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September 26, 2006 - September 29, 2006

Gayatri IPO Basis of Allotment

GAYATRI PROJECTS LIMITED

(Incorporated as Private Limited Company on September 15, 1989, under the Companies Act, 1956 as Andhra Coastal Construction Private Limited. The name of the company was changed to Gayatri Projects Private Limited on 31st March, 1994 and it was converted into a public limited company on 2nd December, 1994)
Regd. Office: G-2, Mangal Adesh Society, 4th Road, T P S III, Santacruz (East), Mumbai 400 055, Tel:+91-22- 5600 5785, Fax:+91-22-2617 6429 Corporate Office: B-1, TSR Towers, 6-3-1090, Rajbhavan Road, Somajiguda, Hyderabad 500 082. Tel: +91-40-2331 3330, 2331 4284, Fax: +91-40-2339 8435. email: publicissue@gayatri.co.in Website: www.gayatri.co.in

BASIS OF ALLOCATION

PUBLIC ISSUE OF 29,00,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 295 PER EQUITY SHARE AGGREGATING RS. 8555 LAKHS, CONSISTING OF OFFER FOR SALE OF 19,00,000 EQUITY SHARES BY VIDEOCON APPLIANCES LIMITED & VIDEOCON INDUSTRIES LIMITED (TOGETHER REFERRED AS 'THE SELLING SHAREHOLDERS') AND A FRESH ISSUE OF 10,00,000 EQUITY SHARES BY GAYATRI PROJECTS LIMITED ('GAYATRI' OR 'COMPANY' OR 'ISSUER'). THE OFFER FOR SALE AND THE FRESH ISSUE ARE JOINTLY REFERRED TO HEREIN AS THE OFFER ('THE OFFER').
1,00,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 295 PER EQUITY SHARE AGGREGATING RS. 295 LAKHS WERE RESERVED IN THE OFFER FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (THE 'EMPLOYEE RESERVATION PORTION'), AND THE OFFER OF EQUITY SHARES OTHER THAN THE EMPLOYEE RESERVATION PORTION, IS THE 'NET OFFER'. THE OFFER SHALL CONSTITUTE 29% OF THE FULLY DILUTED POST OFFER PAID-UP CAPITAL OF THE COMPANY
THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 295/-AND THE ISSUE PRICE IS 29.5 TIMES THE FACE VALUE.

The Offer was made through a 100% Book Building Process wherein not more than 50% of the Net Offer to Public was available for allocation on a proportionate basis to Qualified Institutional Buyers ('QIBs'). 5% of the QIB Portion was available for allocation on a proportionate basis to Mutual Funds only. Further, not less than 15% of the Net Offer to Public was available for allocation on a proportionate basis to Non Institutional Bidders and not less than 35% of the Net Offer to Public was available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Offer Price.

The Issue received 25,199 applications for 1,64,87,698 equity shares resulting in 5.68 times subscription. The details of the applications received in the Issue from Qualified Institutional Bidders, Non-Institutional Bidders, Retail Individual Bidders and Employees of the Company categories are as under: (Before technical resections)

Category No. of  Applications No. of  Equity Shares Subscription
(No. of times)
Retail Individual Bidders 25082 3971058 4.05
Non Institutional Bidders 78 933060 2.22
Qualified Institutional Bidders 26 11483200 8.20
Employees 13 100380 1.00
Total 25199 16487689 5.68

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
275 1826840 10.71 17060720 100.00
277 760 0.00 15233880 89.29
278 60 0.00 15233120 89.29
280 760 0.00 15233060 89.29
282 880 0.01 15232300 89.28
283 20 0.00 15231420 89.28
284 100 0.00 15231400 89.28
285 10020 0.06 15231300 89.28
286 20 0.00 15221280 89.22
288 60 0.00 15221260 89.22
290 4380 0.03 15221200 89.22
291 40 0.00 15216820 89.19
294 2100 0.01 15216780 89.19
Cut Off Price & at 295 15214680 89.18 15214680 89.18
17060720 100.00

The Basis of Allocation was finalized in consultation with Bombay Stock Exchange Limited ('BSE') on 10th October, 2006.

