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December 7, 2012 - December 11, 2012

CARE IPO Basis of Allotment

CREDIT ANALYSIS AND RESEARCH LIMITED

(Our company was incorporated as Credit Analysis and Research Limited on April 21, 1993 at Mumbai, Maharashtra as a public limited company under the companies act, 1956, as a amended. For Details of change in the registered office of our company. See "History and certain Corporate matters- Changes in Registered Office" on page 118 of the prospectus dated December 13,2012(the "Prospectus")).
Registered Office: 4th floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway sion(East) Mumbai 400 022; Contact Person: Navin K. Jain, Company Secretary and Compliane Officer: Tel: (91 22) 6754 3456; Fax: (91 22) 6754 3457; Email:investor.relations@careratings.com; Website: http://www.careratings.com
Our Company is Professionally managed and does not have an identifiable promoter in terms of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended (the "SEBI Regulations")

BASIS OF ALLOTMENT

PUBLIC OFFER OF 7,199,700 EQUITY SHARES OF A FACE VALUE OF RS.10 EACH (THE "EQUITY SHARES") OF CREDIT ANALYSIS AND RESEARCH LIMITED (THE "COMPANY") THROUGH AN OFFER FOR SALE BY THE SELLING SHAREHOLDERS FOR CASH AT A PRICE OF RS. 750 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 740 PER EQUITY SHARE) AGGREGATING TO RS. 5,399.78 MILLION (THE "OFFER"). THE OFFER CONSTITUTES 25.22% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.

THE FACE VALUE OF EQUITY SHARES IS RS. 10 EACH. THE OFFER PRICE IS RS. 750 PER EQUITY SHARE AND IS 75 TIMES THE FACE VALUE OF THE EQUITY SHARE.

BID/OFFER: OPENED ON DECEMBER 7,2012 and CLOSED ON DECEMBER 11,2012

(Except for Anchor Investors for whom the Bid/ Offer Period was one Working Day prior to the Bid/ Offer Opening Date).

In terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended, this was an Offer for more then 25% of the post-Offer paid-up Equity Share Capital of our company.This offer was through the book Building Process wherein 50% of the Offer was allocated on a proportionate basis to QIBs and our Company and the Selling Shareholders have allocated 1,079,954 Equity Shares of the QIB Portion to Anchor Investors on a discretionary basis. 5% of the QIB Portion (excluding Anchor Investor Portion) was available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion was available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Offer was available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer was available for allocation to Retail Individual Bidders in accordance with the SEBI Regulations, subject to valid Bids being received at or above the Offer Price. For details, see the section "Offer Procedure" on page 257 of the Prospectus.

The Offer received 326,829 applications for 245,557,300 Equity Shares (including Anchor Investors) resulting in 34.11 times subscription. The details of the applications received in the Offer from Qualified Institutional Buyers, Non-Institutional Bidders, Retail Individual Bidders and Anchor Investors are as under: (Before technical rejections)

Sr. Category No. of applications No. of Equity Shares No. of times subscription
A Retail Individual Bidders 326,157 15,401,140 6.11
B Non Institutional Bidders 476 119,049,900 110.24
C Qualified Institutional Buyers 173 109,146,320 43.31
D Anchor Investors 23 1,959,940 1.81
Total 326,829 245,557,300 34.11

Final Demand
A summary of the final demand as per BSE Limited ("BSE") and The National Stock Exchange of India Limited ("NSE") at different bid prices is as under:

