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Indian Bank IPO Details

Issue Open Feb 5, 2007
Issue Close Feb 9, 2007
IPO Price ₹91
Face Value ₹10
IPO Size ₹782.15 Cr
Listing At BSE, NSE
IPO Lot Size 75

Indian Bank
(Indian Bank was originally incorporated on March 5, 1907 under provisions of the Indian Companies Act. 1882 as 'The Indian Bank Limited' with its head office at Chennai (then knows as Madras) (Constructed under the Banking Companies (Acquisition and Transfer of Undertaking) Act.1970 on July 19, 1969) Head Office :66 Rajai Salai Chennai 600 001. Tel.: +91 44 2526 0337; Fax: +91 44 2526 3949
Website : www.indianbank.in Contact person and compliance officer: Mr. V.Ganesan, Email- investors@indianbank.co.in

BASIS OF ALLOCATION

PUBLIC ISSUE OF 85,950,000 EQUITY SHARES OF Rs. 10 EACH ('EQUITY SHARES') FOR CASH AT A PRICE OF RS. 91 PER EQUITY SHARE AGGREGATING RS.7,821.45 MILLION. THE ISSUE INCLUDES A RESERVATION OF 8,585,000 EQUITY SHARES OF RS.10 EACH FOR ELIGIBLE EMPLOYEES (AS SPECIFICALLY DEFINED IN THE SECTION 'DEFINITIONS AND ABBREVIATIONS' OF THE PROSPECTUS). THE ISSUE SHALL CONSTITUTE 25% OF THE PRE ISSUE AND 20% OF THE POST-ISSUE FULLY DILUTED PAID UP EQUITY CAPITAL OF THE BANK.

ISSUE PRICE: RS. 91 PER EQUITY SHARE OF FACE VALUE OF RS. 10 EACH. THE ISSUE PRICE IS 9.1 TIMES OF THE FACE VALUE

In terms of Rule 19 (2)(b) of trie Securities Contract Regulation Rules, 1957, this being an Issue for less than 25% of the post-issue capital, the Issue is being made through the 100% Book Building Process wherein at least 60% of the Net Issue shall be Allotted on a proportionate basts to Qualified Institutional Buyers ('QIBs'), out of which 5% shall be available for allocation on a proportionate basis to Mutual Funds only and the remaining QIB Portion shall be available for allocation on a proportionate basis to all the QI8 Bidders, Including Mutual Funds, subject to valid bids being received at or above the Issue Price. If at least 60% of the Net Issue cannot be Allotted to QIBs, then the entire application money will be refunded. Further, not less than 10% of the Net issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the issue Price. Further, 8,595,500 Equity Shares shall be available for allocation on a proportionate basis to the Eligible Employees, subject to valid Bids being received at or above the Issue Price. The Issue received 194668 applications for 2759409276 Equity Shares resulting in 32.10 times subscription. The details of the applications received in the Issue from Eligible Employees, Qualified institutional Buyers, Non-Institutional, Retail individual investors categories are as under (Before technical rejections):

Category No. of
Applications
No. of Equity
Shares
Subscription
(No. of Times)
Employees 8901 8484375 0.99
Qualified institutional Bidders 301 2618015325 56.41
Non Institutional Bidders 1919 65296575 8.44
Retail Individual Bidders 183547 67613001 2.91
TOTAL 194668 2759409276

Final Demand
The final demand at different bid prices is as under:

PRICE NO. OF BIDS % TO TOTAL CUMULATIVE TOTAL CUMULATIVE % TO TOTAL
77 5171625 0.19 2779724100 100.00
78 2639250 0.09 2774552475 99.81
79 416175 0.01 2771913225 99.72
80 419625 0.02 2771497050 99.70
61 191925 0.01 2771077425 99.69
82 34125 0.00 2770885500 99.68
83 123450 0.00 2770851375 99.68
84 5975175 0.21 2770727925 99.68
85 632625 0.02 2764752750 99.46
86 2138325 0.08 2764120125 99.44
87 85725 0.00 2761981800 99.36
88 125400 0.00 2761896075 99.36
89 164925 0.01 2761770675 99.35
90 256275 001 2761605750 99.35
91 & CUTOFF 2761349475 99.34 2761349475 99.34
TOTAL 2779724100 100.00

The Basis of Allocation was finalized in consultation with the Designated Stock Exchange - the National Stock Exchange of India Limited fNSE') on February 21, 2007.

A. Allocation to Eligible Employees
The Basis of Allocation to the Eligible Employees, who have bid at cut-off or at the Issue Price of Rs.91 per Equity Share, was finalized in consultation with NSE. The Bank has received 8857 valid applications for 8456550 Equity Shares in this category resulting in 0.99 times subscription. The total number of Equity Shares allotted in this category is 8456550 Equity Shares. The Equity Shares have been allotted on firm basis to all valid applications subject to restriction of 4950 shares per Eligible Employee. The balance under subscription in the Employee Reservation Portion of 138450 Equity Shares has been treated as part of the Net Issue.

