Persistent Systems IPO Basis of Allotment

Persistent Systems IPO Details

Issue Open Mar 17, 2010
Issue Close Mar 19, 2010
IPO Price ₹310
Face Value ₹10
IPO Size ₹168.01 Cr
Listing At BSE, NSE
IPO Lot Size 20

Persistent Systems Limited

Registered Office: Bhageerath, 402, Senapati Bapat Road, Pune 411 016, Maharashtra,
India; Tel: (91 20) 3024 2000; Fax: (91 20) 2565 7888 Company Secretary and Compliance
Officer: Vivek Sadhale; Email: investors@persistent.co.in; Website: www.persistentsys.com
Promoters: Our Company is promoted by Dr. Anand Deshpande and S. P. Deshpande

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 5,419,706 EQUITY SHARES OF RS. 10 EACH OF PERSISTENT SYSTEMS LIMITED (THE "COMPANY" OR THE "ISSUER") FOR CASH AT A PRICE OF RS. 310 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 300 PER EQUITY SHARE) CONSISTING OF A FRESH ISSUE OF 4,139,000 EQUITY SHARES AND AN OFFER FOR SALE OF 1,280,706 EQUITY SHARES BY DR. SHRIDHAR BHALCHANDRA SHUKLA AND VIJAYALAXMI SHRIDHAR SHUKLA (HOLDING SHARES JOINTLY) AND ASHUTOSH VINAYAK JOSHI (COLLECTIVELY KNOWN AS "THE SELLING SHAREHOLDERS"), AGGREGATING UP TO RS. 1680.11 MILUON (THE "ISSUE"). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF 4,877,730 SHARES OF RS. 10 EACH (THE "NET ISSUE") AND A RESERVATION OF UP TO 541,976 EQUITY SHARES OF RS. 10 EACH FOR ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION"). THE ISSUE WILL CONSTITUTE 13.55% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR COMPANY AND THE NET ISSUE WILL CONSTITUTE 12.19% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR COMPANY. THE EQUITY SHARES ARE PROPOSED TO BE LISTED ON THE NATIONAL STOCK EXCHANGE OF INDIA ("NSE") AND BOMBAY STOCK EXCHANGE LIMITED ("BSE").

THE ISSUE PRICE IS RS. 310. THE FACE VALUE OF THE EQUITY SHARES IS RS. 10 AND THE ISSUE
PRICE IS 31 TIMES OF THE FACE VALUE.

THE MINIMUM LOT SIZE IS 20 SHARES

The Issue is made through the 100% Book Building Process wherein at least 60% of the net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") (including 5% of the QIB portion that was to be specifically allotted to mutual funds), further, up to 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and up to 25% of the Issue shall be available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price.
The Issue received 146,371 applications for 503,556,520 equity shares resulting in 92.91 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional Retail Individual Investor and Employee categories are as under: (Before technical rejections)

Category No. of Applications No. of Shares No. of times subscription
Qualified Institutional Buyers 240 420,318,080 143.6181
Non Institutional Investors 374 52,048,540 106.7065
Retail Individual Investors 144,132 30,849,300 21.0817
Employee Investors 1,625 340,600 0.6234
Total 146,371 503,556,520

Final Demand
A summary of the final demand at different bid prices is as under:

Bid Price No. of Shares % to total Cumulative Total Cumulative % to Total
290 2,522,720 0.4927 512,069,820 100.0000
291 4,320 0.0008 509,547,100 99.5073
292 1,980 0.0004 509,542,780 99.5065
293 180 0.0000 509,540,800 99.5061
294 10,000 0.0020 509,540,620 99.5061
295 5,560 0.0011 509,530,620 99.5041
296 200 0.0000 509,525,060 99.5030
297 460 0.0001 509,524,660 99.5030
298 540 0.0001 509,524,400 99.5029
299 860 0.0002 509,523.860 99.5028
300 2,410,840 0.4708 509,523,000 99.5026
301 1780 0.0003 507,112,160 99.0318
302 140 0.0000 507,110,380 99.0315
303 680 0.0001 507,110,240 99.0315
304 320 0.0001 507,109,560 99.0313
305 7,900 0.0015 507,109.240 99.0313
306 320 0.0001 507,101,340 99.0297
307 320 0.0001 507,101,020 99.0297
308 760 0.0001 507,100,700 99.0296
309 720 0.0001 507,099,940 99.0295
310 477,923,700 93.3317 507,099,220 99.0293
CUTOFF 29,175,520 5.6976 29,175,520 5.6976
TOTAL 512,069,820 100.0000

The Basis of Allocation was finalized in consultation with the National Stock Exchange of India Limited ("NSE") on March 29, 2010.

A. Allocation to Employees (After Technical Rejections)
The Basis of Allocation to the employees of Persistent Systems Limited, who have bid at cut-off or at the Issue Price of Rs.310/- per Equity Share, was finalized in consultation with NSE. The total number of shares allotted in this category is 3,34,760. The undersubscribed portion of 207,216 equity shares have been spilled over to QIBs. Non-Institutional Bidders and Retail Individual Investor Category in the ratio of 60:10:30.

