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Birla Cotsyn IPO Details

Issue Open Jun 30, 2008
Issue Close Jul 9, 2008
IPO Price ₹14
Face Value ₹10
IPO Size ₹144.18 Cr
Listing At BSE, NSE
IPO Lot Size 350

THE YASH BIRLA GROUP
BIRLA COTSYN (INDIA) LTD.

Company was incorporated on 24th Sept, 1941 under the name and style of Jamod Ginning Company Pvt. Ltd. Renamed on 8th Oct, 1998 as Birla Agro Pvt. Ltd.and subsequently changed to Birla Cotsyn India Pvt. Ltd on 9th Dec, 2005. The company was converted in to public limited company and the name was changed to Birla Cotsyn India Ltd on 30th May 2006.

Registered and Corporate Office: 1st Floor, Dalamal House, Nariman Point, Mumbai - 21 Tel.: +91-22-66168400 Fax: +91-22-22047835, Email: ipo@birlacotsyn.com, Website: www.birlacotsyn.com.
Contact Person: Mr. Tushar Dey, Company Secretary and Compliance Officer.
Email: complianceofficer@birlacotsyn.com

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFERING OF 10,29,82,729 EQUITY SHARES OF RS. 10/- EACH FOR CASH AT A PRICE OF Rs. 14/- PER EQUITY SHARE AGGREGATING TO Rs. 14,418 LAKHS (HEREINAFTER REFERRED TO AS THE 'ISSUE'). THE ISSUE COMPRISES PROMOTER'S CONTRIBUTION 2,61,75,587 EQUITY SHARES OF Rs. 10/-EACH FOR CASH AT A PRICE OF Rs. 14/- PER EQUITY SHARE AGGREGATING TO Rs. 3,665 LAKHS (HEREINAFTER REFERRED TO AS PROMOTER'S CONTRIBUTION) AND EMPLOYEE RESERVATION OF 51,78,571 EQUITY SHARES OF Rs. 10/- EACH FOR CASH ON COMPETITIVE BASIS AT A PRICE OF Rs. 14/-PER EQUITY SHARE AGGREGATING Rs. 725 LAKHS (HEREINAFTER REFERRED TO AS THE 'EMPLOYEE RESERVATION PORTION'). THE ISSUE LESS THE PROMOTER'S CONTRIBUTION AND EMPLOYEE RESERVATION PORTION IS REFERRED TO AS NET ISSUE TO PUBLIC (HEREINAFTER REFERRED TO AS 'THE NET ISSUE' OR' NET ISSUE TO THE PUBLIC'). THE NET ISSUE WOULD CONSTITUTE 69.55% THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR COMPANY.
THE FACE VALUE PER EQUITY SHARE IS RS. 10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 14 AND IT IS 1.4 TIMES THE FACE VALUE.

The Equity Shares of the Company are proposed to be listed on the Bombay Stock Exchange Ltd. (BSE) and National Stock Exchange of India Limited (NSE) and trading is expected to commence on or about July 30,2008 subject to approvals by the authorities and exchanges concerned.
The Issue was made through the 100% Book Building Process wherein upto 50% of the net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (including 5% of the QIB portion that was to specifically be allotted to mutual funds), further, not less than 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Issue shall be available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price. Further upto 51,78,571 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 was opened for subscription on June 30,2008 and closed on July 09,2008. The Issue received 15610 applications for 80201750 equity shares resulting in 1.1002 times subscription. The details of the applications received in the Issue from EMPLOYEES, QIB, NON INSTITUTIONAL AND RETAIL INDIVIDUAL INVESTOR categories are as under: (Before technical rejections)
Collection Summary

Category

No. of Applications No. of Shares Subscription
EMPLOYEES 19 165900 0.0320
NON INSTITUTIONAL INVESTORS 67 55875750 5.2005
QUALIFIED INSTITUTIONAL INVESTORS 1 555800 0.0155
RETAIL INDIVIDUAL INVESTORS 15523 23604300 0.9415

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
12 102550 0.10 105105887 100.00
13 6300 0.01 105003337 99.90
14 78839387 75.01 104997037 99.90
15 96250 0.09 26157650 24.89
16 22400 0.02 26061400 24.80
17 10850 0.01 26039000 24.77
18 3081050 2.93 26028150 24.76
CUT OFF 22947100 21.83 22947100 21.83

