Gallantt Ispat IPO Details

Issue Open Sep 22, 2010
Issue Close Sep 24, 2010
IPO Price ₹50
Face Value ₹10
IPO Size ₹40.50 Cr
Listing At BSE, NSE
IPO Lot Size 125

GALLANTT ISPAT LIMITED

Our Company was incorporated on February 11, 2005, as Gallantt Ispat Limited under the Companies Act, 1956 at Kolkata, West Bengal, with CIN U27109 WB2005PLC101650 of 2005 with the Registrar of Companies, West Bengal. On February 11, 2008 our Registered Office was shifted from 21, Hemant Basu Sarani. 3rd Floor, Room No-306, Kolkata-700001 to Ashyana, 29C, Bentinck Street, Kolkata - 700 069, West Bengal, India. Further, on June 24, 2010 our Registered Office was shifted to 11, Crooked Lane, Second Floor, Kolkata - 700069, our current address. The Promoters of our Company are Mr. Chandra P. Agarwal, Mr. Pram P. Agarwal, Mr. Nitin M. Kandoi, M/s Chandra Prakash Agarwal & Sons HUF and Gallantt Metal Limited.

Registered Office : 11, Crooked Lane, Second Floor, Kolkata - 700069, West Bengal, India. Tel: +91 33 22312429; Fax : +91 33 22312429: Contact Person/ Compliance Officer: Mr. Nitesh Kumar, Company Secretary and Manager-Accounts and Finance; E-mail: investors@gallantt.com; Website : www.gallantt.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 81,00,000 EQUITY SHARES OF RS. 10(- EACH FOR CASH AT A PRICE OF RS. 50/-PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS.40/-PER EQUITY SHARE AGGREGATING TO RS. 4,050 LACS (HEREIN AFTER REFERRED TO AS THE "ISSUE"), BY GALLANTT ISPAT LIMITED (THE "COMPANY" OR THE "ISSUER"). THE ISSUE COMPRISES 14,00,000 EQUITY SHARES FOR SUBSCRIPTION BY PROMOTER CONTRIBUTION AND NET OFFER TO THE PUBLIC OF 67,00,000 EQUITY SHARES RS 10/- EACH. THE ISSUE WOULD CONSTITUTE 30.26% OF THE FULLY POST ISSUE PAID-UP CAPITAL OF OUR COMPANY. THE NET ISSUE TO PUBLIC WILL CONSTITUTE 25.02% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY

The Face Value of the Equity Shares is Rs. 10/- each and the Issue Price is 5 (Five) time the Face Value.

The Board of Directors of GALLANTT ISPAT LIMITED wish to thank the investing public, for their response to the Issue which opened for subscription on Wednesday, September 22, 2010 and closed on Friday, September 24, 2010. The Issue has received 4255 applications for 97,57,000 Equity Shares resulting in 1.44 times subscription. The details of the Applications received in the Issue (before technical rejections) are as under;

Category No. of Applications No. of Shares Subscription
Retail individual Applicant 4225 43,70,375 1.30
Non Institutional Applicant 26 32,22,625 1.20
Qualified Institutional Applicant 4 21,64,000 3.23

In terms of the prospectus dated 15.09.2010, page no. 274 and also as per the SESI Regulations,

  • A minimum of 10% of the Net Offer to Public shall be allotted to Qualified Institutional Buyers ( QIBs) on a proportionate basis,
  • A minimum of 50% of Net Offer to Public shall initially be made available for allotment to Retail Individual Investors
  • The Balance Net Offer of Shares to Public shall be made available for allotment to (i) individual applicants other than Retail Individual Investors and (ii) Other Investors including Corporate Bodies / Institutions / QIBs irrespective of number of shares applied for.

The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - Bombay Stock Exchange Limited, ("BSE") on 5th October 2010,

A. Allocation to Retail Individual Investors (After Technical Rejections)
The Basis of Allotment to the Retail Investors, at the issue price of Rs.50/- per Equity Share, was finalised in consultation with BSE. The category was oversubscribed by 1.2709 times. The total number of shares allotted in this category is 33,50,203 Equity Shares (including 203 excess shares due to rounding off). The category-wise details of the Basis of Allotment are as under:

CATEGORY NO. OF
APPLICATIONS
RECIEVED
% OF TOTAL TOTAL SHARES
APPLIED IN EACH CATEGORY
% OF TOTAL NO. OF
SHARES
ALLOTTED
PER ALLOTTEE
RATIO NO. OF
SHARES
ALLOTTED
125 1307 31.471 163375 3.837 125 11:14 128250
250 505 12.160 126250 2.965 197 1 :1 99485
375 109 2.625 40875 0 963 295 1 :1 32155
500 217 5225 108500 2.549 393 1 :1 85281
625 39 0 939 24375 0.573 492 1 :1 19186
750 24 0.578 18000 0.423 590 1 :1 14150
875 18 0.433 15750 0.370 669 1 :1 12402
1000 78 1.878 78000 1.832 787 1 :1 61386
1125 2 0 048 2250 0 053 865 1 :1 1770
1250 16 0.385 20000 0.470 964 1 :1 15744
1375 2 0.048 2750 0.065 1082 1 :1 2164
1500 13 0.313 19500 0.458 1160 1 :1 15340
1625 2 0 048 3250 0.076 1279 1 :1 2555
1750 6 0.145 10500 0.247 1377 1 :1 6252
1675 48 1.158 90000 2.114 1475 1 :1 70800
2000 1767 42.546 3534000 63.009 1574 1 :1 2731256
TOTAL 4153 100.000 4257375 100.000 3350203

B. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allotment for the Non Institutional Investors, who have applied at the issue price of Rs.50/-per Equity Share for a total amount of more than Rs. 1,00.000/-, was finalised in consultation with BSE. This category has been subscribed to the extent of 1.755 times. Overall 23 applications for 47,04,000 equity shares were found valid and on proportionate basis, the company have allotted 26,80,005 equity shares (including 5 excess shares due to rounding off). The category-wise details of the Basis of Allocation are as under:

CATEGORY NO. OF
APPLICATIONS
RECIEVED
% OF TOTAL TOTAL SHARES
APPLIED IN EACH CATEGORY
% OF TOTAL NO. OF
SHARES
ALLOTTED
PER ALLOTTEE
RATIO NO OF
SHARES
ALLOTTED
10000 1 4.348 10000 0.213 5697 1 :1 5697
20000 1 4.348 20000 0.425 11395 1 :1 11395
30000 1 4.348 30000 0.638 17092 1 :1 17092
50000 1 4.348 50000 1.063 28436 1 :1 28486
60000 1 4.348 60000 1.276 34164 1 :1 34184
90000 4 17.391 360000 7.653 51276 1 :1 205104
100000 1 4.348 100300 2.126 56973 1 :1 56973
180000 2 8.696 360000 7.653 102551 1 :1 205102
190000 2 8.696 380300 8.076 10824S 1 :1 216498
200000 2 8.696 400000 8.503 113946 1 :1 227892
276155 2 8.696 552310 11.741 157333 1 :1 314666
310675 1 4.348 310675 6.604 177000 1 :1 177000
420000 2 8.696 840000 17.857 239266 1 :1 478572
600000 1 4.348 600000 12.755 341837 1 :1 341837
631015 1 4.348 631015 13.414 359507 1 :1 359507
TOTAL 23 100.000 4704000 100.000 2680005

C. Allocation to Qualified Institutional Investors (QIBs) (Minimum 10%)*
The Basis of Allocation to the Qualified Institutional Bidders, who have bid at the issue price of Rs.50/-per Equity Share was finalized in consultation with BSE. Overall 4 applications for 21,64,000 Equity Shares were found valid and the quantum of shares allotted to this category is 6,70,000. The summary of allotment is as under:

CATEGORY NO. OF
APPLICATIONS
RECIEVED
TOTAL TOTAL SHARES
APPLIED IN EACH CATEGORY
% OF TOTAL NO. OF
SHARES
ALLOTTED
PER ALLOTTEE
RATIO NO. OF
SHARES
ALLOTTED
400000 2 50.000 600000 36.969 123345 1 :1 247690
450000 1 25.000 450000 20.795 139325 1 :1 139325
914000 1 25.000 914000 42.237 262965 1 :1 282985
TOTAL 4 100.000 2164000 100.000 670000

*Balance added to Non Institutional Category

The Committee of Directors of the company at its meeting held at Kolkata on October, 05. 2010 has approved the Basis of Allotment of Shares of the issue and has allotted the shares to various successful applicants.

The CAN-cum-Refund Orders and allotment advice and/ or notices are being dispatched to the address of the Bidders as registered with the depositories on 8th October, 2010. Further, the instructions to Self Certified Syndicate Banks have been dispatched on or prior to 8th October 2010. In case the same is not received within 10 days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Account details as registered, if any, with the depositories. 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. The Company is taking steps to get the Equity Shares admitted for trading on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited within four working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE

The details of the allotment made would also be hosted on the website of the Registrar to the Issue, Niche Technologies Pvt Ltd at www.nichetechpl.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First / Sole applicants, serial number of the Application Form, number of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:

Niche Technologies Private Limited
D-511, Bagree Market, 71, B.R.B Basu Road, Kolkata - 700 001
Tel: +91 33 22357270. Fax : +91 33 22156823
Email: gil@nichetechpl.com
Contact Person : Mr. S Abbas
HELPLINE NUMBER: +91 33 22357270

Place : Kolkata
Date : 08.10.2010
For Gallantt Ispat Limited
Sd/-
Nitesh Kumar
Company Secretary & Compliance Officer

Gallantt Ispat IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Gallantt Ispat IPO?

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

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

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

  3. 3. What is Gallantt Ispat IPO allotment process?

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