Mahanagar Gas IPO Basis of Allotment

MAHANAGAR GAS LIMITED

MAHANAGAR GAS

Our Company was incorporated on May 9, 1995 at Mumbai as Mahanagar Gas Limited, a public company under the Companies Act, 1956. Our Company obtained a certificate of commencement of business on July 4, 1995 Corporate identification Number: U40200MH1995PLC088133

Registered Office and Corporate Office; MGL House. G-33 Block, Bandra-Kurla Complex, Bandra (East}, Mumbai - 400 051. For details of change in registered office of our Company, see the section 'History and Certain Corporate Matters' on page 131 of the Prospectus dated June 25, 2016 filed with the Registrar of Companies Mumbai ( 'Prospectus') Contact Person: Mr. Alok Mishra, Company Sectary and Compliance Officer: Tel: +91 (22) 6695 2941, Fax: +91 (22) 6675 6491; Email: mgl.ipo@mahanagargas.com: Website: www.mahanagargas.com

PROMOTERS OF OUR COMAPNY: GAIL (INDIA) LIMITED AND BG ASIA PACIFIC HOLDING PTE LIMITED

BASIS OF ALLOTMENT

Our Company has filed the Prospectus with the Registrar of Companies, Mumbai and the Equity Shares will be listed on the BSE Limited (' BSE') and the National Stock Exchange of India Limited ('NSE') and the trading will commence on July 01,2016,

INITIAL PUBLIC OFFER OF 24,694,500 EQUITY SHARES OF FACE VALUE OF Rs.10 EACH ('EQUITY SHARES') OF MAHANAGAR GAS LIMITED ('COMPANY' OR 'ISSUER') FOR CASH AT A PRICE OF RS.421 PER EQUITY SHARE ('OFFER PRICE') THROUGH AN OFFER FOR SALE OF 12,347,250 EQUITY SHARES BY GAIL (INDIA) LIMITED AND 12.347,250 EQUITY SHARES BY BG ASIA PACIFIC HOLDINGS PTE LIMITED ('SELLING SHAREHOLDERS') AGGREGATING TO RS 10,388.78* MILLION ('OFFER'). THE OFFER INCLUDES A RESERVATION OF 200,000 EQUITY SHARES, AGGREGATING TO RS.76.60 MILLION, FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS DEFINED HEREINAFTER) ON A COMPETITIVE BASIS ('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 25.00% AND 24.80%, RESPECTIVELY, OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. OUR COMPANY AND THE SELLING SHAREHOLDERS HAVE, IN CONSULTATION WITH THE BOOK RUNNING LEAD MANAGERS, OFFERED A DISCOUNT OF Rs.38 PER EQUITY SHARE ON THE OFFER PRICE TO ELIGlBLE EMPLOYEE ('EMPLOYEE DISCOUNT'). THE ANCHOR INVESTOR OFFER PRICE IS RS.421 PER EQUITY SHARE.

The Equity Shares have not been and wi11 not be rcgistered under the U. S. Securities Act of 1933, as amended (the 'Securities Act'), or any state securities laws in the United States. Accordingly, the Equity Shares are being offered and sold only outside the United States in offshore transactions in reliance on Regulation S under the Securities Act and the applicable laws of each jurisdiction where such offers and sales occur.

*Adjusted for Discount of Rs38 per Equity Share an the Offer Price to Eligible Employees.

THE OFFER PRICE : RS.421 PER EQUITY SHARE OF FACE VALUE OF Rs.10 EACH THE OFFER PRICE IS 42.1 TIMES OF THE FACE VALUE ANCHOR INVESTOR OFFER PRICE: RS.421 PER EQUITY SHARE

Risks to Investors: i. The two Book Running Lead Managers associated with this Offer have handled 13 public issues in the past three years, of which five issues closed below the issue price on listing date. ii. Average cost of acquisition of Equity Shares by the Promoters / Selling Shareholders is Rs.10 per Equity Share and the Offer Price for the public at the upper end of the Price Band is as high as Rs.421

BID/OFFER PROGRAMME:
BED/OFFER OPENED ON: TUESDAY, JUNE 21, 2016
BID/OFFER CLOSED ON: THURSDAY, JUNE 23, 2016
ANCHOR INVESTOR BID/OFFER OPENED AND CLOSED ON: MONDAY, JUNE 20, 2316

