Maytas IPO Basis of Allotment

MAYTAS INFRA LIMITED

(The company was incorporated as Satyam Constructions Private Limited on May 6, 1988 under the Companies Act, 1956. It became a deemed public company with effect from July 1, 1993 and the word 'Private' was deleted from its name. The name of the company was changed to Maytas Infra Limited on May 6, 1998.)
Registered Office: 6-3-1186/5/A, IIIrd Floor, Amogh Plaza, Bagumpet, Hyderabad - 500 016.
Tel:+91-40- 2340 8100, 4040 9333 ; Fax:+91-40-2340 1107;
email: cs@maytasinfra.com; Website: www.maytasinfra.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 88,50,000 EQUITY SHARES OF RS. 10/- EACH ('EQUITY SHARES') FOR CASH AT A PRICE OF RS. 370/- PER EQUITY SHARE (INCLUDING SHARE PREMIUM OF RS. 360/- PER EQUITY SHARE) AGGREGATING TO RS 3,274.50 MILLION (REFERRED TO AS 'THE ISSUE'). THE ISSUE CONSTITUTES 15.04% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF MAYTAS INFRA LIMITED. ('COMPANY' OR 'ISSUER').
THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 370/- AND IT IS 37 TIMES THE FACE VALUE.
DSP Merrill Lynch Limited and JM Financial Consultants Private Limited are the Book Running Lead Managers and Kotak Mahindra Capital Company Limited are the Co-Book Ruining Lead Manager.
The Equity Shares of the Company are proposed to be listed on the Bombay Stock Exchange ('BSE') and the National Stock Exchange ('NSE') and trading is expected to commence on October 25, 2007.
In terms of Rule 19(2)(b) of the SCRR, this being an Issue for less than 25% of the post issue capital, the Issue is being 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 be specifically 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. In addition, in accordance with Rule 19(2)(b) of the SCRR, a minimum of two million securities are being offered to the public and the size of the Issue shall aggregate to at least Rs.1,000 million. The Company has not opted for the grading of the Issue.
The Issue received 2,25,248 applications for 59,59,10,364 equity shares resulting in 67.33 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional and Retail Individual investor categories are as under: (Before technical rejections)

Final Demand
A summary of-the final demand at various price-levels as per the electronic book is as under

The Basis of Allocation was finalized in consultation with.the BSE on 16th October, 2007.

A. 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. 370/- par Equity Share, was finalized in consultation with BSE. The category was over subscribed 14.880788 times. The total number of Equity Shares allotted in this category is 26,55,000 Equity Shares to 1,47,500 successful applicants. The category-wise details of the Basis of Allocation are as under:

B. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Non institutional Investors, who have bid at the Issue Price of Rs. 370/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 48.386868 times. The total number of Equity Shares allotted in this category is 8,85,000 Equity Shares to 557 successful applicants. The category-wise details of the Basis of Allocation are as under:

C. Allocation to OIBs
Allocation to OIBs has been done on a proportionate basis in consultation with NSE. As per the SEBI guidelines. Mutual Funds were initially allotted 5% of the quantum of equity shares available (2,65,500) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available equity shares (50,44,500) on proportionate basis.

The IPO Committee of the directors of the Company at its meeting held at Hyderabad on 17th October, 2007 has approved the Basis of Allocation of Equity Shares of the Issue and has allotted the Equity Shares to various successful applicants.
The CAN cum-Refund Orders, intimation regarding refunds through electronic mode (ECS, RTGS, NEFT or direct credit) and allotment advice and notices are being despatched to the address of the investors as registered with the depositories by October 19, 2007. In case the same is not received within ten days, investors may contact the Registrar to the Issue 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 Equity Shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned by October 18, 2007. The listing applications will be filed with the BSE and the NSE on or before October 19,2007. and the Company is taking steps to get the equity shares admitted for trading on the NSE and BSE within seven working days from the date of approval of the Basis Of Allocation by the IPO Committee of Maytas Infra Limited.

INVESTORS PLEASE NOTE
No action has been taken to register or qualify the Equity Shares or otherwise permit a public offering of the Equity Shares in any jurisdiction other than India. The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the 'Securities Act') or any state securities laws in the United States and may not be offered or sold within the Unitad States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Equity Shares are being offered and sold only (1) in the United States to 'qualified institutional buyers' (as defined in Rule 144A under the Securities Act; such term does not refer to a category of institutional investor defined under applicable Indian regulations and referred to in the Red Herring prospectus and the prospectus as 'QIBs') in transactions exempt from the registration requirement of the Securities Act, and (2) outside the United States in compliance with Regulation S and the applicable laws of each jurisdiction where those offers and sales occur. The Issue will also be made in compliance with the applicable Securities and Exchange Board of India Guidelines.
The details of the allocation made would be hosted on the website of Registrar to the issue, Karvy Computershare Private Limited at http://kcpl.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/ Soto applicant. Serial number of the Bid cum-Application Form, number of Equity 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: Maytas Infra
Plot No. 17 to 24, Vitharao Nagar,
Hitech City Road, Madhapur,
Hyderabad-500 081.
Fax: 040-23420814,
Email: einward.ris@Karvy.com

TOLL FREE- HELPLINE NUMBER: 1-800-3454001

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 MAYTAS INFRA LIMITED.