Gammon Infra IPO Details

Issue Open Mar 10, 2008
Issue Close Mar 13, 2008
IPO Price ₹167
Face Value ₹10
IPO Size ₹276.39 Cr
Listing At BSE, NSE
IPO Lot Size 35

GAMMON INFRASTRUCTURE PROJECTS LIMITED

(Our Company was incorporated as Gammon Infrastructure Projects and Investments Limited under the Companies Act, 1956 on April 23, 2001 and subsequently renamed as Gammon Infrastructure Limited on April 1, 2002)
Corporate and Registered Office: Gammon House, Veer Savarkar Marg, Prabhadevi, Mumbai 400 025. Tel: (91 22) 6661 4000; Fax (91 22) 6661 4025
Contact Person : G Sathis Chandran; Email: compliances@gammoninfra.com; Website : www.gammoninfra.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 1,65,50,000 EQUITY SHARES OF Rs. 10 EACH FOR CASH AT A PRICE OF Rs. 167.0 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 157.0 PER EQUITY SHARE) AGGREGATING Rs. 27,638.50 LAKHS (THE 'ISSUE') BY GAMMON INFRASTRUCTURE PROJECTS LIMITED (THE 'COMPANY' OR THE 'ISSUER'). THE ISSUE COMPRISES A NET ISSUE OF 1,48,95,000 EQUITY SHARES TO THE PUBLIC AND A RESERVATION OF 16,55,000 EQUITY SHARES FOR ELIGIBLE EMPLOYEES. THE ISSUE WOULD CONSTITUTE 11.45% OF THE POST ISSUE PAID-UP EQUITY CAPITAL OF THE COMPANY. THE NET ISSUE WOULD CONSTITUTE 10.30% OF THE POST ISSUE PAID-UP EQUITY CAPITAL OF THE COMPANY.
THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 167 AND IT IS 16.7 TIMES THE FACE VALUE.

The Issue has been made through the 100% Book Building Process wherein at least 60% of the net Issue was allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (including 5% of the QIB portion that was specifically allotted to mutual funds), further, atleast 10% of the Issue was available for allocation on a proportionate basis to Non-Institutional Bidders and atleast 30% of the Issue was available for allocation on a proportionate basis to Retail Bidders, subject to valid Bids being received at or above the Issue Price. Further upto 16,55,000 equity shares was available for allocation on a proportionate basis to Eligible Employees, subject to valid Bids being received at or above the issue price. The Issue received 23,291 applications for 5,66,99,895 equity shares resulting in 3.4260 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 15 46186560 5.1680
Non Institutional Investors 55 5263370 3.5336
Retail Individual Investors 23013 4380355 0.9803
Employees 208 869610 0.5254

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
167 43083075 74.1217 58124780 100.0000
168 2590 0.0045 15041705 25.8783
169 700 0.0012 15039115 25.8738
170 8960 0.0154 15038415 25.8726
171 1260 0.0022 15029455 25.8572
172 385 0.0007 15028195 25.8551
173 105 0.0002 15027810 25.8544
175 8890 0.0153 15027705 25.8542
177 7875 0.0135 15018815 25.8389
178 3640 0.0063 15010940 25.8254
180 289100 0.4974 15007300 25.8191
181 315 0.0005 14718200 25.3217
183 140 0.0002 14717885 25.3212
184 210 0.0004 14717745 25.3209
185 1235990 2.1264 14717535 25.3206
190 1244880 2.1417 13481545 23.1941
191 35 0.0001 12236665 21.0524
193 140 0.0002 12236630 21.0523
195 805 0.0014 12236490 21.0521
197 35 0.0001 12235685 21.0507
198 490 0.0008 12235650 21.0507
199 210 0.0004 12235160 21.0498
200 7634305 13.1343 12234950 21.0495
9999 4600645 7.9151 4600645 7.9151
58124780 100.0000

The Basis of Allocation was finalized in consultation with the National Stock Exchange Limited ('NSE') on 26th March, 2008.

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. 167/- per Equity Share was finalized in consultation with NSE. The category was subscribed 0.520199 times. The total number of Equity Shares allotted in this category is 8,60,930 Equity Shares to 197 successful applicants. The unsubscribed portion (7,94,070 Equity Shares) is spilled over to Non Institutional Investor 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
70 9 4.57 630 0.07 70 FIRM 630
105 17 8.63 1785 0.21 105 FIRM 1785
875 1 0.51 875 0.1 875 FIRM 875
980 11 5.58 10780 1.25 980 FIRM 10780
1015 12 6.09 12180 1.41 1015 FIRM 12180
1050 11 5.58 11550 1.34 1050 FIRM 11550
2415 1 0.51 2415 0.28 2415 FIRM 2415
2520 1 0.51 2520 0.29 2520 FIRM 2520
4620 1 0.51 4620 0.54 4620 FIRM 4620
4970 1 0.51 4970 0.58 4970 FIRM 4970
9975 23 11.68 229425 26.65 9975 FIRM 229425
12005 1 0.51 12005 1.39 12005 FIRM 12005
12495 1 0.51 12495 1.45 12495 FIRM 12495
28700 1 0.51 28700 3.33 28700 FIRM 28700
29995 12 6.09 359940 41.81 29995 FIRM 359940

