Usher Agro IPO Basis of Allotment

USHER AGRO LIMITED

(Originally incorporated as Usher Agro Limited on June 20, 1996 under the provisions of Companies Act, 1956 vide registration no.: 11-100380 (CIN: U01100MH1996PTC100380) and received the Certificate for Commencement of Business on July 04, 1996 from the Registrar of Companies, Maharashtra, Mumbai.)

Registered & Corporate Office: C - 617, Hilton Tower, Sher-E-Punjab, Andheri (East), Mumbai - 400 093.
Tel: +91-22-2836 3387, 2837 8967; Fax: +91-22-2837 8967 Email: usher@vsnl.com Website: www.usheragro.com Contact Person: Ms. Rutika Pawar - Company Secretary & Compliance Officer

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 1,20,12,000 EQUITY SHARES OF FACE VALUE Rs. 10/- EACH OF USHER AGRO LIMITED AT A PREMIUM OF Rs.5/- PER SHARE (I. E. AT A PRICE OF Rs.15/- PER SHARE) FOR CASH AGGREGATING TO Rs. 18,01,80,000/- COMPRISING OF PROMOTERS CONTRIBUTION OF 32,00,000 EQUITY SHARES OF FACE VALUE Rs.10/- EACH AT A PRICE OF Rs. 15/- FOR CASH AGGREGATING TO RS. 4,80,00,000/-. THE NET OFFER TO THE PUBLIC IS OF 88,12,000 EQUITY SHARES OF FACE VALUE Rs.10/- EACH AT A PRICE OF Rs.15/- FOR CASH AGGREGATING TO Rs. 13,21,80,000/-
THE ISSUE PRICE OF RS.15/- PER EQUITY SHARE IS 1.5 TIMES THE FACE VALUE.

The Board of Directors of Usher Agro Limited (`the Company') thanks all the investors and the intermediaries for the success of the Public Issue. The details of subscription are as under:

As per the basis of allotment approved by Bombay Stock Exchange Limited on September 28, 2006, the Board of Directors have allotted the shares at its meeting held on September 29, 2006. Allotments have been made on a proportionate basis, rounded off to the nearest integer subject to a minimum of 400 shares per allottee. The details of category wise allotment are as under:

1. Retail Category (investors applying up to Rs.1,00,000/-) - the Company received 12196 valid applications for a total of 145,97,600 shares resulting in 3.313 times the subscription in this category and 81.37% of the total subscription received. The details of category wise allotment are as under:

2. Non Retail Category (investors applying above Rs. 1,00,000/-) - the Company received 22 valid applications for a total of 3341800 shares resulting in 0.76 times the subscription in this category and 18.63% of the total subscription received. The details of category wise allotment are as under:

Dates of despatch of refund orders, Credit to beneficiary account and listing

INVESTOR PLEASE NOTE
All future correspondence in this respect should be addressed to the Registrar to the Issue quoting Full Name of the first applicant, Serial No. of the application was lodged at the following address:

INVESTOR SERVICES OF INDIA LIMITED
IDBI Building, 2nd floor, Plot no. 39, 40 & 41, Sector-11, Rajiv Gandhi Marg, CBD Belapur,
Navi Mumbai- 400 614 Tel :+91-22 32660566 / 32660553 Fax : +91-22 2757 9645
E-mail : usher@isilindia.com,Website : www.isilindia.com
Contact Person : Mr. Nomani Nasir