Asian Granito IPO Basis of Allotment

ASIAN GRANITO INDIA LIMITED

We were incorporated as Kamavati Fincap Private Limited on August 8, 1995. On August 29.1995, our Company became a public limited company and was renamed Kamavati Fincap Limited. On March 18.1999, we were renamed Panchariya Textile Industries Limited and thereafter on July 28,2000, our name was changed to Vasudev Textile Industries Limited. We received a fresh certificate of incorporation on November 25,2002, consequent on a change of name to Asian Granito India Limited ('AGIL'). Our Company was incorporated with its registered office at 14, Amar Chambers, 1st floor, Reid Road, Railwaypura, Ahmedabad - 380 002. It was later changed to 704 A/B Sahajanand, Shahibaug Road, Shahibaug, Ahmedabad - 380 004 and back to 14, Amar Chambers, 1st floor, Reid Road, Railwaypura, Ahmedabad - 380 002. Our registered office was once again shifted to 3rd floor, Empire Tower, behind Associate Petrol Pump, Panchwati, Elapse Bridge, Ahmedabad - 380 006 and then to our present office address at City Mall, 2nd Floor, Beside Rajpath Club, Sarkhej - Gandhinagar Highway Road, Ahmedabad - 380 054.

Registered Office: City Mall, 2nd Floor, Beside Rajpath Club, Sarkhej - Gandhinagar Highway Road,
Ahmedabad - 380 054.
Tel: +91 79 3291 9687 Fax: +91 79 2686 1501

Corporate Office: Ceramic Zone - Dalpur, Taluka - Prantij, District Sabarkantha, Gujarat- 383120.
Tel: +91 2770 240931,32,33,34 Fax: +91 2770 240930

ISSUE PRICE: RS. 97 PER EQUITY SHARE OF FACE VALUE RS. 10 EACH
THE ISSUE PRICE IS 9.7 TIMES OF THE FACE VALUE

This issue is being made through a 100% Book Building Process wherein upto 50% of the Net Issue shall be allotted on a proportionate basis to Qualified Institutional Buyers ('QIBs'). 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. Further, at least 15% of the Net Issue shall be available for allocation on a proportionate basis to Non Institutional Bidders and at least 35% 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. Further, 3,50,000 Equity Shares shall be available for allocation on a proportionate basis to Eligible Employees subject to valid Bids being received at or above the Issue Price.

The Issue received 26009 bids/applications for 2,92,55,980 equity shares resulting in 4.1794 times subscription. The details of the bids/applications received (before technical rejections) In the Issue from Retail Bidders, Non- Institutional Bidders, Qualified Institutional Buyers and Eligible Employees are as under:

Final Demand

A summary of the final demand at various price levels as per the electronic book is given below:

The Basis of Allocation was finalized in consultation with the National Stock Exchange India Limited (NSE) on Monday, August 13,2007

A) Allocation to Retail Investors: (After technical rejections)

The Basis of Allocation to the Retail Investors, who have bid at cut-off or at and above the Issue price of Rs.97/- Equity Share, was finalized in consultation with NSE. The category was subscribed 3.983613 times. The total number of equity shares allotted in this category is 23,27,504 Equity Shares-to successful applicants. The sample of category-wise details of the Basis of Allocation is as under:

B. Allocation to Non-Institutional Investors: (Alter technical rejections)

The Basis of Allocation to the Non-Institutional Investors, who have bid at cut-off or at the Issue Price of Rs.97/- per Equity Share, was finalized in consultation with NSE. The category was subscribed 8.680341 times. The total number of equity shares allotted in this category is 9,97,496 Equity Shares to successful applicants. A sample of category-wise details of the Basis of Allocation is as under:

C) Allocation to Employees:

The Basis of Allocation to the Employee Category, who have bid at cut-off or at and above the Issue price of Rs.97/- Equity Share, was finalized in consultation with NSE. The category was subscribed 1.375886 times The total number of equity shares allotted in this category is 350000 Equity Shares. The Category-wise details of the Basis of Allocation is as under:

D. Allocation to QIBs:

Allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI guidelines, Mutual Funds were Initially allotted 5% of the quantum of shares available (166250) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (3158750) on proportionate basis.

The IPO Committee of the Company at it's Meeting held in Ahmedabad on Monday, August 13,2007 has approved the Basis of Allocation and has allotted the equity shares to the successful bidders/applicants.

The CAN-cum-Refund Orders have been dispatched on Tuesday 14,2007 to the address of the investors as registered with the depositories, in case the same is not received within 10 (ten) days, Investors may contact at the address given below The Refund Orders have been printed with the Bank Mandate details as registered, if any, with the depositories. The Equity Shares allotted to successful applicants have been credited to their respective 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 National Stock India Exchange Limited and Bombay Stock Exchange Limited within seven working days from the date of approval of the Basis of Allocation.

These details of the allocation / allotment made are being hosted on the website of Registrars to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.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 bid-cum-appllcation form, number of equity 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
Unit: Asian Granite India Limited
C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup (W), Mumbai -400 078
Tel: 91 22 2596 0320, Fax 91 22 2596 0329, Contact: Person: Mr. Sachin Achar
E-mail: agilipo@intimespectrum.com ; Website: www.intimespectrum.com

For Asian Granito India Limited
On behalf of the Board of Directors
Sd/-
Hasmukhbhai Patel
Managing Director