Brigade IPO Details

Issue Open Dec 10, 2007
Issue Close Dec 13, 2007
IPO Price ₹390
Face Value ₹10
IPO Size ₹648.36 Cr
Listing At BSE, NSE
IPO Lot Size 16

"Not for release in the United States" This announcement has been prepared for publication in India and may not be released in the United States, Australia, Canada or Japan. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the united states absent registration under the US securities Act of  1993 or an exemption from registration."

BRIGADE ENTERPRISES LIMITED

(Our Company was originally a partnership firm called Brigade Enterprises under a partnership deed dated May 29, 1990 and its status was subsequently changed to a private limited company called 'Brigade Enterprises Private Limited' with effect from November 8, 1995. The status of our Company was changed to a public limited company by a special resolution of the members passed at the annual general meeting held on June 20, 2007. The fresh certificate of incorporation consequent to the change of name was granted to our Company on July 20, 2007, by the Registrar of Companies, Karnataka) Registered Office: 'Pent House', Brigade Towers, 135, Brigade Road, Bangalore 560 025, Karnataka, India Contact Person: Mr. A. Anil Kumar Tel: (91 80) 4137 9200, Fax: {91 80) 2221 0784, Email: investors@brigadegroup.com, www.brigadegroup.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 16,624,720 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS, 390 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 380 PER EQUITY SHARE) AGGREGATING RS. 6,483.64 MILLION (THE "ISSUE") BY BRIGADE ENTERPRISES LIMITED (THE "COMPANY OR "THE ISSUER"). THE ISSUE COMPRISED A NET ISSUE TO THE PUBLIC OF 16,524,720 SHARES OF RS. 10 EACH (THE "NET ISSUE") AND A RESERVATION OF UP TO 100,000 EQUITY SHARES OF RS. 10 EACH FOR ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION") AND A GREEN SHOE OPTION OF UP TO 2,493,708 EQUITY SHARES FOR CASH AT A PRICE OF RS. 390 PER EQUITY SHARE AGGREGATING TO RS. 972.55 MILLION (THE "GREEN SHOE OPTION"). THE ISSUE AND THE GREEN SHOE OPTION, AGGREGATE T0 19,118,428 EQUITY SHARES AMOUNTING TO RS. 7,456.19 MILLION. THE ISSUE WILL CONSTITUTE 16.87% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY. THE NET ISSUE WILL CONSTITUTE 16.78% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY.

THE FACE VALUE PER EQUITY SHARE IS RS. 10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 390/- AND IT IS 39.0 TIMES THE FACE VALUE. The equity shares of the company are proposed to be listed on the National Stock Exchange of India Limited ("NSE") and Bombay Stock Exchange Limited ("BSE").

The Issue made through the 100% Book Building Process wherein at least 60% 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 10% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Net 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.

The Issue received 1,72,463 applications for 20,69,07,863 equity shares resulting in 10.8224 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Investor and Employee categories are as under: (Before technical rejections)

Category No. of Applications No. of Shares Subscription
Qualified Institutional Buyers 96 17,7376,944 15.5443
Non Institutional Investors 352 36,06,504 1.8963
Retail Individual Investors 1,71,863 2,57,84,930 4.5193
Employees 152 1,39,485 1.3949

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
351 27020560 12.44 217216704 100.00
352 592 0.00 190196144 87.56
353 160 0.00 190195552 87.56
354 16 0.00 190195392 87.56
355 1728 0.00 190195376 87.56
356 32 0.00 190193648 87.56
357 208 0.00 190193616 87.56
358 128 0.00 190193408 87.56
360 207984 0.10 190193280 87.56
361 192 0.00 189985296 87.46
362 48 0.00 189985104 87.46
363 32 0.00 189985056 87.46
365 2272 0.00 189985024 87.46
366 80 0.00 189982752 87.46
367 1664 0.00 189982672 87.46
368 208 0.00 189981008 87.46
369 80 0.00 189980800 87.46
370 57824 0.03 189980720 87.46
371 2832 0.00 189922896 87.43
372 16 0.00 189920064 87.43
373 32 0.00 189920048 87.43
375 1902032 0.88 189920016 87.43
376 80 0.00 188017984 86.56
377 0 0.00 188017904 86.56
378 16 0.00 188017904 86.56
380 9632 0.00 188017888 86.56
382 16 0.00 188008256 86.55
383 96 0.00 188008240 86.55
385 2128 0.00 188008144 86.55
386 336 0.00 188006016 86.55
387 256 0.00 188005680 86.55
388 32 0.00 188005424 86.55
389 16 0.00 188005392 86.55
Rs.390 /- & Cut
Off Price
188005376 86.55 188005376 86.55
217216704 100.00

The Basis of Allocation was finalized in consultation with the National Stock Exchange of India Limited ("NSE") on December 22, 2007.

