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Puravankara IPO Details

Issue Open Jul 31, 2007
Issue Close Aug 8, 2007
IPO Price ₹400
Face Value ₹10
IPO Size ₹858.70 Cr
Listing At BSE, NSE
IPO Lot Size 10

PURAVANKARA PROJECTS LIMITED

(Our Company was incorporated as Puravankara Constructions Private Limited on June 3,1986. The name of our Company was changed to Puravankara Projects Limited and the status of our Company was changed to a public limited company by a special resolution of the members passed at an extraordinary general meeting held on July 10,1992. The fresh certificate of incorporation consequent on change of name and status was granted to our Company on August 19,1992 by the Registrar of Companies, Maharashtra, Mumbai)
Registered Office: No. 227, S.V.Rd, Bandra (West), Mumbai 400 050, India.
Tel: +91 22 2642 9387, Fax: +91 22 26441916.
Corporate Office: No. 130/1, Ulsoor Road, Bangalore 560 042 India.
Tel: (91 80) 2559 9000, Fax: (91 80) 2559 9350.
Company Secretary and Compliance Officer: Mrs. Sharda Balaji,
Email: investors@puravankara.com; Website: www.puravankara.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF UP TO 21,467,610 EQUITY SHARES OF RS. 5 EACH ('EQUITY SHARES') FOR CASH AT A PRICE OF RS. 400 PER EQUITY SHARE (INCLUDING SHARE PREMIUM OF RS. 395 PER EQUITY SHARE) AGGREGATING TO RS. 8587.04 MILLION BY PURAVANKARA PROJECTS LIMITED ('PURAVANKARA PROJECTS', OR 'THE COMPANY', OR 'THE ISSUER'). THE ISSUE SHALL CONSTITUTE 10.05% OF THE FULLY DILUTED POST-ISSUE CAPITAL OF THE COMPANY. *

THE FACE VALUE OF EQUITY SHARE IS Rs. 5/- EACH.

THE ISSUE PRICE OF Rs. 400/- EACH IS 80 TIMES OF THE FACE VALUE

* Pursuant to public notice dated August 3,2007, the original price band of Rs. 500 to Rs. 525 was revised to Rs. 400 to Rs. 425.
Issue size was reduced by 60,730 equity shares on account of withdrawal of applications by bidders post submission of basis of allotment to the NSE for 5,860 shares in the retail category and technical rejections for 58,470 shares in the non-institutional category as recommended by NSE. As a result, Issue constitutes 10.03% of the fully diluted post-Issue capital and Issue size aggregates to Rs. 8,562.75 million.
The Equity Shares of the Company are proposed to be listed on The Bombay Stock Exchange Limited ('BSE') and the National Stock Exchange of India Limited ('NSE') and trading is expected to start on or around August 30, 2007.
The Issue was made through the 100% Book Building Process wherein atleast 60% of the Issue was allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (including 5% of the QIB portion that was specifically to be allocated to mutual funds) , further upto 10% of the Issue was made available for allocation on a proportionate basis to Non - Institutional Bidders and upto 30% of the Issue was made available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Issue Price.
The issue received 54,581 applications for 41,288,820 Equity Shares resulting in 1.9233 times subscription (Before technical rejections). The details of the applications received in the Issue from QIBs, Non Institutional Bidders and Retail Individual Bidders are as under:

Category No. of Applications No. of Shares Subscription
Retail Individual Bidders 54351 3216190 0.4994
Non Institutional Bidders 182 1135370 0.5289
QIBs 48 36937260 2.8677

Final Demand
A summary of the final demand at various price levels as per the electronic book is given below:

Bid Price (Rs. per Share) No. of Applications No. of Shares %to Total Cumulative No. of Shares Cumulative % to total
400 927 32972700 77.6579 42458890 100.0000
401 9 1680 0.0040 9486190 22.3421
402 5 70 0.0002 9484510 22.3381
404 1 20 0.0000 9484440 22.3379
405 12 660 0.0016 9484420 22.3379
406 1 10 0.0000 9483760 22.3363
408 1 110 0.0003 9483750 22.3363
409 1 110 0.0003 9483640 22.3361
410 31 5260 0.0124 9483530 22.3358
412 2 480 0.0011 9478270 22.3234
415 22 2390 0.0056 9477790 22.3223
416 24 5760 0.0136 9475400 22.3166
420 28 1210 0.0028 9469640 22.3031
423 1 40 0.0001 9468430 22.3002
424 1 20 0.0000 9468390 22.3001
425 254 763830 1.7990 9468370 22.3001
428 1 1050 0.0025 8704540 20.5011
430 35 3930 0.0093 8703490 20.4986
433 4 920 0.0022 8699560 20.4894
434 16 3470 0.0082 8698640 20.4872
435 11 700 0.0016 8695170 20.4790
438 2 260 0.0006 8694470 20.4774
440 16 2910 0.0069 8694210 20.4768
445 3 80 0.0002 8691300 20.4699
448 1 10 0.0000 8691220 20.4697
449 1 10 0.0000 8691210 20.4697
450 1557 3838480 9.0405 8691200 20.4697
500 300 20730 0.0488 4852720 11.4292
501 6 70 0.0002 4831990 11.3804
502 4 70 0.0002 4831920 11.3802
503 1 10 0.0000 4831850 11.3801
504 1 10 0.0000 4831840 11.3800
505 31 1060 0.0025 4831830 11.3800
506 1 160 0.0004 4830770 11.3775
507 1 100 0.0002 4830610 11.3771
508 4 170 0.0004 4830510 11.3769
509 2 110 0.0003 4830340 11.3765
510 112 4810 0.0113 4830230 11.3763
511 2 50 0.0001 4825420 11.3649
512 6 300 0.0007 4825370 11.3648
513 8 300 0.0007 4825070 11.3641
514 2 50 0.0001 4824770 11.3634
515 99 4590 0.0108 4824720 11.3633
516 2 80 0.0002 4820130 11.3525
517 3 130 0.0003 4820050 11.3523
518 5 330 0.0008 4819920 11.3520
520 69 2840 0.0067 4819590 11.3512
521 2 50 0.0001 4816750 11.3445
522 6 70 0.0002 4816700 11.3444
523 9 620 0.0015 4816630 11.3442
524 8 610 0.0014 4816010 11.3428
525 3626 455770 1.0734 4815400 11.3413
9999 62100 4359630 10.2679 4359630 10.2679
TOTAL 42458890

The Basis of Allocation was finalized in consultation with the National Stock Exchange ('NSE') on August 22, 2007.

A. Allocation to Retail Individual Investors (After Technical Rejections):
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at and above the Issue Price of Rs. 400 per Equity Share, was finalized in consultation with NSE. This category (net of technical rejections) was over subscribed 0.484013 times. Hence FULL and FIRM allotments have been made against all valid applications. The total number of shares allotted in this category is 31,171,80 Equity Shares. The unsubscribed portion of 33,172,43 equity shares has been added to Qualified Institutional Investors categories and 5,860 shares were not allotted due to withdrawal of applications by bidders post submission of basis of allotment to the NSE. The category wise details of the Basis of Allocation in this category are as under:

Category No. of applications % to total No. of Equity Shares applied % to total No. of Equity
Shares
allocated
Ratio Total no. of Equity Shares
allocated
10 15090 28.46 150900 4.84 10 FIRM 150900
20 9134 17.23 182680 5.86 20 FIRM 182680
30 4004 7.55 120120 3.85 30 FIRM 120120
40 3259 6.15 130360 4.18 40 FIRM 130360
50 4368 8.24 218400 7.01 50 FIRM 218400
60 1327 2.50 79620 2.55 60 FIRM 79620
70 637 1.20 44590 143 70 FIRM 44590
80 792 1.49 63360 2.03 80 FIRM 63360
90 3051 5.75 274590 8.81 90 FIRM 274590
100 3034 5.72 303400 9.73 100 FIRM 303400
110 664 1.25 73040 2.34 110 FIRM 73040
120 296 0.56 35520 1.14 12,0 FIRM 35520
130 95 0.18 12350 0.40 130 FIRM 12350
140 120 0.23 16800 0.54 140 FIRM 16800
150 247 0.47 37050 1.19 150 FIRM 37050
160 104 0.20 16640 0.53 160 FIRM 16640
170 78 0.15 13260 0.43 170 FIRM 13260
180 346 0.65 62280 2.00 180 FIRM 62280
190 3978 7.50 755820 24.25 190 FIRM 755820
200 185 0.35 37000 1.19 200 FIRM 37000
210 38 0.07 7980 0.26 210 FIRM 7980
220 2021 3.81 444620 14.26 220 FIRM 444620
230 3 0.01 690 0.02 230 FIRM 690
240 64 0.12 15360 0.49 240 FIRM 15360
250 83 0.16 20750 0.67 250 FIRM 20750

