Gremach IPO Details

Issue Open Mar 8, 2007
Issue Close Mar 19, 2007
IPO Price ₹86
Face Value ₹10
IPO Size ₹59.00 Cr
Listing At BSE, NSE
IPO Lot Size 70

GREMACH INFRASTRUCTURE EQUIPMENTS & PROJECTS LIMITED

(Originally Incorporated as a Private Limited Company at Kolkata, West Bengal on June 12,1991 as "Gremach Commerce Private Limited" under the CompaniesAct, 1956, converted into a Public Limited under the name of Gremach Commerce Limited on January 12, 1996 and subsequently renamed as Gremach Infrastructure Equipments & Projects Limited effective from August 9, 2005)
Registered Office: P-50, Princep Street, Deo Bhawan, 3rd Floor, Kolkata-700 017
Tel: 91-33-6413 8452, 91-33- 2236 1246 Fax : 91-33-2212 9661
Corporate Office: Upvan Building, 1st Floor, Behind Indian Oil Nagar, D.N. Nagar, Andheri (W), Mumbai-400053,
Tel: 91-22-26303451/ 52/ 70/ 71, Fax: 91-22- 26303493
Contact Person: Mr. Sanjive Arora, Compliance Officer & Company Secretary.
Website: www.gremach.com E-mail: ipo@gremach.com

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFERING OF 68,60,466 EQUITY SHARES OF RS. 10/- EACH AT A PRICE OF RS. 86/- FOR CASH AGGREGATING TO RS. 5900 LACS (HEREINAFTER REFERRED TO AS THE ISSUE) INCLUDING RESERVATfONS FOR EMPLOYEES FOR 6,86,046 EQUITY SHARES OF Rs. 10/- EACH AT A PRICE OF RS. 86/- EACH AGGREGATING TO RS. 590 LACS AND THE NET ISSUE TO THE PUBLIC OF 61,74,420 EQUITY SHARES Of Rs. 10/- EACH AT A PRICE OF RS. 86/- EACH AGGREGATING TO RS. 5310 LACS. THE ISSUE WOULD CONSTITUTE 45.08% OF THE FULLY DILUTED POST ISSUE PAID UP EQUITY CAPITAL OF THE COMPANY

The issue was made through 100% Book Building Process wherein upto 50% of the Net Issue was available for allocation on a proportionate basis to Qualified Institutional Buyers, out of which 5% was available for allocation on a proportionate basis to Mutual Funds only and the remainder of the QIB portion was available for allocation on proportionate basis to all Qualified institutional Buyers, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, minimum of 15% of the Net Issue was available for allocation on a proportionate basis to Non-institutional Bidders and minimum of 35% of the Net issue was available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received from them at or above the Issue Price.

The Issue received 2962 bids/applications for 70,52,850 equity shares resulting in 1.028 times subscription. The details of the bids/applications received in the Issue from Retail Bidders, Non- Institutional Bidders, Qualified Institutional Buyers and Eligible Employees are as under:

Category No. of Bids / Applications No. of Equity Shares Subscription (no. of times)
Qualified institutional Buyers 1 1250060 0.4049
Non Institutional Investors 30 4619930 4.9882
Retail Investors 2931 1182860 0.5474
Employee Bidders Nil Nil Nil

Final Demand
A summary of the final demand at various price levels as per the electronic book is given below:

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to Total
72 1046710 10.3081 10154200 100
73 350 0.0034 9107490 89.6919
74 490 0.0048 9107140 89.6884
75 72450 0.7135 9106650 89.6836
76 560 0.0055 9034200 38.9701
77 630 0.0062 9033640 88.9646
78 280 0.0028 9033010 88.9584
79 1470 0.0145 9032730 88.9556
30 5040 0.0496 9031260 88.9411
82 1680 0.0165 9026220 88.8915
83 140 0.0014 9024540 88.8749
85 3010 0.0296 9024400 88.8736
86 6662670 65.6149 9021390 88.8439
87 560 0.0055 2358720 23.2290
88 140 0.0014 2358160 23.2235
89 770 0.0076 2358020 23.2221
90 1249710 12.3073 2357250 23.2145
Cut-off 1107540 10.9072 1107540 10.9072
TOTAL 10154200

The Basis of Allotment was finalized in consultation with the Bombay Stock Exchange Limited (BSE) on Monday, April 2, 2007.

