| INDIABULLS POWER
LIMITED.
(The Company was originally Incorporated as Sophia Power Company Limited
on October 8,2007, as a public limited company under the Companies Act, 1956. The
Company's name was changed to Indiabulls Power Limited, pursuant to a special resolution
dated July 4,2009. A fresh certificate of incorporation consequent upon the name change
was granted to the Company on July 7,2009.)
Registered Office: E-29, First Floor, Connaught Place, New Delhi -110001. Tel:
(91 11) 3047 6300;
Fax: (91 11) 3047 6317
Corporate Office: "Indiabulls House', 448-451, Udyog Vihar, Phase-V, Gurgaon -
122 001.
Contact Person: Mr. Gaurav Toshkhani; Tel No.: (0124) 308
1338; Fax: (0124) 308 1084;
Email: poweripo@indiabulls.com; Website:
www.indiabulls.com/power
BASIS OF ALLOTMENT
PUBLIC ISSUE OF 339,800,000 EQUITY SHARES OF RS.10 EACH OF INDIABULLS POWER LIMITED. ("IPL"
OR THE "COMPANY" OR THE "ISSUER") FOR CASH AT A
PRICE OF RS.45 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 35 PER EQUITY SHARE)
AGGREGATING TO RS.15,291 MILLION (THE "ISSUE"). THERE WILL ALSO BE A
GREEN SHOE OPTION OF UP TO 50,900,000 EQUITY SHARES FOR CASH AT A PRICE OF RS.45 PER
EQUITY SHARE AGGREGATING TO RS. 2,290.50 MILLION (THE "GREEN SHOE OPTION"). THE
ISSUE AND THE GREEN SHOE OPTION, IF EXERCISED IN FULL, WILL AGGREGATE TO 390,700,000
EQUITY SHARES AMOUNTING TO RS. 17,581.50. THE ISSUE WILL CONSTITUTE 16.98% OF THE FULLY
DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY ASSUMING THAT THE GREEN SHOE OPTION IS
NOT EXERCISED AND 19.04% ASSUMING THAT THE GREEN SHOE OPTION IS EXERCISED IN FULL.
THE FACE VALUE PER EQUITY SHARE IS RS.10 EACH. THE ISSUE PRICE PER EQUITY SHARE IS
RS.45 OR 4.5 TIMES THE FACE VALUE.
In terms of Rule 19(2)(b) of the Securities Contracts Regulations Rules, 1957
("SCRR"), this being an Issue for less than 25% of the post-Issue capital, the
Issue was made through the 100% Book Building Process wherein at least 60% of the Issue
was to be allocated on a proportionate basis to QIB Bidders ("QIB Portion"). The
Company had allocated 61,164,000 Equity Shares or 30% of the QIB Portion to Anchor
Investors on a discretionary basis. ("Anchor Investor Portion"). Further
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 Issue Price. If at least 60%
of the Issue could not have been allocated to QIBs, then the entire application money
would have been refunded forthwith. Further, not less than 10% of the Issue was available
for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30%
of the Issue was available for allocation on a proportionate basis to Retail Individual
Bidders, subject to valid Bids being received at or above the Issue Price.
The Company in consultation with the Book Running Lead Manager over allocated 50,900,000
shares pursuant to the Greenshoe option. The Issue received 115,507 applications for
6,159,338,999 equity shares resulting in 15.76 times subscription including over
allocation pursuant to Greenshoe option. The details of the applications received in the
Issue from Qualified Institutional Buyers, Non-Institutional Bidders and Retail Individual
Bidders are as under: (Before technical rejections)
| Sr. No. |
Category |
No. of Applications Received |
No. of Equity Shares |
No. of times subscribe |
| A |
Retail Individual Bidders |
115,221 |
102,453,299 |
0.87 |
| B |
Non Institutional Bidders |
159 |
186,887,400 |
4.78 |
| C |
Qualified Institutional Buyers |
119 |
5,779,167,000 |
33.35 |
| D |
Anchor Investors |
8 |
90,831,300 |
1.48 |
|
Total |
115,507 |
6,159,338,999 |
15.76 |
Final Demand
A summary of the final demand as per the BSE and the NSE as on the Bid/ Issue Closing Date
at different bids is as detailed hereunder:
| Bid Price (Rs.) |
No. of Equity Shares |
Percentage of
total demand |
Cumulative Total |
Cumulative percentage of
total demand |
| 40 |
428,400 |
0.01 |
6,086,238,450 |
100.00 |
| 41 |
99,450 |
0.00 |
6,085,810,050 |
99.99 |
| 42 |
47,400 |
0.00 |
6,085,710,600 |
99.99 |
| 43 |
123,450 |
0.00 |
6,085,663,200 |
99.99 |
| 44 |
77,250 |
0.00 |
6,085,539,750 |
99.99 |
| 45 |
6,085,462,500 |
99.99 |
6,085,462,500 |
99.99 |
The Basis of Allocation was finalized in consultation with the Designated Stock
Exchange, being the Bombay Stock Exchange Limited ("BSE") on October 26, 2009.
