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March 16, 2021 - March 18, 2021

Kalyan Jewellers IPO Basis of Allotment

wpeA1.jpg (3391 bytes) KALYAN JEWELLERS INDIA LIMITED

Our Company was originally formed as a sole proprietorship under the name of Kalyan Jewellers at Thrissur in 1993. Thereafter, the sole proprietorship was converter was converted into a partnership firm under the name of Kalyan Jewellers which was registered under the Indian Partnership Act, 1932 with the Registrar of Firms, Kerala on May 4,2006. Subsequently, the name of the partnership firm was changed from Kalyan Jewellers to Kalyan Jewellers TSK in the year 2008. The partnership firm was thereafter converted into a private limited company under the Companies Act 1956 with the name Kalyan Jewellers TSK Private Limited and a certificate of incorporation dated January 29, 2009 was issued by the Registrar of Companies, Tamil Nadu at Coimbatore. Subsequently, the name of our Company was changed to Kalyan Jewellers India Private Limited pursuant to our Shareholders' resolution dated February 7, 2009 and a fresh certificate of incorporation was issued by the Registrar of Companies, Tamil Nadu at Coimbatore on February 10, 2009. The name of our Company was further changed to Kalyan Jewellers India Limited upon conversion to a public limited company pursuant to our Share it to our Shareholders' resolution dated March 28, 2016 and a fresh certificate of incorporation was issued by the Registrar of Companies. Emakulam ('RoC') on June 15, 2016. For details of change in the name and address of the registered office of our Company, see 'History and Certain Corporate Matters' on page 167 of the Prospectus dated March 19,2021, filed by the Company with RoC.

Registered and Corporate Office: TC-32/204/2, Sitaram Mill Road Punkunnam, Thrissur, Kerala - 680 002; Tel +91 487 24 37 333
Contact Person Mr. Jishnu R.G , Company Secretary and Compliance Officer;
Tel +91 487 24 37100; E-mail: compliance@kalyanjewellers.net;
Website www.kalyanjeweilers.net;
Corporate Identity Number U36911KL2009PLC024641
OUR PROMOTERS: MR. T.S. KALYANARAMAN, MR. T.K. SEETHARAM AND MR. T.K. RAMESH

Our Company has filed the Prospectus dated March 19, 2021, with the Registrar of Companies, Ernakulam (the "Prospectus") and the Equity Shares are proposed to be listed on the National Stock Exchange of India Limited ("NSE") and the BSE Limited ("BSE") and the trading will commence on or about March 26, 2021.

BASIS OF ALLOTMENT

INITIAL PUBLIC OFFERING OF 135,057,470 EQUITY SHARES OF FACE VALUE OF RS. 10 EACH ("EQUITY SHARES") OF KALYAN JEWELLERS INDIA LIMITED ("COMPANY" OR "ISSUER") FOR CASH AT A PRICE OF Rs. 87 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 77 PER EQUITY SHARE) ("OFFER PRICE") AGGREGATING TO 111,748.16 MILLION, COMPRISING A FRESH ISSUE OF 91,954,022 EQUITY SHARES BY OUR COMPANY AGGREGATING TO Rs. 7,998.16 MILLION ("FRESH ISSUE") AND AN OFFER FOR SALE OF 43,103,448 EQUITY SHARES ("OFFERED SHARES") AGGREGATING TO RS. 3,749.99 MILLION, COMPRISING 14,367,816 EQUITY SHARES AGGREGATING TO 1 1,249.99 MILLION BY MR. T.S. KALYANARAMAN ("PROMOTER SELLING SHAREHOLDER") AND 28,735,632 EQUITY SHARES AGGREGATING TO Rs. 2.499.99 MILLION BY HIGHDELL INVESTMENT LTD ("INVESTOR SELLING SHAREHOLDER" AND TOGETHER WITH THE PROMOTER SELLING SHAREHOLDER, THE "SELLING SHAREHOLDERS" AND SUCH OFFER, THE "OFFER FOR SALE" AND TOGETHER WITH THE FRESH ISSUE, THE "OFFER").