B. Allocation to Non Institutional Investors (After Technical Rejections):
The Basis of Allocation to the Non-Institutional Investors, who have bid at cut-off or at and above the Issue Price of Rs. 400 per Equity Share, was finalized in consultation with NSE. This category (net of technical rejections) was over subscribed 0.343299 times. Hence FULL and FIRM allotments have been made against all valid applications. The total number of shares allotted in this category is 736,980 Equity Shares. The unsubscribed portion of 1,354,911 equity shares has been added to Qualified Institutional Investors categories and 58,470 shares were not allotted due to technical rejections. The category wise details of the Basis of Allocation in this category are as under:

Category No. of applications % to total No. of Equity Shares applied % to total No. of Equity
Shares
allocated
Ratio Total no. of Equity Shares allocated
200 40 30.30 8000 1.09 200 FIRM 8000
380 3 2.27 1140 0.15 380 FIRM 1140
550 1 0.76 550 0.07 550 FIRM 550
1100 1 0.76 1100 0.15 1100 FIRM 1100
2000 4 3.03 8000 1.09 2000 FIRM 8000
3770 1 0.76 3770 0.51 3770 FIRM 3770
6750 1 0.76 6750 0.92 6750 FIRM 6750
14000 1 0.76 14000 1.90 14000 FIRM 14000
16700 1 0.76 16700 2.27 16700 FIRM 16700
20000 1 0.76 20000 2.71 20000 FIRM 20000
56200 1 0.76 56200 7.63 56200 FIRM 56200
125000 1 0.76 125000 16.96 125000 FIRM 125000
252900 1 0.76 252900 34.32 252900 FIRM 252900

C. Allocation to Qualified Institutional Buyers:
Allocation to QIBs has been done on a proportionate basis in consultation with NSE. As per the SEBI guidelines, Mutual Funds were to be allotted 5% of the quantum of shares available (877,636 Equity Shares) and other QIB including Mutual Funds were allotted 16,675,084 Equity Shares on proportionate basis. The total shares of 17,552,720 including spill over from the unsubscribed portion of Retail Individual Investors and Non Institutional Investors category to the extent of 4,672,154 Equity Shares allotted to QIBs on proportionate basis.

Category Fls/Banks MFs Flls ICs Total
No. of Equtiy Shares 204819 3438455 11677364 2232082 8441620

The IPO Committee of Directors of the Company at its meeting held on August 22,2007 approved the Basis of Allocation of Equity Shares in the Issue and has allotted Equity Shares to various successful applicants.
The CAN-cum-Refund Orders, intimation regarding refunds through electronic mode (ECS, RTGS, NEFT or Direct Credit) will be dispatched to the address qf the investors as registered with the depositories on August 23, 2007. 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 Equity Shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned on August 23,2007. The listing applications will be filed with the BSE and NSE on or before August 24,2007 and the Company is taking steps to get the Equity Shares admitted for trading on the BSE and NSE within seven working days from the date of approval of the Basis of Allocation.

INVESTORS PLEASE NOTE
The details of allocation made would be hosted on the website of the Registrar to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.com
Further correspondence in respect of allotment of Equity Shares pertaining to the Issue may be addressed to the Registrar to the Issue, intime Spectrum Registry Limited, quoting full name of the First/ Sole Applicant, Serial Number of the Bid cum 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 Ltd
C-13, Pannalal Silk Mills Compound, L.B.S. Road Bhandup (West), Mumbai - 400 078.
Tel.: (022) 2596 0320 Fax: (022) 2596 0329
E-mail: puravankara.ipo@intimespectrum.com
Contact Person : Mr.Vishwas Attavar

 

Place : Banagalore
Date : August 23, 2007

For Puravankara Projects Limited
On Behalf of the Board of Directors
Sd/-
Authorized Signatory

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 PURAVANKARA PROJECTS LIMITED.

Puravankara IPO Basis of Allotment FAQs

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

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

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