B. Allocation to Retail Individual Investors (After Technical Rejections)
The Basis of Allocation to Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 167/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 0.967029 times. The total number of equity shares allotted in this category is 43,21,170 to 22,729 successful applicants. The unsubscribed portion (1,47,330 Equity Shares) is spilled over to Non Institutional Investor 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
35 5218 22.96 182630 4.23 35 FIRM 182630
70 3665 16.12 256550 5.94 70 FIRM 256550
105 2654 11.68 278670 6.45 105 FIRM 278670
140 2201 9.68 308140 7.13 140 FIRM 308140
175 859 3.78 150325 3.48 175 FIRM 150325
210 911 4.01 191310 4.43 210 FIRM 191310
245 1358 5.97 332710 7.7 245 FIRM 332710
280 615 2.71 172200 3.99 280 FIRM 172200
315 150 0.66 47250 1.09 315 FIRM 47250
350 588 2.59 205800 4.76 350 FIRM 205800
385 88 0.39 33880 0.78 385 FIRM 33880
420 159 0.7 66780 1.55 420 FIRM 66780
455 61 0.27 27755 0.64 455 FIRM 27755
490 4117 18.11 2017330 46.68 490 FIRM 2017330
525 5 0.02 2625 0.06 525 FIRM 2625
560 11 0.05 6160 0.14 560 FIRM 6160
595 69 0.3 41055 0.95 595 FIRM 41055

C. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to Non-Institutional Investors, who have bid at the Issue Price of Rs. 167/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 2.156426 times. The total number of Equity Shares allotted in this category is 24,30,900 Equity Shares to 36 successful applicants including spill over from Employee Category (7,94,070 Equity Shares) and Retail Category (1,47,330 Equity Shares). The category-wise details of 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
525 4 11.11 2100 0.04 244 FIRM 976
595 2 5.56 1190 0.02 276 FIRM 552
700 2 5.56 1400 0.03 325 FIRM 650
735 1 2.78 735 0.01 341 FIRM 341
805 1 2.78 805 0.02 373 FIRM 373
980 7 19.44 6860 0.13 454 FIRM 3178
1050 3 8.33 3150 0.06 487 FIRM 1461
1505 2 5.56 3010 0.06 698 FIRM 1396
2485 1 2.78 2485 0.05 1152 FIRM 1152
39.90 1 2.78 3990 0.08 1850 FIRM 1850
4970 1 2.78 4970 0.09 2305 FIRM 2305
8365 1 2.78 8365 0.16 3879 FIRM 3879
9975 1 2.78 9975 0.19 4626 FIRM 4626
10500 1 2.78 10500 0.2 4869 FIRM 4869
12495 1 2.78 12495 0.24 5794 FIRM 5794
45010 1 2.78 45010 0.86 20873 FIRM 20873
49980 1 2.78 49980 0.95 23177 FIRM 23177
50050 1 2.78 50050 0.95 23210 FIRM 23210
999985 1 2.78 999985 19.08 463723 FIRM 463723
1225000 2 5.56 2450000 46.74 568070 FIRM 1136140
1575000 1 2.78 1575000 30.05 730375 FIRM 730375

D. Allocation to QlBs
Allocation to QIBs has been done on a proportionate basis in consultation with NSE. We received no bids from mutual funds.

Category Fls/Banks MFs Flls VCs Total
No. of Shares 2033563 ----- 6857093 46344 8937000

The IPO Committee of the company at it's Meeting held at Mumbai on March 27th, 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 and call money notices 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 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 Fully Paid up Equity Shares admitted for trading on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited within seven working days from the date of approval of the basis of allocation.

Partly-paid Equity Shares cannot be traded until the time these Equity Shares become Fully Paid and listing and trading approval is obtained from Stock Exchanges.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the
Issue, Intlme Spectrum Registry Limited at www.intimespectrum.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, Place where the Bid was submitted and payment details at the address given below:

INTIME SPECTRUM REGISTRY LIMITED
C-13, Pannalal Silk Mills Compound, LBS Marg
Bhandup West, Mumbai - 400 078.
Tel: 91 22 2596 0320, Fax: 91 22 2596 0329
Email:gipl.ipo@intimespectrum.com

Toll Free No.: 1800-22-0320

Place : Mumbai
Date : 27 March, 2008
For Gammon Infrastructure Projects Limited
Sd/-
G. Sathis Chandran
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 GAMMON INFRASTRUCTURE PROJECTS LIMITED.
It is hereby brought to the notice of all investors that in the section titled 'Issue Procedure -Basis of Allotment' on pages 319 and 320 of the Red Herring Prospectus and the Prospectus, the tradeable lot is clarified to be 1 (One) Equity Share.

Gammon Infra IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Gammon Infra IPO?

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

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

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

  3. 3. What is Gammon Infra IPO allotment process?

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