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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