Broadcast Initiatives IPO Basis of Allotment

Broadcast Initiatives IPO Details

Issue Open Feb 9, 2007
Issue Close Feb 14, 2007
IPO Price ₹120
Face Value ₹10
IPO Size ₹102.60 Cr
Listing At BSE, NSE
IPO Lot Size 50

BROADCAST INITIATIVES LIMITED

(Incorporated as SAB Samachar Limited on February 4,2004. The name of our Company was changed to Broadcast Intitative Limited with the effect from May 18,2005)
Regd Office :Adhikari Chambers, Oberoi Complex, New Link Road Andheri West, Mumbai - 400 053, India
Tel:+91-22- 2639 5400, 2639 5460; Fax:+91-22-26395459; 26350996.
Website: www.janmat.tv; Email: ipo@janmat.tv

BASIS OF ALLOCATION

PUBLIC ISSUE OF 85,50,000 EQUITY SHARES OF RS 10/- EACH AT ISSUE PRICE OF RS. 120 PER EQUITY SHARE (INCLUDING SHARE PREMIUM OF RS. 110 PER EQUITY SHARE), AGGREGATING RS. 10260 LAKHS (THE 'ISSUE'). THE ISSUE CONSISTS OF RESERVATION OF 1,00,000 EQUITY SHARES OF RS. 10/- EACH AT ISSUE PRICE OF RS. 120 PER EQUITY SHARE (INCLUDING SHARE PREMIUM OF RS. 110 PER EQUITY SHARE) AGGREGATING RS. 120 LAKHS FOR ELIGIBLE EMPLOYEES (THE 'EMPLOYEE RESERVATION PORTION'), AND NET ISSUE OF 84,50,000 EQUITY SHARES OF RS. 10/- EACH AT ISSUE PRICE OF RS. 120. THE ISSUE WOULD CONSTITUTE 44.27% OF FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY. THE FACE VALUE PER EQUITY SHARE IS RS.10/- EACH FOR CASH AT A PRICE OF RS.120/- EACH AND THE ISSUE PRICE IS 12 TIMES OF THE TO FACE VALUE.

The Issue is being made through the 100% Book Building Process wherein at least 50% of the Net Issue shall be allotted to QIB on a proportionate basis out of which 5% shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder shall be available for allotment on a proportionate basis to QIB and Mutual Funds, subject to valid bids being received from them at or above the Issue Price. If at least 50% of the Net Issue cannot be allocated to QIB, then the entire application money will be refunded forthwith. Further, up to 15% of the Net Issue will be available for allocation on a proportionate basis to Non-Institutional Bidders and up to 35% of the Net Issue will be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Issue Price. The issue opened for subscription on Friday, February 9, 2007 and closed on Wednesday February 14, 2007.The Issue received 22,286 applications for 2,01,62,000 equity shares resulting in 2.36 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Investor and Employees categories are as under (before technical rejections):

Category No. of Applications No. of Shares Subscription
Qualified Institutional Buyers 12 6785450 1.6060
Non Institutional Investors 84 5216300 4.1154
Retail Investors 22175 8073050 2.7297
Employee 15 87200 0.8720
TOTAL 22286 20162000 2.36

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
100 3318450 10.8119 30692700 100.00
101 2850 0.0093 27374250 89.19
102 50050 0.1631 27371400 89.18
105 850 0.0028 27321350 89.02
106 1800 0.0059 27320500 89.01
108 100 0.0003 27318700 89.01
110 3668750 11.9532 27318600 89.01
111 950 0.0031 23649850 77.05
112 850 0.0028 23648900 77.05
115 1148750 3.7427 23648050 77.05
117 850 0.0028 22499300 73.31
118 50 0.0002 22498450 73.30
119 50 0.0002 22498400 73.30
120 14226550 46.3516 22498350 73.30
9999 8271800 26.9504 8271800 26.95
TOTAL 30692700

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - Bombay Stock Exchange Limited ('BSE') on 26th February, 2007

A. Allocation to Retail Investors
The category was over subscribed 2.68 times. The total number of shares allocated in this category is 29, 61,993 Equity Shares (Including 4,480 Shares spill over from Employee Category). 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
50 5280 24.28 264000 3.32 50 38:101 99350
100 2987 13.74 298700 3.76 50 3:4 112000
150 1150 5.29 172500 2.17 56 FIRM 64400
200 1397 6.42 279400 3.52 75 FIRM 104775
250 500 2.30 125000 1.57 93 FIRM 46500
300 362 1.66 108600 1.37 111 FIRM 40182
350 177 0.81 61950 0.78 130 FIRM 23010
400 2967 13.64 1186800 14.94 149 FIRM 442083
450 115 0.53 51750 0.65 167 FIRM 19205
500 121 0.56 60500 0.76 186 FIRM 22506
550 10 0.05 5500 0.07 205 FIRM 2050
600 34 0.16 20400 0.26 224 FIRM 7616
650 7 0.03 4550 0.06 242 FIRM 1694
700 46 0.21 32200 0.41 261 FIRM 12006
750 22 0.10 16500 0.21 280 FIRM 6160
800 6572 30.22 5257600 66.17 298 FIRM 1958456