A. Allocation to Employees under Employee Reservation Portlon(After Technical Rejections)
The Basis of Allocation to the Employees, who have bid at cut-off or at the Offer Price of Rs.295/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 1.00 times.. The total number of shares allotted in this category is 1,00,000 Equity Shares. The category-wise details of the Basis of Allocation in this category are as under:

Category No. of
Applications
% to Total Total No. of
Shares Applied
% to Total No. of
Shares Allocated
Ratio Total No. of
Shares Allocated
100 1 7.69 100 0.10 100 FIRM 100
120 1 7.69 120 0.12 120 FIRM 120
160 1 7.69 160 0.16 160 FIRM 160
10000 10 76.92 100000 99.62 9962 FIRM 99620

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 Offer Price of Rs.295/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 3.97 times. The total number of shares allotted in this category is 9,80,000 Equity Shares. The category-wise details of the Basis of Allocation in this category are as under:

Category No. of
Applications
% to Total Total No. of
Shares Applied
% to Total . No of
Shares Allocated
Ratio Total No. of
Shares Allocated
20 2884 11.81 57680 1.48 20 1:4 14420
40 2295 9.40 91800 2.36 20 1:2 22960
60 1482 6.07 88920 2.28 20 3:4 22240
80 989 4.05 79120 2.03 20 FIRM 19780
100 2037 8.34 203700 5.23 25 FIRM 50925
ADDITIONAL 1 1:15 135
120 610 2.50 73200 1.88 30 FIRM 18300
140 484 1.98 67760 1.74 35 FIRM 16940
160 6453 26.43 1032480 26.51 40 FIRM 258120
180 235 0.96 42300 1.09 45 FIRM 10575
200 340 1.39 68000 1.75 50 FIRM 17000
220 67 0.27 14740 0.38 55 FIRM 3685
240 102 0.42 24480 0.63 60 FIRM 6120
260 81 0.33 21060 0.54 65 FIRM 5265
280 52 0.21 14560 0.37 70 FIRM 3640
300 162 0.66 48600 1.25 76 FIRM 12312
320 6143 25.16 1965760 50.48 81 FIRM 497583

C. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Non institutional, who have bid at the Offer Price of Rs.295/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 2.21 times. The total number of shares allotted in this category is 4,20,000 Equity Shares. A sample of category-wise details of the Basis of Allocation in this category are as under:

category No.of
Applications
% to Total Total No.of
SharesApplied
% to Total No. ofShares Allocated Ratio Total No.ofShares Allocated
340 3 4.29 1020 0.11 154 FIRM 462
360 4 5.71 1440 0.16 163 FIRM 652
500 8 11.43 4000 0.43 226 FIRM 1808
600 2 2.86 1200 0.13 272 FIRM 544
660 1 1.43 660 0.07 298 FIRM 298
1000 2 2.86 2000 0.22 452 FIRM 904
2000 3 4.29 6000 0.65 904 FIRM 2712
4000 1 1.43 4000 0.43 1809 FIRM 1809
8000 1 1.43 8000 0.86 3617 FIRM 3617
9000 2 2.86 18000 1.94 4070 FIRM 8140
24000 1 1.43 24000 2.58 10852 FIRM 10852
30000 2 2.86 60000 6.46 13566 FIRM 27132
33920 1 1.43 33920 3.65 15338 FIRM 15338
50900 2 2.86 101800 10.96 23017 FIRM 46034
100000 1 1.43 100000 10.77 45219 FIRM 45219
200000 1 1.43 200000 21.53 90435 FIRM 90435
203380 1 1.43 203380 21.90 91963 FIRM 91963

D.Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available (70,000) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (13,30,000) on proportionate basis. Total number of shares allotted in this category is 14,00,000 Equity Shares

Category Fls/Banks MFs Flls Total
No.of Shares 487840 406743 505417 14,00,000

The Board of Directors of the company at its Meeting held at Hyderabad on 11 th October, 2006 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants.

The physical refund warrants, intimation 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 depositories on October 12, 2006. 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 on October 12, 2006. The listing application has been filed with the Bombay Stock Exchange Limited on October 13, 2006 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 within seven working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the Issue,
Karvy  Computershare Private Limited at www.karvy.com or 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 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 KARVY COMPUTERSHARE PRIVATE LIMITED
Unit: Gayatri Projects, Karvy House, 46, Avenue 4, Street No.1, Banjara Hills,
Hyderabad -500034, Fax: 040-23420814
Email: gayatri.ipo@karvy.com and mailmanager@karvy.com

TOLL FREE - HELPLINE NUMBER 1-800-3454001

Place: Hyderabad
Date: October 13, 2006

For Gayatri Projects Limited
Sd/                     
P Sreedhar Babu         
Chief Financial Officer      

Gayatri IPO Basis of Allotment FAQs

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

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

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

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