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October 25, 2007 - October 31, 2007

Varun Industries IPO Basis of Allotment

VARUN INDUSTRIES LIMITED

Originally incorporated as Varun Continental Limited on March 8, 1996 under the Companies Act, 1956 vide registration no. 11-97945 (CIN: U28990MH1996PLC097945) and received Certificate for Commencement of Business on March 15, 1996 from the Registrar of Companies, Maharashtra, Mumbai. The name of our Company was changed to Varun Industries Limited w.e.f. April 21, 2005. Our registered office earlier located at Dwarkesh Market, Dr. A.M. Road, Near Central Bank, Bhuleshwar, Mumbai - 400 002, w.e.f. July 24, 1996 was shifted to its present location as under:
Registered & Corporate Office: 13, Shankeshwar Darshan, A.G. Pawar Cross Lane, Byculla (E), Mumbai - 400 027.
Tel: +91-22-2372 7400; Fax: +91-22-2374 8686; Website: www.varun.com; E-mail: ipo@varun.com.
Contact Person: Mr. Rajendra Kumar Haran, President - Legal & HRD and Company Secretary and Compliance Officer.

BASIS OF ALLOTMENT

Public issue of 90,00,000 Equity Shares of Face Value of Rs.10 each at a price of Rs.60/- per Equity Share for cash at a premium of Rs.50/- per Equity Share aggregating Rs.5400 lakhs (hereinafter referred to as the "Issue") comprising Promoters Contribution of 24,30,000 Equity Shares of Rs.10/- each at a price of Rs.60/- per Equity Share for cash at a premium of Rs.50/- per Equity Share aggregating Rs.1458 lakhs. The Net Issue to the Public is 65,70,000 Equity Shares of Face Value of Rs.10/- each at a price of Rs.60/- per Equity Share for cash at a premium of Rs.50/- per Equity Share aggregating Rs. 3942 lakhs. The Net Issue would constitute 29.71% of the Post Issue paid up Capital of the, Company.

The Board of Directors of Varun Industries Limited ("Company") wishes to thank all the Investors for their response to the Public Issue. The Basis of allotment has been finalized in consultation with the Bombay Stock Exchange Limited ("BSE") on November 16, 2007. The Public Issue opened on October 25, 2007 and closed on October 31, 2007. The Issue received 151786 valid applications for 24,20,36,500 equity shares resulting in 36.46 times subscription and 90,01,145 equity shares have been allotted by the Board of Directors at their meeting held on November 17, 2007 as mentioned below. The details of valid applications received in the issue from the Retail and Non-retail investor after rejection and withdrawals are as under:

Category No. of valid Applications No. of Shares Applied for Subscription (Times)
Promoters Contribution 2 2430000 1.00
Retail investor 151175 135008400 36.69
Non Retail investors 609 104598100 36.18

A. Allocation to Retail Investors

The Company received 151175 valid applications for 135008400 equity shares in this category resulting in an over subscription of 36.69 times. The total number of shares allotted in this category is 3680000 equity Shares. The category-wise details of the allotment is as under:

Category

No. of Applications

% to Total Total No. of Shares Applied % to Total No. of Shares Allocated Ratio Total No .of Shares Allocated
100 20528 13.58 2052800 1.52 55942 2:73 56000
200 15464 10.23 3092800 2.29 84284 3:55 84300
300 10149 6.71 3044700 2.26 82973 4:49 83000
400 6241 4.13 2496400 1.85 68031 6:55 68100
500 12347 8.17 6173500 4.57 168238 3:22 168300
600 2778 1.84 1666800 1.23 45423 10:61 45500
700 1832 1.21 1282400 0.95 34948 17:89 35000
800 12207 8.07 9765600 7.23 266129 12:55 266200
900 2276 1.51 2048400 1.52 55822 14:57 55900
1000 5654 3.74 5654000 4.19 154081 3:11 154100
1100 719 0.48 790900 0.59 21553 3:10 21600
1200 798 0.53 957600 0.71 26096 17:52 26100
1300 290 0.19 377000 0.28 10274 27:76 10300
1400 257 0.17 359800 0.27 9805 37:96 9900
1500 1703 1.13 2554500 1.89 69614 9:22 69700
1600 57932 38.32 92691200 68.66 2525987 17:39 2526000

B. Allocation to Non Retail Investors

The Basis of Allotment to the Non Retail Investors was finalized in consultation with BSE. The category was subscribed 36.18 times. The total number of shares allotted in this category is 2891145 equity Shares. The category-wise details of the allotment is as under:

