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BEML IPO Details

Issue Open Jun 27, 2007
Issue Close Jul 3, 2007
IPO Price ₹1075
Face Value ₹10
IPO Size ₹526.75 Cr
Listing At BSE, NSE
IPO Lot Size 5

BHARAT EARTH MOVERS LIMITED

(Incorporated as a private limited company as 'Bnarat Earth Movers Limited' vide certificate of incorporation an May 11,1964 under the Companies Act, 1956 and was subsequently converted to a public limited company on February 21,1992 and has been allocated CIN L35202KA 1964PLC001530)
Registered Office: BEML Soudha, No. 23/1, 4th Main Road, Sampangiramanager, Bangalore - 560 027, (For details of changes in our Registered Office, please refer section titled "History and Other Corporate Matters"
beginning on page 90 of the Prospectus)
Tel: +81-80-2296 3142; Fax: +91-80-2296 3278;
E-mail: office@cs.beml.co.in; website: www.bemlindia.com
Contact Person: Mr. K.C. Medapa, Company Secretary and Compliance Officer

BASIS OF ALLOCATION

PUBLIC ISSUE OF 49,00,000 EQUITY SHARES OF RS. 10/- EACH FOR CASH AT A PRICE OF RS. 1075/- PER EQUITY SHARE (INCLUDING SHARE PREMIUM OF RS. 1065/- PER EQUITY SHARE) AGGREGATING TO RS 52675.00 LACS (HEREINAFTER REFERRED TO AS "THE ISSUE"). THE ISSUE COMPRISED A RESERVATION OF 4,90,000 EQUTY SHARES FOR SUBSCRIPTION BY EMPLOYEES AND THE NET ISSUE TO THE PUBLIC OF 44,10,000 EQUITY SHARES OF RS.10/- EACH FOR CASH AT A PRICE OF RS.1075/- PER EQUITY SHARE. THE ISSUE CONSTITUTES 11.77% OF THE FULLY DILUTED POST ISSUE PAID-UP EQUITY CAPITAL OF BHARAT EARTH MOVERS LIMITED ("COMPANY" OR "ISSUER").
THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 1075/- AND IT IS 107.5 TIMES THE FACE VALUE.

The Issue was made through the 100% Book Building Process wherein up to 50% of the Net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") (wherein 5% of the QIB portion was to be allocated on a proportionate basis to Mutual Funds only). Further, not less than 15% of the Net Issue was available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Issue was available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. Further, 4,90,000 Equity Shares were made available for allocation on a proportionate basis to Eligible Employees, subject to valid Bids beina received at or above the Issue Price.
The Issue received 1,09,586 applications for 14,79,76,333 Equity Shares resulting in 30.19 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional Investors, Retail individual Investors and Employee categories are as under: (Before technical rejections)

Category No. of Applications No. of Shares Subscription
Qualified Institutional Buyers 183 139053295 63.0627
Non Institutional Investors 527 4078490 6.1655
Retail Individual Investors 108714 4838613 3.1348
Employees 162 5935 0.0121

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

Bid Price No. of Shares % to Total Cumulative
Total
Cumulative
% to total
1020 1659185 1.10 150187190 100.00
1021 5 0.00 148528005 98.90
1022 10 0.00 148528000 98.90
1023 50 0.00 148527990 98.90
1024 5 0.00 148527940 98.90
1025 560 0.00 148527935 98.90
1026 10 0.00 148527375 98.89
1029 15 0.00 148527365 98.89
1030 990 0.00 148527350 98.89
1031 5 0.00 148526360 98.89
1032 4345 0.00 148526355 98.89
1033 15 0.00 148522010 98.89
1035 280 0.00 148521995 98.89
1037 5 0.00 148521715 98.89
1040 1205 0.00 148521710 98.89
1041 5 0.00 148520505 98.89
1042 10 0.00 148520500 98.89
1044 60 0.00 148520490 98.89
1045 105 0.00 148520430 98.89
1048 5 0.00 148520325 98.89
1050 65695 0.04 148520320 98.89
1051 40 0.00 148454625 98.85
1052 740 0.00 148454585 98.85
1054 25 0.00 148453845 98.85
1055 54540 0.04 148453820 98.85
1058 15 0.00 148399280 98.81
1060 8707040 5.80 148399265 98.81
1061 2000035 1.33 139692225 93.01
1062 10 0.00 137692190 91.68
1065 55 0.00 137692180 91.68
1066 25 0.00 137692125 91.68
1069 5 0.00 137692100 91.68
1070 10670 0.01 137692095 91.68
1071 10 0.00 137681425 91.67
1074 95 0.00 137681415 91.67
1075 1180 0.00 137681320 91.67
1076 30 0.00 137680140 91.67
1080 3980 0.00 137680110 91.67
1081 10 0.00 137676130 91.67
1082 0 0.00 137676120 91.67
1083 10 0.00 137676120 91.67
1085 95 0.00 137676110 91.67
1089 125 0.00 137676015 91.67
1090 & Cut Off Price 137675890 91.67 137678890 91.67
150187190 100.00

The Basis ot Allocation was finalized in consultation with the Bombay Stock Exchange Limited ("BSE") on 14th July, 2007.