Bid
Price
No. Of
Equity Shares
% to
Total
Cumulative
Total
Cumulative %
of Total
700 1600660 0.62 1600660 0.62
701 980 0.00 1601640 0.62
702 120 0.00 1601760 0.62
703 100 0.00 1601860 0.62
705 4360 0.00 1606220 0.63
706 20 0.00 1606240 0.63
707 40 0.00 1606280 0.63
708 20 0.00 1606300 0.63
710 9240 0.00 1615540 0.63
711 320 0.00 1615860 0.63
712 1020 0.00 1616880 0.63
713 100 0.00 1616980 0.63
714 9860 0.00 1626840 0.63
Bid
Price
No. Of
Equity Shares
% to
Total
Cumulative
Total
Cumulative %
of Total
715 940 0.00 1627780 0.63
716 40 0.00 1627820 0.63
718 20 0.00 1627840 0.63
719 40 0.00 1627880 0.63
720 5560 0.00 1633440 0.64
721 40 0.00 1633480 0.64
722 140 0.00 1633620 0.64
723 40 0.00 1633660 0.64
725 1494000 0.58 3127660 1.22
726 80 0.00 3127740 1.22
729 20 0.00 3127760 1.22
730 14180 0.01 3141940 1.22
731 20 0.00 3141960 1.22
Bid
Price
No. Of
Equity Shares
% to
Total
Cumulative
Total
Cumulative %
of Total
732 160 0.00 3142120 1.22
733 100 0.00 3142220 1.22
734 20 0.00 3142240 1.22
735 1200 0.00 3143440 1.22
737 20 0.00 3143460 1.22
740 16520 0.01 3159980 1.23
741 20 0.00 3160000 1.23
744 20 0.00 3160020 1.23
745 12520 0.00 3172540 1.23
746 80 0.00 3172620 1.23
748 220 0.00 3172840 1.23
749 160 0.00 3173000 1.24
750 239673220 93.29 242846220 94.52
99999 14076620 5.48 256922840 100.00

The Basis of Allotment was finalized in consultation with BSE, being the Designated Stock Exchange, on December 20, 2012 and was taken on record by the Board of Directors in their meeting on December 21, 2012.

A. Allocation to Retail Individual Bidders (after technical rejections) (Including ASBA applications)
The Basis of Allotment to the Retail Individual Bidders, who have bid at Cut-off Price or at the Offer Price of Rs. 750 per Equity Share, was finalized in consultation with BSE. This category has been subscribed to the extent of 5.98 times. The total number of Equity Shares allocated in the Retail Individual Bidder category is 2,519,895 Equity Shares allocated to 125,994 successful applicants. The category-wise details of the Basis of Allotment are as under:

Category
(No. of Equity Shares applied for)
No. Of applications received % to total Total No.
of Equity Shares applied
% to total No. of Equity Shares
allocated per
applicant
Ratio of allottees to
applicants
Total No. of Equity Shares allocated
20 245680 76.93 4913600 32.58 20 101:256 1938580
40 15853 4.96 634120 4.20 20 101:256 125100
60 9199 2.88 551940 3.66 20 101:256 72580
80 4505 1.41 360400 2.39 20 101:256 35540
100 5832 1.83 583200 3.87 20 101:256 46020
120 7892 2.47 947040 6.28 20 101:256 62280
140 3831 1.20 536340 3.56 20 101:256 30220
Category
(No. of Equity Shares applied for)
No. Of applications received % to total Total No.
of Equity Shares applied
% to total No. of Equity Shares
allocated per
applicant
Ratio of allottees to
applicants
Total No. of Equity Shares allocated
160 1223 0.38 195680 1.30 20 101:256 9660
180 657 0.21 118260 0.78 20 101:256 5180
200 2324 0.73 464800 3.08 20 101:256 18340
220 480 0.15 105600 0.70 20 101:256 3780
240 843 0.26 202320 1.34 20 101:256 6660
260 21031 6.59 5468060 36.26 20 101:256 165940

Please note: 1 additional Equity Share has been allocated to 15 applicants from amongst 29065 successful applicants from the categories 40-260 (i.e. except successful applicants for category 20) in the ratio of 15:29065.

