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  • Time Technoplast Limited IPO Basis of Allotment

      

    Time Technoplast Ltd.

    Our Company was incorporated on December 20, 1989 as Time Packaging Private Limited under the Companies Act, 1956. The status of our Company was subsequently changed to a public limited company and the fresh certificate of incorporation consequent to change of name to Time Packaging Limited was granted to our Company on May 27,1992 by the Registrar of Companies, Bombay, Maharashtra. The name of our Company was further changed from Time Packaging Limited to Time Technoplast Limited and the fresh certificate of incorporation consequent to change of name was granted to our Company on May 01, 2006 by the Registrar of Companies, Goa, Daman & Diu.
    Registered Office: 213, Sabari Kachigam, Daman (U.T.) - 396 210. India Tel.: +91-260-2240156; Fax: +91-260-2240256 Corporate Office: 102, Todi Complex, 35, Saki Vihar Road, Andheri (East) Mumbai-400 072,Tel: +91-22-2857 0302 ; 2803 9999. Fax: +91-22-2857 5672. E-mail:investors@timemauser.com Contact Person & Compliance Officer: Mr. K. Venkataraman, Company Secretary & Chief of Legal. Tel: +91-22-2803 9999 Fax: +91-22-2857 5672 E-mail:investors@timemauser.com Website: www.timetechnoplast.com

    BASIS OF ALLOCATION

    PUBLIC ISSUE OF 3,921,500 EQUITY SHARES OF FACE VALUE OF Rs.10 EACH FOR CASH AT A PRICE OF RS.315 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs.305 PER EQUITY SHARE) AGGREGATING TO RS.1235.27 MILLION("THE ISSUE") BY TIME TECHNOPLAST LIMITED ("TTL","OUR COMPANY" OR "THE ISSUER"). THE ISSUE COMPRISES NET ISSUE TO THE PUBLIC OF 3,660,400 EQUITY SHARES AT A PRICE OF Rs.315 PER EQUITY SHARE("THE NET ISSUE") AND RESERVATION OF UP TO 261,100 EQUITY SHARES AT A PRICE OF Rs.315 PER EQUITY SHARE FOR THE PERMANENT EMPLOYEES OF THE COMPANY (INCLUDING A SHARE PREMIUM OF Rs.305 PER EQUITY SHARE)("THE EMPLOYEE RESERVATION PORTION"). THE ISSUE CONSTITUTES 18.74% OF THE FULLY DILUTED POST ISSUE PAID UP CAPITAL OF OUR COMPANY.

    ISSUE PRICE: Rs.315 PER EQUITY SHARE OF FACE VALUE Rs.10/- THE ISSUE PRICE IS 31.5 TIMES OF THE FACE VLUE

    In terms of Rule 19(2)(b) of the SCRR, as being an issue for less than 25% of the Post-issue equity share capital, the Issue was being made through the 100% Book Building Process wherein at least 60% of the Net Issue shall be allocated on a proprtionate basis to QIB Bidders out of which 5% of the QIB Portion shall be available for allocation on a proportionate basis to the Mutual Funds only and the remainder of the QIB portion shall be available for allocation on aproportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. If at least 60% of the Net issue cannot be allotted to QIBs, then the entire application money will be refunded forthwith. Futher upto 30% of the  Net issue Shall be available for allocation on a proportionate basis to Retail individual Bidders and upto 10% of the Net issue shall be available for allocation on a proportionate basis to Non - Institutional Bidders, subject to valid Bids being received at or above the issue Price. Further upto 261,100 Equity Shares shall be availble for allocation on a proportionate basis to Eligible Employees, subject to valid Bids being received at or above the Issue Price.
    The Issue received 74799 applications for 192714780 equity shares resulting in 49.1431 times subscription. The details of the applications received in the Issue from Qualified Institutional Bidders. Non-institutional Retail Investor and Employees categories are as under: ( Before technical rejections)

    Category No. of Applications No. of Shares Subscription
    Qualified Institutional Bidders 149 153382220 69.8386
    Non Institutional Investors 232 25235740 68.9426
    Retail Investors 74312 13828520 125929
    Employee 106 268300 1.0276
    74799 192714780

