IRB Infra IPO Details

Issue Open Jan 31, 2008
Issue Close Feb 5, 2008
IPO Price ₹185
Face Value ₹10
IPO Size ₹944.57 Cr
Listing At BSE, NSE
IPO Lot Size 30

IRB
INFRASTRUCTURE DEVELOPERS LTD

IRB Infrastructure Developers Limited

(Our Company was incorporated as a private limited "DVJ Leasing and Finance Private Limited on July 27, 1998 under Companies Act, 1956. The name of the company was changed to IRB Infrastructure Developers Private Limited. Subsequently became a public limited company on November 25, 2006)
Registered Office: 3rd Floor, IRB Complex, Chandivli Farm, Chandivli Village, Andheri (East), Mumbai 400 072,
Website: www.irb.co.in

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 5,10,57,666 EQUITY SHARES OF RS. 10 EACH ("EQUITY SHARES") OF IRB INFRASTRUCTURE DEVELOPERS LIMITED ("IRB" OR THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF RS. 185 PER EQUITY SHARE AGGREGATING TO RS. 944.57 CRORES ("ISSUE"). UP TO 1,25,000 EQUITY SHARES WILL BE RESERVED IN THE ISSUE FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS SPECIFICALLY DEFINED IN THE SECTION "DEFINITIONS AND ABBREVIATIONS") AT THE ISSUE PRICE ("EMPLOYEE RESERVATION PORTION"). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION SHALL BE HEREINAFTER REFERRED TO AS THE "NET ISSUE". THE ISSUE WILL CONSTITUTE 15.36% OF THE FULLY DILUTED POST-ISSUE EQUITY SHARE CAPITAL OF THE COMPANY.

THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 185/- AND IT IS 18.5 TIMES THE FACE VALUE.

The Issue made through the 100% Book Building Process wherein at least 60% of the net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") (including 5% of the QIB portion that was to specifically be allotted to mutual funds), further, not less than 10% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Issue shall be available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price.
The Issue received 94,214 applications for 21,43,04,814 equity shares resulting in 4.19 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 Applns. No. of Shares Subscription
Qualified Institutional Buyers 48 19,62,81,960 6.42
Non Institutional Investors 128 43,16,210 0.84
Retail Individual Investors 93,823 1,35,64,534 0.88
Employees 215 1,42,110 1.13

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
185 214410 0.10 219406020 100.00
190 161752890 73.72 219190830 99.90
200 512100 0.23 57430650 26.18
201 300 0.00 56918550 25.94
202 210 0.00 56918250 25.94
205 3180 0.00 56918040 25.94
206 450 0.00 56914860 25.94
207 900 0.00 56914410 25.94
208 150 0.00 56913510 25.94
209 210 0.00 56913360 25.94
210 4410 0.00 56913150 25.94
211 30 0.00 56908740 25.94
215 270 0.00 56908710 25.94
216 30 0.00 56908440 25.94
217 150 0.00 56908410 25.94
219 30 0.00 56908260 25.94
Cut Off Price Rs.220 56908230 25.94 56908230 25.94

The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange Limited ("BSE") on 15th
February, 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.185/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 1.127520 times. The total number of shares allotted in this category is 1,25,000 Equity Shares to 211 successful applicants. 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
30 33 15.64 990 0.70 30 FIRM 990
60 28 13.27 1680 1.19 53 FIRM 1484
90 28 13.27 2520 1.79 80 FIRM 2240
300 4 1.90 1200 0.85 266 FIRM 1064
600 1 0.47 600 0.43 532 FIRM 532
1500 1 0.47 1500 1.06 1330 FIRM 1330
1800 1 0.47 1800 1.28 1596 FIRM 1596
2700 3 1.42 8100 5.75 2395 FIRM 7185
3240 1 0.47 3240 2.30 2874 FIRM 2874
4200 1 0.47 4200 2.98 3725 FIRM 3725
4560 1 0.47 4560 3.24 4044 FIRM 4044
4650 1 0.47 4650 3.30 4124 FIRM 4124
4740 1 0.47 4740 3.36 4204 FIRM 4204
4830 1 0.47 4830 3.43 4284 FIRM 4284
11640 1 0.47 11640 8.26 10324 FIRM 10324
12240 1 0.47 12240 8.68 10856 FIRM 10856
13800 1 0.47 13800 9.79 12239 FIRM 12239
23340 1 0.47 23340 16.56 20600 FIRM 20600

