Adani Power IPO Basis of Allotment

ADANI POWER LIMITED

(Our Company was incorporated on August 22,1996 as a public limited company under the Companies Act, 1956.
For details of changes in the name and registered office of our Company, see 'History and Certain Corporate Matters' on page 131 of the Prospectus.)
Registered Office: Shikhar, Near Adani House, Mithakhali Six Roads, Navrangpura, Ahmedabad - 380 009
Tel: (91 79) 2656 5555; Fax: (91 79) 2656 5500;
Contact Person: Mr. Rahul C. Shah, Company Secretary and Compliance Officer;
Email: ipo@adanipower.com; Website: www.adanipower.com.

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 301,652,031 EQUITY SHARES OF RS.10 EACH OF ADANI POWER LIMITED ('APL' OR THE'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS.100 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 90 PER EQUITY SHARE), AGGREGATING TO RS. 30,165.20 MILLION (THE 'ISSUE'). THE ISSUE INCLUDED A RESERVATION OF UP TO 8,000,000 EQUITY SHARES OF RS.10 EACH FOR THE ELIGIBLE EMPLOYEES (THE 'EMPLOYEE RESERVATION PORTION'). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION, I.E. 293,652,031 EQUITY SHARES, IS REFERRED TO AS THE 'NET ISSUE'. THE ISSUE WILL CONSTITUTE 13.84% OF THE POST ISSUE PAID UP CAPITAL OF THE COMPANY AND THE NET ISSUE WILL CONSTITUTE 13.47% OF THE POST ISSUE PAID UP CAPITAL OF THE COMPANY.

THE FACE VALUE PER EQUITY SHARE IS RS.10. THE ISSUE PRICE PER EQUITY SHARE IS RS.100, WHICH IS 10 TIMES OF THE FACE VALUE

In terms of Rule 19(2)(b) of the Securities Contract Regulation Rules, 1957 ('SCRR'), this being an Issue for less than 25% of the post-Issue capital, the Issue was made through the 100% Book Building Process wherein at least 60% of the Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs'), out of which 5% was available for allocation on a proportionate basis to Mutual Funds only. The remainder was available for allocation on a proportionate basis to QIBs and Mutual Funds, subject to valid Bids being received from them at or above the Issue Price. Further, not less than 10% of the Issue was available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Issue was available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.
The Issue received 572,627 applications for 5,462,170,966 Equity Shares aggregating to 18.11 times over-subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional Bidders, Retail Individual Bidders and Eligible Employees are as under:

* Includes 6 applications by six schemes of Sundaram BNP Paribas Mutual Fund which have been considered as one application for Anchor Allocation.

Final Demand
A summary of the final demand as per the BSE and the NSE as on the Bid/ Issue Closing Date at different bids is as detailed hereunder:

The Basis of Allocation was finalized in consultation with the Designated Stock Exchange, being the Bombay Stock Exchange Limited ('BSE') on August 12, 2009.

A. Employees
The Basis of Allocation to the Eligible Employees who had bid at cut-off or at the Issue Price of Rs.100 per Equity Share, was finalised in consultation with the BSE. The total number of Equity Shares allocated in this category is 1,008,605. The undersubscribed portion of 6,991,395 Equity Shares has been spilled over to the Retail Individual Bidder category.

B. Allocation to Retail Individual Bidders, Including Applications Supported By Blocked Amount ('ASBA') (after technical rejections)
The Basis of Allocation to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs.100 per Equity Share, was finalized in consultation with the BSE. This category has been over-subscribed to the extent of 2.65 times including spill over of 6991,395 equity shares from the Employee Reservation Portion. 6,023 applications for 2,990,455 Equity Shares were made under the ASBA process aggregating to Rs. 299,045,500. 5,924 applications for 2,951,065 Equity Shares aggregating to Rs. 295,106,500 were found valid and were considered for allocation. The total number of Equity Shares allotted in Retail Individual Bidders category is 95,087,004 Equity Shares to 469,099 applicants. The category-wise details of the Basis of Allocation are as under:

C. Allocation to Non Institutional Investors (after Technical Rejections)
The Basis of Allocation to the Non-Institutional Investors, who have bid at the Issue Price of Rs.100 per Equity Share, was finalized in consultation with BSE. This category has been over-subscribed to the extent of 8.24 times. The total number of shares allotted in this category is 2,93,65,203 Equity Shares to 1035 successful applicants. The category-wise details of the Basis of Allocation (sample) are as under:

D .Allocation to QIBs (excluding the Anchor Investor Portion)
Allocation to QIBs has been done on a proportionate basis in consultation with the BSE. In accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000 5% of the Equity Shares under the QIB Portion was allocated only to the Mutual Funds. The balance QIB Portion, being 114,524,308 Equity Shares, was allocated on a proportionate basis to all QIBs including Mutual Funds.

E. Anchor Investors
The Company allocated 52,857,350 Equity Shares to 13 Anchor Investors in consultation with the BRLMs. This represents 30% of the QIB Portion.
The IPO committee of the Company at its Meeting held at Ahmedabad on August 12, 2009 has approved the Basis of Allocation of the Equity Shares of the Issue and has accordingly allotted the Equity Shares to the Bidders. The CAN-cum-Refund Orders and allotment advice and/ or notices have been dispatched to the address of the Bidders as registered with the depositories on or prior to August 14, 2009. Further, the instructions to Self Certified Syndicate Banks have been dispatched on or prior to August 14,2009. 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. 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. The Company is taking steps to get the equity shares admitted for trading on the BSE and the NSE within seven (7) working days from the date of approval of the basis of allocation i.e., on or before August 21, 2009.

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/ Sole applicant, serial number of the Bid cum Application form, number of Equity Shares Bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:

Karvy Computershare Private Limited
Unit: APL: Plot No. 17 to 24, Vitharao Nagar, Hitech City Road,
Madhapur Hyderabad - 500081, Fax: 040-23420814
Email: einward.ris@Karvy.com

TOLL FREE - HELPLINE NUMBER 1-800-3454001

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 ADANI POWER LIMITED.

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.