B. Allocation to Non-Institutional Bidders (after technical rejections) (Including ASB Aapplications)
The Basis of Alloment to the Non-Institutional Bidders, who have bid at the Offer Price of Rs.750 per Equity Share was finalized in consultation with BSE. This category has been subscribed to the extent of 110.12 times. The total number of Equity Shares allocated in the Non Institutional Bidder category is 1,079,955 Equity Shares, allocated to 361 successful applicants. The category-wise details of the Basis of Allotment (on sample basis) are as under:

Category
(No. of Equity Shares applied for)
No. of applications received % to total Total No.
of Equity Shares applied
% to total No. of Equity Shares
allocated per
applicant
Ratio of allottees to
applicants
Total No. of Equity Shares allocated
280 17 3.79 4760 0.00 20 2:17 40
300 6 1.34 1800 0.00 20 1:6 20
320 1 0.22 320 0.00 20 1:1 20
340 1 0.22 340 0.00 20 1:1 20
360 1 0.22 360 0.00 20 1:1 20
400 16 3.56 6400 0.01 20 3:16 60
440 2 0.45 880 0.00 20 1:2 20
460 2 0.45 920 0.00 20 1:2 20
500 5 1.11 2500 0.00 20 1:5 20
520 2 0.45 1040 0.00 20 1:2 20
540 3 0.67 1620 0.00 20 1:3 20
580 1 0.22 580 0.00 20 1:1 20
600 4 0.89 2400 0.00 20 1:4 20
620 1 0.22 620 0.00 20 1:1 20
640 1 0.22 640 0.00 20 1:1 20
660 17 3.79 11220 0.01 20 5:17 100
720 1 0.22 720 0.00 20 1:1 20
740 1 0.22 740 0.00 20 1:1 20
800 6 1.34 4800 0.00 20 1:3 40
920 4 0.89 3680 0.00 20 1:4 20
1000 11 2.45 11000 0.01 20 5:11 100
1060 1 0.22 1060 0.00 20 1:1 20
1140 1 0.22 1140 0.00 20 1:1 20
1200 1 0.22 1200 0.00 20 1:1 20
1300 2 0.45 2600 0.00 20 1:2 20
1320 10 2.23 13200 0.01 20 3:5 120
1340 1 0.22 1340 0.00 20 1:1 20
1380 1 0.22 1380 0.00 20 1:1 20
1400 2 0.45 2800 0.00 20 1:2 20
1500 2 0.45 3000 0.00 20 1:2 20
1600 1 0.22 1600 0.00 20 1:1 20
1820 1 0.22 1820 0.00 20 1:1 20
1840 1 0.22 1840 0.00 20 1:1 20
1860 2 0.45 3720 0.00 20 1:2 20
2000 16 3.56 32000 0.03 20 1:2 160
Category (No. of Equity Shares applied for) No. of applications received % to total Total No.
of Equity Shares applied
% to total No. of Equity Shares
allocated per
applicant
Ratio of allottees to
applicants
Total No. of Equity Shares allocated
2020 2 0.45 4040 0.00 20 1:2 20
2100 2 0.45 4200 0.00 20 1:2 20
2160 1 0.22 2160 0.00 20 1:1 20
2200 3 0.67 6600 0.01 20 1:1 60
2340 1 0.22 2340 0.00 21 1:1 21
2400 2 0.45 4800 0.00 22 1:1 44
2600 2 0.45 5200 0.00 24 1:1 48
2660 3 0.67 7980 0.01 24 1:1 72
4000 4 0.89 16000 0.01 36 1:1 144
4100 1 0.22 4100 0.00 37 1:1 37
14660 1 0.22 14660 0.01 133 1:1 133
15600 1 0.22 15600 0.01 142 1:1 142
16660 1 0.22 16660 0.01 151 1:1 151
20000 6 1.34 120000 0.10 182 1:1 1092
21200 1 0.22 21200 0.02 193 1:1 193
22000 1 0.22 22000 0.02 200 1:1 200
60000 3 0.67 180000 0.15 545 1:1 1635
63000 1 0.22 63000 0.05 572 1:1 572
66800 3 0.67 200400 0.17 607 1:1 1821
67000 1 0.22 67000 0.06 608 1:1 608
200000 2 0.45 400000 0.34 1816 1:1 3632
225720 1 0.22 225720 0.19 2050 1:1 2050
266400 1 0.22 266400 0.22 2419 1:1 2419
266660 3 0.67 799980 0.67 2422 1:1 7266
300000 3 0.67 900000 0.76 2724 1:1 8172
595920 1 0.22 595920 0.50 5411 1:1 5411
1442000 1 0.22 1442000 1.21 13095 1:1 13095
1993000 1 0.22 1993000 1.68 18098 1:1 18098
1993120 2 0.45 3986240 3.35 18099 1:1 36198
2000000 3 0.67 6000000 5.05 18162 1:1 54486
5866660 1 0.22 5866660 4.93 53274 1:1 53274
6000000 1 0.22 6000000 5.05 54481 1:1 54481