Pursuant to Rule 19(2)(b) of the Securities Contracts Regulalion Rules, 1957. as amended ('SCRR') read with Regulation 41 of the SEBI ICDR Regulations, the Offer has been made for at least 10% of the post-Offer paid-up Equity Share captal of our Company. This Offer has been made through the Book Building Process where 50% of the Nat Offer shall be available for allocation on a proportionate basis to Qualified institutional Buyers ('QIB') ( 'QIB Portion'). Our Company and the Selling Shareholders have, in consolation with the Book Running Lead Managers, allocated 60% of the QIB Portion to Anchor Investors, on a discretionary basis ('Anchor Investor Portion') at the Anchor Investor Allocation Price, out of which at least one third was made available for allocation to domestic Mutual Funds only subject to valid Bids received from domeslic Mulual Funds at or above the Anchor Investor Allocation Price In event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion. Equity Shares representing 5% of the QIB Portion (excluding the Anchor Investor Portion) was made available for allocation on a proportionate basis to Mutual Funds only. The remainder of the QIB Portion shall be available for allocation on a proportionate basis to QIBs (other than Anchor Investors}, including Mutual Funds, subject to valid Bids being revived from them at or above the Offer Price. Further, 15% of the Net Offer was made available for allocation on a proportionate basis of Non-Instiitutional Bidders and 35% of the Net Offer was made available for allocation to Retail Individual Bidders subject to valid Bids being received from them at or above the Offer Price. All investors other than Anchor Investors shall participate in this Offer through the Application Supported by Blocked Amount ('ASBA'') process by providing the details of their respective ASBA Accounts. For details, see the section 'Offer Procedure' on page 295 of the Prospectus.

The Offer received 961,025 Applications for 1,123,220,140 Equity Shares (before technical rejections) resulting in 45-.485 times subscription. The details of the Applications received in the Offer from various categories are as under: (Before technical rejections!

SI No.	Category	No. of Applications	No. of Equity Shares	No of Times Subscribed	Amount (Rs)	Shares Reserved
A	Retail Individual Investors	958.516	56,416,150	6.581	23,774,832,004	8,573,075
B	Non-lnstitutional Bidders	1,637	665,294,085	186.516	288,507,361,740	3,674,175
C	Qualified Institutional Bidders (excluding Anchor Investors)	201	373.931.180	76.330	157.425.026.780	4,898,900
D	Anchor Investors	44	7,348,600	1.000	3,093,780,600	7,348,350
E	Employee Reservation Portion	628	230,125	1.151	88, 140,215	200.000
	TOTAL	961,026	1.1 23.220.140	45.485	472,889,111,339	24,694,500

Final Demand
A summary of the final demand as at different Bid prices is as under:

SI No,	BID PRICE	BIDS QUANTITY	(%) TO TOTAL	Cumulative Total	%Cumulative Total
1	380	655,725	0.06	655,725	0 06
2	381	22,470	0.00	678,195	0.06
6	382	10,115	0.00	666,310	0.06
4	383	4.025	0.00	692,335	0.06
5	384	2,310	0.00	694 645	0.06
6	385	52,920	0.00	747 565	0 07
7	386	3,430	0.00	750,995	0 07
e	387	2,065	0.00	753,060	0,07
9	388	1,575	0.00	754,635	0 07
10	389	1,925	0.00	756,560	0.07
11	390	85,435	0.01	841,995	0,08
12	391	4.760	0.00	846,755	0.08
13	392	1,190	0.00	847 945	0.08
14	393	2,135	0.00	850.080	0.08
15	394	735	0.00	850,815	0.08
16	395	25.075	0.00	876,890	0.08
17	396	2,765	0.00	879,655	0.08
18	397	5,460	0.00	865,115	0.08
19	398	1,190	0.00	886,305	0.08
20	399	9,345	0.00	895 650	0.08
21	400	489,405	0.04	1,385,055	0.12
22	401	16,520	0.00	1.401,575	0,13
23	402	4,865	0.00	1,406,440	0.13
24	403	910	0.00	1,407,350	0.13
25	404	2,800	0.00	1.410.150	0.13
26	405	19.565	0.00	1,429,715	013
27	406	910	0.00	1,430,625	0.13
28	407	7,840	0.00	1,438.465	0.13
29	408	26.880	0.00	1,465,345	0.13
30	409	1,540	0.00	1.466,885	0,13
31	410	61.320	0.01	1,528,205	0.14
32	411	5.390	0.00	1,533,595	0.14
33	412	3,570	0.00	1.537.165	0.14
34	413	315	0.00	1,537,480	0.14
35	414	840	0.00	1,538,320	0.14
36	415	24,500	0.00	1,562,820	0.14
38	416	2,905	0.00	1,565,725	014
36	417	1,645	0.00	1,567,370	0.14
39	418	4,340	0.00	1,571,710	014
40	419	14,140	0.00	1,585,850	0.14
41	420	53,235	0.00	1,639,085	0,15
42	421	1,068,350,460	95.32	1,070,019,545	95.47
43	Cut-off	50.761.375	4.53	1,120,780,920	100.00
	TOTAL	1,120,780,920	100.00