THE OFFER INCLUDES A RESERVATION OF 229,885 EQUITY SHARES AGGREGATING TO Rs. 18.16 MILLION, FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS DEFINED HEREINAFTER) (THE "EMPLOYEE RESERVATION PORTION"). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS HEREINAFTER REFERRED TO AS THE "NET OFFER". THE OFFER AND THE NET OFFER WILL CONSTITUTE 13.11% AND 13.09% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY, RESPECTIVELY.

*Our Company and the Selling Shareholders, in consultation with the Lead Managers, have offered discount of 18 per Equity Share to Eligible Employees bidding in the Employee Reservation Portion.

OFFER PRICE: Rs. 87 PER EQUITY SHARE OF FACE VALUE OF Rs. 10 EACH
ANCHOR INVESTOR OFFER PRICE: Rs. 87 PER EQUITY SHARE
THE OFFER PRICE IS 8.7 TIMES THE FACE VALUE
RISKS TO INVESTORS:
i. The five Lead Managers associated with the Offer have 36 issues in the past three financial years, out of which 13 issues closed below the issue price on listing date.
ii. The Price/Earnings ratio based on diluted EPS for Fiscal 2020 for the Issuer at the upper end of the Price Band is 58.39.
iii. Average cost of acquisition of Equity Shares for the Selling Shareholders in the Offer ranges from Nil per Equity Share to Rs. 56.61 per Equity Share and the Offer Price at upper end of the Price Band is Rs.87 per Equity Share.
iv. Weighted Average Return on Net Worth for last three financial years is 4.46%.
BID/ OFFER PERIOD: OPENED ON: TUESDAY, MARCH 16, 2021
CLOSED ON : THURSDAY, MARCH 18, 2021
ANCHOR INVESTOR BIDDING DATE WAS: MONDAY, MARCH 15, 2021

The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR"), read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended ("SEBI ICDR Regulations"). The Offer is being made through the Book Building Process, in compliance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers ('QIBs') ('QIB Portion'), provided that our Company and the Selling Shareholders in consultation with the Lead Managers, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis ("Anchor Investor Portion"). One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. 5% of the QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Investors in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. All Bidders, other than Anchor Investors, shall be mandatory required to participate in the Offer through the Application Supported by Blocked Amount ("ASBA") process and shall provide details of their respective ASBA Account (as defined hereinafter) in which the Bid Amount will be blocked by the Self Certified Syndicate Banks ("SCSBs") or under the UPI Mechanism, as the case may be. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA Process. For details, see 'Offer Procedure' on page 430 of the Prospectus.

The bidding for Anchor Investors opened and closed on March 15, 2021. The Company received 15 Anchor Investor Bid cum Application Forms from 13 Anchor Investors (including 2 Mutual Funds through 4 Mutual Fund Schemes) for 40,918,972 Equity Shares The Anchor Investor price was finalized at Rs. 87 per Equity Share. A total of 40,448,275 shares were allocated under the Anchor Investor Portion aggregating to Rs. 3,518,999,925.00.

The Offer (excluding Anchor Investors Portion) received 463,117 applications for 213,221,348 Equity Shares (prior to technical rejections) resulting in 2.2537 times subscription. The details of the applications received in the Offer from various categories are as under: (before technical rejections):

Sr. No. Category No. of Applications Applied No. of Equity Shares Shares Reserved as per Prospectus No. of times Subscribed Amount (Rs.)
A. Retail Investors 460,029 107,459,580 47,169,655 2.2772 9,354,341,260.00
B Non-Institutional Investors 735 27,402,524 20,224,138 1.3549 2,383,520,272.00
C Employee Reservation 2,323 900,936 229,865 3.9191 71,459,464 00
D Qualified Institutional Bidders {excluding Anchor Investors) 30 77,456,306 26,965,517 2.6725 6,736,872,796 .00
TOTAL 463,117 213,221,346 94,609,195 2.2537 18,548,193,792.00

Final Demand

A summary of the final demand as per NSE and BSE as on the Bid/Offer Closing Date at different Bid prices is as under:

Sr. No. Bid Price No. of Equity Shares % to Total Cumulative Total Cumulative % of Total
1 86 3,044,744 1.21 3,044,744 1.21
2 87 144,459,876 57.21 147,504,620 58.42
3 CUT-OFF 104,998,604 41.58 252,503,224 100.00
TOTAL 252,503,224 100.00

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being the NSE on March 23, 2021.

