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  • Monarch Health Services Ltd IPO Basis of Allotment

      

    MONARCH HEALTH SERVICES LIMITED

    Our Company was originally Incorporated as "Monarch Health Services Pvt. Ltd." on 01/10/2011 under the Companies Act, 1856 vide Certificate of Incorporation issued by the Registrar of Companies, Maharashtra, Mumbai. The name of our Company was changed to 'Monarch Health Services Ltd." on 09/12/2011 upon conversion into a Public Limited. Company and a fresh certificate of incorporation was obtained from tha Registrar of Companies, Maharashtra, Mumbai. Simultaneously, a Certificate for Commencement of Business waa issued to us by the Registrar of Companies, Maharashtra, Mumbai an 09/12/2011.

    The registered Office of Our Company Originally situated at 901/902, Atlanta Centre, Opp. Udyog Bhavan, Sonawala Lane, Goregaon (East), Mumbai - 400063 has been shifted to 28/3, Ground Floor, Next to Jari Marl Mandir, SV Road, Bandra (W), Mumbal - 400050 with effect from 26/12/2011. For more details, please refer section titled "History and Certain Corporate Matters" on Page No.75 of the Prospectus.

    Registered Office: 28/3, Ground Floor, Next to Jari Mari Mandir, SV Road, Bandra (W), Mumbai - 400050, Maharashtra, India Tel. No. 022- 26420655 Fax No 022- 26420660
    Website:  www.looksclinic.com
    E-mail: cs@looksclinic.com

    Contact Person: Ms. Priyanka Manghwani, Company Secretary and Compliance Officer Tel. No.: 09793775325

    Our Promoters: Dr. Nishita Sheth, Dr. Prashant Vikram, Dr. Ajit Kadam and Maxgainz Finserve Pvt Ltd

    BASIS OF ALLOTMENT

    PUBLIC ISSUE OF 30,00, 000 EQUITY SHARES OF RS. 10/- EACH (EQUITY SHARES OF MONARCH HEALTH SERVICES LTD ("MHSL", "THE COMPANY" OR 'THE ISSUER") FOR CASH AT A PRICE OF RS. 40/- PER EQUITY SHARE (THE ISSUE PRICE) AGGREGATING TO RS. 1200 LACS (THE ISSUE). THE FACE VALUE OF THE SHARE IS RS.10/- EACH AND THE ISSUE PRICE IS 4 (FOUR) TIMES OF THE FACE VALUE. THE ISSUE IS BEING MADE IN TERMS OF CHAPTER X B OF SEBI  (ICDR)  REGULATIONS, 2009 AS AMENDED (THE "SEBI REGULATIONS").  OUT OF THE PROPOSED ISSUE OF 30,00,000 EQUITY SHARES, 12,00,000 EQUITY SHARES ARE RESERVED FOR SUBSCRIPTION BY THE PROMOTERS (OUT OF WHICH 1,25,000 EQUITY SHARES HAVE ALREADY BEEN ALLOTTED TO PROMOTERS AT IPO PRICE) AND 3,00,000 EQUITY SHARES ARE RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER (AS DEFINED IN THE SECTION "DEFINITIONS AND ABBREVIATIONS") (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS THE PORTION RESERVED FOR THE PROMOTERS AND THE MARKET MAKER i.e. ISSUE OF 15,00,000 EQUITY SHARES OF RS 10/- EACH IS HEREINAFTER REFERRED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 50% AND 25%, RESPECTIVELY OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF THE COMPANY. THIS BEING A FIXED PRICE ISSUE, AS PER SUB CLAUSE (4) OF REGULATION 43 OF THE SEBI (ICDR) REGULATIONS, 2009 AS AMENDED (THE "SEBI REGULATIONS"), OUT OF THE NET OFFER OF 15,00,000 EQUITY SHARES, NOT LESS THAN 50% SHALL BE AVAILABLE TO RETAIL INDIVIDUAL INVESTORS AND THE REMAINING TO INDIVIDUAL APPLICANTS OTHER THAN RETAIL INVESTORS AND OTHER INVESTORS INCLUDING CORPORATE BODIES OR INSTITUTIONS IRRESPECTIVE OF THE NUMBER OF SHARES APPLIED FOR. IF THE RETAIL INDIVIDUAL INVESTOR CATEGORY IS ENTITLED TO MORE THAN 50% ON PROPORIONATE BASIS, THEY SHALL BE ALLOTED THAT HIGHER PERCENTAGE.

    This being a Fixed Price Issue, the allocation In the Net Offer to the Public category shall be made as Reg. 43(4) of the SEBI (ICDR) Regulations, 2009, as amended from time to time.

    THE FACE VALUE OF OUR EQUITY SHARES IS RS. 10 EACH AND THE ISSUE  PRICE IS 4 TIMES THE FACE VALUE. ISSUE OPENED ON MAY 12, 2012 AND CLOSED ON MAY 16, 2012.

    PROPOSED LISTING

    The Equity Shares of the Company are proposed to be listed on tha SMF Platform of BSF Limited ("BSE") In terms of  Chapter XB of the SEBI (ICDR) Regulations, 2009, as amended from time to time, we are not required to obtain an in-principle listing approval from BSE. However, our Company has received an approval via letter dated 20th April, 2012 from BSE for using Its name in the offer document for listing of our shares on the SME Platform of BSE. BSE shall be the Designated Stock Exchange for the purpose of this Issue. The trading is proposed to be commenced with effect from Wednesday May 30, 2012.