Category No. of Applications % to Total Total No. of Shares Applied % to Total No. of Shares Allocated Ratio Total No. of Shares Allocated
1700 117 19.21 198900 0.19 5497 6:13 5400
1800 26 4.27 46800 0.04 1294 1:2 1300
1900 3 0.49 5700 0.01 158 2:3 200
2000 48 7.88 96000 0.09 2653 9:16 2700
2100 2 0.33 4200 0.00 116 FIRM 200
2200 3 0.49 6600 0.01 182 2:3 200
2300 1 0.16 2300 0.00 64 FIRM 100
2400 6 0.99 14400 0.01 398 2:3 400
2500 12 1.97 30000 0.03 829 3:4 900
2700 4 0.66 10800 0.01 298 3:4 300
3000 14 2.30 42000 0.04 1162 6:7 1200
3200 1 0.16 3200 0.00 88 FIRM 100
3300 10 1.64 33000 0.03 912 FIRM 1000
3400 1 0.16 3400 0.00 94 FIRM 100
3500 4 0.66 14000 0.01 387 FIRM 400
4000 11 1.81 44000 0.04 1216 FIRM 1221
4100 1 0.16 4100 0.00 113 FIRM 113
4800 1 0.16 4800 0.00 133 FIRM 133
5000 40 6.57 200000 0.19 5528 FIRM 5520
5400 1 0.16 5400 0.01 149 FIRM 149
6000 1 0.16 6000 0.01 166 FIRM 166
6200 1 0.16 6200 0.01 171 FIRM 171
6400 1 0.16 6400 0.01 177 FIRM 177
6500 2 0.33 13000 0.01 359 FIRM 360
6600 2 0.33 13200 0.01 365 FIRM 364
8000 8 1.31 64000 0.06 1769 FIRM 1768
8100 2 0.33 16200 0.02 448 FIRM 448
8300 16 2.63 132800 0.13 3670 FIRM 3664
8400 3 0.49 25200 0.02 696 FIRM 696
8500 2 0.33 17000 0.02 470 FIRM 470
9000 1 0.16 9000 0.01 249 FIRM 249
10000 37 6.08 370000 0.35 10226 FIRM 10212
12000 1 0.16 12000 0.01 332 FIRM 332
12500 1 0.16 12500 0.01 345 FIRM 345
13500 1 0.16 13500 0.01 373 FIRM 373
14000 1 0.16 14000 0.01 387 FIRM 387
15000 13 2.13 195000 0.19 5389 FIRM 5395
16000 6 0.99 96000 0.09 2653 FIRM 2652
16500 5 0.82 82500 0.08 2280 FIRM 2280
16600 4 0.66 66400 0.06 1835 FIRM 1836
16700 1 0.16 16700 0.02 462 FIRM 462
17000 6 0.99 102000 0.10 2819 FIRM 2820
17200 1 0.16 17200 0.02 475 FIRM 475
18000 4 0.66 72000 0.07 1990 FIRM 1988
20000 7 1.15 140000 0.13 3869 FIRM 3871
21700 1 0.16 21700 0.02 600 FIRM 600
25000 8 1.31 200000 0.19 5527 FIRM 5528
25200 1 0.16 25200 0.02 696 FIRM 696
26600 1 0.16 26600 0.03 735 FIRM 735
30000 4 0.66 120000 0.11 3316 FIRM 3316
32000 1 0.16 32000 0.03 884 FIRM 884
33000 1 0.16 33000 0.03 912 FIRM 912
33300 2 0.33 66600 0.06 1841 FIRM 1840
35000 4 0.66 140000 0.13 3869 FIRM 3868
40000 6 0.99 240000 0.23 6633 FIRM 6630
41000 1 0.16 41000 0.04 1133 FIRM 1133
41500 3 0.49 124500 0.12 3441 FIRM 3441
41600 1 0.16 41600 0.04 1150 FIRM 1150
41700 2 0.33 83400 0.08 2305 FIRM 2304
42300 1 0.16 42300 0.04 1169 FIRM 1169
42500 1 0.16 42500 0.04 1175 FIRM 1175
45000 4 0.66 180000 0.17 4975 FIRM 4976
46500 1 0.16 46500 0.04 1285 FIRM 1285
50000 11 1.81 550000 0.53 15200 FIRM 15202
60000 1 0.16 60000 0.06 1658 FIRM 1658
61700 1 0.16 61700 0.06 1705 FIRM 1705
77100 1 0.16 77100 0.07 2131 FIRM 2131
80000 2 0.33 160000 0.15 4422 FIRM 4422
83000 5 0.82 415000 0.40 11469 FIRM 11470
83300 4 0.66 333200 0.32 9209 FIRM 9208
83400 2 0.33 166800 0.16 4610 FIRM 4610
84700 1 0.16 84700 0.08 2341 FIRM 2341
85000 1 0.16 85000 0.08 2349 FIRM 2349
90000 4 0.66 360000 0.34 9949 FIRM 9948
95000 1 0.16 95000 0.09 2626 FIRM 2626
100000 7 1.15 700000 0.67 19346 FIRM 19348
101000 1 0.16 101000 0.10 2791 FIRM 2791
123000 1 0.16 123000 0.12 3399 FIRM 3399
125000 1 0.16 125000 0.12 3455 FIRM 3455
126000 1 0.16 126000 0.12 3482 FIRM 3482
150000 3 0.49 450000 0.43 12437 FIRM 12438
160000 1 0.16 160000 0.15 4422 FIRM 4422
164500 1 0.16 164500 0.16 4546 FIRM 4546
166000 1 0.16 166000 0.16 4588 FIRM 4588
166600 6 0.99 999600 0.96 27626 FIRM 27624
166700 2 0.33 333400 0.32 9214 FIRM 9214
167000 1 0.16 167000 0.16 4615 FIRM 4615
170000 3 0.49 510000 0.49 14095 FIRM 14094
175000 1 0.16 175000 0.17 4837 FIRM 4837
200000 1 0.16 200000 0.19 5527 FIRM 5527
207000 1 0.16 207000 0.20 5721 FIRM 5721
250000 3 0.49 750000 0.72 20728 FIRM 20727
300000 2 0.33 600000 0.57 16582 FIRM 16582
310000 1 0.16 310000 0.30 8568 FIRM 8568
330000 1 0.16 330000 0.32 9120 FIRM 9120
333300 2 0.33 666600 0.64 18423 FIRM 18422
400000 4 0.66 1600000 1.53 44220 FIRM 44220
416700 2 0.33 833400 0.80 23033 FIRM 23032
458400 2 0.33 916800 0.88 25338 FIRM 25338
500000 5 0.82 2500000 2.39 69093 FIRM 69095
630000 2 0.33 1260000 1.20 34823 FIRM 34822
704000 1 0.16 704000 0.67 19457 FIRM 19457
750000 1 0.16 750000 0.72 20728 FIRM 20728
830000 1 0.16 830000 0.79 22939 FIRM 22939
833300 2 0.33 1666600 1.59 46060 FIRM 46060
873300 1 0.16 873300 0.83 24136 FIRM 24136
891300 1 0.16 891300 0.85 24633 FIRM 24633
900000 1 0.16 900000 0.86 24873 FIRM 24873
1083400 1 0.16 1083400 1.04 29942 FIRM 29942
1105600 3 0.49 3316800 3.17 91667 FIRM 91668
1250000 1 0.16 1250000 1.20 34547 FIRM 34547
1297900 1 0.16 1297900 1.24 35870 FIRM 35870
1300000 1 0.16 1300000 1.24 35928 FIRM 35928
1319800 1 0.16 1319800 1.26 36476 FIRM 36476
1380000 1 0.16 1380000 1.32 38139 FIRM 38139
1500000 1 0.16 1500000 1.43 41456 FIRM 41456
1666600 5 0.82 8333000 7.97 230301 FIRM 230300
1666800 2 0.33 3333600 3.19 92131 FIRM 92132
1709400 1 0.16 1709400 1.63 47243 FIRM 47243
2166600 1 0.16 2166600 2.07 59879 FIRM 59879
2211200 5 0.82 11056000 10.57 305557 FIRM 305555
2250000 1 0.16 2250000 2.15 62184 FIRM 62184
2500000 2 0.33 5000000 4.78 138186 FIRM 138186
3000000 1 0.16 3000000 2.87 82912 FIRM 82912
3250000 1 0.16 3250000 3.11 89821 FIRM 89821
3285000 1 0.16 3285000 3.14 90788 FIRM 90788
3300000 2 0.33 6600000 6.31 182406 FIRM 182406
3333300 1 0.16 3333300 3.19 92123 FIRM 92123
5000000 1 0.16 5000000 4.78 138186 FIRM 138186
6500000 1 0.16 6500000 6.21 179642 FIRM 179642

