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Parsvanath IPO Details

Issue Open Nov 6, 2006
Issue Close Nov 10, 2006
IPO Price ₹300
Face Value ₹10
IPO Size ₹997.14 Cr
Listing At BSE, NSE
IPO Lot Size

Parsvnath Developers Ltd

(Our Company was incorporated on July 24,1990 under the CompaniesAct,1956. The registered office of our Company was changed from G-2, Arunachal Building, 19, Barakhamba Road, New Delhi 110 001, India to the current registered office from March 1,2004) Registered and Corporate Office: 6th floor, Arunachal Building, 19, Barakhamba Road,
New Delhi 110001, India. Tel : + 91-11-23310198, Fax : +91-11-23315400.
Contact Person: Mr. V. Mohan, Company Secretary and Compliance Officer: Tel: +91-11-2335 0120.
Email : ipo@parsvnath.com WebSite : www.parsvnath.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF UP TO 33,238,000 EQUITY SHARES OF Rs. 10/- EACH ('EQUITY SHARES') FOR CASH AT A PREMIUM OF RS. 290/- PER EQUITY SHARE AND AT A PRICE OF RS. 300/- PER EQUITY SHARE AGGREGATING RS. 9971.4 MILLION (THE 'ISSUE'), BY PARSVNATH DEVELOPERS LIMITED ('PDL', THE COMPANY' OR 'THE ISSUER'). THERE WILL ALSO BE A GREEN SHOE OPTION OF UP TO 30,87,800 EQUITY SHARES TO BE OFFERED BY PARASNATH AND ASSOCIATES PRIVATE LIMITED, ONE OF OUR PROMOTERS, FOR CASH ATA PREMIUM OF RS. 290/- PER EQUITY SHARE AND AT A PRICE OF RS. 300/- PER EQUITY SHARE AGGREGATING RS. 926.34 MILLION. THE ISSUE AND THE GREEN SHOE OPTION, IF EXERCISED IN FULL, WILL AGGREGATE 36,325,800 EQUITY SHARES AMOUNTING TO RS. 10897.74 MILLION. THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF UP TO 33,038,000 EQUITY SHARES (`THE NET ISSUE') AND A RESERVATION OF UP TO 200,000 EQUITY SHARES FOR SUBSCRIPTION BY EMPLOYEES (AS DEFINED HEREIN) (THE 'EMPLOYEE RESERVATION PORTION'), AT THE ISSUE PRICE. THE ISSUE WILL CONSTITUTE 18.30% OF THE FULLY DILUTED POST-ISSUE EQUITY SHARE CAPITAL OF OUR COMPANY ASSUMING THAT THE GREEN SHOE OPTION IS NOT EXERCISED AND 19.67% ASSUMNG THAT THE GREEN SHOE OPTION IS EXERCISED IN FULL

THE FACE VALUE PER EQUITY SHARE IS RS. 10/- AND THE ISSUE PRICE IS THIRTY (30) TIMES OF THE FACE VALUE

The Issue is made through a 100% Book Building Process, wherein not more than 60% of the Net Issue to the Public was to be allotted on a discretionary basis to Qualified Institutional Buyers ('QIBs'). Further, not less than 10% of the Net Issue to the Public was available for allotment on a proportionate basis to Non-Institutional Bidders / Investors and not less than 30% of the Net Issue to the Public was available for allotment on a proportionate basis to the Retail Bidders / Investors, subject to valid bids were received within the Price Band.

The Issue received 5,82,948 applications for 2,043,909,625 Equity Shares resulting in 56.2661 times subscription. The details of the applications received in the Issue from Retail Bidders / Investors, NonInstitutional Bidders / Investors, Employees and Qualified Institutional Buyers' categories (before technical rejections) are as under:

Category No. of
Applications
No. of Equity Shares
Applied For
Subscription
Retail Investors 579,258 107,587,525 9.9271
Non-Institutional Investors 2,853 322,545,080 89.2839
Qualified Institutional Buyers 433 1,613,238,080 74.4269
Employee 404 538,940 2.6947
Total 5,82,948 2,04,39,09,625 56.2661

('): Note: Number of times of the respective category.

Final Demand
A sample of the final demand at different bid prices is as under.