A. Allotment to Retail Individual Bidders (After Technical Rejections)

The Basis of Allotment to the Retail Individual Bidders, who have bid at the Cut-Off Price or at the Offer Price of Rs. 87 per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 2.1816 times. The total number of Equity Shares Allotted in Retail Portion is 47,189,655 Equity Shares to 274,358 successful Retail Individual Bidder. The category-wise details of the Basis of Allotment are as under

Sr. No. Category No. of Applications Received %of Total Total No. of Equity Shares applied % to Total No. of Equity Shares allotted per Bidder Ratio Total No. of Equity Shares allotted
1 172 385,130 87.34 66,242,360 64.35 172 28:45 41,215,500
2 344 30,456 6.91 10,476,864 10.18 172 28:45 3,259,400
3 516 9,091 2.06 4,690,956 4.56 172 28:45 972,832
4 688 3,363 0.76 2,313,744 2.25 172 28:45 359,824
5 860 3,393 0.77 2,917,980 283 172 28:45 363,092
6 1032 1,836 0.42 1,894,752 1.84 172 28:45 196,424
7 1204 1,258 0.29 1,514,632 1.47 172 28:45 134,676
8 1376 379 0.09 521,504 0.51 172 28:45 40,592
9 1548 195 0.04 301,860 0.29 172 28:45 20,812
10 1720 1,759 0.40 3,025,480 2.94 172 28:45 188,168
11 1892 159 0.04 300,828 0.29 172 28:45 17,028
12 2064 308 0.07 635,712 0.62 172 28:45 33,024
13 2236 3,627 0.82 8,109,972 788 172 28:45 388,204
79 Out of 34,733 Allottees from Serial No 2 to 13, were allotted 1(one) additional share 79:34733 79
TOTAL 440,954 100.00 102,946,644 100.00 47,189,655

B. Allotment to Non-Institutional Bidders (After Technical Rejections)

The Basis of Allotment to the Non- Institutional Bidders, who have bid at the Offer Price of Rs. 87 per Equity Share, was finalized in consultation with NSE. The Non-Institutional Portion has been subscribed to the extent of 1.2922 times. The total number of Equity Shares Allotted in this category is 20,224,138 Equity Shares to 696 successful Non- Institutional Bidder. The category-wise details of the Basis of Allotment are as under: (Sample):

Sr. No. Category No. of Applications Received %of Total Total No. of Equity Shares applied % to Total No. of Equity Shares allotted per Bidder Ratio Total No. of Equity Shares allotted
1 2.408 210 30.17 505.680 1.93 1.863 1:1 391,230
2 0.00 0.00 1 43:210 43
3 2.580 66 9.48 170.280 0.65 1,997 1:1 131,802
4 3.440 63 9.05 216,720 0.83 2,662 1:1 167,706
5 4.300 14 2.01 60.200 0.23 3,328 1:1 46.592
6 4,472 10 1.44 44.720 0.17 3.461 1:1 34.610
7 5.160 26 3.74 134.160 0.51 3,993 1:1 103,818
8 5.676 26 3.74 147,576 0.56 4,392 1:1 114.192
9 5.848 11 1.58 64,328 0.25 4,525 1:1 49.775
10 6.880 12 1.72 82,560 0.32 5,324 1:1 63.888
11 8.600 11 1.58 94.600 0.36 6.655 1:1 73,205
12 9,976 5 0.72 49,880 0.19 7,720 1:1 38,600
13 10,320 9 1.29 92,880 036 7,986 1:1 71,874
14 11,352 5 0.72 56,760 022 8,785 1:1 43,925
15 11,524 7 1.01 80,668 0.31 8,918 1:1 62,426
16 12,040 5 0.72 60,200 0.23 9,317 1:1 46,585
17 12900 4 057 51,600 0.20 9,983 1:1 39,932
18 17,200 19 2.73 326,800 1.25 13,310 1:1 252,890
19 22,876 3 0.43 68,628 0.26 17,703 1:1 53,109
20 28,724 12 1.72 344,688 1.32 22,228 1:1 266,736
21 34,400 6 086 206,400 079 26 620 1:1 159,720
22 57,448 9 129 517,032 198 44,456 1:1 400,104
23 60,200 3 0.43 180,600 0.69 46,586 1:1 139,758
24 114,896 4 0.57 459,584 1.76 88,912 1:1 355,648
25 115,068 6 086 690,408 2.64 89,045 1:1 534,270
26 172,000 1 0.14 172,000 066 133,102 1:1 133,102
27 236,156 2 0.29 472,312 1.81 182,749 1:1 365,498
28 369,972 2 0.29 739,944 2.83 286,302 1:1 572,604
29 499,832 2 0.29 999,664 3.83 386,794 1:1 773,588
30 574,652 2 029 1,149,304 440 444,693 1:1 889,386
31 907 988 2 029 1,815,976 6.95 702,644 1:1 1,405,288
32 1,034,408 1 0.14 1,034,408 3.96 800,474 1:1 800,474
33 1,149,304 2 0.29 2,298,608 8.80 889,386 1:1 1,778,772
34 1,896,472 1 0.14 1,896,472 7.26 1,467,579 1:1 1,467,579
35 2,011,712 1 0.14 2,011,712 770 1,556,757 1:1 1,556,757