B. Allocation to Retail Individual Bidders
The Basis of Allocation to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs.91 per Equity Share, was finalized in consultation with NSE. The Bank has raceived 177529 valid applications for 65726850 Equity Shares in this category resulting in 2.83 times subscription. The total number of Equity Shares allotted in this category is 23248314 Equity Shares. 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 No. of shares allocated Ratio Total No. of Shares allocated
75 39830 22.44 2987250 4.54 75 23:65 1056975
150 36898 20.78 5534700 8.42 75 70:99 1956675
225 17154 9.66 3859650 5.87 80 FIRM 1372320
300 18141 10.22 5442300 8.28 106 FIRM 1922946
375 5209 2.93 1953375 2.97 133 FIRM 692797
450 6929 3.90 3118050 4.74 159 FIRM 1101711
525 19809 11.16 10399725 15.82 186 FIRM 3684474
600 3444 1.94 2066400 3.14 212 FIRM 730128
675 682 0.38 460350 0.70 239 FIRM 162998
750 2109 1.19 1581750 2.41 265 FIRM 558885
825 554 0.31 457050 0.70 292 FIRM 161768
900 1053 0.59 947700 1.44 318 FIRM 334854
975 1124 0.63 1095900 1.67 345 FIRM 387780
1050 24593 13.85 25822650 39.29 371 FIRM 9124003
Total 177529 65726850 23248314

C. Allocation to Non institutional Bidders
The Basis of Allocation to the Non Institutional Bidders, who have bid at the Issue Price of Rs.91 per Equity Share, was Finalized in consultation with NSE. The Bank has received 1504 valid applications for 60990225 Equity Shares in this category resulting in 7.87 times subscription. 1 The total number of Equity Shares allotted in this category is 7749066 Equity Shares. The category-wise details of the Basis of Allocation (Samole) 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
1125 143 9.51 160875 0.26 143 FIRM 20449
1200 77 5.12 92400 0.14 152 FIRM 11704
1275 12 0.80 15300 0.02 162 FIRM 1944
1350 14 0.93 18900 0.03 172 FIRM 2408
1425 7 0.47 9975 0.02 181 FIRM 1267
1500 93 6.18 139500 0.21 191 FIRM 17763
1575 9 0.60 14175 0.02 200 FIRM 1800
1650 38 2.53 62700 0.10 210 FIRM 7980
1725 1 0.07 1725 0.00 219 FIRM 219
1800 11 0.73 19800 0.03 229 FIRM 2519
1875 5 0.33 9375 0.02 238 FIRM 1190
1950 22 1.46 42900 0.07 248 FIRM 5456
2025 53 3.52 107325 0.18 257 FIRM 13621

D. Allocation to Qualified institutional Buyers
Allocation to QIBs have been done on a proportionate basis in consultation with NSE.

Category FIs/ Banks MFs Flls Insurance Companies VCs Total
No. of Shares 4878875 9733293 29355759 2526287 1856 46496070

The IPO Committee of the Directors of the Board at its Meeting heid at Chennal on February 21, 2007 has approved the basis of allocation of Equity Shares and Allotted the Equity Shares to various successful applicants.

The Confirmation of Allocation Note ('CAN') and Refund Orders in respect of refunds due to applicants are being dispatched to the address of the investors as registered with the depositories. In case the same is not received within ten (10) days, investors may contact at the address given below. The Refund Orders hav8 been over-printed with the Bank Mandate details as registered, if any, with the depositories. The Equity Shares, allotted to successful applicants are being credited to their respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Bank is taking steps to get the Equity Shares admitted for trading on National Stock Exchange of India Limited ('NSE') and Bombay Stock Exchange Limited ('BSE') within seven (7) working days from the date of approval of Basis of Allocation.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrar to the Issue, Cameo Corporate Services Limited at www.cameoindia.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:

CAMEO CORPORATE SERVICES LIMITED
Unit: Indian Bank, Subramanian Building', No. 1,
Club House Road, Chennal 600 002, India
Tel: +91 44 2846 0390, Fax: +91 44 2846 0129
Email: ibipo@cameoindia.com, Website: www.cameoindia.com


Place: Chennai
Date: February 22, 2007

For Indian Bank
Sd/-
Chairman & Managing Director

This communication is intended for release solely in India. This communication is not an offer of securities for sale in any other jurisdiction, Including the United States. The securities may not be offered or sokf in the United States absent registration or an exemption from registration under the US Securities Act of 1933.

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 INDIAN BANK.

Indian Bank IPO Basis of Allotment FAQs

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

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

Visit the Indian Bank 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 Indian Bank IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).