The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange Limited ('BSE'), the designated stock exchange on 21st  July, 2008

A. Allocation of EMPLOYEES (After Technical Rejections)
The Basis of Allocation to the Employees, who have bid at cut-off or at the Issue Price of Rs. 14/- per Equity Share was finalized in consultation with BSE. The category was subscribed 0.03 times. The total number of Equity Shares allotted in this category is 151550 Equity Shares to 18 successful applicants. The Unsubscribed portion (5027021 shares) is spilled over to QIB (50%), Retail investors (35%) and NIB.(15%). The category wise details of the Basis of Allocation (sample) are as under:

Category No. of
Applns.
% to
Total
Total No.
of Shares Applied
% to
Total
No. of
Shares Allocated
Ratio Total No.
of Shares Allocated
350 5 27.78 1750 1.15 350 FIRM 1750
700 1 5.56 700 0.46 700 FIRM 700
1050 3 16.67 3150 2.08 1050 FIRM 3150
1400 2 11.11 2800 1.85 1400 FIRM 2800
2450 1 5.56 2450 1.62 2450 FIRM 2450
3500 1 5.56 3500 2.31 3500 FIRM 3500
7000 2 11.11 14000 9.24 7000 FIRM 14000
7350 1 5.56 7350 4.85 7350 FIRM 7350
7700 1 5.56 7700 5.08 7700 FIRM 7700
108150 1 5.56 108150 71.36 108150 FIRM 108150

B. Allocation of QIB
The Basis of Allocation to the QIB, who have bid the Issue Price of Rs. 14/- per Equity Share was finalized in consultation with BSE. The category was subscribed 0.02 times. The total number of Equity Shares allotted in this category is 555800 Equity Shares to 1 successful applicant. The Unsubscribed portions 2513511 shares of QIB portion (35814286 shares) and Employees (2513511) is spilled over to Retail Category (70%) and NIB (30%). The category wise details of the Basis of Allocation (sample) are as under:

Category No. of
Applns.
% to
Total
Total No.
of Shares Applied
% to
Total
No. of
Shares Allocated
Ratio Total No.
of Shares Allocated
555800 1 100.00 555800 100.00 555800 FIRM 555800

C. Allocation to Retail Individual Investors (AfterTechnical Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid the Issue Price of Rs. 14/- per Equity Share was finalized in consultation with BSE. The category was subscribed 0.92 times. The total number of Equity Shares allotted in this category is 23170700 Equity Shares to 15068 successful applicants. The Unsubscribed portion is spilled over to NIB category. The category wise details of the Basis of Allocation (sample) are as under:

Category No. of
Applns.
% to
Total
Total No.
of Shares Applied
% to
Total
No. of
Shares Allocated
Ratio Total No.
of Shares Allocated
350 8616 57.18 3015600 13.01 350 FIRM 3015600
700 1766 11.72 1236200 5.34 700 FIRM 1236200
1050 822 5.46 863100 3.72 1050 FIRM 863100
1400 389 2.58 544600 2.35 1400 FIRM 544600
1750 166 1.10 290500 1.25 1750 FIRM 290500
2100 111 0.74 233100 1.01 2100 FIRM 233100
2450 146 0.97 357700 1.54 2450 FIRM 357700
2800 97 0.64 271600 1.17 2800 FIRM 271600
3150 19 0.13 59850 0.26 3150 FIRM 59850
3500 62 0.41 217000 0.94 3500 FIRM 217000
3850 6 0.04 23100 0.10 3850 FIRM 23100
4200 9 0.06 37800 0.16 4200 FIRM 37800
4550 17 0.11 77350 0.33 4550 FIRM 77350
4900 11 0.07 53900 0.23 4900 FIRM 53900
5250 2244 14.89 11781000 50.84 5250 FIRM 11781000
6650 2 0.01 13300 0.06 6650 FIRM 13300
7000 585 3.88 4095000 17.67 7000 FIRM 4095000

NIB: The Basis of Allocation to the NIB, who have bid the Issue Price of Rs. 14/- per Equity Share was finalized in consultation with BSE. The category was subscribed 5.08 times. The total number of Equity Shares allotted in this category is 52929093 Equity Shares to 66 successful applicants. The Unsubscribed portion of Employees, QIB and Retail investor categories is spilled over to NIB category. The category wise details of the Basis of Allocation (sample) are as under:

Category No. of
Applns.
% to
Total
Total No.
of Shares Applied
% to
Total
No. of
Shares Allocated
Ratio Total No.
of Shares Allocated
10850 1 1.52 10850 0.02 10518 FIRM 10518
11200 1 1.52 11200 0.02 10858 FIRM 10858
16450 1 1.52 16450 0.03 15947 FIRM 15947
27300 10 15.15 273000 0.50 26465 FIRM 264650
35700 2 3.03 71400 0.13 34608 FIRM 69216
36050 1 1.52 36050 0.07 34948 FIRM 34948
38500 4 6.06 154000 0.28 37323 FIRM 149292
42700 1 1.52 42700 0.08 41394 FIRM 41394
50050 4 6.06 200200 0.37 48520 FIRM 194080
71400 2 3.03 142800 0.26 69217 FIRM 138434
71750 1 1.52 71750 0.13 69556 FIRM 69556
121450 1 1.52 121450 0.22 117736 FIRM 117736
138600 4 6.06 554400 1.02 134362 FIRM 537448
149800 1 1.52 149800 0.27 145219 FIRM 145219
156800 1 1.52 156800 0.29 152005 FIRM 152005
161000 1 1.52 161000 0.29 156077 FIRM 156077
164150 1 1.52 164150 0.30 159131 FIRM 159131
215250 1 1.52 215250 0.39 208668 FIRM 208668
284900 1 1.52 284900 0.52 276188 FIRM 276188
300300 1 1.52 300300 0.55 291117 FIRM 291117
357000 4 6.06 1428000 2.62 346084 FIRM 1384336
499800 1 1.52 499800 0.92 484517 FIRM 484517
553000 1 1.52 553000 1.01 536090 FIRM 536090
586250 1 1.52 586250 1.07 568324 FIRM 568324
892150 1 1.52 892150 1.63 864870 FIRM 864870
900200 1 1.52 900200 1.65 872674 FIRM 872674
1071000 3 4.55 3213000 5.88 1038251 FIRM 3114753
1200150 1 1.52 1200150 2.20 1163452 FIRM 1163452
1321600 1 1.52 1321600 2.42 1281188 FIRM 1281188
1428000 1 1.52 1428000 2.62 1384335 FIRM 1384335
1428350 2 3.03 2856700 5.23 1384674 FIRM 2769348
1599850 1 1.52 1599850 2.93 1550930 FIRM 1550930
1785700 1 1.52 1785700 3.27 1731097 FIRM 1731097
2349900 1 1.52 2349900 4.30 2278045 FIRM 2278045
2800000 1 1.52 2800000 5.13 2714382 FIRM 2714382
3045000 1 1.52 3045000 5.58 2951890 FIRM 2951890
3571750 1 1.52 3571750 6.54 3462534 FIRM 3462534
7142800 2 3.03 14285600 26.16 6924389 FIRM 13848778
7143500 1 1.52 7143500 13.08 6925068 FIRM 6925068

The IPO Committee of the company at it's meeting held at Mumbai on July 22,2008 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants. The CAN-cum-Refund Orders/allotment advice 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 listing application have been filed with the BSE on July 23,2008 and the company is taking steps to get the equity shares admitted for trading on the Bombay Stock Exchange Limited 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 Registrars to the Issue, Adroit Corporate Services Pvt. Ltd. at www.adroitcorporate.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:

Adroit Corporate Services Pvt. Ltd.
19/20 Jaferbhoy Industrial Estate, Makwana Road, Marol Naka, Andheri (E). Mumbai - 400 059.
Tel: 91-22-2859 6060/2859 4060, Fax: 91-22-2850 3748 Email: Birla_ipo@adroitcorporate.com

Place: Mumbai
Date: July 23,2008
For BIRLA COTSYN (INDIA) LIMITED
On the behalf of the Board of Directors
Sd/-
Directors

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 Birla Cotsyn (India) Ltd.

Birla Cotsyn IPO Basis of Allotment FAQs

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

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

Visit the Birla Cotsyn 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 Birla Cotsyn IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).