MOIL IPO Basis of Allotment

MOIL LIMITED

Our Company was originally incoiponated under the Companies Act, as amended,on June 22,1962 under the name'Manganese Ore (lndia) Umited\ The nameour Company was changed to MOIL Limited and a fresh certificate of incorporation was issued consequent upon change of name on August 17,2010. Presently, the Registered Office is situated at Nagpur, Maharashtra. For details of the change in the Registered Office, see 'History and Certain Corporate Matters' on page 97 of the Prospectus.
Registered and Corporate Office: 'MOIL Bhavan' 1-A Katol Road, Nagpur 440 013, Maharashtra, India. Telephone: +91712-2806100/216; Facsimile +91712-2591661; Company Secretary and Compliance Officer: Mr. Neeraj Dutt Pandey; Telephone:+91712-2806100/208; Facsimile:+91712-2591661; E-mail: ipo@moil.nic.in;Website:www.moil.nic.in

BASIS OF ALLOTMENT

PUBLIC OFFERING OF 33,600,000 EQUITY SHARES OF FACE VALUE OF Rs. 10 EACH THE 'EQUITY SHARES') OF MOIL LIMITED ('MOIL' OR 'OUR COMPANY') AT A PRICE OF Rs 375* PER EQUITY SHARE, INCLUDING A SHARE PREMIUM OF Rs 365 PER EQUITY SHARE (THE 'OFFER PRICE'), AGGREGATING UP TO Rs 12,375.14* MILLION THROUGH AN OFFER FOR SALE FOR CASH BY THE PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF STEEL GOVERNMENT OF INDIA, THE GOVERNOR OF THE STATE OF MAHARASHTRA ACTING THROUGH THE INDUSTRIES, ENERGY AND LABOUR DEPARTMENT, GOVERNMENT OF MAHARASHTRA AND THE GOVERNOR OF THE STATE OF MADHYA PRADESH ACTING THROUGH THE FINANCE DEPARTMENT,GOVERNMENT OF MADHYAPRADESH (INDIVIDUALLYA'SELLING SHARE HOLDER'AND COLLECTIVELY THE'SELLING SHARE HOLDERS').THE OFFER COMPRISES OF A NET OFFER TO THE PUBLIC OF 32,928,000  EQUITY SHARES (THE 'NET OFFER')  AND  A   RESERVATION OF 672,000 EQUITY SHARES FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (THE 'EMPLOYEE  RESERVATION  PORTION'). THE OFFER AND NET OFFER SHALL CONSTITUTE  20%  AND  19.6% OF THE PAID-UP EQUITY SHARE CAP[TAL OF OUR   COMPANY ,RESPECTIVELY.
THE FACE VALUE OF THE EQUITY SHARES IS Rs 10 EACH. THE OFFER PRICE IS Rs 375 AND IS 37.5 TIMES THE FACE VALUE OF THE EQUITY SHARES.
* Alter  adjusting  for 5%   discount to the Offer Price offered to the Retail Individual Bidders and Eligible Employees (Retail and Employee Discount) as decided by the selling shareholders and our Company in consultation with the BRL Ms.Offer opened on November 26,2010. Offer closed on November 30,2010 for QIB Bidders and on December 1,2010 for Retail and Non-Institutional Bidders (Including Eligible Employees bidding under the Employee Reservation Portion)

THE PROMOTER OF OUR COMPANY THE PRESIDENT OF INDIA, ACTING THROUGH THE MINISTRY OF STEEL, GOVERNMENT OF INDIA
This Offer was made in terms with Rule 19 (2) (c) of the Securities Contract Regulation Rules, 1957, as amended, for less than 25% of the post Offer Equity Share capital of our Company This Offer was made through the Book Building Process in compliance with the provisions of Regulation 26(2) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, (the'SEBI ICDR Regulations'), wherein at least 50% of the Net Offer was Allotted on a proportionate basis to Qualified Institutional Buyers ('QIBs'' and such portion, the   'QIB ' Portiorr). Such number of Equity Shares representing 5% of the QIB Portion was available for allocation on a proportionate basis to Mutual Funds only.The remainder of the QIB Portion was available for allocation on a proportionate basis to QIBs, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Net Offer was available for allocation on a proportionate basis to Non Institutional Bidders and not less than 35% of the Net Offer was availa6le for allocation on a proportionate basis to Retail Individual Bidders,subject to valid Bids Being received at or above the offer price Further, 672,000 Equity Shares were available for allocation on a proportionate basis to Eligible Employees,subject to valid Bids being received from the at or above the Offer price The Offer received 1,301,938 applications for 1,886,880,082 equity shares resulting in 56.16 times subscription.The details of the applications received in the Offer from Qualified Institutional Buyers, Non-Institutional Investors, Retail Individual Investors and Employees are as under:
(Before technical rejections) (Including ASBA Appllcatlons)

Final Demand
A summary of the final demand as per the BSE and the NSE as on the Bid/Offer closing date of different bids is as detailed here under

The Basis of Allocation was finalized in consultation with the Designated Stock Exchange, being the National Stock Exchange of India Limited fNSE') on December 9,2010.