B. Allocation to Non Institutional Investors
The category was subscribed 3.23 times. The total number of shares allocated in this category is 12,69,407 Equity Shares (Including 1,920 Shares spill over from Employee Category). The details of basis of allocation of some of the categories are as under: (Sample)

Category No.of Applns. % to total Total No. of Shares applied % to total No. of Shares allocated Ratio Total No. of Shares allocated
900 2 3.03 1800 0.04 279 FIRM 558
1100 1 1.52 1100 0.03 340 FIRM 340
2000 4 6.06 8000 0.20 619 FIRM 2476
4150 3 4.55 12450 0.30 1284 FIRM 3852
5000 2 3.03 10000 0.24 1547 FIRM 3094
8350 2 3.03 16700 0.41 2584 FIRM 5168
15000 1 1.52 15000 0.37 4642 FIRM 4642
20000 2 3.03 40000 0.98 6189 FIRM 12378
21000 1 1.52 21000 0.51 6498 FIRM 6498
29150 1 1.52 29150 0.71 9020 FIRM 9020.
40000 1 1.52 40000 0.98 12378 FIRM 12378
42500 2 3.03 85000 2.07 13152 FIRM 26304
210000 1 1.52 210000 5.12 64983 FIRM 64983

C) Allocation to Employees
The category was subscribed 0.872 times. The total number of shares allocated in this category is 87,200 Equity Shares. The Un-subscribed Portion of 12,800 Shares was added to the QIB (6,400 Shares), Non Institutional Investors (1,920 Shares) and Retail category 4,480 Shares) in the ratio of 50:15:35. The details of basis of allocation of some of the categories are as under: (Sample)

Category No.of
Applns.
% to total Total No.of Shares applied % to total No. of Shares allocated Ratio Total No. of Shares allocated
50 3 20.00 150 0.17 50 FIRM 150
200 1 6.67 200 0.23 200 FIRM 200
400 1 6.67 400 0.46 400 FIRM 400
700 1 6.67 700 0.80 700 FIRM 700
1550 1 6.67 1550 1.78 1550 FIRM 1550
2650 1 6.67 2650 3.04 2650 FIRM 2650
4050 1 6.67 4050 4.64 4050 FIRM 4050
10000 1 6.67 10000 11.47 10000 FIRM 10000
10100 2 13.33 20200 23.17 10100 FIRM 20200
12500 1 6.67 12500 14.33 12500 FIRM 12500
12800 1 6.67 12800 14.68 12800 FIRM 12800
22000 1 6.67 22000 25.23 22000 FIRM 22000

D) Allocation to QIBs
As per SEBI guidelines, mutual funds were to be initially allocated 5% of the quantum of shares available (i.e. 2,11,250 equity shares) but, as there were no Mutual Funds applicants the reserved portion for Mutual Funds was added back to the QIB category. The category was subscribed 1.48 times. The total number of shares allocated in this category is 42,31,400 Equity Shares (Including 6,400 Shares spill over from Employee Category).

Category Fls/Banks MFs Flls VCs Total
No.of Shares 661963 NIL 3513359 56078 4231400

The Board of Directors of the Company at its Meeting held at Mumbai on February 27, 2007 has approved the basis of allocation of shares and allocated the shares to various successful applicants.

The physical refund warrant, information regarding refunds through electronic modes (ECS, RTGS, NEFT or Direct credit) and allotment advice have been dispatched to the address of the investors as registered with the depository on February 28, 2007. In case the same is not received within ten (10) days, investors may contact the Registrar to the Issue at the address given below.

The equity shares allotted to successful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned on February 28, 2007.

The listing application has been filed with The Bombay Stock Exchange Limited and National Stock Exchange of India Limited on February 28,2007 and the Company is taking steps to complete all formalities for listing and commencement of trading of equity shares on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited within Seven working days of finalization of Basis of Allotment.

INVESTORS PLEASE NOTE
These details of the allocation made would be hosted on the website of the Registrar to the Issue, Intlme Spectrum Registry Limited at www.intimespectrum.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:

Intime Spectrum Registry Limited
C-13, Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West), Mumbai- 400078,
Fax: +91-22-25960329, Tel. No.: (91 22) 2596 0320 - 28;
Email: janmat.ipo@intimespectrum.com,Website: www.intimespectrum.com
Contact Person: Mr.Salim Shaikh

This communication is intended for release solely in India. This communication is not an offer of securities for sale in any other jurisdiction, including the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933.



Place: Mumbai
Date: March 2, 2007

For Broadcast Initiatives Limited
Sd/-
Yagya Turker
Company Secretary

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 BROADCAST INITIATIVES LIMITED

Broadcast Initiatives IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Broadcast Initiatives IPO?

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

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

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

  3. 3. What is Broadcast Initiatives IPO allotment process?

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