January 15, 2007 - January 19, 2007

Akruti IPO Basis of Allotment

AKRUTI NIRMAN LIMITED

(Incorporated as Akruti Nirman Private Limited under the Companies Act, 1956 on February 16, 1989.)
Registered Office : Akruti Trade Centre, Rd no 7, Marol MIDC, Andheri(E), Mumbai-400093, India.
Phone: +9122 6703 7427, +9122 6703 7400, Fax: +9122 2821 8230, Emall: ipo@akrutiestate.com
Contact Person: Mr. Chetan S. Mody; Tel: +9122 6703 7427; Website: www.akrutiestate.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 67,00,000 EQUITY SHARES OF RS. 10 EACH OF AKRUTI NIRMAN LIMITED ('ANL' OR THE 'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS. 540 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS 530/- PER EQUITY SHARE) AGGREGATING RS. 3618 MILLION (THE ^'ISSUE^'). THE ISSUE SHALL CONSTITUTE 10.04% OF THE POST-ISSUE PAID-UP CAPITAL OF THE COMPANY

THE ISSUE PRICE OF THE EQUITY SHARES IS RS. 540 PER EQUITY SHARE WHICH IS 54 TIMES THE FACE VALUE OF THE EQUITY SHARES

The Issue was made through the 100% Book Building Process wherein 60% of the Net Issue to the public was to be allocated on a proportionate basis to Qualified Instiutional Buyers (Including 5% of the QIB portion that would be specifically reserved for Mutual Funds), Further, upto 10% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and upto 30% of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price

The Board of Directors of Akruti Nirman Limited wish to thank the Investing public for their response to the Issue which opened for subscription on January 15,2007 and closed on January 19,2007. The Issue received 2,32,165 applications for 54,26,77,976 Equity Shares resulting in 80.8773 subscription The details of the applications received in the Issue from Qualified Institutional Buyers ('QIBs'), Non-Institutional Bidders and Retail Individual Bidders are as under:

Category	No. of Applications	No. of Shares bid	Subscription
Qualified Institutional Buyers	229	475489128	118.2808
Non-Institutional Bidders	608	42628848	63.6251
Retail Individual Bidders	231328	24560000	12.2189

Final Demand
A sample of the final demand at different bid prices is as under:

Bid Price No. of Equity Shares % to Total Cumulative Total Cumulative % to Total

525 3830330 15.2144 25175620 100.0000

526 190 0.0008 21345290 84.7856

527 1490 0.0059 21345100 84.7848

530 380 0.0015 21343610 84.7789

532 20 0.0001 21343230 84.7774

533 2070 0.0082 21343210 84.7773

535 60 0.0002 21341140 84.7691

539 10 0.0000 21341080 84.7688

540 770 0.0031 21341070 84.7688

545 220 0.0009 21340300 84.7657

546 170 0.0007 21340080 84.7649

547 140 0.0006 21339910 84.7642

550 947340 3.7629 21339770 84.7636

551 50 0.0002 20392430 81.0007

555 660 0.0026 20392380 81.0005

560 544880 2.1643 20391720 80.9979

564 3910 0.0155 19846840 78.8336

565 120 0.0005 19842930 78.8180

570 14060 0.0558 19842810 78.8176

575 312400 1.2409 19828750 78.7617

580 122320 0.4859 19516350 77.5208

585 270 0.0011 19394030 77.0350

590 280 0.0011 19393760 77.0339

595 170 0.0007 19393480 77.0328

599 20 0.0001 19393310 77.0321

600 15865320 63.0186 1939290 77.0320

Cut-off 3527970 14.0134 3527970 14.0134

Total 25175620

The Basis of Allotment was finalised in consultation with the Designated Stock Exchange-Bombay Stock Exchange Limited ('BSE') on Thursday, February 1, 2007.

A) Allocation to Retail Investors Investors
The Basis of Allotment to the Retail Individual Bidders, who bid at the cut-off price or at the Issue Price of Rs. 540 per Equity Share, was finalized in consultation with BSE. The Company received 227679 valid applicatinns for 24168588 Equity Shares in this category resulting in 12.0241 times subscription. The total number of Equity Shares allotted in this category is 20,10,009. The category wide details of the Basis of Allotment are given below:

Category No. of Applications % to Total No. of Equity Shares applied % to total No. of Equity Shares allocated Ratio Total No. of Equity Shares allocated