A. Employees
The Basis of Allocation to the employees of MOIL Ltd, who have bid at the cut-off Price of Rs 375/- per Equity Share was finalized in consultation with NSE. The total number of shares allotted In this category is 358,156. The under subscription in employee category has been spilled over to QIB, Retail and Non-Institutional category in the ratio of 50:35:15.

B. Allocation to Retail Individual Investors (After Technical Rejections) (Including ASBA Appllcatlons)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off price or the Offer Price of Rs 375/- per Equity Share (including a discount of 5% on the Offer price), was finalized in consultation with NSE. This category has been subscribed to the extentof 31.59 times.The total number of shares allotted in Retail Individual Investor category is 11,634,647 Equfty Share which were allotted to 684391 successful applicants.
The category-wise details of the Basis of Allocation are as under:

C.Allocation to Non lnstltutlonal lnvestors (After Technlcal ReJectlons) (lncludlng ASBA Appllcatlons)
The Basis of Allocation to the Non-Institutional Investors, who have bid at the Offer Price of Rs 375/- per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 140.92 times.The total number of shares allotted in Non Institutional Investor category is 4,986,275 equity Shares which were allotted to 2,069 successful applicants. The sample of category-wise details of the Basis of Allocation are as under

D.Allocation to QIBs (After Technical Rejections) (Including ASBA Applications)

The Basis of Allocation to the Qualified Institutional Bidders, who have bid at the Offer price of Rs 375/- per Equity Share was finalized on a proportionate basis. As per SEBI regulations, Mutual Funds were initially allocated 5% of the quantum of Equity Shares available. The total number of shares allotted in Qualified Institutional Investors category is 16620922 Equity Shares which were allotted to 302 successful applicants.

The IPO Committee of the Board of Directors of the Company at its Meeting held at Nagpur on 10th December, 2010 has taken on record the basis of allocation of Equfty Shares of the Offer and has accordingly allotted the Equity Shares to the Bidders. The CAN-cum-Refund Orders and allotment advice and/ or notices have been dispatched to the address of the Bidders as registered with thedepositories on or prior to 13.12.2010. In case the same is not received within 10 days, investors may contact at the address given below. The instructions to Self Certified Syndicate Banks have been dispatched on or prior to 10.12.2010. The Refund Orders have been over-printed with the BankAccount details as registered, if any, with the depositories. Commencement of Trading: The Equity Shares allocated to successful applicants have been credited on December 11,2010 to the 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 twelve working days from the date of closure of the Offer (i.e. by Wednesday, December 15,2010).
INVESTORS PLEASE NOTE: The details of the allocation made would be hosted on the website of Registrar to theOffer, Karvy Computershare Private Limited at http://karisma.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrar to the Offerquotingfollnameofthe First/Sole applicant, serial numberof the Bid-cum
bid for, name of the Member of the syndicate, placs where the bid was submitted and payment details of the address given below.

Karvy Computershare Private Limited:
Unit: MOIL Limited, Plot No. 17 to 24,
Vithalrao Nagar, Hitech City Road,
Madhapur, Hyderabad 500081,
Fax: 040-23420814,
Email: einward.ris@karvy.com, Website: http://karisma.karvy.com.
TOLL FREE - HELPLINE NUMBER: 1-800-3454001

THE LEVELOF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET  PRICE OF THE EQUITY SHARES ON US TING OR THE  BUSINESS PROSPECTSOF MOIL LIMITED.
Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.'MOIL Limited proposes, subject to receipt of requisite approvals, market conditions and other considerations, to make an Initial Public Offer of its equity shares and has filed a Prospectus with the Registrar of Companies, Maharashtra, Mumbai. The Prospectus is available on the websites of SEBI and the Book Running Lead Managers at www.sebi.gov.in, www.edelcap.com,  www.idbicapital.com and  www.jpmipl.com. Investment in equity shares involves a high degree of risk and for details relating to the same, please refer to the section titled 'Risk Factors' page no. xii of the Prospectus. These materials are not an offer of securities for sale in the United States or in any other jurisdiction where such offer may be restricted. Securities may notbeofferedorsold in me United Stetesabsentregistrationoran exemption from rra^ The Equity Shares of MOIL Limited have not been and will not be registered under the U.S. Securities Act of 1933, as amended. MOIL Limited does not intend to make a public offer of its securities in fhe United States. These materials are not being, and should not be, distributed in or sent into the United States.'