A) Allocation to Retail Investors
The Basis of Allocation to Use Retail Investors, who have bid at cut-off or at and above the Issue price of Rs.86/- Equity Share, was finalized in consultation with BSE. The category was subscribed 0.5359 times (considering valid applications only). The total number of equity shares allotted in this category is 11,58,010 Equity Shares. The Unsubscribed portion of 10,03,037 equity Shares was added to Non-Institutional Category. The Category-wise details of the Basis of Allocation are as under:

Category No. of
Applications
%to Total Total No. of Shares applied % to Total Proportional Allocation Ratio Total No. of Shares allocated
70 988 35.10 69160 5.97 70 FIRM 69160
140 402 14.28 56280 4.86 140 FIRM 56280
210 226 843 47460 4.10 210 FIRM 47460
280 115 4.09 32200 2.78 280 FIRM 32200
350 90 3.20 31500 2.72 350 FIRM 31500
420 31 1.10 13020 1.12 420. FIRM 13020
490 133 4.72 65170 5.63 490 FIRM 65170
560 78 2.77 43680 3.77 560 FIRM 43680
630 8 0.28 5040 0.44 630 FIRM 5040
700 15 0.53 10500 0.91 700 FIRM 10500
770 3 0.11 2310 0.20 770 FIRM 2310
840 1 0.04 840 0.07 840 FIRM 840
910 2 0.07 1820 0.16 910 FIRM 1820
980 4 0.14 3920 0.34 980 FIRM 3920
1050 431 15.31 452550 39.08 1050 FIRM 452550
1120 288 10.23 322560 27.85 1120 FIRM 322560

B) Allocation to Non-Institutional Investors
The Basis of Allocation to the Non-Institutional Investors, who have bid at cut-of or at the Issue Price of Rs.86/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 4.9235 times (1.0241 times after adding Spill over from other categories) (considering valid applications only). The total number of equity shares allotted in this category is 44,52,396 Equity Shares, which includes Original Offer of 9,26,163 Equity Shares, Spill Over from Employee, Retail & QIB Category of 6,86,046,10,03,037 & 18,37,150 equity shares respectively. A sample of category-wise details of the Basis of Allocation are as under:

Category No. of Applications % to Total Total No.
of Shares applied
% to Total Proportional Allocation Ratio Total No.
of Shares allocated
1120 1 3.45 1120 0.02 1094 FIRM 1094
1540 1 3.45 1540 0.03 1504 FIRM 1504
5810 1 3.45 5810 0.13 5673 FIRM 5673
6930 5 17.24 34650 0.76 6767 FIRM 33835
11620 2 6.90 23240 0.51 11346 FIRM 22692
29050 2 6.90 58100 1.27 28365 FIRM 56730
29120 1 3.45 29120 0.64 28433 FIRM 28433
31290 5 17.24 156450 3.43 30552 FIRM 152760
58100 1 3.45 58100 1.27 56730 FIRM 56730
174370 1 3.45 174370 3.82 170258 FIRM 170258
232540 1 3.45 232540 5.10 227055 FIRM 227055
290500 2 6.90 581000 12.74 283649 FIRM 567298
348810 2 6.90 697620 15.30 340583 FIRM 681166
555520 2 6.90 1111040 24.37 542418 FIRM 1084836
697620 2 6.90 1395240 30.60 681166 FIRM 1362332

C) Allocation to QIBs
The category was subscribed 0.4049 times (considering valid applications only). The total number of equity shares allotted in this category is 12,50,060 Equity Shares

Category Fls/Banks MFs Flls Insurance Companies VCs Total
No. of Shares - - 12,50,060 - - 12,50,060

D) Allocation to Employees
No application was received under this category. The Unsubscribed portion of 6,86,046 equity shares was added to Non-Institutional Category.

The Board of Directors of the Company at its Meeting held in Mumbai on Monday, April 2,2007 has approved the Basis of Allocation and has allotted the equity shares to the successful bidders/applicants. The CAN-cum-Refund Orders have been dispatched on Tuesday, April 3, 2007 to the address of the investors as registered with the depositories. In case the same is not received within 10 (ten) days. Investors may contact at the address given below. The Refund Orders have been printed with the Bank Mandate details as registered, if any, with the depositories. The Equity Shares allotted to successful applicants have been credited to their respective beneficiary accounts subject to validation of the account details with the depositories concerned. Gremach Infrastructure Equipment & Projects Limited is taking steps to get the Equity Shares admitted for trading on Bombay Stock Exchange Limited within seven working days from the date of approval of the Basis of Allocation.

INVESTORS MAY PLEASE NOTE
These details of the allocation / allotment made are being hosted on the website of Registrars to the Issue, Intime 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 and place where the bid was submitted and payment details at the address given below:

INTIME SPECTRUM REGISTRY LIMITED
Unit: Gremach Infrastructure Equipments & Projects Limited

C-13, PannaSal Silk Mills Compound, LBS Marg. Bhandup (W), Mumbai -400 078
Tel: 91 22 2596 0320, Fax: 91 22 2596 0329, Contact: Person: Mr. Vishwas Attavar
E-mail: gremachinfra@intimespectrum.com; Website: wvw.intimespectrum.com





Place : Mumbai 
Date : April 4, 2007

For Gremach Infrastructure Equipments Projects Limited
On behalf of the Board of Directors
Sd/-
Rishi Raj Agrawal
Managing Director

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OFTHE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF GREMACH INFRASTRUCTURE EQUIPMENTS & PROJECTS LIMITED.

Gremach IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Gremach IPO?

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

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

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

  3. 3. What is Gremach IPO allotment process?

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