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August 20, 2007 - August 23, 2007

Motilal Oswal IPO Basis of Allotment

MOTILAL OSWAL FINANCIAL SERVICES LIMITED

(Incorporated on May 18, 2005 under the Companies Act, 1956 as a public limited company vide
Registration No. 11 -153397)
Registered Office: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West),
Mumbai 400 064, Maharashtra, India.
Telephone No: +91 22 3080 1000; Fax No: + 91 22 2844 9044;
Email: initialoffer@motilaloswal.com; Website: www.motilaloswal.com;
Contact Person: Mr. Tarun Khurana, Company Secretary & Compliance Officer

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 2,982,710 EQUITY SHARES OF RS. 5/- EACH FOR CASH AT A PRICE OF RS. 825 PER EQUITY SHARE AGGREGATING TO RS. 2,460.74 MILLION (HEREINAFTER REFERRED TO AS 'THE ISSUE') BY MOTILAL OSWAL FINANCIAL SERVICES LIMITED ('THE COMPANY' OR THE ISSUER'). THE FACE VALUE OF THE EQUITY SHARES IS RS. 5/- EACH. THE ISSUE INCLUDES A RESERVATION OF 142,310 EQUITY SHARES FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES ('THE EMPLOYEE RESERVATION PORTION') AT THE ISSUE PRICE. THE ISSUE CONSTITUTES 10.50% AND THE NET ISSUE CONSTITUTES 10% OF THE POST ISSUE PAID-UP CAPITAL OF THE ISSUER.

THE ISSUE PRICE OF THE EQUITY SHARES IS RS. 825 PER EQUITY SHARE
WHICH IS 165 TIMES THE FACE VALUE OF THE EQUITY SHARES.

The Issue was made through the 100% Book Building Process wherein atleast 60% of the Net Issue to the public was to be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (including 5% of the QIB portion that would be specifically reserved for Mutual Funds). Further, not less than 10% of the Net Issue was to be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Net Issue was to be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. 1,42,310 shares were to be allotted on a Firm Allotment basis to Eligible Employees.
The Issue opened for subscription on August 20,2007 and closed on August 23,2007. The Issue received 49,222 applications for8,l0,70,l28 Equity Shares resulting in 27.l8 times subscription. The details of the applications received in the Issue from QIBs, Non-Institutional Bidders, Retail Individual Bidders and Eligible Employee categories are as under: (Before Technical & Multiple Rejections)

Category No. of Applications No. of shares bid Subscription
Qualified Institutional Buyers 97 74613384 43.7810
Non-Institutional Bidders 178 2583736 9.0964
Retail Individual Bidders 48634 3619576 4.2477
Employees 313 253432 1.7808

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
725 497928 0.5935 83898192 100.0000
727 3400 0.0041 83400264 99.4065
728 128 0.0002 83396864 99.4025
730 72 0.0001 83396736 99.4023
731 8 0.0000 83396664 99.4022
734 136 0.0002 83396656 99.4022
735 4216 0.0050 83396520 99.4020
745 16 0.0000 83392304 99.3970
750 9448 0.0113 83392288 99.3970
758 8 0.0000 83382840 99.3857
765 72 0.0001 83382832 99.3857
770 1264 0.0015 83382760 99.3856
773 2560 0.0031 83381496 99.3841
775 1168432 1.3927 83378936 99.3811
777 8 0.0000 82210504 97.9884
780 2304 0.0027 82210496 97.9884
781 2304 0.0027 82208192 97.9857
788 128 0.0002 82205888 97.9829
790 192 0.0002 82205760 97.9828
791 8 0.0000 82205568 97.9825
800 728656 0.8685 82205560 97.9825
805 280 0.0003 81476904 97.1140
810 144 0.0002 81476624 97.1137
815 104 0.0001 81476480 97.1135
820 104 0.0001 81476376 97.1134
825 77935432 92.8929 81478272 97.1133
9999 3540840 4.2204 3540840 4.2204
TOTAL 83898192

The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - Bombay Stock Exchange Limited ('BSE') on Tuesday, September 4,2007.

A) Allocation to Employees
The Basis of Allotment to the Employees in the Firm Allotment category, who bid at the cut-off price or at the Issue Price of Rs. 825 per Equity Share, was finalized in consultation with the BSE. The Company received 304 valid applications for 2,35,512 Equity Shares as against a Firm Allotment portion of 1,42,310 Equity Shares resulting in 6.54922 times subscription. The category wide details of the Basis of Allotment are given below (Sample):

Category No. of Applns. % to Total NO. Of
Equity Shares Applied
% to Total No. of Equity
Shares
Allocated
Ratio total No. of
Equity Shares
Allocated
8 14 4.61 112 0.05 8 FIRM 112
48 11 3.62 528 022 29 FIRM 319
96 9 2.96 864 0.37 58 FIRM 522
152 1 0.33 152 0.06 92 FIRM 92
208 1 0.33 208 0.09 126 FIRM 126
288 1 0.33 288 0.12 174 FIRM 174
368 1 0.33 368 0.16 222 FIRM 222
504 1 0.33 504 0.21 305 FIRM 305
608 1 0.33 608 0.26 367 FIRM 367
800 2 0.66 1600 0.68 483 FIRM 966
1200 5 1.64 6000 2.55 725 FIRM 3625
1504 2 4.66 3008 1.28 909 FIRM 1818
2496 1 0.33 2496 1.06 1508 FIRM 1508
3800 1 0.33 3800 1.61 2296 FIRM 2296
6000 1 0.33 6000 2.55 3626 FIRM 3626
8000 1 0.33 8000 3.40 4834 FIRM 4834
24000 1 0.33 24000 10.19 14502 FIRM 14502
25000 1 0.33 25000 10.62 15106 FIRM 15106

