ARSS Infra IPO Basis of Allotment

ARSS INFRASTRUCTURE PROJECTS LIMITED

(Incorporated as ARSS Stones Private Limited on May 17, 2000 under the Companies Act, 1956 at Bhubaneswar. Subsequently the company was converted into a public limited company and received fresh certificate of incorporation dated April 03, 2006 in the name of ARSS Infrastructure Projects Limited from the Registrar of Companies Orissa)
Registered Office: Plot No. 38, Sector - A, Zone -D,Mancheswar Industrial Estate, Bhubaneswar - 751010, Orissa. Tel. No.: +91 674 2588554 / 52; Fax No.: +91 674 2585074; Contact Person: Mr. Bibhuti Bhusan Sahoo, Company Secretary & Compliance Officer; E-mail: ipo@arssgroup.in; Website: www.arssgroup.in

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 22,88,888 EQUITY SHARES OF RS.10/- ('EQUITY SHARES') OF ARSS INFRASTRUCTURE PROJECTS LIMITED ('ARSS' OR THE 'COMPANY') FOR CASH AT A PRICE OF RS.450/- PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 440/- PER EQUITY SHARE) AGGREGATING UPTO RS.10300 LACS ('ISSUE'). THE ISSUE CONSTITUTES 18.23% OF THE PRE ISSUE AND 15.42% OF THE POST ISSUE PAID UP EQUITY CAPITAL OF THE COMPANY.

THE FACE VALUE PER EQUITY SHARE IS RS. 10/- EACH. THE ISSUE PRICE OF THE EQUITY SHARES IS RS. 450 PER EQUITY SHARE WHICH IS 45 TIMES THE FACE VALUE OF THE EQUITY SHARES.

The Issue was made through the 100% Book Building Process wherein atleast 60% of the Issue to the public was to be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') in accordance with applicable SEBI Regulations. 5% of the QIB portion has been allocated for Mutual Funds and the balance of QIB portion has been allocated on a proportionate basis to all QIBs including Mutual Funds, subject to valid Bids being received at or above Issue Price. Further, 10% of the Issue has been allocated on a proportionate basis to Non-Institutional Bidders and 30% of Issue has been allocated on a proportionate basis to Retail Individual Bidders applying for equity shares of or for a value not more than Rs. 1,00,000/-
The Issue received 86,153 applications for 11,74,67,763 Equity Shares (after cheque return) resulting in 51.32 times subscription. A total of 2,289,230 shares were allotted across categories for rounding off. The details of the applications received in the Issue from QIBs, Non-Institutional Bidders, and Retail Individual Bidders categories (before technical rejections) are as under:

Final Demand

The final demand at different bid prices within the price band of Rs. 410 to Rs. 450 is as under:

The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - Bombay Stock Exchange Limited ('BSE') on Tuesday February 23, 2010. Details of valid applications received and allotment done are as under

A) Allocation to Retail Investors (after technical rejections) including ASBA applications

The Basis of Allotment to the Retail Individual Bidders, who bid at the cut-off price or at the Issue Price of Rs. 450/- per Equity Share, was finalized in consultation with the BSE. The Company received 84,824 valid applications for 1,35,38,370 Equity Shares in this category resulting in 19.715 times subscription. The category wise details of the Basis of Allotment are given below:

B) Allocation to Non Institutional Bidders (after technical rejections) including ASBA applications

The Basis of Allotment to the Non Institutional Bidders, who bid at the Issue Price of Rs. 450 per Equity Share, was finalized in consultation with the BSE. The Company received 184 valid applications for 2,49,37,320 Equity Shares in this category resulting in 128.609 times subscription. The category wise details of the Basis of Allotment (sample) are given below:

C) Allocation in QIB Portion

106 valid applications were received in this category and allocation to QIBs has been done on a proportionate basis in consultation with the BSE. As per the SEBI  ICDR Regulations, Mutual Funds were initially allotted 68677 (Equity Shares), corresponding to 5% of the QIB Portion, and balance 1304863 shares were allotted to QIBs including Mutual Funds. Breakup of the total QIB Portion is as follows:

The IPO Committee of the Board at a meeting held in Bhubaneshwar on February 24, 2010 adopted the basis of allotment of shares as approved by the BSE and recommended the allotment of Equity Shares to successful applicants.

The CAN-cum-Refund Orders and NECS/RTGS/DIRECT CREDIT Intimation have been dispatched to the address of the investors as registered with the depositories and the same have been completed on February 25, 2010. Instructions to Self Certified Syndicate Banks to transfer funds related to Equity Shares allotted, if any, and unblock the remaining amount have been given on February 24, 2010. In case the same are not received within ten days, investors may contact the Registrar to the Issue at the address given below. The Refund Orders have been over-printed with the Bank Account details as registered, if any, with the depositories. The shares allocated to the successful applicants have been credited to their beneficiary accounts on February 25,2010 subject to validation of the account details with the depositories concerned. The Company has received the final listing and trading approvals from the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited on February 26, 2010 and the Equity Shares of the Company shall be listed and admitted for trading with effect from March 3, 2010.

These details of the allocation will also be available on the website of the Registrar to the Issue, Bigshare Service Private Limited, at http://www.bigshareonline.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting the full name of the First/Sole applicants, 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 :

Bigshare Services Private Limited
E-2,Ansa Industrial Estate, Saki Vihar Road, Sakinaka, Andheri [E], Mumbai - 400 072.
Phone: (91-22) 4043 0200; Fax: (91-22) 2847 5207; Email:ipo@bigshareonline.com
Website: www.bigshareonline.com; Contact Person: Mr. Ashok Shetty

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 ARSS INFRASTRUCTURE PROJECTS LIMITED.