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

    Bid Price No. of Shares % to Total Cumulative Total Cumulative % to total
    290 1313220 0.6671 196860440 100.0000
    291 320 0.0002 195547220 99.3329
    292 600 0.0003 195546900 99.3328
    293 80 0.0000 195546300 99.3325
    294 6840 0.0035 195546220 99.3324
    295 98000 0.0498 195539380 99.3289
    296 120 0.0001 195441380 99.2792
    298 60 0.0000 195441260 99.2791
    299 500 0.0003 195441200 99.2791
    300 1236600 0.6282 195440700 99.2788
    302 140 0.0001 194204100 98.6506
    303 380 0.0002 194203960 98.6506
    305 3580 0.0018 194203580 98.6504
    308 40 0.0000 194200000 98.6486
    309 300 0.0002 194199960 98.6485
    310 3480 0.0018 194199660 98.6484
    311 380 0.0002 194196180 98.6466
    312 6760 0.0034 194195800 98.6464
    313 4500 0.0023 194189040 98.6430
    314 4660 0.0024 194184540 98.6407
    315 180787220 91.8352 194179880 98.6383
    9999 13392660 6.8031 13392660 6.8031
    TOTAL 196860440

    The Basis of Allocation for all the categories namely Retail Individual Investors, Non Institutional Investors, Qualified Institutional Buyers and Employees was finalised in consultation with Bombay Stock Exchange of India Limited (Designated Stock Exchange) on June 5,2007

    A. Allotment to Retail Investors (After Technical Rejections)

    All the bidders in the Retail Investors, who have bid at cut-off or at the issue Price of Rs. 315/- per Equity Share, have been considered while preparing the basis of allocation. The category was over subscribed 12.49537 times. The total number of shares allotted in this category is 1098355 Equity Shares including spill over from Employee Category (220 Shares).
    The category-wise details of the Basis of allocation are as under:

    Category (No. of Shares) No. of Applns. % to total Total No. of Shares applied % to total No. of Shares allocated Ratio Total No. of Shares allocated
    20 8033 10.92 160660 1.17 20.00 2:25 12860
    40 5078 6.90 203120 1.48 20.00 4:25 16240
    60 3748 5.09 224880 1.64 20.00 6:25 17980
    80 2552 3.47 204160 1.49 20.00 8:25 16340
    100 3491 4.74 349100 2.54 20.00 2:5 27920
    120 1285 1.75 154200 1.12 20.00 12.25 12340
    140 12451 16.92 1743140 12.70 20.00 14:25 139460
    160 1226 1.67 196160 1.43 20.00 16:25 15700
    180 397 0.54 71460 0.52 20.00 18:25 5720
    200 1114 1.51 222800 1.62 20.00 4:5 17820
    220 301 0.41 66220 0.48 20.00 23:25 5640
    240 378 0.51 90720 0.66 20.00 FIRM 7560
    260 337 0.46 87620 0.64 21.00 FIRM 7077
    280 489 0.66 136520 1.00 22.00 FIRM 10756
    300 32710 44.45 9613000 71.50 24.00 FIRM 785040

    B. Allotment to Non Institutional Investors (After Technical Rejections)
    All bidders in the Non-Institutional, who have bid at the Issue price of Rs. 315/-per Equity Share, have been Considered while preparing the basis of allocation. The category was over subscribed 68.79166 times. The total number of shares allocated in this category is 366025 Equity Shares. The category-wise details of the Basis of allocatton are as under (Sample):

    Category
    (No. of Shares)
    No. of Applns. % to total Total No. of Shares applied % to total No. of Shares allocated Ratio Total No. of
    Shares allocated
    320 21 9.77 6720 0.03 20.00 5:21 100
    460 1 0.47 460 0.00 20.00 FIRM 20
    940 1 0.47 940 0.00 20.00 FIRM 20
    2220 1 0.47 2220 0.01 32.00 FIRM 32
    3600 1 0.47 3600 0.01 52.00 FIRM 52
    5300 1 0.47 5300 0.02 77.00 FIRM 77
    7720 1 0.47 7720 0.03 112.00 FIRM 112
    11100 2 0.33 22200 0.09 162.00 FIRM 324
    16000 2 0.93 32000 0.13 233.00 FIRM 466
    21580 1 0.47 21580 0.09 314.00 FIRM 314
    31800 4 1.86 127200 0.51 462.00 FIRM 1848
    46180 1 0.47 46180 0.18 671.00 FIRM 671
    60000 1 0.47 60000 0.24 872.00 FIRM 872
    95300 1 0.47 95300 0.38 1385.00 FIRM 1385
    157140 1 0.47 157140 0.62 2284.00 FIRM 2284
    193660 1 0.47 193660 0.77 2815.00 FIRM 2815
    317480 1 0.47 317480 1.26 4615.00 FIRM 4615
    560000 1 0.47 560000 2.22 8141.00 FIRM 8141
    1567400 1 0.47 1587400 6.30 23055.00 FIRM 23055
    2984200 1 0.47 2984200 11.85 43355.00 FIRM 43355
    3650000 1 0.47 3650000 14.50 53029.00 FIRM 53029