B) Allocation to Retail Investors
The Basis of Allotment to the Retail Individual Bidders, who bid at the cut-off price or at the issue Price of Rs. 825 per Equity Share, was finalized in consultation with the BSE. The Company received 47,746 valid applications for 35,64,480 Equity Shares in this category resulting in 4.183073 times subscription. The total number of Equity Shares allotted in this category is 8,52,122. The category wide details of the Basis of Allotment are given below:

Category No. of Applns. % to Total No. of
Equity Shares
Applied
% to Total No. of Equity
Shares
Allocated
Ratio Total No. of
Equity Shares
Allocated
8 5517 11.55 44136 1.24 8 7:25 12384
16 3927 8.22 62832 1.76 8 4:5 25136
24 2802 5.87 67248 1.89 8 9:10 20176
32 1836 3.85 58752 1.65 8 FIRM 14688
40 2155 4.51 86200 2.42 10 FIRM 21550
48 1125 2.36 54000 1.51 11 FIRM 12375
56 4651 9.74 260456 7.31 13 FIRM 60463
64 1358 2.84 86912 2.44 15 FIRM 20370
72 410 0.86 29520 0.83 17 FIRM 6970
80 843 1.77 67440 1.89 19 FIRM 16017
88 262 0.55 23056 0.65 21 FIRM 5502
96 412 0.86 39552 1.11 23 FIRM 476
104 356 0.75 37024 1.04 25 FIRM 8900
112 461 0.97 51632 1.45 27 FIRM 12447
120 21631 45.30 2595720 72.82 28 FIRM 605868

C) Allocation to Non Institutional Bidders
The Basis of Allotment to the Non Institutional Bidders, who bid at the Issue Price of Rs. 825 per Equity Share, was finalized in consultation with the BSE. The Company received 149 valid applications for 25,67,392 Equity Shares in this category resulting in 9.038840 times subscription. The total number of Equity Shares allotted in this category is 2,84,038. The category wide details of the Basis of Allotment are given below (Sample):

Category No. of Applns. % to Total No. of
Equity Shares
Applied
% to Total No. of Equity
Shares
Allocated
Ratio Total No. of
Equity Shares
Allocated
160 2 1.34 320 0.01 18 FIRM 36
232 1 0.67 232 0.01 26 FIRM 26
304 5 356 1520 0.06 34 FIRM 170
504 2 134 1008 0.04 56 FIRM 112
960 1 0.67 960 0.04 106 FIRM 106
1200 1 0.67 1200 0.05 133 FIRM 133
1320 1 0.67 1320 0.05 146 FIRM 146
1632 1 0.67 1632 0.06 181 FIRM 181
2400 1 0.67 2400 0.09 266 FIRM 266
3024 3 2.01 9072 0.35 335 FIRM 1005
3600 1 0.67 3600 0.14 398 FIRM 398
5552 1 0.67 5552 0.22 614 FIRM 614
7400 1 0.67 7400 0.29 819 FIRM 819
12128 2 1.34 24256 0.94 1342 FIRM 2684
19400 1 0.67 19400 0.76 2146 FIRM 2148
20000 1 0.67 20000 0.78 2213 FIRM 2213
25000 3 2.01 75000 2.92 2766 FIRM 8288
60600 1 0.67 60600 2.36 6704 FIRM 6704
84848 1 0.67 84848 3.30 9387 FIRM 9387
121208 1 0.67 121208 4.72 13410 FIRM 13410
284040 1 0.67 284040 11.06 31424 FIRM 31424
363000 1 0.67 363000 14.14 40162 FIRM 40162

D) Allocation to QIBs

Allocation to QIBs was done on a proportionate basis. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available 85,212 Equity Shares. Other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining 16,19,028 Equity Shares.

Category FIs/ NB's MFs Flls Insurance Companies VC'S Total
No. of Shares 109259 371328 1209238 11783 2632 1704240

The IPO Committee of the Board at a meeting held in Mumbai, on September 5,2007 approved the Basis of Allotment of Equity Shares In the Issue and recommended the allotment of Equity Shares to successful applicants.
The Refund Orders / allotment advice in respect of refunds due to applicants are being dispatched to the addresses of the Investors as registered with the depositories. In case the same are not received within ten days, Investors may contact the Registrar to the Issue at the address given below. The Refund Orders have been overprinted with the Bank Mandate details as registered, if any, with the depositories. The 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 National Stock Exchange of India Limited and Bombay Stock Exchange Limited within seven working days from the date of approval of Basis of Allotment.

INVESTORS PLEASE NOTE
These details of the allocation will also be available on the website of the Registrar to the Issue, Intime Spectrum Registry Limited, at http://www.intimespectrum.com.
All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting the full name of the First/Sole applicants, 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 (West), Mumbai 400078.
Phone: (91 -22) 2596 0320; Fax: (91 -22) 2596 0329;
Email: mofsl.ipo@intimespectrum.com; Website: www.intimespectrum.com

 

Place : Mumbai
Date : September, 2007

For MOTILAL OSWAL FINANCIAL SERVICES LIMITED
Sd/-
Chairman & Managing Director

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 MOTILAL OSWAL FINANCIAL SERVICES LIMITED.

Motilal Oswal IPO Basis of Allotment FAQs

Check the basis of allotment document above to know about how the shares are allocated in Motilal Oswal IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

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

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

Check the basis of allotment document above to know about how the shares are allocated in Motilal Oswal IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).