Kavita Fabrics IPO Details

Issue Open Feb 20, 2013
Issue Close Feb 22, 2013
IPO Price ₹40
Face Value ₹10
IPO Size ₹5.10 Cr
Listing At BSE SME
IPO Lot Size 3000

KAVITA FABRICS LIMITED

Our Company was originally incorporated with the Registrar of Companies, Gujarat, Dadra and Nagar Havelli on October 18,2005 as Kavita Fabrics Private Limited. Pursuant to shareholders Resolution dated July 31,2012 the Company was converted into Public Limited Company and the name was changed to Kavita Fabrics Limited. For details of the changes in our name and Registered Office, refer "History and Certain Corporate Matters' on page 94 of the Prospectus. A copy of the Prospectus has been delivered to the office of the Registrar of Companies, Gujarat, Dadra and Nagar Havelli.

Registered Office: 105, Balaji Industrial Society-1, Udhna Magdalla Road, Surat-395007, Gujarat, India;
Tel: +91-261-3018 759; Fax: +91-261-3018 759;
Email: info@kavitafabrics.com; Website: www.kavitafabrics.com;
Contact Person: Mr. Amit Merai, Compliance Officer

PROMOTERS OF THE COMPANY: MR. HARISH CHANDAK, MR. SHAILESH CHANDAK, MRS. SUDHA CHANDAK, MRS. SARIKA CHANDAK

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 12,75,000 EQUITY SHARES OF Rs. 10/- EACH ("EQUITY SHARES") OF KAVITA FABRICS LIMITED ("KFL" OR THE "COMPANY" OR THE "ISSUER") FOR CASH AT PRICE OF Rs. 40/- PER SHARE (THE "ISSUE PRICE"), AGGREGATING TO Rs 510 LACS ("THE ISSUE"), OF WHICH, 2,07,000 EQUITY SHARES OF Rs. 10/- EACH WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKERS TO THE ISSUE (AS DEFINED IN THE PROSPECTUS) (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS THE MARKET MAKER RESERVATION PORTION I.E. THE ISSUE OF 10,68,000 EQUITY SHARES OF Rs. 10 EACH IS HEREIN AFTER REFERRED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 36.71% AND 30.75% RESPECTIVELY OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF THE COMPANY.

This being a Fixed Price Issue and in terms of Prospectus dated February 6,2013 and as per Regulation 43(4) of SEBI (ICDR) Regulations, 2009 wherein a minimum of 50 % of the Net Offer to Public shall be made available to Retail Individual Investors. The balance net offer of shares to the public shall be made available for allotment to a) individual applicants other than retail investors and b) other investors including corporate bodies / institutions irrespective of no. of shares applied for. The unsubscribed portion of the net offer to any one of the categories specified in (a) or (b) shall / may be made available for allocation in any other category, if so required. Explanation: for the purpose of Regulation 43(4) of SEBI (ICDR) Regulations, 2009, if the retail individual investor is entitled to more than fifty percent, on proportionate basis, the retail individual investors shall be allocated that higher percentage.

THE FACE VALUE OF THE EQUITY SHARES IS RS 10/- EACH AND THE ISSUE PRICE IS Rs. 40 EACH.
THE ISSUE PRICE IS 4 TIMES OF THE FACE VALUE. ISSUE OPENED ON FEBRUARY 20,2013 AND CLOSED ON FEBRUARY 26,2013.

The Equity Shares offered through the Prospectus are proposed to be listed on the SME platform of BSE Limited ("BSE") in terms of the Chapter XB of the SEBI (ICDR) Regulations, 2009 as amended from time to time, our Company is not required to obtain an in-principle listing approval of the shares being offered in this Issue. However, our Company has received an approval letter dated January 25,2013 from BSE for using its name in the offer document for listing of our Shares on the SME platform of BSE.
The designated stock exchange Is BSE Limited ("BSE").

All Applicants were allowed to participate in the Issue through APPLICATIONS SUPPORTED BY BLOCKED AMOUNT ("ASBA") process by providing the details of the respective bank accounts in which the corresponding application amounts were blocked by Self Certified Syndicate Banks (the *SCSBs").

SUBSCRIPTION DETAILS

The Issue has received 172 applications for 16,65,000 Equity Shares (Including Market Makers Application of 2,07,000 Equity Shares) resulting in 1.31 times subscription. This is after considering cheque return cases of 6 applications of 18000 Equity Shares. The details of the applications received in the Issue (before technical rejections but after cheque returns) are as follows:

Detail of the Applications Received (Before Technical Rejections & withdrawal of applications):

CATEGORY NUMBER OF
APPLICATIONS
NUMBER OF
EQUITY SHARES
SUBSCRIPTION
Market Makers 2 207000 1.00
Non-Institutional Investors 11 981000 1.84
Retail Individual Investors 159 477000 0.89
TOTAL 172 1665000 1.31

Detail of the Applications Received (After Technical Rejections & withdrawal):

CATEGORY NUMBER OF
APPLICATIONS
NUMBER OF
EQUITY SHARES
SUBSCRIPTION
Market Makers 2 207000 1.00
Non-Institutional Investors 11 981000 1.84
Retail Individual Investors 159 477000 0.89
TOTAL 172 1665000 1.31

Nil Rejection in across all categories.

