Madhya Bharat Agro IPO Details

Issue Open Aug 29, 2016
Issue Close Sep 2, 2016
IPO Price ₹24
Face Value ₹10
IPO Size ₹13.90 Cr
Listing At NSE SME
IPO Lot Size 6000

MADHYA BHARAT AGRO PRODUCTS LIMITED

Corporate Identity Number: U24121RJ1997PLC029126

Our Company was originally incorporated on October 22,1997 as 'Madhya Bharat Agro Products Private Limited' vide Registration no. 10-12401 under the provisions of the Companies Act, 1956 with the Registrar of Companies, Madhya Pradesh, Gwalior. Our Company was converted into a Public Limited Company pursuant to Shareholders Resolution passed at the Extra Ordinary General Meeting of the Company held on May 1, 1999 and the name of our company was changed to 'Madhya Bharat Agro Products Limited' vide a fresh Certificate of incorporation dated June 11,1999, issued by the Registrar of Companies, Madhya Pradesh, Gwalior having CIN U24121MP1997PLC012401. Further the Registered Office of the Company was changed to Bhilwara, Rajasthan from Indore, Madhya Pradesh and fresh certificate for change in Registered Office was issued by Registrar of Companies, Rajasthan, Jaipur dated May 05, 2009 having CIN U24121RJ1997PLC029126. For details of the changes in our Name and Registered Office, please see section titled 'History and Certain Corporate Matters' on page 141 of the Prospectus.
Registered & Corporate Office: 5-0-21, Basement, R. C. Vyas Colony, Bhilwara-311001, Rajasthan, India. Tel No.: +91-1482-237104; Fax No.: +91-1482-239638;
E-mail: secretarial@mbapl.com; Website: www.mbapl.com; Contact Person: Ms. Pallavi Sukhwal (Company Secretary & Compliance Officer)

PROMOTER OF OUR COMPANY: MR. PANKAJ OSTWAL, MR. PRAVEEN OSTWAL, SEASONS AGRO CHEM INDIA PRIVATE LIMITED & OSTWAL PHOSCHEM (INDIA) LIMITED

BASIS OF ALLOTMENT

PUBLIC OFFER OF 57,90,000 EQUITY SHARES OF FACE VALUE OF RS 10 EACH OF MADHYA BHARAT AGRO PRODUCTS LIMITED ('OUR COMPANY') FOR CASH AT A PRICE OF RS 24 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS 14 PER EQUITY SHARE) ('OFFER PRICE') AGGREGATING TO RS 1389.60 LAKHS ('THE OFFER') THROUGH AN OFFER FOR SALE BY MR. PANKAJ OSTWAL, MRS. SHASHI JAIN & MRS. AMITA MEHTA, MRS. SHASHI JAIN & MR. DHARMESH MEHTA, SEASONS AGRO CHEM INDIA PRIVATE LIMITED, OSTWAL PHOSCHEM (INDIA) LIMITED, PANERI TEXTILES PRIVATE LIMITED AND CHUNRI PRINTS PRIVATE LIMITED (COLLECTIVELY REFERRED AS SELLING SHAREHOLDERS INCLUDING PROMOTERS) OF WHICH 2,94,000 EQUITY SHARES OF FACE VALUE OF RS 10 EACH FOR A CASH PRICE OF RS 24 PER EQUITY SHARE, AGGREGATING TO RS 70.56 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKER ('MARKET MAKER RESERVATION PORTION'). THE OFFER LESS THE MARKET MAKER RESERVATION PORTION I.E. OFFER OF 54,96,000 EQUITY SHARES OF FACE VALUE OF RS 10 EACH AT AN OFFER PRICE OF RS 24 PER EQUITY SHARE AGGREGATING TO RS 1319.04 LAKHS (IS HEREINAFTER REFERRED TO AS THE 'NET OFFER'). THE OFFER AND THE NET OFFER WILL CONSTITUTE 26.43% AND 25.09%, RESPECTIVELY OF THE POST OFFER PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY. FOR FURTHER DETAILS, PLEASE REFER TO SECTION TITLED 'TERMS OF THE OFFER' BEGINNING ON PAGE 256 OF THE PROSPECTUS.