C. Allotment to Eligible Employees (After Technical Rejections)

The Basis of Allotment to the Eligible Employees, who have Bid at the Cut-Off price or at the Offer Price of Rs. 87 per Equity Share (Employee Discount of 78 per Equity Share was offered to the Eligible Employees applying under Employee Reservation Portion), was finalized in consultation with NSE. This category has been subscribed to the extent of 1.2068 times. The total number of Equity Shares allotted in this category is 229,885 Equity Shares to 244 successful applicants.

In the first instance full allotment to 244 valid applications for 166,668 Equity Shares were made against 229.885 Equity Shares reserved for this category resulting in subscription of 0.7250 times. The allotment has been made to all the Eligible Employee in the Employee Category and the maximum Bid Amount considered for allotment under the Employee Reservation Portion by an Eligible Employee has not exceeded Rs. 200,000 on a net basis. The category-wise details of the Basis of Allotment are as under:

Sr. No. Category No. of Applications Received %of Total Total No. of Equity Shares applied % to Total No. of Equity Shares allotted per Bidder Ratio Total No. of Equity Shares allotted
1 172 111 4549 19,092 1146 172 1:1 19,092
2 344 42 1721 14,448 867 344 1:1 14,448
3 516 22 9.02 11,352 6.81 516 1:1 11,352
4 688 8 3.28 5,504 3.30 688 1:1 5,504
5 860 3 1.23 2,580 155 860 1:1 2,580
6 1032 10 410 10,320 6.19 1032 1:1 10,320
7 1204 5 2.05 6,020 3.61 1204 1:1 6,020
8 1376 3 1.23 4,128 2.48 1376 1:1 4,128
9 1720 2 0.82 3,440 2.06 1720 1:1 3,440
10 1892 1 041 1,892 1.14 1892 1:1 1,892
11 2064 1 041 2,064 124 2064 1:1 2,064
12 2236 5 2.05 11,180 6.71 2236 1:1 11,180
13 2408 1 0.41 2,408 1.44 2408 1:1 2,408
14 5676 1 0.41 2,408 144 2408 1:1 2,408
15 5848 1 041 2,408 144 2408 1:1 2,408
16 6020 11 4.51 26,488 1589 2408 1:1 26,488
17 6192 17 6.97 40,936 24.56 2408 1:1 40,936
TOTAL 244 100.00 166,668 100.00 166,668

However, due to under subscription in the Employee Reservation Portion post the initial Allotment the unsubscribed portion of 63,217 Equity Shares have been proportionately allotted to Eligible Employees Bidding in the Employee Reservation Portion, for a value in excess of Rs. 200,000 subject to the total Allotment to an Eligible Employee not exceeding Rs. 500,000. The Registrar informed that 30 valid applications for 110,768 Equity Shares were received against balance 63,217 Equity Shares reserved under this category resulting in subscription of 1.7522 times.