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 Issue Price of Rs.185/- per Equity Share, was finalized in consultation with BSE. This category has been subscribed to the extent of 0.874076 times. The spill over portion of 19,24,100 shares has been added to Qualified Institutional Investors category. The total number of shares allotted in this category is 1,33,55,700 Equity Shares to 92,628 successful applicants. 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
30 23404 25.27 702120 5.26 30 FIRM 702120
60 16238 17.53 974280 7.29 60 FIRM 974280
90 11599 12.52 1043910 7.82 90 FIRM 1043910
120 9386 10.13 1126320 8.43 120 FIRM 1126320
150 5454 5.89 818100 6.13 150 FIRM 818100
180 1819 1.96 327420 2.45 180 FIRM 327420
210 7301 7.88 1533210 11.48 210 FIRM 1533210
240 2752 2.97 660480 4.95 240 FIRM 660480
270 550 0.59 148500 1.11 270 FIRM 148500
300 1790 1.93 537000 4.02 300 FIRM 537000
330 274 0.30 90420 0.68 330 FIRM 90420
360 226 0.25 82080 0.61 360 FIRM 82080
390 199 0.21 77610 0.58 390 FIRM 77610
420 333 0.36 139860 1.05 420 FIRM 139860
450 11155 12.04 5019750 37.59 450 FIRM 5019750
480 43 0.05 20640 0.15 480 FIRM 20640
510 54 0.06 27540 0.21 510 FIRM 27540
540 49 0.05 26460 0.20 540 FIRM 26460

C. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs.185/- per Equity Share, was finalized in consultation with BSE. This category has been subscribed to the extent of 0.820896 times. The spill over portion of 912226 shares has been added to Qualified Institutional Investors category. The total number of shares allotted in this category is 4181040 Equity Shares to 117 successful applicants. 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
600 5 4.27 3000 0.07 600 FIRM 3000
660 1 0.85 660 0.02 660 FIRM 660
690 3 2.56 2070 0.05 690 FIRM 2070
990 6 5.13 5940 0.14 990 FIRM 5940
1050 1 0.85 1050 0.03 1050 FIRM 1050
1200 5 4.27 6000 0.14 1200 FIRM 6000
1500 1 0.85 1500 0.04 1500 FIRM 1500
2100 2 1.71 4200 0.10 2100 FIRM 4200
2700 1 0.85 2700 0.06 2700 FIRM 2700
4500 5 4.27 22500 0.54 4500 FIRM 22500
6000 3 2.56 18000 0.43 6000 FIRM 18000
15000 2 1.71 30000 0.72 15000 FIRM 30000
33000 1 0.85 33000 0.79 33000 FIRM 33000
135000 1 0.85 135000 3.23 135000 FIRM 135000
318180 1 0.85 318180 7.61 318180 FIRM 318180
2631600 1 0.85 2631600 62.94 2631600 FIRM 2631600

D. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with BSE. Since the Retail and Non-Institutional categories have been under-subscribed, the spill over portion of 9,12,226 shares from Non-Institutional and 19,24,100 shares from Retail category has been added to this category. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available and the spill over portion from the above two categories (16,69,796) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares and the spill over portion from the above two categories (3,17,26,130) on proportionate basis.

Category Fls/Banks Flls MFs Total
No.of Shares 3,19,874 2,56,42,477 74,33,575 3,33,95,926

The IPO committee of the company at it's Meetings held at Hyderabad on 15th February, 2008 and 18th  February, 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 and allotment advice and 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 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 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.

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 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 COMPUTERSHARE PRIVATE LIMITED 
Unit: IRB INFRA
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 : Mumbai
Date  : February 19, 2008
For IRB Infrastructure Developers Limited
Sd/-
Mehul Patel
Company Secretary

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 IRB INFRASTRUCTURE DEVELOPERS LIMITED.

IRB Infra IPO Basis of Allotment FAQs

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

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

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

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

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

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