@Rakcyt Stages I mean Bhni(Mim) = 1st stage, Bhni(Mim)+1lot=2nd stage, Bhni(Mim)+2lots=3rd stage and so on.
BoA Analysis:
1) GPT Health: Bhni:
1st Stage = 5937 app = Ratio = 2442 : 5937 = 51:124 = 1 : 2.43
5th Stage = 8 app = Ratio = 3:8 = 1: 2.67
9th Stage = 4 app = Ratio = 2:4 = 1:2
Remarks: 9th stage ratio slightly better. 10th stage not available in BoA
2) Vibhor: Bhni:
1st Stage = 45902 app = Ratio = 313: 45902 = 23:3373 = 1 : 146.65
5th Stage = 148 app = Ratio = 1:148
Stages 7, 8, 9, 11 = 86, 89, 92, 38 app = Ratio = 1: 86,89,92,38
Remarks: 7th, 8th & 9th stages got better ratio due to rounding of benefits.
11th stage should have got zero allotment only but got 1 allotment perhaps due to availability of surplus shares.
3) Jana SFB: Bhni:
1st Stage = 13913 app = Ratio = 2566 : 13913 = 19:103 = 1 : 5.42
5th Stage = 42 app = Ratio = 8:42 = 4:21 = 1: 5.25
10th Stage = 4 app = Ratio = 1: 4
Remarks: 10th stage got better ratio