    *Subject to receipt of listing and trading approvals from the BSE Limited.

    This being a Fixed Pnce Issue, the allocation in the Net Offer to the Public category shall be made as Reg. 43(4) of the SEBI (ICDR) Regulations, 2009, as amended from time to time, wherein a minimum of 50% of the Net Offer of shares to the Public shall initially be made available for allotment to Retail individual  investors.  The balance Net Offer of Shares to the public shall be made available for allotment to individual Applicants other than Retail Individual Investors and other Investors, including Corporate Bodies / Institutions irrespective of number of shares applied for. The unsubscribed portion of the Net Offer to any one of the categories specified above shall/may be made available for allocation to Applicants in the other category, if so required. All Applicants were allowed to participate in the Issue through APPLICATIONS SUPPORTED BY BLOCKED AMOUNT ("ASBA") process by providing the details of their respective bank accounts in which the corresponding application amounts were blocked by Self Certified Syndicate Banks (the "SCSBs").

    SUBSCRIPTION DETAILS

    The Issue has received 168 applications for 18,72,000 Equity Shares resulting in 1.04 times subscription (including reserved portion of Market Maker). The details of the applications received in the Issue (before technical rejections) are as follows:

    Detail of the Applications Received (Before Technical Rejection)
    CATEGORY NO. OF APPLICATIONS % NO.OF EQUITY SHARES % SUBSCRIPTION
    Market Maker 1 0.60 300000 16.02 1.00
    Retail Individual Applicant 140 83.33 420000 22.44 0.56
    Non Institutional Applicant 27 16.07 1152000 61.54 1.54
    TOTAL 168 100.00 1872000 100.00 1.04

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

    Technical Rejection
    CATEGORY NO. OF APPLICATIONS NO. OF EQUITY SHARES
    Market Maker 0 0
    Retail Individual Applicant 4 12000
    Non Institutional Applicant 2 60000
    TOTAL 6 72000

    After eliminating Technically Rejected applications, the following table gives the details of Category wise net valid applications.

    After technical rejections
    CATEGORY NO. OF APPLICATIONS % NO. OF EQUITY SHARES % SUBSCRIPTION
    Market Maker 1 0.62 300000 16.66 1.00
    Retail Individual Applicant 136 83.95 408000 22.67 0.54
    Non InstitutionalApplicant 25 15.43 1092000 60.67 1.46*
    TOTAL 162 100.00 1800000 100.00 1.00

    *After considering the undersubscribed portion of Retail category which have been spilled overto Non Institutional category for 342000 shares.
    The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - BSE Limited on May 24, 2012.

    1. Allocation to Market Maker (After Technical Rejections): The Basis of Allotment to the Market Maker, at the issue price of Rs. 40/- per Equity Share, was finalised in consultation with BSE. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 3,00,000 Equity Shares.
    2. Allocation to Retail Individual Investors (After Technical Rejections): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs. 40/- per Equity Share, was finalised in consultation with BSE. The category was subscribed by 0.54 times. The total number of shares allotted in this category is 4,08,000 Equity Shares. Unsubscribed Portion of Retail Individual Investors for 342000 Shares have been spilled over to other than retail investors and other investors including corporate bodies or institutions.
    3. Allocation to Other than Retail Individual Investors (After Technical Rejections): The Basis of Allotment to the Non Institutional Investors, at the issue price of Rs. 40/-per Equity Share, was finalised in consultation with BSE. The category was subscribed by 1.46 times. The total number of shares allotted in this category is 10,92,000 Equity Shares consisting 3,42,000 Equity Shares spilled over from Retail Individual Investors Category.

    The Board of Directors of the Company at its meeting held on May 24, 2012 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock Exchange viz. BSE and has authorized the corporate action for the transfer of the Equity Shares to various successful applicants. The CAN-cum-Refund Orders and allotment advice and/or notices are being dispatched to the address of the Applicants as registered with the depositories on May 26,2012. Further, the instructions to Self Certified Syndicate Banks have been dispatched on or prior to May 25, 2012. In case the same is not received within 10 days, investors may contact at the address given below. 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. The Company is taking steps to get the Equity Shares admitted for trading on the SME Platform of BSE Limited within Twelve working days from the date of the closure of the Issue.

    INVESTORS PLEASE NOTE

    The details of the allotment made would also be hosted on the website of the Registrar to the Issue, Sharepro Services (I) Pvt Ltd. www.shareproservices.com.   All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/ Sole applicants, 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:

    Sharepro Services (I) Pvt Ltd
    SEBI Registration No.:
    INR000001476
    13AB, Samitha Warehousing Complex, 2nd Floor, Sakinaka Telephone Exchange Lane,
    Off Andheri Kurla Road, Sakinaka, Andheri (E), Mumbai 400072.
    Tel:+91-22-61915402/5404; Fax:+91-22-61915444
    Email: sme.ipo@shareproservices.com; Website: www.shareproservices.com
    Contact Person: Mr. Subhash Dhingreja

    Place: Mumbai
    Date:  May 28, 2012
    For MONARCH HEALTH SERVICES LIMITED
    On behalf of Board of Directors
    Sd/-
    Managing Director