Readymade Steel India IPO Basis of Allotment

Readymade Steel India IPO Details

Issue Open Jun 27, 2011
Issue Close Jun 29, 2011
IPO Price ₹108
Face Value ₹10
IPO Size ₹34.75 Cr
Listing At BSE
IPO Lot Size 60

READYMADE STEEL INDIA LIMITED

(Our Company was incorporated on March 21,2006 under the provisions of the Companies Act, 1956 as Readymade Steel India Private Limited in Maharashtra. Pursuant to a special resolution passed by the shareholders of our Company at the extra-ordinary general meeting held on July 21,2010 our Company was converted into a public limited company and consequently the name of our Company was changed to Readymade Steel India Limited. A fresh certificate of incorporation reflecting the new name was issued by the Registrar of Companies, Maharashtra on August 24,2010.The Corporate Identification Number of our Company is U27100MH2006PLC160602.

Registered Office: 203, Joshi Chambers, Ahmedabad Street, Carnac Bunder, Mumbai - 400 009. Tel. No: + 91 -022-67439360; Fax No: + 91 -022-67439360; E-mail: rms@readymadesteel.com; Website: www.readymadesteel.com;
Contact Person and Compliance Officer: Mr. Umakanta Das. GM- Finance & Company Secretary;
E-mail: ukdas@readymadesteel.com
PROMOTER: MR. ANIL AGRAWAL

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 32,17,153 EQUITY SHARES OF Rs.10/- EACH AT A PRICE OF Rs.108/- PER EQUITY SHARE (INCLUDING A PREMIUM OF 798/- PER EQUITY SHARE) FOR CASH AGGREGATING TO Rs.3474.53 LACS (THE "ISSUE"), BY READYMADE STEEL INDIA LIMITED (THE "COMPANY' OR THE "ISSUER"). THE ISSUE WILL CONSTITUTE 27.45% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR COMPANY.

BID/ISSUE OPENED ON JUNE 27, 2011, CLOSED ON JUNE 29, 2011
The Equity Shares of the Company are proposed to be listed on Bombay Stock Exchange Limited ("BSE") the trading is expected to commence on July 13,2011.

ISSUE PRICE: Rs. 108/- PER EQUITY SHARE OF FACE VALUE OF Rs.10/- EACH THE ISSUE PRICE IS 10.8 TIMES OF THE FACE VALUE

This Issue was made through a 100% Book Building Process wherein not more than 50% of the Issue was to be allocated to Qualified Institutional Buyers (QIBs) on a proportionate basis, subject to valid bids being received at or above the Issue Price. 5% of the QIB Portion was available for allocation on proportionate basis to Mutual Funds only and the remaining Net QIB portion was available for allocation on a proportionate basis to all Qualified Institutional Buyers, including Mutual Funds, subject to valid bids being received at or above Issue Price. Further, not less than 15% of the Issue was available for allocation on a proportionate basis to Non Institutional Bidders and not less than 35% of the Issue was 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 4025 applications for 6283020 equity shares resulting in 1.95 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional and Retail Individual Investor categories are as under: (Before technical rejections)

Category No. of Applications No. of Shares No. of times Subscription
Qualified Institutional Investors 1 62,580 0.03
Non Institutional Investors 31 7,91,700 1.64
Retail Individual Investors 3993 5428,740 4.82
Total 4025 62,83,020 1.95

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:

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to Total
90.00 2760 0.00 6504720 100.00
91.00 120 0.00 6501960 99.96
95.00 180 0.00 6501840 99.96
98.00 60 0.00 6501660 99.96
99.00 240 0.00 6501600 99.95
100.00 1500 0.00 6501360 99.95
102.00 60 0.00 6499860 99.93
105.00 60 0.00 6499800 99.92
107.00 60 0.00 6499740 99.92
108.00 13,29,300 0.41 6499680 99.92
Cutoff 51,70 380 1.61 5170380 79.49
65,04,720 202

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being The Bombay Stock Exchange Limited ("BSE") on July 8,2011 The Board of Directors of the Company at its Meeting held at Mumbai on July 9,2011 allotted the Equity Shares to the successful applicants. Details of valid applications received and allotments done are as under:

A. Allotment to Retail Individual Investors including ASBA applications (After Technical Rejections)

The Basis of Allotment to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 108/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 2.24 times after considering spill-over from QIB and Non-Institutional Category Investors Category. As per the Prospectus, the spill over portion from QIB Category was 10,82,197 equity shares and 1,54,672 from Non Institutional Category. The total number of equity shares allotted in this category is 23,62,873 Equity Shares to 3674 successful applicants. There were 1183 applications for 15,30,900 equity shares under ASBA process. Out of the valid ASBA applications,6,67,211 equity shares were allotted to 1069 successful ASBA applicants.