C. Allocation to QIBs (after technical rejections) (Including ASBA applications) excluding allocation to Anchor Investors
The Basis of Allotment to QIBs who have bid at the Offer Price of Rs.750 per Equity Share has been done on a proportionate basis in consultation with BSE. This category has been subscribed to the extent of 43.31 times. As per the SEBI Regulations, Mutual Funds were initially allocated 5% of the Equity Shares available i.e. 125,995 Equity Shares and other QIBs and unsatisfied demands of Mutual Funds were allocated the remaining available Equity Shares i.e. 2,393,901 Equity Shares. The total number of Equity Shares allocated in the QIB category is 2,519,896 Equity Shares, which were allocated to 173 successful applicants. The category-wise details of the Basis of Allotment are as under:

Category Fls/Banks Flls MFs ICs VCs Total
No. of Equity Shares 996,805 949,409 335,114 230,883 7,685 2,519,896

D. Allocation to Anchor lnvestors
The Company and the Selling Shareholders have Allotted 1,079,954 Equity Shares to 23 Anchor Investors (Of which 5 Mutual Funds have applied through various schemes) in consultation with the BRLMs at Rs. 750 per Equity Share. This represents upto 30% of the QIB Portion.
The Board of Directors of the Company at its meeting held at Mumbai on December 21,2012 has taken on record the Basis of Allotment of Equity Shares in the Offer, as approved by BSE, and has Allotted the Equity Shares to various successful applicants.

The CAN-cum-Refund Orders and Allotment Advice and/ or notices have been dispatched to the address of the investors as registered with the Depositories on December 24,2012. Further the instructions to the SCSBs have been dispatched/ mailed on December21,2012. The refund orders have been over-printed with the bank account details as registered, if any, with the Depositories.
Commencement of Trading: The Equity Shares Allotted to successful applicants have been credited on December 21,2012 to the beneficiary accounts of such applicants, subject to validation of the account details with the Depositories concerned. The Equity Shares are proposed to be listed on the BSE and NSE and the trading will commence on December 26,2012.
Note: All capitalized terms used and not defined herein shall have the respective meaning assigned to them in the Prospectus.

INVESTORS PLEASE NOTE
The Basis of Allotment made would be published on the website of the Registrar to the Offer, Karvy Computershare Private Limited at http://karisma.karvy.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer 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-Cum Application Form was submitted and payment details at the address given below:

Karvy Computershare private Limited
Plot Nos. 17 - 24,Vittal Rao Nagar, Madhapur.Hyderabad 500 081
Tel: (91 40) 4465 5000; Fax: (91 40) 2343 1551;
Email: care.ipo@karvy.com; Website: http://karisma.karvy.com

Date: December 25,2012
Place: Mumbai

For CREDIT ANALYSIS AND RESEARCH LIMITED
on behalf of the Board of Directors
Sd/-
Managing Director & Chief Executive Officer

CARE IPO Basis of Allotment FAQs

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

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

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