The Basis of Allotmant was finalized in consultation with the Designated Stock Exchange, being BSE on June 29,2016.

A. Allotment to Retail Individual Investors (AfterTechnical Rejections) (including ASBA Applications)

The Basis of Allotment to the Retail Individual Investors, who have Bid at the Offer Price of 7421 par Equity Share was finalized in consultation with BSE. This category has been subscribed to the extent of 6.4073 times after including spillover from Eligible
Employee category. The total number of Equity Shares Allotted in this category is 8,573,075 Equity Shares to 244,945 successful Retail Individual Investors. The category-wise details of the Basis of Allotment are as under:

Category	No. of Applications Received	% of Total	Total No. of Equity Shares applied	% to Total	No.of Equity Shares Allotted per Applicant	Ratio of allottees to applicants	Total No. of Equity Shares Allotted
35	802,229	85.71	28,078,015	51.12	35	95:363	7,347,830
70	41,654	4.45	2,015,780	5.31	35	39:149	381,536
105	22.766	2.43	2,390,430	4.35	35	39:149	208.530
140	11,049	1.18	1,546,860	2.82	35	39:149	101.220
175	6,475	0.69	1,133,125	2.06	35	11:42	59,325
210	8,646	0.92	1,815,660	3.31	35	39:149	79,205
245	6,621	0.71	1,622,145	2.95	35	39:149	60.655
280	2,454	0.26	687,120	1.25	35	11:42	22,505
315	1.368	0.15	430,920	0.78	35	11:42	12,530
350	4,325	0.46	1,513,750	2.76	35	11:42	39,656
385	986	0.11	379,610	0.69	35	11:42	9,030
420	1.487	0.16	624,540	1.14	35	11:42	13,615
455	25.918	2.77	11,792,690	21.47	35	39:149	237,440

B. Allotment to Non Institutional Investors (AfterTechnical Rejections) (including ASBA Applications)

The Basis of Allotment to the Non - Institutional Investors. who have Bid at the Offer Price of Rs 421 per Equity Share, was finalized in consultation with the BSE. This category has been subscribed to the extern of 185.6685 times after including spillover from Eligible Employee category. The total number of Equity Shares Allotted in this category is 3.674.175 Equity Shares to 889 successful Non Institutional Bidders,

The category-wise details of the Basis of Allotmentare as under;

Category	No. of Applications Received	% of Total	Tatal No.of Equity Shares applied	% to Total	No. of Equity Shares Allotted per Applicant	Ratio of allottees to applicants	Total No. of Equity Shares Allotted
490	110	7.07	53,900	0.01	35	1:14	280
525	67	4.31	35,175	0.01	35	1:13	175
560	9	0.58	5.040	0.00	35	1:9	35
595	27	1.74	16,065	0.00	35	2:27	70
630	9	0.58	5,670	0.00	35	1:9	35
665	4	0.26	2.660	0.00	35	1:4	35
700	69	4.43	48.300	0.01	35	7:69	245
735	10	0.64	7,350	0.00	35	1:10	35
770	2	0.13	1,540	0.00	35	1:2	35
805	6	0.39	4.830	0.00	35	1:6	35
840	5	0.32	4.200	0.00	35	1:5	35
875	7	0.45	6.125	0.00	35	1:7	35
910	8	0.51	7.260	0.00	35	1:8	35
945	26	1.67	24,570	0.00	35	2:13	140
980	27	1.74	26.460	0.00	35	4:27	140