The final demand at different bid prices and allocation of shares In following 3 categories is as under:

A. Allocation to Employees (After Technical Rejections)

The Basis of Allocation to the Employees, who have bid at cut-off or at the Issue Price of Rs.390/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 1.39472 times. The total number of equity shares allotted in this category is 1,00,000 Equity Shares to 152 successful applicants. 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
16 1 0.66 16 0.01 16 FIRM 16
32 3 1.97 96 0.07 23 FIRM 69
48 11 7.24 528 0.38 34 FIRM 374
320 2 1.32 640 0.46 230 FIRM 460
1008 2 1.32 2016 1.45 723 FIRM 1446
1408 1 0.66 1408 1.01 1010 FIRM 1010
1536 2 1.32 3072 2.20 1102 FIRM 2204
1888 1 0.66 1888 1.35 1354 FIRM 1354
2000 1 0.66 2000 1.43 1434 FIRM 1434
2400 1 0.66 2400 1.72 1721 FIRM 1721
2672 1 0.66 2672 1.92 1916 FIRM 1916
2800 1 0.66 2800 2.01 2008 FIRM 2008
3968 1 0.66 3968 2.85 2845 FIRM 2845
6896 1 0.66 6896 4.94 4944 FIRM 4944
6928 1 0.66 6928 4.97 4967 FIRM 4967
8640 1 0.66 8640 6.19 6195 FIRM 6195
11808 1 0.66 11808 8.47 8466 FIRM 8466
14480 1 0.66 14480 10.38 10372 FIRM 10372

B. Allocation to Retail Individual Investors (After Technical Rejections)

The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs.390/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 4.456756 times. The total number of equity shares allotted in this category is 57,05,528 Equity Shares to 1,42,669 successful applicants. The category-wise details of the Basis of Allocation 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
16 20342 12.05 325472 1.28 16 1:04 81376
32 13933 8.25 445856 1.75 16 1:02 111472
48 10085 5.97 484080 1.90 16 9:13 111712
64 7936 4.70 507904 2.00 16 8:09 112864
80 8079 4.78 646320 2.54 18 FIRM 145422
96 5247 3.11 503712 1.98 22 FIRM 115434
112 4762 2.82 533344 2.10 25 FIRM 119050
128 16198 9.59 2073344 8.15 29 FIRM 469742
144 3348 1.98 482112 1.90 32 FIRM 107136
160 4799 2.84 767840 3.02 36 FIRM 172764
176 1065 0.63 187440 0.74 40 FIRM 42600
192 1455 0.86 279360 1.10 43 FIRM 62565
208 1065 0.63 221520 0.87 47 FIRM 50055
224 1115 0.66 249760 0.98 50 FIRM 55750
ADDITIONAL 1 1:23 48
240 3647 2.16 875280 3.44 54 FIRM 196938
256 65800 38.96 16844800 66.24 57 FIRM 3750600

C. Allocation to Non Institutional Investors (After Technical Rejections)

The Basis of Allocation to the Non institutional Investors, who have bid at the Issue Price of Rs.390 per Equity Share, was finalized in consultation with NSE. The category was subscribed 1.866409 times. The total number of equity shares allotted in this category is 19,01,843 Equity Shares to 259 successful applicants. 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
272 41 15.83 11152 0.31 146 FIRM 5986
1008 6 2.32 6048 0.17 540 FIRM 3240
1600 2 0.77 3200 0.09 858 FIRM 1716
4000 2 0.77 8000 0.23 2143 FIRM 4286
8800 1 0.39 8800 0.25 4715 FIRM 4715
10000 1 0.39 10000 0.28 5358 FIRM 5358
20000 1 0.39 20000 0.56 10716 FIRM 10716
30400 1 0.39 30400 0.86 16288 FIRM 16288
50000 2 0.77 100000 2.82 26790 FIRM 53580
79472 1 0.39 79472 2.24 42580 FIRM 42580
89744 1 0.39 89744 2.53 48084 FIRM 48084
100000 1 0.39 100000 2.82 53579 FIRM 53579
102400 1 0.39 102400 2.88 54865 FIRM 54865
124400 1 0.39 124400 3.50 66652 FIRM 66652
160272 1 0.39 160272 4.52 85872 FIRM 85872
256400 2 0.77 512800 14.45 137376 FIRM 274752
384608 1 0.39 384608 10.84 206068 FIRM 206068
512816 1 0.39 512816 14.45 274746 FIRM 274746

D. Allocation to QIBs

Allocation to QIBs has been done on a proportionate basis in consultation with NSE. As per the SEBI (Disclosure and Investor Protection) Guidelines, 2000, Mutual Funds were initially allotted 5% of the quantum of shares available (5,70,553) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (1,08,40,504) on proportionate basis.

Category Fts/Banks MFs Flls VCs ICs Total
No. of Shares 23,76,500 23,72,619 62,20,727 84,330 3,56,881 1,14,11,057

The IPO Committee of the company at its Meeting held at Hyderabad on December 24, 2007 has approved the basis of allocation of equity shares of the Issue and has allotted the equity shares to various successful applicants.

The CAN-cum-Refund Orders, allotment advice, intimation regarding refunds through electronic mode (ECS, RTGS, NEFT or Direct Credit) and notices (where applicable) have been dispatched to the address of the investors as registered with the depositories by December 26, 2007. The equity shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned by December 26, 2007. The Company has filed the listing application with NSE & BSE and the Equity Shares of the Company shall be listed and admitted for dealings on both the exchanges w.e.f. December 31, 2007.

INVESTORS PLEASE NOTE

These details of the allocation made would be hosted on the website of Registrars to the Issue, Karvy Computershare Private Limited at  http://kcpl.karvy.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 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:

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

TOLL FREE - HELPLINE NUMBER: 1-800-3454001

Place: Bangalore
Date : December 28, 2007

For Brigade Enterprises Limited
Sd/-
A. Anil Kumar

Company Secretary and Compliance Officer

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 BRIGADE ENTERPRISES LIMITED.

Brigade IPO Basis of Allotment FAQs

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

    Check the basis of allotment document above to know about how the shares are allocated in Brigade 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 Brigade IPO basis of allotment status?

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

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

  3. 3. What is Brigade IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in Brigade 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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