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Asian Granito IPO Details

Issue Open Jul 26, 2007
Issue Close Jul 31, 2007
IPO Price ₹97
Face Value ₹10
IPO Size ₹67.90 Cr
Listing At BSE, NSE
IPO Lot Size 60

ASIAN GRANITO INDIA LIMITED

We were incorporated as Kamavati Fincap Private Limited on August 8, 1995. On August 29.1995, our Company became a public limited company and was renamed Kamavati Fincap Limited. On March 18.1999, we were renamed Panchariya Textile Industries Limited and thereafter on July 28,2000, our name was changed to Vasudev Textile Industries Limited. We received a fresh certificate of incorporation on November 25,2002, consequent on a change of name to Asian Granito India Limited ('AGIL'). Our Company was incorporated with its registered office at 14, Amar Chambers, 1st floor, Reid Road, Railwaypura, Ahmedabad - 380 002. It was later changed to 704 A/B Sahajanand, Shahibaug Road, Shahibaug, Ahmedabad - 380 004 and back to 14, Amar Chambers, 1st floor, Reid Road, Railwaypura, Ahmedabad - 380 002. Our registered office was once again shifted to 3rd floor, Empire Tower, behind Associate Petrol Pump, Panchwati, Elapse Bridge, Ahmedabad - 380 006 and then to our present office address at City Mall, 2nd Floor, Beside Rajpath Club, Sarkhej - Gandhinagar Highway Road, Ahmedabad - 380 054.

Registered Office: City Mall, 2nd Floor, Beside Rajpath Club, Sarkhej - Gandhinagar Highway Road,
Ahmedabad - 380 054.
Tel: +91 79 3291 9687 Fax: +91 79 2686 1501

Corporate Office: Ceramic Zone - Dalpur, Taluka - Prantij, District Sabarkantha, Gujarat- 383120.
Tel: +91 2770 240931,32,33,34 Fax: +91 2770 240930

BASIS OF ALLOCATION

PUBLIC ISSUE OF 7,000,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 97 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 87 PER EQUITY SHARE) AGGREGATING RS. 679 MILLION (THE 'ISSUE') BY ASIAN GRANITO INDIA LIMITED (THE 'COMPANY'. 'AGIL' OR THE 'ISSUER'). THE ISSUE IS COMPRISED OF A RESERVATION OF 350,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 97 PER EQUITY SHARE AGGREGATING RS. 33.95 MILLION TO THE ELIGIBLE EMPLOYEES OF OUR COMPANY ('EMPLOYEE RESERVATION PORTION') AND A NET ISSUE TO THE PUBLIC OF 6,650,000 EQUITY SHARES OF RS. 10 EACH (THE 'NET ISSUE') AGGREGATING RS 645.05 MILLION. THE ISSUE WOULD CONSTITUTE 33.24% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR COMPANY.

ISSUE PRICE: RS. 97 PER EQUITY SHARE OF FACE VALUE RS. 10 EACH
THE ISSUE PRICE IS 9.7 TIMES OF THE FACE VALUE

This issue is being made through a 100% Book Building Process wherein upto 50% of the Net Issue shall be allotted on a proportionate basis to Qualified Institutional Buyers ('QIBs'). 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. Further, at least 15% of the Net Issue shall be available for allocation on a proportionate basis to Non Institutional Bidders and at least 35% of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Issue Price. Further, 3,50,000 Equity Shares shall be available for allocation on a proportionate basis to Eligible Employees subject to valid Bids being received at or above the Issue Price.

The Issue received 26009 bids/applications for 2,92,55,980 equity shares resulting in 4.1794 times subscription. The details of the bids/applications received (before technical rejections) In the Issue from Retail Bidders, Non- Institutional Bidders, Qualified Institutional Buyers and Eligible Employees are as under:

Category No. of Bids / Applications No. of Equity Shares Subscription (no. of times)
Retail Individual bidders 25,744 9,416,160 4.0456
Non-Institutional bidders 168 8,873,800 8.8960
Qualified Institutional Buyers 29 10,451,460 3.1433
Employee bidders 68 514,560 1.4702

Final Demand

A summary of the final demand at various price levels as per the electronic book is given below:

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to Total
85 652,140 1.6637 39,199,080 100.0000
86 180 0.0005 38,546,940 98.3363
87 1200 0.0031 38,546,760 88.3359
88 900 0.0023 38,545,560 98.3328
89 360 0.0009 38,544,660 98.3305
90 82,320 0.2100 38,544,300 98.3296
92 24,960 0.0637 38,461,980 98.1196
93 2,100 0.0054 38,437,020 98.0559
94 540 0.0014 38,434,920 98.0506
95 1,009,440 2.5752 38,434,380 98.0492
96 300 0.0008 37,424,940 95.4740
97 5,670,540 14.4660 37,424,640 95.4733
98 1,560 0.0040 31,754,100 81.0073
99 360 0.0009 31,752,540 81.0033
100 2,257,620 5.7594 31,752,180 81.0024
101 240 0.0006 29,494,560 75.2430
102.' 18,997,380 48.4638 29,494,320 75.2424
9.999 10,496,940 26.7785 10,496,940 26.7785
TOTAL 39,199,080

The Basis of Allocation was finalized in consultation with the National Stock Exchange India Limited (NSE) on Monday, August 13,2007

A) Allocation to Retail Investors: (After technical rejections)

The Basis of Allocation to the Retail Investors, who have bid at cut-off or at and above the Issue price of Rs.97/- Equity Share, was finalized in consultation with NSE. The category was subscribed 3.983613 times. The total number of equity shares allotted in this category is 23,27,504 Equity Shares-to successful applicants. The sample of category-wise details of the Basis of Allocation is as under:

Category No. of Applications % to Total Total no. of Shares applied % to Total Proportional Allocation Ratio Total No. of Shares allocated
60 6,179 24.48 370,740 4.00 60 1:4 92,700
120 4,155 16.46 498,600 5.38 60 1:2 124,680
180 2,178 8.63 392,040 4.23 60 39:50 101,460
240 1,608 6.37 385,920 4.16 60 FIRM 96,480
300 1,295 5.13 388,500 4.19 75 FIRM 97,125
360 527 2.09 189,720 2.05 90 FIRM 47,430
420 343 1.36 144,060 1.55 105 FIRM 36,015
480 2,908 11.52 1,395,840 15.05 120 FIRM 348,960
540 291 1.15 157,140 1.69 136 FIRM 39,576
600 314 1.24 188,400 2.03 151 FIRM 47,414
660 64 0.25 42,240 0.46 166 FIRM 10,624
720 71 0.28 51,120 0.55 181 FIRM 12,851
780 53 0.21 41,340 0.45 196 FIRM 10,388
840 42 0.17 35,280 0.38 211 FIRM 8,862
900 163 0.65 146,700 1.58 226 FIRM 36,838
960 5,045 19.99 4,843,200 52.24 241 FIRM 1,215,845
1,020 1 0.00 1,020 0.01 256 FIRM 256

B. Allocation to Non-Institutional Investors: (Alter technical rejections)

The Basis of Allocation to the Non-Institutional Investors, who have bid at cut-off or at the Issue Price of Rs.97/- per Equity Share, was finalized in consultation with NSE. The category was subscribed 8.680341 times. The total number of equity shares allotted in this category is 9,97,496 Equity Shares to successful applicants. A sample of category-wise details of the Basis of Allocation is as under:

Category No. of Applications % to Total Total no. of Shares applied % to Total Proportional Allocation Ratio Total No. of Shares allocated
1,020 14 9.09 14,280 0.16 118 FIRM 1,652
1,500 3 1.95 4,500 0.05 173 FIRM 519
7,200 1 0.65 7,200 0.08 829 FIRM 829
15,000 1 0.65 15,000 0.17 1,728 FIRM 1,728
19,620 4 2.60 78,480 0.91 2,260 FIRM 9,040
147,000 1 0.65 147,000 1.70 16,935 FIRM 16,935
261,180 1 0.65 261,180 3.02 30,089 FIRM 30,089
525,720 1 0.65 525,720 6.07 60,564 FIRM 60,564
773,100 2 1.30 1,546,200 17.86 89,062 FIRM 178,124
997,500 1 0.65 997,500 11.52 114,910 FIRM 114,910

C) Allocation to Employees:

The Basis of Allocation to the Employee Category, who have bid at cut-off or at and above the Issue price of Rs.97/- Equity Share, was finalized in consultation with NSE. The category was subscribed 1.375886 times The total number of equity shares allotted in this category is 350000 Equity Shares. The Category-wise details of the Basis of Allocation is as under:

Category No. of Applications % to Total Total no. of Shares applied % to Total Proportional Allocation Ratio Total NO. of Shares allocated
60 1 1.75 60 0.01 60 FIRM 60
180 1 1.75 180 0.04 131 FIRM 131
2,460 2 3.51 4,920 1.02 1,788 FIRM 3,576
6,960 1 1.75 6,960 1.45 5,059 FIRM 5,059
15,480 1 1.75 15,480 3.21 11,251 FIRM 11,251
17,460 3 5.26 52,380 10.88 12,690 FIRM 38,070
22,740 1 1.75 22,740 4.72 16,528 FIRM 16,528
29,400 1 1.75 29,400 6.11 21,349 FIRM 21,349

D. Allocation 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 shares available (166250) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (3158750) on proportionate basis.

Category FIIs / Banks MFs Flls NB'S Insurance Companies VCs Total
No. of Shares 155,918 918,935 1,094,994 752,982

-

402,171 3,325,000

The IPO Committee of the Company at it's Meeting held in Ahmedabad on Monday, August 13,2007 has approved the Basis of Allocation and has allotted the equity shares to the successful bidders/applicants.

The CAN-cum-Refund Orders have been dispatched on Tuesday 14,2007 to the address of the investors as registered with the depositories, in case the same is not received within 10 (ten) days, Investors may contact at the address given below The Refund Orders have been 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 respective 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 National Stock India Exchange Limited and Bombay Stock Exchange Limited within seven working days from the date of approval of the Basis of Allocation.

INVESTORS MAY PLEASE NOTE

These details of the allocation / allotment made are being 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-appllcation form, number of equity 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
Unit: Asian Granite India Limited

C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup (W), Mumbai -400 078
Tel: 91 22 2596 0320, Fax 91 22 2596 0329, Contact: Person: Mr. Sachin Achar
E-mail: agilipo@intimespectrum.com ; Website: www.intimespectrum.com

Place : Mumbai
Date : August 14,2007

For Asian Granito India Limited
On behalf of the Board of Directors
Sd/-
Hasmukhbhai Patel
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 ASIAN GRANITO INDIA LIMITED.

Asian Granito IPO Basis of Allotment FAQs

Check the basis of allotment document above to know about how the shares are allocated in Asian Granito IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

The Asian Granito IPO basis of allotment (published above) tells you how shares are allocated to you in Asian Granito IPO and category wise demand of IPO share.

Visit the Asian Granito IPO allotment status page to check the number of shares allocated to your application.

Check the basis of allotment document above to know about how the shares are allocated in Asian Granito IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).