    C. Allotment to Employee category (After Technical Rejections)

    All the bidders in the Employee Category, who have bid at the Issue Price of Rs. 315/- per Equity Share, have been considered while preparing the basis of allocation. The category was oversubscribed 0.99916 times. The total number of shares allocated in this category is 260880 Equity Shares.The Un-subscribed portion of 220 shares spill overed to retail Category. The category-wise details of the Basis of a allocation are as under (Sample):

    Category
    (No. of Shares)
    No. of Applns. % to total Total No. of . Shares applied % to total No. of Shares allocated Ratio Total No. of Shares allocated
    20 8 7.62 160 0.06 20.00 FIRM 160
    100 14 13.33 1400 0.54 100.00 FIRM 1400
    200 5 4.76 1000 0.38 200.00 FIRM 1000
    300 5 4.78 1500 0.57 300.00 FIRM 1500
    3000 2 1.90 6000 2.30 3000.00 FIRM 6000
    5000 5 4.76 25000 9.58 5000.00 FIRM 25000
    5300 1 0.95 5300 2.03 5300.00 FIRM 5300
    6500 1 0.95 6500 2.49 8500.00 FIRM 6500
    7500 1 0.95 7500 2.87 7500.00 FIRM 7500
    8100 1 0.95 8100 3.10 8100.00 FIRM 8100
    9000 1 0.95 9000 3.45 9000.00 FIRM 9000
    9220 1 0.95 9220 3.53 9220.00 FIRM 9220
    9500 1 0.95 9500 3.64 9500,00 FIRM 9500
    9640 1 0.95 9640 3.70 9640.00 FIRM 9640
    10000 2 1.90 20000 7.67 10000.00 FIRM 20000

    D. Allotment to QIBs
    Allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI Guidelines. Mutual Funds were initially allotted 5% of the quantum of 21,96,240 shares available. Other QIBs and Mutual Funds were allotted the remaining 20,86,428 Equity Shares.

    Category Fls/Banks MFs Flls VCs ICs Total
    Shares Allotted 191525 388876 1465494 23768 126577 2196240

    Dates of despatch of Refund Orders, Credit to beneficiary Accounts, Refund instructions and Listing details

    Activity Date of Completion
    Approval of Basis of Allotment by BSE
    Despatch of Allotment Advices, Refund Orders and ECS Intimation Note
    Refund Instructions to the Clearing System (in case of Refunds through ECS system)
    Listing Application to BSE & NSE
    Credit to beneficiary Accounts
    5th June, 2007
    7th June, 2007
    7th June, 2007
    7th June, 2007
    7th June. 2007

    The IPO committee of Time Technoplast Ltd., at its meeting held at Daman on June 6,2007 has approved  Basis of Allocation Shares to various successful applicants.Refunds have been made through ECS, Direct credit, RTGS and NEFT, into the Bank Accounts of the applicants, as registered with the depositories, for applicants residing at any of the 15 centres specified by SEBI. For other applicants Refund Orders have been despatched to their address as registered with the depositories. In case the same is not received within ten days, applicants may contact at the address given below. ECS Intimation Note and Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The Equity Shares allotted to successful applicants have been credited to their beneficiary accounts.

    The company is taking steps to get the equity shares admitted for trading on Bombay Stock Exchange Limited and National Stock Exchange of India Limited within seven working days from the date of approval of the basis of allotment.

    INVESTORS PLEASE NOTE
    This details of the allocation made would be hosted on the website of Registrars to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.com
    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:

    Intime Spectrum Registry Limited
    C-13,Pannalal Silk Mills Compound, L.B.S.Marg, Bhandup(W),Mumbai-400078.
    Tel: -91 -22- 25960320,Fax.+91 -22-25960329
    Email: timetechno.ipo@intimespectrum.com, Website; www.intimespectrum.com,
    Contact person: Mr. Salim Shaikh



    Place. Daman
    Date:11th June, 2007

    For Time Technoplast Limited
    On behalf of the Board of Directors
    Sd/-
    Managing Director

    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 TIME TECHNOPLAST LIMITED