000 (498)
40,000 1 4.00 40,000 1.38 23,568 23,568.46 24,000 1:1 24,000 432
3,12,000 1 4.00 3,12,000 10.79 1,83,834 1,83,834.02 1,84,000 1:1 1,84,000 166
3,16,000 5 20.00 15,80,000 54.63 9,30,954 1,86,190.87 1,84,000 1:1 9,20,000 (10,954)
3,16,000 4,000 3:5 12,000 12,000
7,80,000 1 4.00 7,80,000 26.97 4,59,586 4,59,585.06 4,60,000 1:1 4,60,000 414

The Board of Directors of the Company at its meeting held on September 07,2016 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock Exchange viz. BSE and authorized corporate action for allotment of shares in dematerialized form to various successful applicants. The CAN and allotment advice and/or notices shall be dispatched to the address of the Applicants as registered with the depositories / as filled in the application form on or before September 12,2016. Further, the instructions to SCSBs shall be issued on September 08,2016 for unblocking of funds. The Equity Shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. In case the same is not received within prescribed time, Investors may contact the registrar to the Issue at the address given below. The Company is taking steps to get the Equity Shares admitted fortrading on the SME Platform of BSE within six working days from the date of the closure of the Issue. The trading is proposed to commence on or before September 14,2016 subject to receipt of listing and trading approvals from BSE.

INVESTORS PLEASE NOTE

The details of the allotment made would also be hosted on the website of the Registrar to the Issue at www.bigshareonline.com. All future correspondence in this regard may kindly be addressed to the Registrar quoting full name of the First/ Sole applicant, serial number of the Application Form, number of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:

BIGSHARE SERVICES PRIVATE LIMITED
E/2, Ansa Industrial Estate, Sakivihar Road, Sakinaka, Andheri (East), Mumbai 400 072.
Tel.: +91-22-4043 0200; Fax: +91-22-2847 5207
Email: ipo@bigshareonline.com; Website: www.bigshareonline.com
Contact Person: Mr. Vipin Gupta; SEBI Registration No: INR000001385

Date: September 7, 2016
Place: Visakhapatnam, Andhra Pradesh
For Narayani Steels Limited
On behalf of the Board of Directors
Sd/-
Mr. Sunil Choudhary
Managing Director

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF NARAYANI STEELS LIMITED.

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.

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