|Basis of Allotment|
IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS
ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR
SUBSCRIBE TO SECURITIES.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY OUTSIDE INDIA.
INDIAN ENERGY EXCHANGE LIMITED
Our Company was incorporated as Indian Energy Exchange Limited on March
26, 2007 as a public limited company under he Companies. Act, 1956, with the Registrar of
Companies, Maharashtra at Mumbai (the "Registrar of Companies,
Maharashtra"). Our Company obtained a certificate for commencement of
business on April 17, 2017. For details of change in registered office of our Company, see
"History and Certain Corporate Matters" on page 133 of the
Prospectus dated October 12,2017 ("Prospectus").
OUR COMPANY IS A PROFESSIONALLY MANAGED COMPANY AND DOES NOT HAVE AN IDENTIFIABLE PROMOTER IN TERMS OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009, AS AMENDED (THE "SEBI ICDR REGULATIONS") AND THE COMPANIES ACT, 2013, AS AMENDED
Our Company has registered the Prospectus with the RoC and the Equity Shares are proposed to be listed on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") and the trading will commence on October 23, 2017.
BASIS OF ALLOTMENT
PUBLIC OFFER OF 6,065,009 EQUITY SHARES OF FACE VALUE OF RS 10 EACH ( "EQUITY SHARES") OF INDIAN ENERGY EXCHANGE LIMITED (OUR "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF RS 1650 PER EQUITY SHARE, THROUGH AN OFFER FOR SALE BY THE SELLING SHAREHOLDERS, AGGREGATING TO RS 10,007.26 MILLION (THE "OFFER"). THE OFFER CONSTITUTES 20.00 OF OUR POST-OFFER PAID UP EQUITY SHARE CAPITAL.
Offer Price: Rs 1650 per Equity Share of face value of Rs 10 each
Risks to Investors
i. The three Book Running Lead Managers associated with the Offer have
ii. The Price/Earnings ratio based on diluted EPS for Financial Year
2017, at the upper end of
ii1. Average cost of acquisition of Equity Shares for the Selling
Shareholders ranges from
BID OFFER PROGRAMME
OPENED ON MONDAY, OCTOBER 09, 2017
ANCHOR INVESTOR BIDDING DATE WAS FRIDAY, OCTOBER 06, 2017
In terms of Rule 19(2)(b)(iii) of the Securities Contracts (Regulation) Rules, 1957, as amended (the "SCRR"), this is an Offer for at least 10% of the post-Offer paid-up Equity Share capital of our Company. The Offer is being made in accordance with Regulation 26(1) of the SEBI ICDR Regulations through the Book Building Process, wherein not more than 50% of the Offer was avaiable for allocation a proportionate basis to Qualified institutional Buyers ("QIBs") (the "QIB Portion") provided that our Company, in consultation with the BRLMs, allocated upto 60% of the QIB portion to Anchors investors (the "Anchor Investor Portion") on a discretionary basis. One-third of the Anchor investor Portion was reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, 5% of the QIB Portion (excluding the Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion was available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the offer price. Further, not less than 15% of the Offer was available for allocation on a proportionate basis, to Non-Institutional Bidders and not less than 35% of the Offer was available for allocation to Retail Individual Bidders in accordance with i.e. SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All potential Bidders, other than Anchor Investors, were required to mandatorily participate in the Offer through the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective bank account in which the Bid Amount were blocked by the Self Certified Syndicate Banks. ("'SCSBs"). Anchor Investors were- not permitted to participate in the Anchor investor portion through ASBA process. For details., see "Offer Procedure" beginning on page 350 of the Prospectus.
The bidding for Anchor Investor opened and closed on October 6, 2017. The company received 28 applications from 23 anchor investors for 1,910,421 shares. The Anchor Investor Offer Price was finalized at Rs. 1650 per Equity Share. A total of 789,120 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs 1302.05 million.
