Meghmani IPO Details

Issue Open Jun 4, 2007
Issue Close Jun 7, 2007
IPO Price ₹19
Face Value ₹1
IPO Size ₹102.00 Cr
Listing At BSE, NSE
IPO Lot Size 350

MEGHMANI ORGANICS LIMITED

(The company was formed as a partnership firm in the name and style of M/s Gujarat Industries. Subsequently the partnership firm was incorporated into a company at Ahmedabad in the state of Gujarat with the name 'Meghmani Organics Limited' on January 2,1995 under part IX of the Companies Act, 1956, with the Registration No. 04-24052)
Registered Office: Plot No. 184, Phase II, G.I.D.C. Vatva, Ahmedabad -382 445, Gujarat, India.
Corporate Office: Meghmani House, Shrinivas Society, Off New Vikas Gruh Road,
Paldi, Ahmedabad - 380 007, Gujarat, India.
Tel: + 91 79 25831210 Fax: +91 79 25833403.
Contact Person: Mr. Kamlesh Mehta;
E-mail: ipo@meghmani.com; Website: www.meghmani.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 53,684,211 EQUITY SHARES OF Re. 1/- EACH AT A PRICE OF RS. 19 PER EQUITY SHARE (INCLUDING SHARE PREMIUM OF RS. 18 PER EQUITY SHARE) FOR CASH AGGREGATING RS. 1020 MILLION BY MEGHMANI ORGANICS LIMITED (HEREINAFTER REFERRED TO AS THE 'ISSUE'). THE ISSUE WILL CONSTITUTE 21.11% OF THE POST ISSUE PAID-UP EQUITY CAPITAL.
ISSUE PRICE: Rs. 19 PER EQUITY SHARE OF FACE VALUE Re. 1/-
THE ISSUE PRICE IS 19 TIMES OF THE FACE VALUE.

The issue was made in terms of Rule 19 (2) (b) of the SCRR, this being an Issue for less than 25% of the post - Issue paid up share capital of our Company, this Issue was being made through 100% Book Building Process wherein at least 60% of the Issue shall be allotted on a proportionate basis to Qualified Institutional Buyers ('QIBs'). 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. If at least 60% of the Issue cannot be allotted to QIBs, then the entire application money will be refunded. Further, up to 10% of the Issue shall be available for allocation on a proportionate basis to Non Institutional Bidders and up to 30% of the Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Issue Price
The Bid/Issue opened on June 04, 2007 and Closed on June 07, 2007. The Issue received 168117 applications for 1409399950 equity shares resulting in 26.25 times subscription.
The Basis of Allotment for all the categories namely Retail Individual Investors, Non Institutional Investors and Qualified Institutional Buyers was approved by the National Stock Exchange of India Limited (Designated Stock Exchange) on June 19, 2007. The Board of Directors of the Company at its Meeting held at Ahmedabad, on June 20, 2007, allotted the Equity Shares to the successful applicants. Details of valid applications received and allotments done are as under:
Public Issue

Category No. of applications No. of shares applied for No. of shares allocated
QIB 44 699595400 32210526
Non Institutional Investors 320 248829350 5368085
Retail 167753 460975200 16105600

336 excess equity shares have been allotted in Retail category due to rounding off.

Final Demand
The final demand at different bid prices is as under:

Bid Price No. of Equity Shares % to Total Cumulative Total Cumulative % to total
17 52874850 3.4702 1523685800 100.0000
18 54982550 3.6085 1470810950 96.5298
19 962239600 63.1521 1415828400 92.9213
CUTOFF 453588800 29.7692 453588800 29.7692
TOTAL 1523685800

The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - National Stock Exchange of India Limited ('NSE') on Tuesday June 19,2007.

A. Allotment to Retail Investors (After Technical Rejections)
All the bidders in the Retail Investors, who have bid at cut-off or at the Issue Price of Rs. 19/- per Equity Share, have been considered while preparing the basis of allotment. The category was over subscribed 28.27 times. The total number of shares allotted in this category is 16105600 Equity Shares. The category-wise details of the Basis of allotment are as under:

Category No. Of Applns. % to total Total No. of Shares applied % to total No. of Shares allocated Ratio Total No. of Shares allocated
350 22210 13.43 7773500 1.71 274979 4:113 275450
700 17400 10.52 12180000 2.68 430853 7:99 430500
1050 13557 8.20 14234850 3.13 503541 11:104 502950
1400 9734 5.89 13627600 2.99 482061 14:99 481950
1750 3912 2.37 6846000 1.50 242169 3:17 241850
2100 4343 2.63 9120300 2.00 322620 7:33 322350
2450 33208 20.08 81359600 17.87 2878002 25:101 2879450
2800 1958 1.18 5482400 1.20 193934 28:99 193900
3150 624 0,38 1965600 0.43 69531 32:101 69300
3500 1440 0.87 5040000 1.11 178284 35:99 178150
3850 321 0.19 1235850 0.27 43717 39:100 43750
4200 515 0.31 2163000 0.48 76514 14:33 76300
4550 345 0.21 1569750 0.34 55528 23:50 55650
4900 1211 0.73 5933900 1.30 209905 49:99 209650
5250 54620 33.02 286755000 62.98 10143626 61:115 10144400

