MIC Electronics IPO Basis of Allotment

MIC Electronics Limited

(The Company was Incorporated as a private limited company under the Companies Act, 1956 in May 17,1988 under the name MIC Electronics Private Limited with registration number 01-08652. Subsequently, the Company was coverted into a public limited company on July 29,1997 and the name was  changed to MIC Electronics Limited.)
Corporate and Registered Office:A-4/11,Electronic Complex, Kushaiguda, Hyderbad-500 062.  A.P,India.
Phone.+914027122222, Fax: +914027133333,
Company secretary, Compliance Officer & Contact person: Ms. G. Bhargavi;
E-mail:secretarial@mic.co.in; Website: www.micelectronics.com

BASIS OF ALLOTMENT

PUBUC ISSUE OF 5,100,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 150 PER EQUITY SHARE AGGREGATING TO RS. 765 MILLIONS, ('ISSUE') BY MIC ELECTRONICS LIMITED ('COMPANY' OR 'ISSUER'). THE ISSUE WOULD CONSTITUTE 25.34 % OF OUR FULLY DILUTED POST ISSUE PAID-UP EQUITY CAPITAL.
ISSUE PRICE: Rs. 150 PER EQUITY SHARE OF FACE VALUE RS. 10/-. THE ISSUE PRICE IS 15.0 TIMES OF THE FACE VALUE.
The Issue was made through the 100% Book Building Process wherein upto 50% of the Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs'), out of which 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remaining QIB Portion shall be available for allotment to QIBs Bidders, including Mutual Funds, subject to valid Bids being received at or above Issue Price. Further, not less than 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% 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/Offer opened on April 30,2007 and Closed on May 08,2007.The Issue received 132618 applications for 252,767,120 equity shares resulting in 49.56 times subscription.
The Basis of Allotment for all the categories namely Retail Individual Investors, Non Institutional investors and Qualified Institutional Buyers was approved by Bombay Stock Exchange Limited (Designated Stock Exchange) on May 21,2007. The Board of Directors of the Company at its Meeting held at Hyderabad, on May 22, 2007, allotted the Equity Shares to the successful applicants. Details of valid applications received and allotments done are as under

Public Issue

15 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:

The Basis of Allotment was finalised In consultation with the Designated Stock Exchange-Bombay Stock Exchange Limited('BSE') on Monday May 21,2007.

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. 150/- per Equity Share, have been considered while preparing the basis of allotment. The category was over subscribed 30.42 times. The total number of shares allotted in this category is 1785015 Equity Shares. The category-wise details of the Basis of allotment are as under

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. 150/- per Equity Share, have been considered while preparing the basis of allotment. The category was over subscribed 84.11 times. The total number of shares allotted in this category is 764985 Equity Shares. The category-wise details of the Basis of allotment are as under: (Sample)

C. Allotment to QIBs
The total numbers of Equity Shares allotted in this category are 2,550,000 Equity Shares (50% of total Equity Shares allotted). Out of 2,550,000 Equity Shares offered to QIBs as per the terms of the Issue, 127,500 Equity Shares (i.e 5% of 2,550,000 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 2,422,500. The category was over subscribed 49.32 times. The category-wise details of the Basis of allotment are as under

The Board of Directors of the Company at a meeting held at Hyderabad on May 22,2007 adopted the Basis of Allotment of Equity Shares in the Issue, approved by BSE and allotted 5,100,000 Equity Shares to the successful applicants.
The dispatch of refund orders and the dispatch of allotment advices will be completed by May 23,2007. The Company shall file the listing application with the Bombay Stock Exchange Limited and National Stock Exchange of India Limited on May 23,2007.
The Refund Orders / allotment advice in respect of refunds due to applicants has been dispatched to the addresses of the investors 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. The 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 me issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-appiication 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 -28 Fax: +91 22 2596 0329}
E-mail: micelectro-ipo@intimespectrum.com,Website: www.intimespectrum.com;
Contact Person: Mr. Vishwas Attavar

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 MIC ELECTRONICS LIMITED