Bid Price
Rs. / Share
No. of
Equity Shares
% to
Total Bids
Cumulative
Total Bids
Cumulative %
to Total Bids
250 9912740 0.4505 2200174900 100.0000
251 880 0.0000 2190262160 99.5495
252 14420 0.0007 2190261280 99.5494
253 280 0.0000 2190246860 99.5488
254 60 0.0000 2190246580 99.5487
255 25860 0.0012 2190246520 99.5487
256 620 0.0000 2190220660 99.5476
257 1420 0.0001 2190220040 99.5475
258 20 0.0000 2190218620 99.5475
260 85220 0.0039 2190218600 99.5475
261 280 0.0000 2190133380 99.5436
262 1120 0.0001 2190133100 99.5436
263 9140 0.0004 2190131980 99.5435
264 20 0.0000 2190122840 99.5431
265 864080 0.0393 2190122820 99.5431
266 1625820 0.0739 2189258740 99.5039
267 280 0.0000 2187632920 99.4300
268 120 0.0000 2187632640 99.4299
269 360 0.0000 2187632520 99.4299
270 70800 0.0032 2187632160 99.4299
271 300 0.0000 2187561360 99.4267
272 8600 0.0004 2187561060 99.4267
273 360 0.0000 2187552460 99.4263
274 180 0.0000 2187552100 99.4263
275 63108640 2.8683 2187551920 99.4263
276 4900 0.0002 2124443280 96.5579
277 71140 0.0032 2124438380 96.5577
278 940 0.0000 2124367240 96.5545
279 980 0.0000 2124366300 96.5544
280 8533940 0.3879 2124365320 96.5544
281 2540 0.0001 2115831380 96.1665
282 48980 0.0022 2115828840 96.1664
283 1490600 0.0677 2115779860 96.1642
284 560 0.0000 2114289260 96.0964
285 655200 0.0298 2114288700 96.0964
286 1880 0.0001 2113633500 96.0666
287 320 0.0000 2113631620 96.0665
288 840 0.0000 2113631300 96.0665
290 63890520 2.9039 2113630460 96.0665
291 7520 0.0003 2049739940 93.1626
292 4380 0.0002 049732420 93.1622
293 3360 0.0002 2049728040 93.1620
294 55860 0.0025 2049724680 93.1619
295 2401920 0.1092 2049668820 93.1594
297 100 0.0000 2047266900 93.0502
298 7460 0.0003 2047266800 93.0502
299 9160 0.0004 2047259340 93.0498
300 1944686920 88.3878 2047250180 93.0494
CUT-OFF 102563260 4.6616    102563260 4.6616
TOTAL 2200174900 100.0000

The Basis of Allotment was finalized in consultation with  National Stock Exchange of India Limited ('NSE') on Thursday, November 23, 2006.

A. Allotment to Employees
The Basis of Allotment to the Employees, who have bid at cut-off or at the Issue Price of Rs. 300/-per Equity Share, was finalized in consultation with NSE. The category was over subscribed 2.69470 times. The total number of Equity Shares allotted in this category is 200,000. The category-wise details of the Basis of Allotment are as under (SAMPLE):

Category No. of
Appins.
% to
Total
Total No.
of Equity
Shares
Applied
% to
Total
No. of
Equity
Shares
Allotted
Ratio Total No.
of Equity
Shares
Allotted
20 8 1.98 160 0.03 20 3: 8 60
40 8 1.98 320 0.06 20 3: 4 120
60 9 2.23 540 0.1 22 FIRM 198
80 3 0.74 240 0.04 30 FIRM 90
100 26 6.44 2600 0.48 37 FIRM 962
15000 1 0.25 15000 2.78 5566 FIRM 5566
23500 1 0.25 23500 4.36 8721 FIRM 8721
25000 1 0.25 25000 4.64 9277 FIRM 9277
30000 2 0.5 60000 11.13 11133 FIRM 22266
136000 1 0.25 136000 25.23 50461 FIRM 50461

B. Allotment to Retail Investors
The Basis of Allotment to the Retail Investors, who have bid at cut-off or at the Issue Price of Rs. 300/ per Equity Share, was finalized in consultation with NSE. The category was over subscribed 9.83159 times. The total number of Equity Shares allotted in this category is 10,837,746. The category-wise details of the Basis of Allotment are as under

Category No. of
Applns.
% to
Total
Total No.
of Equity
Shares
Applied
% to

Total

No. of
Equity
Shares
Allotted
Ratio Total No.
of Equity
Shares
Allotted
20 39793 6.94 795860 0.75 20 7:50 111280
40 40058 6.99 1602320 1.5 20 5:20 200200
60 30063 5.24 1803780 1.69 20 2: 5 240460
80 18462 3.22 1476960 1.39 20 41:100 151380
100 53511 9.33 5351100 5.02 20 51:100 545820
120 13384 2.33 1606080 1.51 20 61:100 163280
140 11914 2.08 1667960 1.57 20 71:100 169180
160 137999 24.07 22079840 20.72 20 81:100 2235580
180   3738 0.65 672840 0.63 20 95:100 71020
200 12911 2.25 258220 2.42 20 FIRM 258220
220 1996 0.35 439120 0.41 22 FIRM 43912
240 2845 0.5 682800 0.64 24 FIRM 68280
260 1831 0.32 476060 0.45 26 FIRM 47606
280 1219 0.21 341320 0.32 28 FIRM 34132
300 9222 1.61 2786600 2.6 30 FIRM 276660
320 194398 33.91 . 62207360 58.38 32 FIRM 6220736

C. Allotment to Non-institutional Investors
The Basis of Allotment to the Non-Institutional Investors, who have bid at the Issue Price of Rs. 300/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 89.13101 times. The total number of Equity Shares allotted in this category is 3,612,574. The category-wise details of the Basis of Allotment are as under (SAMPLE):