B. Allotment to Non Institutional Investors (After Technical Rejections)
All the bidders in the Non Institutional Investors, who have bid at the Issue Price of Rs. 19/- per Equity Share, have been considered while preparing the basis of allotment. The category was over subscribed 45.84 times. The total number of shares allotted in this category is 5368085 Equity Shares. The category-wise details of the Basis of allotment are as under: (Sample)

Category No. Of Applns. % to total Total No. of Shares applied % to total No. of Shares allocated Ratio Total No. of Shares allocated
5600 27 9.57 151200 0.06 3299 1:3 3150
6300 4 1.42 25200 0.01 550 1:4 350
6650 4 1.42 26600 0.01 580 1:4 350
7000 3 1.06 21000 0.01 458 1:3 350
7700 5 . 1.77 38500 0.02 640 2:5 700
10500 12 4.26 126000 0.05 2749 2:3 2800
26250 10 3.55 262500 0.11 5727 FIRM 5730
52500 12 4.26 630000 0.26 13744 FIRM 13740
277200 24 8.51 6652800 2.70 145135 FIRM 145128
554400 10 3.55 5544000 2.25 120946 FIRM 120950
10500000 1 0.35 10500000 4.27 229064 FIRM 229003
21000000 1 0.35 21000000 8.53 458127 FIRM 458005
49000000 1 0.35 49000000 19.91 1068964 FIRM 1068681

C. Allotment to QIBs
The total numbers of Equity Shares allotted in this category are 32210526 Equity Shares (60% of total Equity Shares allotted). Out of 32210526 Equity Shares offered to QIBs as per the terms of the Issue, 1610526 Equity Shares (i.e. 5% of 32210526 Equity Shares) has been allotted proportionately to mutual funds. Mutual funds applicants have also been considered eligible for proportionate allotment for the balance Equity shares in QIBs category i.e. 30600000. The category was over subscribed 21.72 times. The category-wise details of the Basis of allotment are as under:

Category ICs MFs Flls Fls/Banks VCs Total
No.of Shares 2357202 4318285 23729403 1746712 58924 32210526

Dates of despatch of Refund Orders, Credit to beneficiary Accounts, Refund Instructions and Listing details.

Activity Date of Completion
Approval of Basis of Allotment by NSE June 19,2007
Despatch of Allotment Advices, Refund Orders and ECS Intimation Note June 21, 2007
Refund Instructions to the Clearing System (in case of Refunds through ECS system) June 21,2007
Listing Application to BSE & NSE June 21,2007
Credit to beneficiary Accounts June 21,2007

The Board of Directors of the Company at a meeting held at Ahmedabad on June 20, 2007 adopted the Basis of Allotment of Equity Shares in the Issue, approved by NSE and allotted 53684211 Equity Shares to the successful applicants.

Refunds have been made through ECS, Direct Credit, RTGS and NEFT into the Bank Account of the applicants, as registered with the depositories, for applicants residing at any of the 15 centers specified by SEBI. For other applicants Refund Orders have been dispatched to their address as registered with the depositories. In case the same is not received within ten days, investors may contact the Registrar to the Issue at the address given below. ECS Intimation Note and Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The Equity Shares allocated to the 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 Bombay Stock Exchange Limited and National Stock Exchange of India Limited within seven working days from the date of approval of Basis of Allotment.

INVESTORS PLEASE NOTE
This details of the allotment made would be hosted on the website of Registrars to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.com
All future correspondence in this regard may kindly be addressed to the Registrars to the issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-application form, number of 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:

Intime Spectrum Registry Limited
C-13 Pannalal Silk Mills Compound, LBS Marg, Bhandup (W), Mumbai 400 078
Tel: +91 22 2596 0320 (9 Lines) Fax: +91 22 2596 0328/29
E-mail: meghrnani-ipo@intimespectrum.com, Website: www.intimespectrum.com
Contact Person: Mr. Sachin Achar

 

Place: Ahmedabad
Date : 26/06/2007

For Meghmanl Organics Limited
On behalf of the Board of Directors
Sd/-
Chairman

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 MEGHMANI ORGANICS LIMITED

Meghmani IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Meghmani IPO?

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

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

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

  3. 3. What is Meghmani IPO allotment process?

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