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BSE Limited IPO Basis of Allotment

BSE LIMITED

BSE was corporatised and demutualised in accordance with the Demutualisation Scheme. BSE was incorporated as a public limited company at Mumbai, under the name of "Bombay Stock Exchange Limited" under the Companies Act, 1956 and received a certificate of incorporation dated August 8, 2005. The name of BSE was subsequently changed to :BSE Limited" and BSE received a fresh certificate of incorporation pursuant to change of name dated july 8, 2011. For details of changes to the name of BSE and status of BSE, Please see "History and certain Corporate Matters":: on Page 169 of the Prospectus dated January 28,2017.

Registered and Corporate Office: 25th Floor. P. J. Towers. Dalal Street, Mumbai 400 001. Maharashtra, India; Telephone: +91 {22) 2272 1233/ 34; Facsimile: +91 (22) 2272 1003:
Contact Person: Prajakta Powle, Company Secretary and Compliance Officer; Telephone: +91 (22) 2272 1233-; Facsimile: +91 (22) 2272 1003; Email: bse.ipo@bsendia.com; Website: www.bseindia.com ; Corporate identity Number: U67120MH2005PLC155168

BSE is professionally managed 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 ("ICDR Regulations")
BSE has filed the Prospectus dated January 26, 2017 with the Registrar of Companies, Mumbai Maharashtra (the 'Prospectus") and the Equity Shares are proposed to be listed on
the National Stock Exchange of India Limited ("NSE") and the trading is expected to commence on Friday, February 03,2017.

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFERING OF 15,457,197 EQUITY SHARES OF FACE VALUE OF RS 2 EACH ("EQUITY SHARES*') OF BSE LIMITED (''EXCHANGE" OR "ISSUER" OR "BSE") FOR CASH AT A PRICE OF RS 8006 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS 804 PER EQUITY SHARE, AGGREGATING TO RS 12,434,32 MILLION CONSISTING OF AN OFFER FOR SALE BY PERSONS LISTED IN ANNEXURE A - LIST OF SELLING SHAREHOLDERS ON PAGE 656 OF THE PROSPECTUS ("OFFER"). THE OFFER CONSTITUTES 28.26% OF THE FULLY DILUTED POST-OFFER ISSUED SHARE CAPITAL OF BSE THE FACE VALUE OF THE EQUITY SHARES IS RS 2 EACH.

Offer Price: Rs 806 per equity share of face value of Rs 2 each
The Offer Price is 403 times the face value
Anchor Investor Offer Price: Rs  806 per equity share

Risks to Investors:

i. The eight Managers associated with the Offer have handled 34 public issues in the past three years, out of which 10 issues closed below the issue price on listing date.
ii. There are no listed peers for the Exchange.
iii. The Price/Earnings ratio based on diluted EPS of Rs 22.45 on a restated consolidated basis and of Rs 24.16 on a restated unconsolidated basis In Fiscal 2016 for the Exchange at the
Offer Price is as high as 35.90 times on restated consolidated basis and 33.36 times on restated unconsolidated basis, respectively as compared to the NIFTY 50 PE ratio of 22.50 (as on
January 12,2017),
iv. Weighted Average Return on Networth of FY 2014, FY 2015 and FY 2016 is 5.20% on a restated consolidated basis and 4.67% on a restated unconsolidated basis.

OFFER PERIOD: OPENED ON: MONDAY, JANUARY 23, 2017
CLOSED ON WEDNESDAY, JANUARY 25, 2017
ANCHOR INVESTOR BIDDING DATE WAS: FRIDAY, JANUARY 20, 2017

The Offer is bang made in compliance with the requirements of Regulation 45 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012, as amended ("SECC Regulations") and in terms of Rule 19(2)(b) of the Securities Contracts Regulations Rules, 1957, as amended ("SCRR") read with Regulation 41 of the ICDR Regulations. The Offer is being rnade through the book building: process and in compliance with Regulation 26{1)of the ICDR Regulations, wherein not more than 50% of the Offer was available for allocation an a proportionate basis to Qualified Institutional Buyers ("QIB"). Provided that BSE in consultation with the Managers, has allocated up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, One-third of the Anchor Investor Portion was reserved for domestic Mutual Funds. subject to valid Bids 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 for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids received at or above the Offer Price. Further, not less than 15% of the Offer was available for allocation on a proportionale basis to Non-institutional investors and not less than 35% of tine Offer was available for allocattion on a proportionate basis to Retail Individual investors, in accordance with the ICDR Regulations, subject to valid Bids received at or above the Offer Price. All Bidders, other than Anchor Investors, were required to mandatorily utilise the Application Supported by Blocked Amount ("ASBA") process providing details of their respective bank account which wes blocked by the Self Certified Syndicate Banks ("SCSBs"), to participatein this Offer. Anchor Investors ware not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, please see "Offer Procedure" on page 590 of the Prospectus.
The Offer received 1,156,153 applications for 557,009,825 Equity Shares (prior to technical rejections) resulting in 36.11 times subscrplion. The details of the applications received in the  Offer from various categories are as under: (before technical rejections}:

SI no Category No. of
applications
No. of Equity
Shares applied
No. of times
subscribed
Amount
(Rs.)
No. of Equity
Shares reserved
A Retail Individual Investors 1,154,239 33,824,610 6.26 27,265,051,555.00 5,399,519
B Non Institutional Investors 1,725 367,903,301 159.98 296,530,986,729.00 2,314,080
C Qualified Institutional Buyers (Excluding Anchor Inveslors) 151 149,983,614 48.61 120,886,792,884.00 3,085,440
D Anchor Investors 38 5,298,300 1.14 4,270,429,800.00 4,628,158
Total 1,156,153 557,009,825 36,11 448,953,260,968.00 15,427,197

Final Demand

A summary of the final demand as at different Bid prices is as under

SI no

Bid
price
Bids
quantity
(%) To
total
Cumulative
total
% Cumulative
total
1 805 238,464 0.04 238,464 0.04
2 806 523,256,454 94.52 523,494,913 94.56
3 CUTOFF 30,098,124 5.44 553,593,042 100.00
TOTAL 553,593,042 100.00

The Basis of allotment was finalized in consultation with NSE on February 1, 2017.

A. Allotment to Retail Individual investors (After Technical Rejections)
Tha Basis of Allotment to the Retail Individual Investors, who have bid at the Cut-Off Price or at the Offer Price of Rs 806 per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 6.118438 times. The total number of Equity Shares Allotted in Retail Portion is 5,399,519 Equity Shares to 299,973 successful Retail Individual Investors. The category-wise details of the Basis of Alotment are as under:

Category No. of
applications
received
% of
total
Total no. of
Equity Shares
applied
% to
tolal
No. of Equity
5hares Allotted
per applicant
Ratio Total no. of
Equity Shares
allotted
18 967,705 85.50 17,418,690 52.73 18 216:815 4,616,478
36 58,340 5.15 2,100,240 6.36 18 97: 366 278,316
54 26,436 2.34 1,427,544 4.32 18 97: 366 126,105
72 12,126 1.07 873,072 2.64 18 97: 366 57,852
90 12,206 1.08 1,098,540 3.33 18 97: 366 58,230
108 10,080 0.89 1,088,640 3.30 18 97: 366 48,078
126 7,864 0.69 990,864 3.00 18 97: 366 37,512
144 2,310 0.20 332,640 1.01 18 97: 366 11,016
162 1,297 0.11 210,114 0.64 18 97:366 6,192
180 4,797 0.42 863,460 2.61 18 97: 366 22,878
198 1,342 0.12 265,716 0.80 18 97: 366 6,408
216 1,744 0.15 376,704 1.14 18 97: 366 8,316
234 25,600 2.26 5,990,400 18.13 18 97: 366 122,130
Please refer to note below 1 5:43502 5
TOTAL 1,131,847 100.00 33,036,624 100.00 5,399,519

Note: Post drawal of lots, a total 5,399,514 Equity Shares were allotted out of the 5,399,519 Equity Shares available for the Retail Portion. Accordingly, 43,502 successful applicants from the categories 36-234 ( i.e. excluding successful applicants from Category 18) were allotted 5 Equity Shares in the radio of 5:43502.

B. Allotment to Non-lnstitutional Investors (After technical rejections)

The Basis of Allotment to the Non-institutional investors, who have bid at the Offer Price of Rs. 806 per Equity Share, was finalized in consultation with NSE. The Non-institutional Portion has been subscnbed to the extent of 158.432390 times. The total nurnber of  Equity Shares Allotted in this category, on a proportionate basis is 2,314,080 Equity Shares to 856 successful Non- Institutional Investors. The category wise details of the Basis of Allotment are as under (Sample as under)

