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SJVN IPO Details

Issue Open Apr 29, 2010
Issue Close May 3, 2010
IPO Price ₹26
Face Value ₹10
IPO Size ₹1,062.74 Cr
Listing At BSE, NSE
IPO Lot Size 250

SJVN Limited

Our Company was originally incorporated on May 24,1988 under the Companies Act, 1956, as amended (the 'Companies Act') as a private limited company under the name of Nathpa Jhakri Power Corporation Private Limited with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh. For details of changes in the name of our Company, see section titled 'History and Certain Other Corporate Matters' on page 102 of the Prospectus.

Registered and Corporate Office: SJVNL, Himfed Building, New Shimla, Himachal Pradesh, 171009.
Tel: +91 177 267 0741/ 0064/ 0490/ 0521/ 1091. Fax: +91 177 267 0542. Company Secretary and Compliance Officer: Mr. P.S.R. Murthy. Tel: +91 177 267 2324. Fax: +91 177 267 0737. E-mail: psr.murthy@sjvn.nic.in Website: www.sjvn.nic.in. For details of changes in the registered address of our Company, see section titled 'History and Certain Other Corporate Matters' on page 102 of the Prospectus.

BASIS OF ALLOTMENT

PUBLIC OFFERING OF 415,000,000 EQUITY SHARES OF FACE VALUE RS. 10 EACH (THE 'EQUITY SHARES') FOR CASH AT A PRICE OF RS. 26 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 16 PER EQUITY SHARE) OF SJVN LIMITED ('SJVN' OR 'COMPANY') AGGREGATING UP TO RS. 10,627.37 MILLION THROUGH AN OFFER FOR SALE (THE 'OFFER FOR SALE' OR THE 'OFFER') BY THE PRESIDENT OF INDIA ACTING THROUGH THE MINISTRY OF POWER, GOVERNMENT OF INDIA (THE 'SELLING SHAREHOLDER'). THE OFFER COMPRISED A NET OFFER TO THE PUBLIC OF 411,650,000 EQUITY SHARES (THE 'NET OFFER') AND A RESERVATION OF 3,350,000 EQUITY SHARES FOR PURCHASE BY ELIGIBLE EMPLOYEES (THE 'EMPLOYEE RESERVATION PORTION') AT THE OFFER PRICE. THE OFFER AND NET OFFER CONSTITUTED 10.03% AND 9.95 % OF THE PAID-UP EQUITY CAPITAL OF OUR COMPANY, RESPECTIVELY.

OFFER PRICE IS RS. 26 PER EQUITY SHARE OF FACE VALUE RS. 10 EACH. THE OFFER PRICE IS 2.6 TIMES THE FACE VALUE. A DISCOUNT OF RS. 1.30 BEING 5% OF THE OFFER PRICE, DETERMINED PURSUANT TO COMPLETION OF THE BOOK BUILDING PROCESS HAS BEEN OFFERED TO EUGIBLE EMPLOYEES AND RETAIL INDIVIDUAL BIDDERS.

All terms used herein and not specifically defined shall have the same meaning as ascribed to such terms under the Prospectus dated May 6,2010 (the' Prospectus') with the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh.

Pursuant to the provisions of regulation 41 (2) (a) of the Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 ('SEBI ICDR Regulations'), the Net Offer consisted of an offer for sale of less than 10% of the issued and paid up share capital of our Company and has been made through a 100% book building process in compliance with the provisions of Rule 19(2)(b) of the SCRR (as defined below), wherein at least 60% of the Net Offer has been Allotted on a proportionate basis to Qualified Institutional Buyers ('QIBs' and the allocation to the QIBs, the 'QIB Portion'). 5% of the QIB Portion has been made available for allocation on a proportionate basis to Mutual Funds only. The remainder of the QIB Portion has been made available for allocation on a proportionate basis to QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 10% of the Net Offer has been made available for allocation on a proportionate basis to Non Institutional Bidders and not less than 30% of the Net Offer has been made available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Offer Price. 3,350,000 Equity Shares has been made available for allocation on a proportionate basis to Eligible Employees (as defined hereafter), subject to valid Bids being received from them at or above the Offer Price.