THIS OFFER IS BEING MADE IN TERMS OF CHAPTER XB OF THE SEBI (ICDR) REGULATIONS, 2009 AS AMENDED FROM TIME TO TIME. THIS OFFER IS A FIXED PRICE ISSUE AND ALLOCATION IN THE NET OFFER TO THE PUBLIC WILL BE MADE IN TERMS OF REGULATION 43(4) OF THE SEBI (ICDR) REGULATION 2009, AS AMENDED. FOR FURTHER DETAILS PLEASE REFER TO SECTION TITLED 'OFFER PROCEDURE' BEGINNING ON PAGE 264 OF THE PROSPECTUS.

THE FACE VALUE OF THE EQUITY SHARES IS RS 10 EACH AND THE OFFER PRICE IS RS 24.
THE OFFER PRICE IS 2.4 TIMES OF THE FACE VALUE.

OFFER

OPENED ON: MONDAY, AUGUST 29, 2016
CLOSED ON: FRIDAY, SEPTEMBER 02, 2016

PROPOSED LISTING: SEPTEMBER 12,2016

The Equity Shares offered through Prospectus are proposed to be listed on the SME Platform of National Stock Exchange of India Limited ('NSE EMERGE'). In terms of the Chapter XB of the SEBI (ICDR) Regulations, 2009, as amended; we are not required to obtain an in-principle listing approval for the shares being offered in this Offer. However, our company has received an in-principle approval letter dated July 26, 2016 from National Stock Exchange of India Limited for using its name in offer document for listing of our shares on the SME Platform of National Stock Exchange of India Limited. For the purpose of this Offer, the Designated Stock Exchange will be the National Stock Exchange of India Limited ('NSE EMERGE'). The trading is proposed to be commenced on or about September 12, 2016.*

*Subject to receipt of listing and trading approvals from the National Stock Exchange of India Limited.

All Applicants were allowed to participate in the Offer through APPLICATION 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 Offer has received 5037 applications for 4,27,08,000 Equity Shares resulting in 7.38 times subscription (including reserved portion of market maker). The details of the applications received in the Offer (before technical rejections) are as follows:

Detail of the Applications Received (Before Technical Rejection):

Category Number of
Applications
% Number of
Equity Shares
% Subscription
(Times)
Market Makers 1 0.02 2,94,000 0.69 1
Retail Individual Investors 4869 96.66 2,92,14,000 68.40 10.63
Other than Retail Individual Investors 167 3.32 1,32,00,000 30.91 4.80
TOTAL 5037 100 4,27,08,000 100 7.38

The details of applications rejected by the Registrar on technical grounds (including withdrawal) are detailed below:

Category No. of
Applications
No. of
Equity Shares
Market Makers Nil Nil
Retail Individual Investors 130 7,80,000
Other than Retail Individual Investors 7 2,16,000
TOTAL 137 9,96,000

After eliminating technically rejected applications, the following tables give us cateaory wise net valid applications:

Category No. of
Applications
% Reserved Portion
(as per Prospectus)
No. of Valid
Shares applied
% of
Total Applied
Subscription
(Times)
Market Maker 1 100 2,94,000 2,94,000 100 1.00
Total 1 100 2,94,000 2,94,000 100 1.00
Category No. of
Applications
% Reserved Portion
(as per Prospectus)
Proportionate Issue Size
(After rounding off)
No. of Valid
Shares applied
% of
Total Applied
Subscription
(Times)
Retail Individual Investors 4739 96.73 27,48,000 37,74,000 2,84,34,000 68.65 7.53
Other than Retail Individual Investors 160 3.27 27,48,000 17,22,000 1,29,84,000 31.35 7.54
Total 4899 100 54,96,000 54,96,000 4,14,18,000 100

ALLOCATION: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - National Stock Exchange of India Limited on September 07, 2016

A. Allocation to Market Maker (After Technical Rejections & Withdrawal): The Basis of Allotment to the Market Maker, at the Offer price of Rs 24 per Equity Share, was finalised in consultation with National Stock Exchange of India Limited. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 2,94,000 Equity shares.