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - BSE Limited on March 5,2013.

A. Allocation to Market Makers (After Technical Rejections & Withdrawal): The Basis of Allotment to the Market Makers, at the issue price of Rs. 40/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 2,07,000 Equity shares in full out of reserved portion of 2,07,000 Equity Shares.

No. of shares applied for (Category wise) No. of Applications received % to total Total No. of Equity Shares applied % to total Proportionate Shares Available Allocation per applicant
(Before Rounding Off)
Allocation per applicant
(After Rounding Off)
Ratio of Allotees To The Applicants Total No. of Equity shares allotted Surplus/ Deficit
12000 1 50.00 12000 5.80 12000 12000.00 12000 1:1 12000 0
195000 1 50.00 195000 9420 195000 195000.00 195000 1:1 195000 0
TOTAL 2 10000 207000 10000 207000 207000 0

B. Allocation to Retail Individual Investors (After Technical Rejections & Withdrawal): The Basis of Allotment to the Retail Individual Investors, at the issue price of Rs. 40/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 0.893 times. Due to under subscription, all the applicants in this category have been given full and firm allotment and the under subscribed 57,000 shares from Retail Individual Investors Category have been spilled over to Non-Institutional Investors Category.

No. of shares applied for (Category wise) No. of Applications received % to total Total No. of Equity Shares applied % to total Proportionate Shares Available Allocation per applicant
(Before Rounding Off)
Allocation per applicant
(After Rounding Off)
Ratio of Allotees To The Applicants Total No. of Equity shares allotted Surplus/ Deficit
3000 159 100.00 477000 100.00 534000 3000.00 3000 1:1 477000 -57000
TOTAL 159 100.00 477000 100.00 534000 477000 -57000

C. Allocation to Non-Institutional Investors (After Technical Rejections & Withdrawal): The Basis of Allotment to the Non Institutional Investors, at the issue price of Rs. 40/- per Equity Share, was finalized in consultation with BSE. The category was subscribed by 1.660 times including spill over 57,000 equity shares from Retail individual Investors category. The total number of shares allotted in this category is 5,91,000 Equity Shares to 11 successful applicants on proportionate basis. The category wise basis oi allotment is as under

No. of shares applied for (Category wise) No. of Applications % to total Total No. of Equity Shares applied % to total Proportionate Shares Available Allocation per applicant
(Before Rounding Off)
Allocation per applicant
(After Rounding Off)
Ratio of allotees
To The Applicants
Total No. of Equity shares allotted
6000 2 18.18 12000 1.22 7229 3614.68 3000 1:1 6000
9000 2 18.18 18000 1.83 10844 5422.02 6000 1:1 12000
21000 1 9.09 21000 2.14 12652 12651.38 12000 1:1 12000
24000 1 9.09 24000 2.45 14459 14458.72 15000 1:1 15000
36000 1 9.09 36000 3.67 21688 21688.07 21000 1:1 21000
126000 1 9.09 126000 12.84 75908 75908.26 75000 1:1 75000
243000 1 9.09 243000 24.77 146394 146394.50 147000 1:1 147000
249000 1 9.09 249000 25.38 150009 150009.17 150000 1:1 150000
252000 1 9.09 252000 25.69 151817 151816.51 153000 1:1 153000
TOTAL 11 100.00 961000 100.00 591000 591000

The Board of Directors of the Company at its meeting held on March 6,2013 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock Exchange viz. BSE and has authorized the corporate action for the transfer of the Equity Shares/dispatch of share certificates to various successful applicants. The CAN-cum-Refund Orders and allotment advice and/or notices are being dispatched to the address of the Applicants as registered with the depositories / as filled in the application form on or before March 8,2013. Further, the instructions to Self Certified Syndicate Banks being processed on or prior to March 7,2013. In case the same is not received within 10 days, investors may contact at the address given below. 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 Company is taking steps to get the Equity Shares admitted for trading on the SME Platform of BSE Limited within Twelve working days from the date of the closure of the Issue.
The trading is proposed to be commenced with effect from March 12,2013, subject to receipt of listing and trading approvals from BSE Limited.

INVESTORS PLEASE NOTE:
The details of the allotment made would also be hosted on the website of the Registrar to the Issue, Bigshare Services Private Ltd. at www.bigshareonline.com. All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/Sole applicants, serial number of the Application Form of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:

BIGSHARE SERVICES PRIVATE LIMITED
E-2/3,Ansa Industrial Estate, Saki Vihar Road, Sakinaka, Andheri (E). Mumbai - 400 072.
Tel No.: +91 -22-40430200, Fax No.: +91 -22-2847 5207
Website: www.bigshareonline.com, E-mail ID: ipo@bigshareonline.com

Date : March 6,2013
Place: Surat
For KAVTTA FABRICS LIMITED
Sd/-
HarishChandak
Chairman & Managing Director

Kavita Fabrics IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Kavita Fabrics IPO?

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

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

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

  3. 3. What is Kavita Fabrics IPO allotment process?

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