A. Allocation to Employees (After Technical Rejections)
The Basis of Allocation to the Eligible Employees, who have bid at cut-off price or at and above the Issue Prise of Rs.1075 per Equity Share, was finalized in consultation with BSE. The category was subscribed to the extent of 0.0097 times. Hence FULL and FIRM allotments have been made against all valid applications. The total number of Shares allotted in this category is 4780 Equity Shares to 149 successful applicants. The unsubscribed portion of 485220 Equity Shares has been added to Retail, Non-Institutional and Qualified Institutional Buyers categories in the ratio of 35:15:50.

B. Allocation to Retail Individual Investors (After Technical Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off price or at and above the Issue Price of Rs.1075 per Equity Share, was finalized in consultation with BSE. The category was subscribed to the extent of 2.75 times. The total number of shares allotted in this category is 1713327 Equity Shares (including 169827 Equity Shares spilled over from Employees' category) to 93188 successful applicants. The cateqory-wise details of the Basis of Allocation (Sample) are as under:

Category No. of Applns. Received % to total Total No. of Shares applied % to total No. of Shares allocated Ratio Total No. of Shares allocated
5 11969 11.40 59845 1.27 5 4:11 21760
10 14648 13.95 146480 3.11 5 5:07 52315
15 5235 4.99 78525 1.67 5 FIRM 26175
ADDITIONAL 1 1:19 278
20 8115 7.73 162300 3.44 7 FIRM 56805
25 6088 5.80 152200 3.23 9 FIRM 54792
30 3617 3.45 108510 2.30 11 FIRM 39787
35 1112 1.06 38920 0.83 13 FIRM 14456
40 2898 2.76 115920 2.46 15 FIRM 43470
45 12523 11.93 563535 11.96 16 FIRM 200368
50 3639 3.47 181950 3.86 18 FIRM 65502
55 397 0.38 21835 0.46 20 FIRM 7940
60 617 0.59 37020 0.79 22 FIRM 13574
65 215 0.20 13975 0.30 24 FIRM 5160
70 398 0.38 27860 0.59 25 FIRM 9950
75 343 0.33 25725 0.55 27 FIRM 9261
80 570 0.54 45600 0.97 29 FIRM 16530
85 397 0.38 33745 0.72 31 FIRM 12307
90 32209 30.68 2898810 61.51 33 FIRM 1062897

C. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Non-Institutional Investors, who haye bid at and above the Issue Price of Rs.1075 per Equity Share, was finalized in consultation with BSE. The category was subscribed to the extent of 5.47 times. The total number of shares allotted in this category is 734283 Equity Shares (including 72783 Equity Shares spilled over from Employees' category) to 375 successful applicants. The category-wise details of the Basis of Allocation (Sample) are as under:

Category No. of Applns. Received % to total Total No. of Shares applied % to total No. of Shares allocated Ratio Total No. of Shares allocated
95 8 2.13 760 0.02 17 FIRM 136
100 64 17.07 6400 0.16 18 FIRM 1152
200 31 8.27 6200 0.15 37 FIRM 1147
1000 3 0.80 3000 0.07 183 FIRM 549
10000 4 1.07 40000 0.99 1825 FIRM 7300
20000 2 0.53 40000 0.99 3651 FIRM 7302
100000 3 0.80 300000 7.46 18252 FIRM 54756
100900 1 0.27 100900 2.51 18416 FIRM 18416
183495 1 0.27 183495 4.56 33492 FIRM 33492
275000 1 0.27 275000 6.84 50193 FIRM 50193
400000 1 0.27 400000 9.94 73009 FIRM 73009
459000 1 0.27 459000 11.41 83763 FIRM 83763

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 (1,22,381 including 12131 Equity Shares spilled over from Employees' category) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (23,25,229 including 230479 Equity Snares spilled over from Employees' cateqory) on proportionate basis.

Category Fls/Banks MFs Flls VCs ICs Total
No. of Shares 322749 431938 1368836 76551 247536 2447610

The Committee of Directors of the Company at its Meeting held at Hyderabad on 16th July, 2007 has approved the basis of allocation of Equity Shares and has allotted the Equity Shares to various successful applicants.
The CAN-cum-Refund Orders and allotment advice and notices (where applicable) have been dispatched to the address of the investors as registered with the depositories. In case the same is not received within ten days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The shares allocated to successful applicants are being credited to their 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 the Bombay Stock Exchange Limited, the National Stock Exchange of India Limited and the Bangalore Stock Exchange within seven working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of the Registrar to the Issue, Karvy Computershare Private Limited at www.karvy.bom or http://kcpl.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrar 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:

Karvy Computershare Private Limited
Unit: BEML, Plot No. 17 to 24, Vitthal Rao Nagar, Hitech City Road, Madhapur Hyderabad - 500081,
Fax: 040-23420814, Email: einward.ris@karw.com

TOLL FREE - HELPLINE NUMBER 1-800-3454001

 

Place : Bangalore
Date : July 16, 2007

For Bharat Earth Movers Limited
Sd/-
K C Medapa
Compliance Officer & Company Secretary

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF BHARAT EARTH MOVERS LIMITED.

BEML IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in BEML IPO?

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

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

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

  3. 3. What is BEML IPO allotment process?

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




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