12 20204 8.87 242448 1.00 12 1:12 20220

24 17488 7.68 419712 1.74 12 1:6 34968

36 11122 4.88 400392 1.66 12 1:4 33360

48 11946 5.25 573408 2.37 12 1:3 47760

60 9728 4.27 583680 2.42 12 5:12 48612

72 4825 2.12 347400 1.44 12 1:2 28956

84 50226 22.06 4218984 17.46 12 63:109 1733

96 5952 2.61 571392 2.36 12 2:3 47616

108 2452 1.08 264816 1.10 12 3:4 22068

120 3373 1.48 404760 1.67 12 10:12 33732

132 880 0.39 116160 0.48 12 11:12 9684

144 1310 0.58 188640 0.78 12 FIRM 15720

156 780 0.34 121680 0.50 12 FIRM 9360

168 1302 0.57 218736 0.91 12 FIRM 18228

180 86091 37.81 15496380 64.12 12 FIRM 1291365

B) Allocation to Non Institutional Bidders
The Basis of Allotrnent to the Non Institutional Bidders at the Issue Price of Rs. 540 per Equity Share, was finalized in consultation with BSE. The Company received 526 valid applications for 42513156 Equity Shares in this category resulting in 63.4524 times subscription. The number of shares allotted to Non-Institutional Bidders is 6,69,991.The category wise details of the Basis of Allotment are given below (Sample):

Category No. of Applications % to Total No. of Equity Shares applied % to total No. of Equity Shares allocated Ratio Total No. of Equity Shares allocated

192 68 12.93 13056 0.03 12 1:4 204

228 2 0.38 456 0.00 12 1:2 12

348 1 0.19 348 0.00 12 FIRM 12

564 2 0.38 1128 0.00 12 FIRM 24

1680 3 0.57 5040 0.01 26 FIRM 78

2412 1 0.19 2412 0.01 38 FIRM 38

2820 1 0.19 2820 0.01 44 FIRM 44

4800 10 1.90 48000 0.11 76 FIRM 760

5508 1 0.19 5508 0.01 87 FIRM 87

6480 1 0.19 6480 0.02 102 FIRM 102

19992 2 0.38 39984 0.09 315 FIRM 630

22200 2 0.38 44400 0.10 350 FIRM 700

28740 1 0.19 28740 0.07 453 FIRM 453

38736 1 0.19 38736 0.09 610 FIRM 610

55548 2 0.38 111096 0.26 876 FIRM 1752

74064 4 0.76 296256 0.70 1167 FIRM 4668

96000 1 0.19 96000 0.23 1513 FIRM 1513

474000 1 0.19 474000 1.11 7470 FIRM 7470

1908600 1 0.19 1908600 4.49 30079 FIRM 30079

C Allocation to QIBs
Allocation to QIBs was done on a proportionate basis.

Category Fis/Banks MFs FIIs Insurance Companies Provident Funds Total

No. of Shares 377269 648594 2873673 118968 1496 4020000

The IPO Committee of the Board at a meeting held at Mumbai on February 2, 2007, approved the Basis of Allotment of Equity Shares in the Issue and recommended the allotment of Equity Shares to successful applicants.

The Refund Orders / allotment advice in respect of refunds due to applicants has been dispatched to the addresses of the investors as registered with the depositories. In case the same is not received within ten days, investors may contact the Registrar to the Issue 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 shares allocated to the 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 National Stock Exchange of India Limited and Bombay Stock Exchange Limited within seven working days from the date approval of Basis of Allotment

INVESTORS PLEASE NOTE

These details of the allocation will also be available on the website of the Registrar to the Issue, Intime Spectrum Registry Limited, at http://www.intimespectrum

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting the full name of the First/Sole applicants, 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:

Intime Spectrum Registry Limited
C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup (West), Mumbai 400078. Phone: (91-22) 2596 0320;
Fax: (91-22) 2596 0329, Email: anl-ipo@intimespectrum.com, Website: www.intimespectrum.com

Place : Mumbai
Date : 5/2/2007

For Akruti Nirman Limited
Sd/-
Chetan S. Mody - Company Secretary

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE PROSPECTUS OF AKRUTI NIRMAN LIMITED.

Akruti IPO Basis of Allotment FAQs

The IPO allocation is based on the subscription level and the investor category.

Refer to IPO allotment rules and methods for more details.

See the basis of allotment document above to know how the shares are allocated in Akruti IPO .

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

Visit the Akruti IPO allotment status page to check the number of shares allocated to your application.

In Akruti IPO allotment process, the registrar separates valid and invalid applications. The invalid applications with technical errors are rejected and only valid applications at or above the cut-off price are considered for allotment.

For more information, please refer to IPO Allotment Process and Basis of Allotment.

Check the Akruti IPO basis of allotment document to know how the shares are allocated in Akruti IPO.

Akruti IPO Basis of Allotment

Akruti IPO Basis of Allotment FAQs

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