Category No. of
Applns.
% to
Total
Total No.
of Equity
Shares
Applied
% to
Total
No. of
Equity
Shares
Allotted
Ratio Total No.
of Equity
Shares
Allotted
340 142 6.2 48280 0.01 20 1: 5 560
360 28 1.22 10080 0 20 3:14 120
380 2 0.09 760 0 20 1: 2 20
400 99 4.32 39600 0.01 20 2: 9 440
420 2 0.09 840 0 20 1: 2 20
440 6 0.26 2640 0 20 1: 3 40
460 2 0.09 920 0 20 1: 2 20
480 10 0.44 4800 0 20 3:10 60
500 149 6.5 74500 0.02 20 7:25 840
520 5 0.22 2600 0 20 1: 5 20
540 4 0.17 2160 0 20 1: 4 20
560 5 0.22 2800 0 20 2: 5 40
580 1 0.04 580 0 20 FIRM 20
600 38 1.66 22800 0.01 20 6:19 240
620 4 0.17 2480 0 20 1: 4 20
640 17 0.74 10880 0 20 6:17 120
660 24 1.05 15840 0 20 3: 8 180
680 4 0.17 2720 0 20 1 : 2 40,
700 26 1.13 18200 0.01 20 5:13 200
720 2 0.09 1440 0 20 1: 2 20
740 1 0.04 740 0 20 FIRM 20
760 2 0.09 1520 0 20 1:: 2 20
780 2 0.09 1560 0 20 1: 2 20
800 21 0.92 16800 0.01 20 3: 7 180
820 7 0.31 5740 0 20 3: 7 60
840 3 0.13 2520 0 20 1 : 3 . 20
860 1 0.04 860 0 20 FIRM 20
900 10 0.44 9000 0 20 1: 2 100
920 1 0.04 920 0 20 FIRM 20
960 1 0.04 960 0 20 FIRM 20
980 4 0.17 3920 0 20 1: 2 40
1000 162 7.07 162000 0.05 20 14:25 1820
2000 45 1.96 90000 0.03 22 FIRM 990
2060 1 0.04 2060 0 23 FIRM 23
2100 3 0.13 6300 0 24 FIRM 72
2200 3 0.13 6600 0 25 FIRM 75
2300 1 0.04 2300 0 26 FIRM 26
2440 1 0.04 2440 0 27 FIRM 27
2500 12 0.52 30000 0.01 28 FIRM 336
5600000 1 0.04 5600000 1.74 62829 FIRM 62829
6680000 1 0.04 6680000 2.07 74946 FIRM 74946
24200000 1 0.04 24200000 7.52 271465 FIRM 271465
26700000 1 0.04 26700000 8.29 299511 FIRM 299511
31320000 1 0.04 31320000 9.73 351317 FIRM 351317

The total number of Equity Shares allotted to QIBs is 49,38,271 Equity Shares as follows:

Category Fls/Banks MFs File Insurance
Companies
Foreign
Bank
Venture
Capitals
Total
No. of Shares 115,290,560 151,987,520 1,225,635,020 116,,691,660 333320 3,300,000 1,613,238,080

Pursuant to Clause 6.8.3.2 (g) of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 and under chapter Issue Procedure (Section Method of Proportionate Basis of allocation in the Issue Page No.326) of the Prospectus dated November 15, 2006, the Company has rounded-off fractional Equity Shares to the nearest one (1) Equity Share.

The Committee of Directors for Initial Public Offering ('IPO') of the Company at its Meeting held at Gurgaon on November 23, 2006 has approved the basis of allocation of shares and allotted the shares to various successful applicants.

The Refund Orders are being dispatched to the address of the investors as registered with the depositories. In case the same is not received within ten (10) days, investors may contact 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 allotted to successful applicants are being credited to their respective 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 Bombay Stock Exchange Limited and National Stock Exchange of India Limited within seven (7) working days from the date of approval of the Basis of Allotment.

INVESTORS MAY PLEASE NOTE
On November 16, 2006 Mr.Madhur Narain resigned from the post of CFO of the Company on account of personal reasons.

The company has accepted his resignation and appointed Mr.Ravi S Pan! as CFO of the Company on November 20, 2006.

These details of allotment made, has been hosted on the website of the Registrar to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue, Intime Spectrum Registry Limited, quoting full name of the First / Sole Applicant, Serial Number of the Bidcum-Application Form, Number of Equity Shares bid for, Name of the Member of the Syndicate, Place where the bid was submitted and payment details at the address given below:

Intime Spectrum Registry Limited
Unit : PARSVNATH DEVELOPERS LIMITED
C-13, Pannalal Silk Mills Compound,
LBS Marg, Bhandup (West), Mumbai - 400 078 ,
Telephone No.: +91 - 22 - 2596 0320 - 28;
Fax No.: +91 - 22 - 2596 0329; Email: pdl-ipo@intimespectrum.com


Place : New Delhi
Date : November 25, 2006

For PARSVNATH DEVELOPERS LIMITED
Sd/-
COMPANY SECRETARY

Parsvanath IPO Basis of Allotment FAQs

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

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

Visit the Parsvanath 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 Parsvanath IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).