Category No. of
applications
received
% of
total
Total no. of
Equity Shares
applied
% to
total
No. of Equity
Shares Allotted
per applicant
Ratio Total no. of
Equity Shares
Allotted
252 171 10.41 43,092 0.01 18 15 : 171 270
270 109 6.63 29,430 0.01 18 10 : 109 180
288 27 1.64 7,776 0.00 18 2 : 27 36
306 33 2.01 10,096 0.00 18 1 : 11 54
324 24 1.46 7,776 0.00 18 1 : 12 36
342 4 0.24 1,368 0.00 18 1 : 4 18
360 82 4.99 29,520 0.01 18 5 : 41 180
378 26 1.58 9,828 0.00 18 3 : 26 54
396 7 0.43 2,772 0.00 18 1 : 7 18
414 8 0.49 3,312 0.00 18 1 : 8 18
12,492 1 0.06 12,492 0.00 79 1 : 1 79
12,582 1 0.06 12,582 0.00 79 1 : 1 79
12,600 3 0.18 37,800 0.01 80 1 : 1 240
12,636 1 0.06 12,636 0.00 80 1 : 1 80
13,014 1 0.06 13,014 0.00 82 1 : 1 82
2,505,600 1 0.06 2,505,600 0.68 15,815 1 : 1 15,815
2,667,492 1 0.06 2,667,492 0.73 16,837 1 : 1 16,837
2,791,458 1 0.06 2,791,458 0.76 17,619 1 : 1 17,619
2,791,548 3 0.18 8,374,644 2.28 17,620 1 : 1 52,860
2,915,622 2 0.12 5,831,244 1.59 18,403 1 : 1 36,806
3,039,660 1 0.06 3,039,660 0.83 19,186 1 : 1 19,186
3,101,724 12 0.73 37,220,688 10.15 19,578 1 : 1 234,936
3,101,760 I 0.06 3,101,760 0.85 19,577 1 : 1 19,577
3,722,076 2 0.12 7,444,152 2.03 23,493 1 : 1 46,986
4,073,400 2 0.12 8,146,800 2.22 25,711 1 : 1 51,422
4,962,762 3 0.18 14,888,286 4.06 31,324 1 : 1 93,972
8,064,504 4 0.24 32,258,016 8.80 50,902 1 : 1 203,608
TOTAL 1643 100.00 366,625,224 100.00 2,314,080

C. Allotment toQIBs (excluding Anchor Investors)

Allotment to QIBs, who have Bid at the Offer Price of Rs. 806 per Equity Share, has been done on a proportionate basis in consultation with NSE. This category has been subscribed to the extent of 48.488474 times of the QIB Portion. As per the ICDR Regulations. Mutual Funds were Allotted 5% of the Equity Shades of the QIB Portion available i.e. 154,272 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were Allotted the remaining available Equity Shares i.e. 2,931,168 Equity Shares on a proportionate basis The total number of Equity Shares Allotted in the QIB Portion is 3,085,440 Equity Shares, which were allotted to 141 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under:

Category FIs/Banks FIls IC MFs OTH Total
QIB 848,433 1,142,994 324,731 667,415 101,867 3,085,440

D. Allotment to Anchor Investors

The Exchange, in consultation with the Global Co-ordinators and Book Running Lead Managers, Book Running Lead Managers and Co-Book Running Lead Manager and the Advisory Committee of Shareholders, have allocated 4,623,158 Equity Shares to 25 Anchor Investors (through 38 Applications) at the Anchor Investor Offer Price of  Rs. 806 per Equity Share in accordance with the ICDR Regulations. This represents upto 60% of the QIB Portion.

Category FIs/Banks MFs ICs VCs AIF/FPI FII/FPC Others Total
Anchor - 1,911,285 304,060 - 2,103,078 309,735 - 4,628,158

The IPO Committee of the Exchange on February 1, 2017 has taken on record the Basis of Allotment of Equity Shares approved by NSE and has allotted the Equity Shares to various successful Bidders. The Allotment Advice, refund Intimations and/or notices will be 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 February 1, 2017 and payment to non-Syndicate brokers have been issued on February 02, 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 bean uploaded on February 1, 2017 for credit into the respective beneficiary accounts subject to validation of the account detalis with the depositories concerned. The Exchange has filed the listing application with NSE on February 01, 2017 and the trading is expected to commence on or about February 03, 2017.

Note: All capitalised terms used and not specifically defined herein shall have the same meaning as 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 quoting 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 Bidder and a copy of  the Acknowledgment Slip received from the Designated Intermediary at the address given below:

Karvy Computershare Private Limited
Karvy Selenium Tower B, Plot 31-32, Gachibowli Financial District, Nanakramguda,
Hyderabad 500 032
Telephone: +91 (40) 6716 2222; Facsimile: +91 (40)2343 1551
Email: bse.ipo@karvy.com
Investor Grievance e-mail: einward.ris@karvy.com
Website:https://karisma.karvy.com/
Contact Person: M Murali Krishna & R.Williams
SEBI Registration No. : INR000000221

Place : Mumbai
Date: February 2, 2017

For BSE LIMITED
On behalf of the Board of Directors
Sd/-
Company Secretary and Compliance Officer



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