The category wise details of the Basis of Allotment are as under:

No. of Shares Applied for (Category wise) No. Of Applications received % to total Total No. of Equity Shares applied in this Category % of total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding Off) Ratio of Allottees to Applicant:
Ratio 1
Ratio of Allottees to Applicant:
Ratio 2
Number of Successful Applicants (After rounding off) Total No. of Equity Shares allocated/ allotted No. of Shares Surplus/ Deficit
2,94,000 1 100.00 2,94,000 100.00 2,94,000 2,94,000 2,94,000 1 1 1 2,94,000 -
TOTAL 1 100.00 2,94,000 100.00 2,94,000 2,94,000 2,94,000 1 1 1 2,94,000 -

B. Allocation to Retail Individual Investors (After Technical Rejections & Withdrawal): The Basis of Allotment to the Retail Individual Investors, at the Offer price of Rs 24 per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 7.53 times i.e. for 2,84,34,000 Equity Shares. Total number of shares allotted in this category is 37,74,000 Equity Shares to 629 successful applicants.
The category wise details of the Basis of Allotment are as under:

No. of Shares Applied for (Category wise) No. of Applications received % to total Total No. of Equity Shares applied in this Category % of total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding Off) Ratio of Allottees to Applicant:
Ratio 1
Ratio of Allottees to Applicant:
Ratio 2
Number of Successful Applicants (After rounding off) Total No. of Equity Shares allocated/ allotted No. of Shares Surplus/ Deficit
6,000 4739 100.00 2,84,34,000 100.00 37,74,000 796.37 6000 13 98 629 37,74,000 -
TOTAL 4739 100.00 2,84,34,000 100.00 37,74,000 796.37 6000 13 98 629 37,74,000 -

C. Allocation to Other than Retail Individual Investors (After Technical Rejections & Withdrawal): The Basis of Allotment to Other than Retail Individual Investors, at the Offer price of Rs 24 per Equity Share, was finalized in consultation with National Stock Exchange of India Limited. The category was subscribed by 7.54 times i.e. for 1,29,84,000 shares the total number of shares allotted in this category is 17,22,000 Equity Shares to 108 successful applicants.
The category wise details of the Basis of Allotment are as under:

No. of Shares Applied for (Category wise) No. of Applications received % to total Total No. of Equity Shares applied in this Category % Of total Proportionate Shares Available Allocation per Applicant (Before Rounding Off) Allocation per Applicant (After Rounding Off) Ratio of Allottees to Applicant:
Ratio 1
Ratio of Allottees to Applicant:
Ratio 2
Number of Successful Applicants (After rounding off) Total No. of Equity Shares allocated/ allotted No. Of Shares Surplus/ Deficit
12,000 32 20.00 3,84,000 2.96 50,928 1591.50 6000 1 4 8 48000 -2928
18,000 29 18.13 5,22,000 4.02 69,230 2387.25 6000 12 29 12 72000 2770
24,000 9 5.63 2,16,000 1.66 28,647 3182.99 6000 5 9 5 30000 1353
30,000 9 5.63 2,70,000 2.08 35,809 3978.74 6000 2 3 6 36000 191
36,000 13 8.13 4,68,000 3.60 62,068 4774.49 6000 10 13 10 60000 -2068
42,000 15 9.38 6,30,000 4.85 83,554 5570.24 6000 14 15 14 84000 446
48,000 2 1.25 96,000 0.74 12,732 6365.99 6000 1 1 2 12000 -732
54,000 2 1.25 1,08,000 0.83 14,323 7161.74 6000 1 1 2 12000 -2323
60,000 7 4.38 4,20,000 3.23 55,702 7957.49 6000 1 1 7 42000 -13702
60,000 6000 2 7 12000 12000
66,000 5 3.13 3,30,000 2.54 43,766 8753.23 6000 1 1 5 30000 -13766
66,000 6000 2 5 12000 12000
72,000 6 3.75 4,32,000 3.33 57,294 9548.98 6000 1 1 6 36000 -21294
72,000 6000 2 3 24000 24000
78,000 1 0.63 78,000 0.60 10,345 10344.73 12000 1 1 1 12000 1655
84,000 1 0.63 84,000 0.65 11,140 11140.48 12000 1 1 1 12000 860
1,02,000 1 0.63 1,02,000 0.79 13,528 13527.73 12000 1 1 1 12000 -1528
1,14,000 2 1.25 2,28,000 1.76 30,238 15119.22 12000 1 1 2 24000 -6238
1,14,000 6000 1 2 6000 6000
1,20,000 4 2.50 4,80,000 3.70 63,660 15914.97 12000 1 1 4 48000 -15660
1,20,000 6000 3 4 18000 18000
1,62,000 1 0.63 1,62,000 1.25 21,485 21485.21 24000 1 1 1 24000 2515
1,68,000 1 0.63 1,68,000 1.29 22,281 22280.96 24000 1 1 1 24000 1719
1,80,000 6 3.75 10,80,000 8.32 1,43,235 23872.46 24000 1 1 6 144000 765
2,46,000 1 0.63 2,46,000 1.89 32,626 32625.69 30000 1 1 1 30000 -2626
2,88,000 1 0.63 2,88,000 2.22 38,196 38195.93 36000 1 1 1 36000 -2196
3,12,000 2 1.25 6,24,000 4.81 82,758 41378.93 42000 1 1 84000 1242
4,14,000 1 0.63 4,14,000 3.19 54,907 54906.65 54000 1 1 1 54000 -907
4,80,000 1 0.63 4,80,000 3.70 63,660 63659.89 66000 1 1 1 66000 2340
5,04,000 1 0.63 5,04,000 3.88 66,843 66842.88 66000 1 1 1 66000 -843
5,40,000 1 0.63 5,40,000 4.16 71,617 71617.38 72000 1 1 1 72000 383
5,70,000 2 1.25 11,40,000 8.78 1,51,192 75596.12 72000 1 1 2 144000 -7192
5,70,000 6000 1 2 6000 6000
6,00,000 1 0.63 6,00,000 4.62 79,575 79574.86 78000 1 1 1 78000 -1575
6,30,000 3 1.88 18,90,000 14.56 2,50,661 83553.60 84000 1 1 3 252000 1339
TOTAL 160 100.00 1,29,84,000 100JB 17,22,000 103 1722000 -

The Board of Directors of the Company at its meeting held on September 08, 2016 has approved the Basis of Allocation of Equity Shares as approved by the Designated Stock Exchange viz. National Stock Exchange of India Limited and has authorized the corporate action for the transfer of the Equity Shares to various successful applicants.
The CAN-cum-Refund advices 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 September 09, 2016. Further, the instructions to Self Certified Syndicate Banks for unblocking the amount have been processed on or prior to September 09, 2016. 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 National Stock Exchange of India Limited (NSE EMERGE) within six working days from the date of the closure of the Offer.

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus dated August 17, 2016 ('Prospectus')

INVESTORS PLEASE NOTE:
The details of the allotment made would also be hosted on the website of the Registrar to the Offer, Bigshare Services Private Limited at www.bigshareonline.com. All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/Sole applicants, serial number of the Application Form, number 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, Ansa Industrial Estate, Sakhivihar Road, Sakinaka, Andheri (East), Mumbai-400 072, Maharashtra, India
Tel No.: +91-22-4043 0200; Fax No.: +91-22-2847 5201; Email: ipo@bigshareonline.com; Investor Grievance Email: investor@bigshareonline.com
Website: www.bigshareonline.com; Contact Person: Mr. Ashok Shetty SEBI Regn. No.: MB/INR000001385

Place: Bhilwara
Date : September 8, 2016
For MADHYA BHARAT AGRO PRODUCTS LIMITED
On behalf of Board of Directors
Sd/-
Pankaj Ostwal
Managing Director

Madhya Bharat Agro IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Madhya Bharat Agro IPO?

    Check the basis of allotment document above to know about how the shares are allocated in Madhya Bharat Agro 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 Madhya Bharat Agro IPO basis of allotment status?

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

    Visit the Madhya Bharat Agro IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Madhya Bharat Agro IPO allotment process?

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








Search Chittorgarh.com:

Download Our Mobile App

Android App iOS App