eClerx IPO Basis of Allotment

eClerx Services Limited

(Our company was incorporated on March 24,2000 as eClerx Services Private Limited under the Companies Act, 1956. Our Company was converted to a public limited company and the name was changed to eClerx Services Limited, pursuant to resolution of the shareholders passed in the annual general meeting held on August 1,2007. The Registrar of Companies, Mumbai has issued a fresh certificate of incorporation consequent to the conversion on August 28,2007.)
Registered and Corporate Office: Sonawalla Building, First Floor, 29 Bank Street, Fort, Mumbai 400 023, Maharashtra, India Tel: +91-22-40941000 Fax:+91 -22-40941212 Company Secretary and Compliance Officer: Ms. Shweta Bansal; Telephone: +91 22 40941000; Facsimile: +91 22 40941212;
email: eclerx.ipo@eclerx.com Website: www.eclex.com

The Equity Shares of the Company are proposed to be listed in the Bombay Stock Exchange and National Stock Exchange and trading is expected to commence by December 31, 2007.
In terms of Rule 19(2)(b) of the 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 allotted on a proportionate basis to Qualified Institutional Buyers ('QIBs'), 5% of the QIB Portion was available for allocation to Mutual Funds only and the remaining QIB Portion was available for allocation to all the QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. If at least 60% of the Issue cannot be allotted to QIBs, then the .entire application money will be refunded. In addition, in accordance with Rule 19(2)(b) of the SCRR, a minimum of two million securities are being offered to the public and the size of the Issue was aggregate to at least Rs. 1,000 million. Further, up to 10% of the Issue was available for allocation on a proportionate basis to Non-Institutional Bidders and up to 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 Bid/Offer opened on December 4, 2007 and Closed on December 7, 2007. The Issue received 82,769 applications for 9,75,58,566 equity shares resulting in 30.42 times subscription. The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange Limited ('BSE') on 18th December, 2007. The Board of Directors on 19th December, 2007 has approved the basis of allocation of equity shares of the Issue and has allotted the equity shares to various successful applicants. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional and Retail Individual Investor categories and allotment done are as under: (Before technical rejections)

PUBLIC ISSUE

Final Demand
Final demand at different bid prices is as under:

The basis of allocation was finalized in consulatation with the Bombay Stock Exchange Limited ('BSE') on 18th December,2007
A.  Allocation to Retail Individual Investors (After Technical Refections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off of at the Issue Price of Rs.315/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 13.061893 times. The total number of equity shares allotted in this category is 9,61,905 Equity Shares to 43,833 successful applicants. The category-wise details of the Basis of Allocation are as under:

B. 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.315/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 41.501021 times. The total number of equity shares allotted in this category is 3,20,635 Equity Shares to 123 successful applicants. The category-wise details of the Basis of Allocation are as under (Sample):

C. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI guidelines, Out of 1,923,809 Equity shares offered to QIBs, Mutual Funds were initially allotted 5% of the quantum of equity shares available (96,190) and other QIBs. The unsatisfied demands of Mutual Funds were allotted the remaining available equity shares (18,27,619) on proportionate basis. The category was over subscribed 36.85 times. The category-wise details of the Basis of allotment are as under:

The Board of Directors on 19th December, 2007 has approved the basis of allocation of equity shares of the Issue and has allotted the equity shares to various successful applicants. The CAN-cum-Refund Orders, intimation regarding refunds through electronic mode (ECS, RTGS, NEFT or direct credit) and allotment advice and notices are being despatched to the address of the investors as registered with the depositories by December 20, 2007. In case the same is not received within ten days, investors may contact at the address given below. The ECS intimation Note and 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 by December 20, 2007. The listing applications will be filed with the BSE and the NSE on or before December 20, 2007, and the company is taking steps to get the equity shares admitted for trading on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited within seven working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the Issue, Karvy Computershare Private Limited at http:// www.karvy.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-application 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:

Karvy Computershare Private Limited
Unit: eClerx Services
Plot No. 17 to 24, Vithalrao Nagar, Hitech City Road, Madhapur, Hyderabad - 500 081, India,
Tel : 40 23420815-820, Fax: 040-23420814
Contact person : Murali Krishna Email:einward.ris@Karvy.com; eclerxipo@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 ECLERX SERVICES LIMITED.