Sr. No. Category No. of Applications Received %of Total Total No. of Equity Shares applied % to Total No. of Equity Shares allotted per Bidder Ratio Total No. of Equity Shares allotted
1 5676 1 3.33 3,268 2.95 1865 1:1 1,865
2 5848 1 3.33 3,440 3.11 1963 1:1 1,963
3 6020 11 36.67 39,732 35.87 2061 1:1 22,671
4 6192 17 56.67 64,328 58 07 2159 1:1 36,703
6192 1 15:17 15
TOTAL 30 100.00 110,768 100.00 63,217

D. Allotment to QIBs (excluding Anchor Investors) (After Technical Rejections)

Allotment to QIBs, who have Bid at the Offer Price of Rs. 87 per Equity Share, has been done on a proportionate basis in consultation with NSE. This category has been subscribed to the extent of 2.8725 times of Net QIB Portion. As per the SEBI Regulations, Mutual Funds were Allotted 5% of the Equity Shares of Net QIB Portion available i.e. 1.348.276 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were Allotted the remaining available Equity Shares i.e. 25,617,241 Equity Shares on a proportionate basis. The total number of Equity Shares Allotted in the Net QIB Portion is 26,965,517 Equity Shares, which were allotted to 30 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under:

CATEGORY FIS/BANKS MRS IC'S NBFCS AIF FPC OTHERS TOTAL
ALLOTMENT 232,089 3,873,074 - 807,768 270,761 21,781,825 - 26,965,517

E. Allotment to Anchor Investors

The Company and the Selling Shareholders, in consultation with the BRLMs. have allocated 40,448,275 Equity Shares to 13 Anchor Investors (through 15 Applications) at the Anchor Investor Offer Price of Rs. 87 per Equity Share in accordance with the SEBI Regulations. This represents 60% of the QIB Portion.

CATEGORY FIS/BANKS MF'S IC*S NBFC'S AIF FPC OTHERS TOTAL
ALLOTMENT - 10,344,768 1,149,476 - 1,609,060 27,344,971 - 40,448,275

The IPO Committee of our Company on March 24, 2021 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful Bidders. The Allotment Advice-cum refund intimation are being emailed to the email id or dispatched to the address of the investors as registered with the depositories Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on March 23, 2021 and payment to non-Syndicate brokers have been issued on March 24, 2021. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares Allotted to the successful Allottees have been uploaded on March 24, 2021 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with NSE and BSE on March 24, 2021. The Company has received listing and trading approval from NSE and BSE and the trading will commence on or about March 26, 2021.

All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them m the Prospectus

INVESTORS PLEASE NOTE

These details of the Allotment made have been hosted on the website of Registrar to the Offer, Link Intime India Private Limited at www.linkintime.co.in

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the first/sole Bidder. Bid cum Application Form number, Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder, and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:

wpeA7.jpg (1789 bytes)
Link Intime India Private Limited
C-101, 1st Floor, 247 Park. Lai Bahadur Shastri Marg, Vikhroli (West), Mumbai 400083
Telephone: +91 22 4918 6200: Email: kalyan.ipo@lmkintime.co.in
Investor Grievance e-mail: kalyan.ipo@linkintime.co.in;Website: www.linkintime.co.in
Contact Person: Ms. Shanti Gopalkrishnan; SEBI Registration No.: INR000004058
For KALYAN JEWELLERS INDIA LIMITED
On behalf of the Board of Directors
Place: Thrissur Sd/-
Date: March 25.2021 Company Secretary and Compliance Officer

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 KALYAN JEWELLERS INDIA LIMITED

KALYAN JEWELLERS INDIA LIMITED is proposing, subject to, applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its Equity Shares and has Wed the Prospectus with Registrar of Companies, Ernakulam and the Stock Exchanges The Prospectus shall be available on the websites of SEBI. BSE and NSE at www.sebi.gov.in, www.bseindia.com and www.nsemdia.com, respectively, and is available on the websites of the GCBRLMs. i.e. www.axiscapital.co.in, www.onlinecitibank.co.in/rhtm/citigroupgiobalscreen1.htm, www.iaasecunties.com and www.sbicaps.com and the website of BRLM. i.e. www.bobcaps.in, respectively. Potential investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, please see 'Risk Factors" beginning on page 25 of the Prospectus. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision These materials are not for publication or distribution, directly or indirectly, in or into the United States. These materials are not an offer for the sale of the Equity Shares or other securities in the United States or elsewhere The Equity Shares referred to herein have not been and will not be registered under the U S Securities Act of 1933, as amended (the ‘Securities Act") and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to. the registration requirements of the Securities Act and applicable state securities laws. No public offering of the Equity Shares or other securities is being made in the United States.



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