The Offer received 186,952 applications for 2,700,634,250 Equity Shares resulting 6.51 times subscription. The details of the applications received in the offer from QIBs, Non-Institutional Bidders, Retail Individual Bidders and Eligible Employees categories are as under (before technical rejections):

Category No. of Applications No. of Shares No. of times subscription
A Retail Individual Bidders 1,86,053 37,46,20,500 3.0335
B Non Institutional Bidders 228 9,73,13,000 2.3640
C Qualified Institutional Bidders 115 2,22,78,20,000 9.0199
D Employees 556 8,80,750 0.2629
Total 1,86,952 2,70,06,34,250 6.5075

Final Demand
The final demand at different bid prices is as under:

Bid Price No. of Applications No. of Shares % to total Cumulative Total Cumulative % of Total
23 6,913 14,03,42,250 3.4768 2,66,97,22,750 100.0000
24 3,024 6,42,84,250 1.5209 2,57,64,80,250 96.5074
25 2,611 6,21,21,750 1.3132 2,59,97,75,750 97.3800
26 27,840 2,30,86,70,250 14.0017 2,63,33,27,000 98.6367
CUTOFF 1,58,445 32,48,64,500 79.6875 32,48,42,250 12.1676
TOTAL 1,98,833 100.0000 2,66,97,22,750

The Basis of Allocation was finalized in consultation with the National Stock Exchange of India Limited ('NSE') on May 13,2010.

A. Employees (After Technical Rejections)
The Basis of Allocation to the employees of the SJVN Ltd, who have bid at cut-off or at the Offer Price of Rs. 26 per Equity Share (Rs: 1.30 discount on the Offer price was given to the employees and hence the net offer price for this category is Rs.24.70 per Equity Share), was finalized in consultation with NSE. The total number of shares allotted in this category is 8,58,000. The undersubscribed portion of 24,92,000 equity shares have been spilled over to QIBs(14,95,200 Equity Shares), Non-Institutional Bidders (2,49,200 Equity Shares) and Retail Individual Investor Category (7,47,600 Equity Shares). The category-wise details of the Basis of Allotment are (Sample) as under:

Category No. of
Applns.
% to
total
Total No. of
Shares applied
% to
total
No. of
Shares allocated
Ratio Total No.
of Shares allocated
250 33 6.08 8250 0.96 250 1:1 8250
500 96 17.68 48000 5.59 500 1:1 48000
750 23 4.24 17250 2.01 750 1:1 17250
1000 150 27.62 150000 17.48 1000 1:1 150000
1500 37 6.81 55500 6.47 1500 1:1 55500
2000 73 13.44 146000 17.02 2000 1:1 146000
2500 7 1.29 17500 2.04 2500 1:1 17500
3000 18 3.31 54000 6.29 3000 1:1 54000
3500 4 0.74 14000 1.63 3500 1:1 14000
3750 85 15.65 318750 37.15 3750 1:1 318750

B. 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 the Offer Price of Rs. (26) per Equity Share, was finalized in consultation with NSE (Rs 1.30 discount on the Offer price was given to the retail individual investors and hence the net Offer price for this category is Rs. 24.70 per Equity Share). This category has been over subscribed to the extent of 2.957 times. There were 39,726 Applications Collected in ASBA Process for 69,325,250 Shares. 180521 applications for 36738000 equity shares were found valid and they were considered for allotment. The total number of shares allotted in Retail Individual Investor category is 12,42,42,600 Equity Shares to 1,51,690 successful applicants, which includes the spill over portion from Employee Category of 7,47,600 equity shares. 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 allocated
Ratio Total No.
of Shares allocated
250 31960 17.7 7990000 2.17 250 23:68 2702500
500 23742 13.15 11871000 3.23 250 23:34 4015250
750 7278 4.03 5458500 1.49 254 1:1 1848612
1000 18602 10.3 18602000 5.06 338 1:1 6287476
1250 3031 1.68 3788750 1.03 423 1:1 1282113
1500 4187 2.32 6280500 1.71 507 1:1 2122809
1750 4968 2.75 8694000 2.37 592 1:1 2941056
2000 8074 4.47 16148000 4.4 676 1:1 5458024
2250 849 0.47 1910250 0.52 761 1:1 646089
2500 2325 1.29 5812500 1.58 845 1:1 1964625
2750 503 0.28 1383250 0.38 930 1:1 467790
3000 1768 0.98 5304000 1.44 1015 1:1 1794520
3250 376 0.21 1222000 0.33 1099 1:1 413224
3500 1209 0.67 4231500 1.15 1184 1:1 1431456
3750 71649 39.69 268683750 73.14 1268 1:1 90850932

