Chittorgarh.com Logo
Loading...

Resurgere Mines & Minerals IPO Basis of Allotment

Resurgere Mines & Minerals IPO Details

Issue Open Aug 11, 2008
Issue Close Aug 13, 2008
IPO Price ₹270
Face Value ₹10
IPO Size ₹120.15 Cr
Listing At BSE, NSE
IPO Lot Size 20

RESURGERE MINES & MINERALS INDIA LIMITED

(We were originally incorporated as 'Exfin Shipping (India) Private Limited'' on March 24, 1987 under the Companies Act, 1956. For details of change in our Company's name and registered office, see the section 'History and Certain Corporate Matters' beginning on page 93 of Prospectus.)

Registered Office: 156, Maker Chambers - III, Nariman Point, Mumbai - 400 021, Maharashtra, India.
Company Secretary and Compliance Officer: Mr. Rakesh Gupta
Telephone: +91 22 6658 2500 Fax: +91 22 6658 2511 Email: cosec@resurgere.in
Website: www.resurgere.in

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 4,450,000 EQUITY SHARES OF RS. 10/- EACH OF RESURGERE MINES & MINERALS INDIA LIMITED ('RESURGERE' OR 'THE ISSUER' OR 'OUR COMPANY') AT A PRICE OF RS. 270/- PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 260/- PER EQUITY SHARE) FOR CASH AGGREGATING RS. 1201.50 MILLION (HEREINAFTER REFERRED TO AS 'THIS ISSUE'). THIS ISSUE COMPRISES OF RESERVATION OF 250,000 EQUITY SHARES AGGREGATING RS. 67.50 MILLION FOR ELIGIBLE EMPLOYEES ON A COMPETITIVE BASIS AND THE 'NET ISSUE' TO THE PUBLIC OF 4,200,000 EQUITY SHARES AGGREGATING RS. 1134.00 MILLIONS. THE NET ISSUE WOULD CONSTITUTE 14.72% OF THE POST ISSUE PAID-UP CAPITAL OF OUR COMPANY.
THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 270/- AND IT IS 27 TIMES THE FACE VALUE.

The Issue was made through 100% Book Building Process wherein atleast 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 specifically be allotted to mutual funds), further, not less than 10% of the Issue was made available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Issue was made available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price. Further upto 2,50,000 equity shares was made available for allocation on a proportionate basis to eligible employees, subject to valid bids being received at or above the issue price.

The Issue received 4176 applications for 5057080 equity shares resulting in 1.1364 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 Subscription
Qualified Institutional Buyers 9 3376760 1.3400
Non Institutional Investors 38 990300 2.3579
Retail Individual Investors 4112 439920 0.3491
Employee 17 250100 1.0004

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

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to total
263 82660 1.5797 5232520 100.0000
264 80 0.0015 5149860 98.4203
265 120 0.0023 5149780 98.4187
267 240 0.0046 5149660 98.4164
268 14940 0.2855 5149420 98.4119
270 4220 0.0806 5134480 98.1263
272 4720700 90.2185 5130260 98.0457
CUTOFF 409560 7.8272 409560 7.8272
TOTAL 5232520 100.0000

The Basis of Allocation was finalized in consultation with the National Stock Exchange of India Limited on 26th August, 2008.

A. Allocation to Employees (After Technical Rejections)
The Basis of Allocation to the Employees, who have bid at cut-off or at the Issue Price of Rs. 270/- per Equity Share was finalized in consultation with NSE . The category was over subscribed 1.000400 times. The total number of Equity Shares allotted in this category is 250000 Equity Shares to 17 successful applicants. The category wise details of the Basis of Allocation are as under:

Category No. of Applns. % to total Total No. of Shares applied % to total No. of Shares allocated per applicant Ratio Total No. of Shares allocated
100 1 5.88 100 0.04 100 FIRM 100
12500 10 58.82 125000 49.98 12495 FIRM 124950
15000 5 29.41 75000 29.99 14994 FIRM 74970
50000 1 5.88 50000 19.99 49980 FIRM 49980

B. Allocation to Retail Individual Investors (After Technical Rejections)
The Basis of Allocation to Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 270/- per Equity Share, was finalized in consultation with NSE . The category was under subscribed 0.343984 times. The total number of equity shares allotted in this category is 433420 to 3993 successful applicants and The Unsubscribed portion is spilled over to Non Institutional Investors category (546580 Equity shares) and is spilled over to QIB category (280000 Equity Shares). The category-wise details of Basis of Allocation are as under:

Category No. of
applns.
% to
total
Total No. of
Share applied
% to
total
No. of Share
allocated per applicant
Ratio Total No. of
Shares allocated
20 2420 60.61 48400 11.17 20 FIRM 48400
40 261 6.54 10440 2.41 40 FIRM 10440
60 79 1.98 4740 1.09 60 FIRM 4740
80 51 1.28 4080 0.94 80 FIRM 4080
100 101 2.53 10100 2.33 100 FIRM 10100
120 27 0.68 3240 0.75 120 FIRM 3240
140 12 0.30 1680 0.39 140 FIRM 1680
160 18 0.45 2880 0.66 160 FIRM 2880
180 79 1.98 14220 3.28 180 FIRM 14220
200 31 0.78 6200 1.43 200 FIRM 6200
220 3 0.08 660 0.15 220 FIRM 660
240 1 0.03 240 0.06 240 FIRM 240
260 5 0.13 1300 0.30 260 FIRM 1300
280 4 0.10 1120 0.26 280 FIRM 1120
300 3 0.08 900 0.21 300 FIRM 900
320 1 0.03 320 0.07 320 FIRM 320
340 1 0.03 340 0.08 340 FIRM 340
360 896 22.44 322560 74.42 360 FIRM 322560

C. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to Non-Institutional Investors, who have bid at the Issue Price of Rs. 270/- per Equity Share, was finalized in consultation with NSE . The category was over subscribed 1.024540 times. The total number of Equity Shares allotted in this category is 966580 Equity Shares to 38 successful applicants including spill over from RETAIL Category (546580 Equity Shares). The category-wise details of Basis of Allocation are as under (Sample):

Category No. of
Applns.
% to
total
Total No. of
Shares applied
% to
total
No. of Shares
allocated per applicant
Ratio Total No. of
Shares allocated
500 1 2.63 500 0.05 488 FIRM 488
1000 1 2.63 1000 0.1 976 FIRM 976
1800 3 7.89 5400 0.55 1757 FIRM 5271
1840 2 5.26 3680 0.37 1796 FIRM 3592
4000 3 7.89 12000 1.21 3904 FIRM 11712
5000 1 2.63 5000 0.5 4880 FIRM 4880
7500 1 2.63 7500 0.76 7320 FIRM 7320
9100 1 2.63 9100 0.92 8882 FIRM 8882
10000 1 2.63 10000 1.01 9760 FIRM 9760
11040 1 2.63 11040 1.11 10776 FIRM 10776
18380 1 2.63 18380 1.86 17940 FIRM 17940
18400 4 10.53 73600 7.43 17959 FIRM 71836
36760 1 2.63 36760 3.71 35880 FIRM 35880
37000 2 5.26 74000 7.47 36114 FIRM 72228
92000 4 10.53 368000 37.16 89796 FIRM 359184
100000 1 2.63 100000 10.1 97605 FIRM 97605
110280 1 2.63 110280 11.14 107640 FIRM 107640

D. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with NSE. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available (1,40,000) including spill over from RETAIL CATEGORY (14,000 Equity Shares) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (26,60,000) including spill over from RETAIL CATEGORY (2,66,000) on proportionate basis

Category Fls/Banks MFs Flls VCs Total
No.of Shares - 240589 2559411 - 2800000

The Board of Directors of the company at it's Meeting held at Mumbai on August 26,2008 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants.
The CAN-cum-Refund Orders and allotment advice and notices 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 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 is taking steps to get the equity shares admitted for trading on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited within seven working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the Issue.
Intime Spectrum Registry Limited at www.intimespectrum.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-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:

INTIME SPECTRUM REGISTRY LIMITED
C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup West, Mumbai - 400 078.
Tel: 91 22 2596 320, Fax: 91 22 2596 0329
Email:rmmil.ipo@intimespectrum.com

Place: Mumbai
Date : 27th August, 2008
For Resurgere Mines & Minerals India Limited
Sd/-
Mr. Subhash Sharma
Chairman cum Managing Director

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 RESURGERE MINES & MINERALS INDIA LIMITED.

Resurgere Mines & Minerals IPO Basis of Allotment FAQs

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

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

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