B. Allocation to Retail Individual Investors (Including ASBA Applications) (After Technical Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs.310/- per Equity Share was finalized in consultation with NSE. This category has been over-subscribed to the extent of 21.0817 times and hence allotment was done on full and firm basis to all valid applicants. Overall 142,348 applications for 30,604,620 Equity Shares were found valid and they were considered for allotment. The above includes 26,244 valid applications for 5,635,820 Equity Shares made under the ASBA process. The total number of shares allotted in Retail Individual Investor category is 1,525,480 Equity Shares to 76,274 applicants.

C. Allocation to Non-lnstitutional Investors (After Technical Rejections)
The Basis of Allocation to the Non-Institutional Investors, who have bid at the Issue Price of Rs.310/- per Equity Share was finalized in consultation with NSE. This category has been over-subscribed to the extent of 106.7065 times. Overall 374 applications for 52,048,540 Equity Shares were found valid and they were considered for allotment. The total number of Equity Shares allotted in this category is 508,495 (including spill over of 20,722 Equity Shares from other categories) to 272 applicants. The category-wise details of the Basis of Allocation (sample) are as under:

No. shares
applied for
(Category wise)
No. of
Samples
% to
Total
Total No. of
Shares applied
% to
Total
No. of
Shares allocated
Ratio Total No. of
Shares allocated
340 17 4.84 5,780 0.01 20 3:17 60
360 2 0.57 720 0.00 20 1:2 20
380 4 1.14 1,520 0.00 20 1:4 20
400 10 2.85 4,000 0.01 20 1:5 40
420 6 1.71 2,520 0.00 20 1:6 20
440 3 0.85 1,320 0.00 20 1:3 20
460 1 0.28 460 0.00 20 1:1 20
480 5 1.42 2,400 0.00 20 1:5 20
500 17 4.84 8,500 0.02 20 4:17 80
600 3 0.65 1,800 0.00 20 1:3 20
620 1 0.28 620 0.00 20 1:1 20
640 6 1.71 3,840 0.01 20 1:3 40
660 2 0.57 1,320 0 00 20 1:2 20
700 1 0.28 700 0.00 20 1:1 20
720 1 0.28 720 0.00 20 1:1 20
800 2 0.57 1,600 0.00 20 1:2 20
960 7 1.99 6,720 0.01 20 3:7 60
1000 22 6.27 22,000 0.04 20 1:2 220
1080 1 0.28 1,080 0.00 20 1:1 20
1200 1 0.28 1,200 0.00 20 1:1 20
1240 1 0.28 1,240 0.00 20 1:1 20
1260 2 0.57 2,560 0.00 20 1:2 20
1300 2 0.57 2,600 0.01 20 1:2 20
1320 1 0.28 1,320 0.00 20 1:1 20
1500 5 1.42 7,500 0.01 20 4:5 80
1600 14 3.99 22,400 0.04 20 11:14 220
1620 2 0.57 3,240 0.01 20 1:1 40
1860 1 0.28 1,860 0.00 20 1:1 20
16120 6 1.71 96,720 0.19 158 1:1 948
400000 1 0.28 400,000 0.77 3,912 1:1 3,912
483840 1 0.28 483,840 0.93 4,731 1:1 4,731
2903220 1 0.28 2,903,220 5.58 28,390 1:1 28,390

The Basis of Allocation to the Qualified Institutional Investors, who have bid at the Issue Price of Rs.310/- per Equity Share or above, was finalized in consultation with NSE Overall 240 applications for 420,318,080 Equity Shares were found valid and they were considered for allotment (including spill over of 2,926,638 Equity Shares from other categories).

Category Flls Fls/Banks MFs INC/VCs Total
No. of Equity Shares 1,958,982 376,463 564,034 151,492 3,050,971

The Board of Directors of the Company at its meeting held on March 30, 2010 has approved the basis of allocation of Equity Shares of the Issue and has allotted the Shares to various successful applicants.

The CAN-cum-Refund Orders and Refund credit advice have been dispatched to the address of the investors as registered with the depositories. In case the same is not received within ten days, investors may contact at the address given below. The Refund Orders have been over-printed with the Bank Account details as registered, if any, with the depositories. The Equity Shares allocated to successful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned.
The Equity Shares of the Company shall be listed and admitted for trading on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited on or before April 6, 2010.
Note: All capitalised terms used and not defined herein shall have the same meaning assigned to them in the Prospectus dated March 23, 2010 ('¦Prospectus").

INVESTORS PLEASE NOTE
These details of the allocation made would be hosted on the website of Registrar to the Issue, Link Intimes India Private Limited, website: www.linklntime.co.in

All future correspondences in this regard may kindly be addressed to the Registrars to the Issue quoting full name of the Firs/Sole applicant, Serial number of the bid-cum-application form, number of Equity 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:

Link Intime India Private Limited
C13,Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West)
Mumbai 400 078. Maharashtra, India
Tel: (91 22) 2596 0320 Fax: (91 22) 2596 0329
Email: psl.ipo@linkintime.co.in Website: www.linkintime.co.in
Contact Person: Sachin Achar SEBI Registration No: INR000004058

Place: Pune
Date: March 31, 2010
For Persistent Systems Limited
Sd/-
Vivek Sadhale
Company Secretary & Head - Legal

Persistent Systems IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Persistent Systems IPO?

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

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

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

  3. 3. What is Persistent Systems IPO allotment process?

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