The category-wise details of the Basis of Allotment are as under:

Category No. of Applns. % to total Total No. of Shares applied % to total No. of Shares allotted Ratio Total No. of Shares allotted
60 329 8.51 19740 037 60 21:47 8820
120 101 2.61 12120 0.23 60 82:91 5460
180 57 1.47 10260 0.19 80 Firm 4560
240 49 1.27 11760 0.22 107 Firm 5243
300 41 1.06 12300 0.23 134 Firm 5494
360 15 0.39 5400 0.10 161 Firm 2415
420 45 1.16 18900 0.36 187 Firm 8415
480 35 0.91 16800 0.32 214 Firm 7490
540 13 0.34 7020 0.13 241 Firm 3133
600 17 0.44 10200 0.19 268 Firm 4556
660 2 0.05 1320 0.02 295 Firm 590
720 10 0.26 7200 0.16 321 Firm 3210
780 6 0.16 4680 0.09 348 Firm 2088
840 3 0.08 2520 0.05 375 Firm 1125
900 535 13.84 481500 9.09 402 Firm 215070
960 3 0.08 2880 0.05 428 Firm 1284
1020 5 0.13 5100 0.10 455 Firm 2275
1080 5 0.13 5400 0.10 482 Firm 2410
1140 4 0.10 4560 0.09 509 Firm 2036
1200 4 0.10 4800 0.09 536 Firm 2144
1260 2 0.05 2520 0.05 562 Firm 1124
1320 2 0.05 2640 0.05 589 Firm 1178
1380 4 0.10 5520 0.10 616 Firm 2464
1440 2 0.05 2880 0.05 643 Firm 1286
1500 4 0.10 6000 0.11 669 Firm 2676
1560 1 0.03 1560 0.03 696 Firm 696
1620 1 0.03 1620 0.03 723 Firm 723
1680 1 0.03 1680 0.03 750 Firm 750
1800 2570 66.48 4626000 87.37 803 Firm 2063710
1800 Additional 1 15:86 448
Total 3866 100.00 5294880 100.00 2362873

B. Allotment to Non Institutional Investors, Including ASBA applications (After Technical Rejections)

The basis of allotment to Non Institutional Investors, who have bid at the Issue Price of Rs. 108/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 0.836 times after considering spill-over from QIB Category. As per the Prospectus, the spill over portion from QIB Category was 4,63,799 equity shares. The total number of equity shares allotted in this category is 7,91,700 to 31 successful applicants. All the applicants in this category have been given firm allotment. There were 31 valid applications under ASBA process for 7,91,700_equity shares and were allotted in full.

C.AIIotmentto QIBs (AfterTechnical Rejections)

1 Valid application for 62580 shares were received against 1608576 quity shares reserved for this category resulting in subscription of 0.038 times. Under the QIB portion 5% was reserved for Mutual Funds. As no Mutual Funds applications were received in the issue, the entire Mutual Fund is allocated to all the other QIB's. However due to under subscription in the said category, full and firm allotment have been made in the QIB category. The under subscribed 1545996 shares from QIB category have been spilled over to Retail and Non Institutional category in the ratio of 70:30.

Dates of dispatch of Refund Orders, Credit to beneficiary Accounts, Refund instructions and Listing details

Activity Date of Completion
Approval of Basis of Allotment by BSE July 8,2011
Dispatch of Allotment Advices .Refund Orders and ECS Intimation Note July 11,2011
Refund Instructions to the Clearing System
(in case of Refunds through NECS system)
July 9,2011
Instructions to the Self Certified Syndicate Banks (SCSBs) by the registrar July 9,2011
Listing Application to BSE July 11,2011
Credit to beneficiary Accounts July 11,2011

Refunds have been made through NECS and Direct credit, into the Bank Accounts of the applicants, as registered with the depositories. For other applicants Refund Orders have been dispatched to their address 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 Mandate details as registered, if any, with the depositories. The shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The company has filed listing application with BSE and trading in equity shares of the company is expected to commence on July 13,2011.

INVESTORS PLEASE NOTE

This details of the allotment made would be hosted on the website of Registrars to the Issue, Bigshare Services Private Limited at www.bigshareonline.com

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-applicationform, 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:

Bigshare Services Private Limited
SEBI Registration No:
INR000001385
E/2, Ansa Industrial Estate, Saki Vihar Road, Sakinaka, Andheri (East), Mumbai - 400 072.
Tel No: +91 22 4043 0200, Fax No: +91 22 2847 5207
Website: www.bigshareonline.com, Email: ipo@bigshareonline.com

Place: Mumbai
Date : July 12,2011
For READYMADE STEEL INDIA LIMITED
Sd/-
ANIL AGRAWAL
Managing Director

Readymade Steel India IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in Readymade Steel India IPO?

    Check the basis of allotment document above to know about how the shares are allocated in Readymade Steel India 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 Readymade Steel India IPO basis of allotment status?

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

    Visit the Readymade Steel India IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is Readymade Steel India IPO allotment process?

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

Comments

   I Like It. | Report Abuse








Search Chittorgarh.com:

Download Our Mobile App

Android App iOS App