The Offer received Rs 462,905 applications for 13,404,177 Equity Shares (prior to technical rejections) resulting in 2.21 times subscription. The details of the applications received in the Offer from various categories are as under (prior to technical rejections);
The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being the BSE on Monday, October 16, 2017.
A. Allotment to Retail Individual Bidders (After technical rejections) (including ASBA Applications)
The Basis of Allotment to Ihe Retail Individual Bidders, who have bid at the Cut-Off Puce oral the Offer Price of ? 1660 per Equity Share, was finalized in con&ulla^ion wilh the BSE. This category has been subscribed to the extent of 2.2459 times. The total number of Equity Shares Aibt'ad m Retail Portion is 2.276,154 Equity Shares (Including spilled over] tc 252,906 successful Retail Individual Bidders. The category-wise details of Ihe Bas&ofAUobnent are as under;
B. Allotment to Non-Institutional Bidders (After Technical Rejections)
The Basis of Allotment to the Non institutional Bidders, who have bid at the Offer Price of Rs 1650 per Equity Share or above, was finalized in consultation with the BSE. The Non-Institutional Portion has been subscribed to the extent of 0.5905 times. The total number of Equity Shares Allotted in this category is 537,210 Equity Shares to 255 successful Non-Institutional Bidders. The category-wise details of :the Basis of Allotment are as under (Sample)
The under subscribed portion of 372,542 Equity Shares in the Non Institutional Bidders category has been allocated to QIBs and Retail Individual Bidders in the ralio of 50:35.
C. Allotment to QIBs (Excluding Anchor Investors)
Allotment to QIBs (Excluding Anchor tnvestors). who hare Bid at the Offer Price of Rs 1650 per Equity Share or above, has been done on a proportionate basis in consultation with the BSE. This category has been subscribed to the extern of 2.3252 limes of QIB Portion. As par the SEBI ICDR Regulations, Mutual Funds were Allotted 5% of the Equity Sheres of QIB Portion available i.e. 123,127 Equity Shares (including spilled over) and other QIBs, including Mutual Funds were Allotted the remaining available Equity Shares i.e. 2,339,398 Equity Shares (including spilled over) on a proportionate basis. The total number of Equity Shares Allotted in the QIB Portion is 2,462,525 Equity Shares, which were allotted to 44 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under:
D. Allotment to Anchor Investors
The Company, in consultation with the BRLMs. has allocated 789,120 Equity Shares to 16 Anchor Investors at the Anchor Investor Offer Price of Rs 1650 per Equity Share in accordance with the SEBI ICDR Regulations. This represents 24.27% of the total allotment to QIBs.
The IPO Committee of the Company on October 17, 2017 has takan on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being BSE and has allotted the Equity Shares to various successful Bidders. The Allotment Advice-cum-Intimations and/or notices are being dispatched to the address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on October 16, 2017 and payment to non-Syndicate brokers have been issued on October 17, 2017. In case the same is not received within ten days, investors may contact the Registrar to the offer at the address given below. The Equity Shares allotted to the successful Allottees have been uploaded on October 17, 2017 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed :the Listing applications with the BSE and the NSE on October 17, 2017. The Company has received listing and trading approvals from the BSE and the NSE and the trading will commence on October 23, 2017.
All capitalised terms used and not specifically defined herein shall have the same meanings ascribed to them in the Prospectus.
INVESTORS PLEASE NOTE
The details of the allotment made have been hosted on the website of the Registrar to the Offer, Karvy Computershare Private Limited at https://karisma.karvy.com All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoling full name of the first/ sole Bidder, Bid cum Application Form number, Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity shares applied for, the name and address of the Designated intermediary where the Bid cum Application Form was submitted by the Bidders and copy of the Acknowledgement Slip received from the Designated intermediary at the address of Registrar.
Karvy Computershare Private Limited
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITH ER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF INDIAN ENERGY EXCHANGE LIMITED.