Pradip Overseas IPO Basis of Allotment

PRADIP OVERSEAS LIMITED

(Originally formed as a partnership firm in the name and style of M/s. Vishal Textiles vide partnership deed dated April 13,2005. The name of the firm was changed from M/s. Vishal Textiles to M/s. Chetan Textiles vide supplementary deed of partnership dated June 15,2005. Subsequently the partnership firm was converted into a company on June 29,2005 under part IX of the Companies Act, 1956 as 'Chetan Textiles Private Limited' with CIN U17100GJ2005PTC046345. Our Company was converted into a public limited company vide fresh certificate of incorporation dated August 09,2006. The name of our Company was subsequently changed to 'Pradip Overseas Limited' vide fresh certificate of incorporation dated October 01,2007. Our Company has been allocated CIN U17100GJ2005PLC046345. For details of changes to our Registered Office, please refer chapter titled 'History and Other Corporate Matters' beginning on page 118 of the Prospectus.)

Registered and Corporate Office: A/601, Narnarayan Complex, Near Swastik Cross Roads, Navrangpura, Ahmedabad - 380 009, Gujarat, India.
Telephone: +91 -79-26431594/ 2656 0630, Facsimile: +91 -79-2642 0408, Contact Person: Mr. Kaushik Kapadia, Company Secretary and Compliance Officer,
Email: investor@pradipoverseas.com; Website: www.pradipoverseas.com

THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 110/- AND IT IS 11 TIMES THE FACE VALUE.

This Issue is being made through a 100% Book Building Process, wherein, subject to valid Bids being received at or above the Issue Price in each of the below categories: (i) upto 50% (subject to mandatory allotment of minimum 10% of the Net Issue size to QIBs) of the Net Issue to the Public shall be available for allocation on a proportionate basis to QIBs(of which 5% will be available for allocation on a proportionate basis to Mutual Funds only, and Mutual Fund Bidders shall also be eligible for proportionate allocation under the balance portion available forthe QIBs); (ii) atleast 15% of the Net Issue shall be available for allocation on a proportionate basis to Non Institutional Bidders; (iii) atleast 35% of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders; (iv) up to 5,00,000 Equity Shares shall be available for allocation on a proportionate basis to the Eligible Employees; This Issue is being made in terms of sub-clause (ii) of clause (a) and sub-clause (i) of clause (b) of sub-regulation (2) of Regulation 26, of the SEBI (ICDR) Regulations, 2009 wherein the 'Project' has atleast 15% participation by financial institutions/ scheduled commercial banks, of which atleast 10% comes from the appraiser(s). In addition to this, atleast 10% of the Net Issue shall be Allotted to QIBs, failing which the full subscription monies shall be refunded
The Issue received 67,405 applications for 14,48,16,690 equity shares resulting in 13.66 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)

Final Demand
A summary of the final demand as per BSE and NSE as on the Bid/Issue Closing date at different bid prices is as under:

The Basis of Allocation was finalized in consultation with the Designated Stock Exchange, being the Bombay Stock Exchange Limited ('BSE') on March 25,2010.

A. Allocation to Employee Investors including ASBA Bidders (After Technical Rejections)
The Basis of Allocation to the Employee Investors, who have bid at cut-off or at the Issue Price of Rs. 110/- per Equity Share was finalized in consultation with BSE. The category was subscribed 0.078 times. As per the Red Herring Prospectus, The unsubscribe portion of Employee Category is spill over to Retail Category (1,61,266 Equity Shares), Non Institutional Investor Category (69,114 Equity Shares), QIB Category (2,30,380 Equity Shares). The total number of shares allocated in this category is 39,240 Equity Shares to 61 successful applicants. The category-wise details of the Basis of Allocation are as under:

B. Allocation to Retail Individual Investors including ASBA Bidder (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. 110/- per Equity. Share was finalized in consultation with BSE. The category was over subscribed 9.44 times. As per the Red Herring Prospectus, the spill over portion from Employee Category was 1,61,266 equity shares. The total number of shares allocated in this category is 36,96,315 Equity Shares to 43,184 successful applicants. The category-wise details of the Basis of Allocation are as under:

C. Allocation to Non Institutional Investors including ASBA Bidders (After Technical Rejections)
The Basis of Allocation to the Non Institutional Investors, who have bid at the Issue Price of Rs. 110/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 41.85 times. As per the Red Herring Prospectus, the spill over portion from Employee Category was 69,114 equity shares. The total number of shares allocated in this category is 15,84,114 Equity Shares to 93 successful applicants. The category-wise details of the Basis of Allocation are (Sample) under:

D. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI regulations, Mutual Funds were initially allocated 5% of the quantum of shares available (2,64,019 Equity Shares), including Spill over from Employee Category to the extent of 11,519 Equity Shares and other QIBs were allocated the remaining available shares (50,16,361 Equity Shares) on proportionate basis, including Spill over from Employee Category to the extent of 2,18,861 Equity Shares, was allocated to other QIBs on proportionate basis

The Board of Directors of the company at its Meeting held at Ahmedabad on March 26,2010 has approved the basis of allocation of shares of the Issue and has allocated the shares to various successful applicants.

The CAN-cum-Ref und Orders and allocation advice and notices have been dispatched to the address of the investors as registered with the depositories on March 27,2010. 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 Mandate details as registered, if any, with the depositories. The shares allocated to successful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The company has taken steps to get the equity shares admitted for trading on Bombay Stock Exchange Limited and the National Stock Exchange of India Limited within seven working days from the date of approval of the basis of allocation. The Company has filed the listing application on March 29,2010 and the trading is expected to commence on April 05,2010. Further the instructions to Self Certified Syndicate Banks have been given on March 26,2010.
Note: All capitalized terms used and not defined herein shall have the respective meaning assigned to them in the prospectus dated March 19,2010 ('Prospectus') filed with the Registrar of Companies.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the Issue, Link Intime India Private Limited at http://www.linkintime.co.in
All future correspondence in this regard may kindly be addressed to the Registrars to the issue quoting full name of the First/ Sole applicant, 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:

Link intime india private limited
C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup (West), Mumbai - 400 078
Tel No: +91 22 25960320; Fax No: +91 22 25960329
Website: www.linkintime.co.in; Email: pradip.ipo@linkintime.co.in