C. Allotment to QIBs (excluding Anchor Investors)

The Basis of Allotment to QIBs who have Bid at the Offer Price of Rs 421 per Equity Share has been done on a proportionate basis in consultation with the BSE. This category has been subscribed to the extent of 76.3248 times of QIB Portion. As per the SEBI ICDR Regulations. Mutual Funds ware Allocated 5% of the Equity Shares of Net QIB Portion available i.e. 244,945 Equity Shares and other QIBs. including Mutual Funds, were Allocated the remaining available 4.653.955 Equity Shares on proportionate basis. The unsubscribed portion of Mutual Funds was added back to the QIB Portion. The total number of Equity Shares allotted in the QIB category is 4,898,900 Eqiity Shares, which were allotted to200 successful QIB Bidders. The calegory-wise details of the Basis of Allotment are as under:

CATEGORY	FIS/BANKS	Fll/FPC	MF'S	IC,S	VC,S	AIF	TOTAL
ALLOTMENT	1365475	1859414	1068449	518469	58026	29067	4898900

D. Allotment to Anchor Investors

CATEGORY	FIS/BANKS	FII/FPC	MF,S	IC,S	TRUST	TOTAL
ALLOTMENT	-	4408770	2694615	244965		7348350

The Company and the Selling Shareholders, in consultation with the BRLMs, have Allocated 7.348 350 Equity Shares to 25 Anchor Investors through 44 Applications at the Anchor Investor Offer Price of Rs 421 per Equity Shares in accordance with the SEBI Regulations. This represents 60% of the QIB Portion.

E. Allotment to Eligible Employees (AfterTechnical Rejections)

The Basis of Allotment to the Eligible Employees, who have Bid at the Offer Price- (less discount) of Rs 383 per Equity Share, was finalized in consultation with the BSE. This Employee Reservation Portion has been subscribed to the extent of 1.0917 times. The tolal numberof Equity Shares Allotted in this category is 200,000 Equity Shares to 464 successful Eligible Employees.

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

Category	No.of Applications Received	% of Total	Tatal No.of Equity Shares applied	% to Total	No, of Equity Shares Allotted per Applicant	Ratio of allottees to applicants	Total No.of Equity Shares Allotted
35	3	0.65	105	0,05	35	1:1	105
70	3	0.65	210	0.10	64	1:1	192
105	1	0.22	105	0.05	96	1:1	96
140	2	0.43	280	0.13	128	1:1	256
175	3	0.65	525	0.24	160	1:1	480
245	4	0.86	980	0.45	225	1:1	900
280	7	1.51	1.960	0.90	256	1:1	1792
315	2	0.43	630	0.29	289	1:1	578
350	5	1.08	1750	0.80	321	1:1	1,605
385	7	1.51	2,695	1.23	353	1:1	2471
420	1	0.22	420	0.19	385	1:1	385
455	2	0.43	910	0.42	417	1:1	834
490	424	91.38	207,760	95,16	448	1:1	189,952
490					1	5:6	354

The IPO Committee of the Company at it's meeting held on June 29. 2016. has approved the Basis of Allotment of the Equity Shares approved by the Designated Stock Exchange, being BSE and Allotted the Equity Shares to various successful Applicants.

The Allotment Advice-cum-lntimations and/ or notices will be dispatched to the address of the investors as registered with the depositories. Further, instructions to the Self Certified Syndicate Banks have been dispatched/mailed on June 29,2016. 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 Applicants have been credited on June 30,2016 to their beneficiary accounts subject to valdation of the account details with the depositories concemed. Our Company filed the Listing application with BSE and NSE on June 29,2016 The Equity Shares shall list and commence trading on or about July 1,2016. Note All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus dated June 25.2016 filed with the Registrar of Companies, Mumbai ('Prospectus')

INVESTORS PLEASE NOTE

These details of the Allotment made shall be hosted on the website of Registrar to Ihe 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 (be Acknowledgment Slip received from the Designated Intermediary at the address given below:

Link Intime India Private Limited
C 13; pannalal Silk Mills compound, LBS Marg, Bhandup (West), Mumbai - 400 078.
Tel: +91 (22} 6171 5400; Fax: +91 (22) 2596 0329; Investor grievance Email: mgl.ipo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan; Website: www.linkintime.co.in
SEBl Registration No.; INR 000004058

Place: Mumbai Date: June 30,2016	For MAHANAGAR GAS LIMITED On behalf of the Board of Directors Sd/- Alok Mishra Company Secretary & Compliance Officer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EFTHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF MAHANAGAR GAS LIMITED.

Mahanagar Gas IPO Basis of Allotment FAQs

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