The Board of Directors of the Company at its Meeting held at Mumbai on November 17, 2007 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants.

The physical refund warrants, intimation regarding refunds through electronic modes (ECS, RTGS, NEFT or Direct Credit) and allotment advice has been dispatched to the same address of the investors as registered with the depositories on November 19, 2007. In case the same is not received within ten days, applicants 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 November 20, 2007. The listing application has been filed with the Bombay Stock Exchange Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") on November 19, 2007 and the Company is taking steps to complete all formalities for listing and commencement of trading of equity shares within seven working days from the date of finalisation of basis of allotment.

INVESTOR PLEASE NOTE

This details of the allocation made would be hosted on the website of Registrars to the Issue, Bigshare Services Private Limited at www.biqshareonline.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 Application form, number of shares applied for, name of the Broker and place where the application was submitted and payment details at the address given below:

BIGSHARE SERVICES PRIVATE LIMITED
E/2 Ansa Industrial Estate, Saki Vihar Road, Saki Naka, Andheri (E), Mumbai 400 072
Tel: 91- 22- 4043 0200, Fax: 91 -22 - 2847 5207
Website: www.biqshareonline.com. Email: ipo@biqshareonline.com



Place : Mumbai
Date : 20/11/2007

For Varun Industries Limited
Sd/-
KIRAN N MEHTA
(Chairman and 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 VARUN INDUSTRIES LIMITED.

Varun Industries IPO Basis of Allotment FAQs

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

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

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