C. Allocation to Non-Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Non-Institutional Investors, who have bid at the Offer Price of Rs. 26 per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 2.326 times and hence allotment was done on proportionate basis to all valid applicants. Overall 205 applications for 96339750 equity shares were found valid and they were considered for allotment. The total number of equity shares allotted in this category is 4,14,14,200 to 205 successful applicants, which includes the spill over portion from Employee Category of 2,49,200 equity shares. The category-wise details of the Basis of Allotment are (Sample) as under:

Category No. of
Applns.
% to
total
Total No. of
Shares applied
% to
total
No. of
Shares allocated
Ratio Total No.
of Shares allocated
4000 16 7.8 64000 0.07 1719 1:1 27504
5000 12 5.85 60000 0.06 2149 1:1 25788
15500 3 1.46 46500 0.05 6663 1:1 19989
19000 7 3.41 133000 0.14 8168 1:1 57176
20000 5 2.44 100000 0.1 8598 1:1 42990
23000 1 0.49 23000 0.02 9887 1:1 9887
60000 1 0.49 60000 0.06 25793 1:1 25793
276750 1 0.49 276750 0.29 118968 1:1 118968
384500 7 3.41 2691500 2.79 165288 1:1 1157016
384750 1 0.49 384750 0.4 165395 1:1 165395
800000 3 1.46 2400000 2.49 343901 1:1 1031703
846250 1 0.49 846250 0.88 363783 1:1 363783
1000000 1 0.49 1000000 1.04 429877 1:1 429877
6000000 2 0.98 12000000 12.46 2579260 1:1 5158520
7500000 2 0.98 15000000 15.57 3224074 1:1 6448148
11538250 1 0.49 11538250 11.98 4960023 1:1 4960023

D. Allocation to QIBs (After Technical Rejections)
Allocation to QIBs has been done on a proportionate basis in consultation with NSE. As per the SEBI regulations, Mutual Funds were initially allocated 5% of the quantum of shares available (1,24,24,260 Equity Shares), including Spill over from Employee Category to the extent of 74,760 Equity Shares and other QIBs were allocated the remaining available shares (23,60,60,940 Equity Shares) on proportionate basis, including Spill over from Employee Category to the extent of 14,20,440 Equity Shares.

Category Fls/Banks Flls MFs ICs VCs Total
No.of Shares 4,01,02,659 38,476,484 6,70,02,355 10,23,44,937 5,58,765 24,84,85,200

The IPO Committee of the company at its Meeting held on May 14,2010 has taken on record the basis of allocation of shares approved by the designated Stock Exchange. The CAN-cum-Refund Orders and allotment advice and/ or 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 Account details as registered, if any, with the depositories and the dispatch have been completed on May 17,2010. The shares allocated to successful applicants have been credited to their beneficiary accounts on May 15,2010 subject to validation of the account details with the depositories concerned. The final listing permission from NSE and BSE has been received on May 17,2010 and the equity shares of the company have been admitted for trading with effect from May 20,2010.

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 Website: 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, L.B.S. Marg, Bhandup (West),
Mumbai 400 078
Tel.: +91 22 2596 0320, Fax: +91 22 2596 0329 Email ID: sjvnl.ipo@linkintime.co.in

Date : 17th May, 2010 For SJVN Limited,
on behalf of Board of Directors
Sd/-
Chairman & Managing Director

As disclosed in the Prospectus dated May 6, 2010(the 'Prospectus'), in furtherance to the finalisation of 'Basis of Allotment' by the Company and the Selling Shareholder in consultation with the NSE, i.e. the designated stock exchange, the aggregate offer size has been revised from Rs. 10,625.10 million to Rs. 10627.37 million. Accordingly, the Prospectus shall stand amended to this effect.

Date : 17th May, 2010 For SJVN Limited,
on behalf of Board of Directors
Sd/-
Chairman & Managing Director

SJVN IPO Basis of Allotment FAQs

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

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

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