A. Allocation to Retail Individual Investors (Including Applications Supported by
Blocked Amount ("ASBA")) (After Technical Rejections)
The Basis of Allocation to the Retail Individual Bidders, who have bid at cut-off or at
the Issue Price of Rs. 45 per Equity Share, was finalized in consultation with BSE. This
category has been over-subscribed to the extent of 0.86 times. 18,702 applications for
13,691,100 Equity Shares were made under the ASBA process. 18,533 applications for
13,584,300 Equity Shares were found valid and they were considered for allotment. The
total number of Equity Shares allotted in Retail Individual Bidders category is
101,039,850 Equity Shares to 112,434 applicants.
Full and firm allotment was made to all valid applicants in this category.
B. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Non-Institutional Investors, who have bid at cut-off or at
the Issue Price of Rs. 45 per Equity Share, was finalized in consultation with BSE. This
category has been over-subscribed to the extent of 4.51 times. 128 applications for
186,530,250 Equity Shares were found valid and they were considered for allotment. The
total number of Equity Shares allotted in this category is 41,380,021 (including 2,310,021
Equity Shares being 1/7th of the unsubscribed portion of the Retail reservation) to 128
successful applicants. The category-wise details of the Basis of Allocation (sample) are
as under:
| Category |
No. of
applications
received |
percentage
of
total |
Total no. of
Equity Shares
applied |
Percentage
of
total |
No. of
Equity Shares
allocated |
Ratio |
Total No. of
Equity Shares
allocated |
| 2,250 |
5 |
3.91 |
11,250 |
0.01 |
499 |
FIRM |
2,495 |
| 2,400 |
7 |
5.47 |
16,800 |
0.01 |
532 |
FIRM |
3,724 |
| 4,200 |
4 |
3.13 |
16,800 |
0.01 |
932 |
FIRM |
3,728 |
| 10,200 |
1 |
0.78 |
10,200 |
0.01 |
2,263 |
FIRM |
2,263 |
| 45,000 |
1 |
0.78 |
45,000 |
0.02 |
9,983 |
FIRM |
9,983 |
| 378,000 |
1 |
0.78 |
378,000 |
0.20 |
83,856 |
FIRM |
83,856 |
| 2,222,100 |
2 |
1.56 |
4,444,200 |
2.38 |
492,953 |
FIRM |
985,906 |
| 22,222,200 |
1 |
0.78 |
22,222,200 |
11.91 |
4,929,791 |
FIRM |
4,929,791 |
| 33,334,950 |
1 |
0.78 |
33,334,950 |
17.87 |
7,395,047 |
FIRM |
7,395,047 |
| 33,979,950 |
1 |
0.78 |
33,979,950 |
18.22 |
7,538,135 |
FIRM |
7,538,135 |
C. Allocation to QIBs (excluding Anchor Investor Portion)
Allocation to QIBs has been done on a proportionate basis in consultation with BSE
(including 13,860,129 equity shares being 6/7th of the unsubscribed portion of the Retail
reservation were added to the QIB category.). In accordance with the Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
Mutual Funds were initially allocated 5% of the QIB Portion (excluding Anchor Investor
Portion) i.e. 9,355,806 Equity Shares. The balance QIB portion, being 177,760,323 Equity
Shares, was allocated on a proportionate basis to all QIBs including Mutual Funds.
| Category |
Fls/Banks |
Flls |
MFs |
ICs |
VCs |
Total |
| No. of Equity Shares allocated |
22,212,096 |
200,326,739 |
19,066,118 |
6,675,176 |
- |
248,280,129 |
D. Anchor Investors
The Company allocated 61,164,000 Equity Shares to 8 Anchor Investors in consultation with
the Book Running Lead Manager. This represents 30% of the QIB Portion.
The IPO Committee of the Board of Directors of the Company at its Meeting held on October
26, 2009 has approved the basis of allocation of Equity Shares of the Issue and has
accordingly allotted the Equity Shares to the Bidders. The CAN-cum-Refund Orders and
allotment advice and/ or notices have been dispatched to the address of the Bidders as
registered with the depositories on or prior to October 28, 2009. Further, the
instructions to Self Certified Syndicate Banks have been dispatched on or prior to October
28,2009. 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 Equtiy Shares have
been admitted for trading on the Bombay Stock Exchange Limited and the National Stock
Exchange of India Limited with effect from October 30, 2009.
INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrar to the
Issue, Karvy Computershare Private Limited at http://karisma.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrar
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:
Karvy Computershare Private Limited
Unit: Indiabulls Power Limited.
Plot No. 17 to 24, Vitharao Nagar, Hitech City Road, Madhapur, Hyderabad - 500081.
Fax: 040-23420814; Email: einward.ris@Karvy.com
TOLL FREE - HELPLINE NUMBER
1-800-3454001
Place: New Delhi
Date : October 30, 2009 |
For Indiabulls Power Limited.
Sd/-
Gaurav Toshkhani
Company Secretary |
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET
PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF INDIABULLS POWER
LIMITED.
Note: All capitalized terms used and not defined herein shall have the respective meanings
assigned to them in the Prospectus. |
