Gallantt Ispat IPO Basis of Allotment

GALLANTT ISPAT LIMITED

Our Company was incorporated on February 11, 2005, as Gallantt Ispat Limited under the Companies Act, 1956 at Kolkata, West Bengal, with CIN U27109 WB2005PLC101650 of 2005 with the Registrar of Companies, West Bengal. On February 11, 2008 our Registered Office was shifted from 21, Hemant Basu Sarani. 3rd Floor, Room No-306, Kolkata-700001 to Ashyana, 29C, Bentinck Street, Kolkata - 700 069, West Bengal, India. Further, on June 24, 2010 our Registered Office was shifted to 11, Crooked Lane, Second Floor, Kolkata - 700069, our current address. The Promoters of our Company are Mr. Chandra P. Agarwal, Mr. Pram P. Agarwal, Mr. Nitin M. Kandoi, M/s Chandra Prakash Agarwal & Sons HUF and Gallantt Metal Limited.

Registered Office : 11, Crooked Lane, Second Floor, Kolkata - 700069, West Bengal, India. Tel: +91 33 22312429; Fax : +91 33 22312429: Contact Person/ Compliance Officer: Mr. Nitesh Kumar, Company Secretary and Manager-Accounts and Finance; E-mail: investors@gallantt.com; Website : www.gallantt.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 81,00,000 EQUITY SHARES OF RS. 10(- EACH FOR CASH AT A PRICE OF RS. 50/-PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS.40/-PER EQUITY SHARE AGGREGATING TO RS. 4,050 LACS (HEREIN AFTER REFERRED TO AS THE 'ISSUE'), BY GALLANTT ISPAT LIMITED (THE 'COMPANY' OR THE 'ISSUER'). THE ISSUE COMPRISES 14,00,000 EQUITY SHARES FOR SUBSCRIPTION BY PROMOTER CONTRIBUTION AND NET OFFER TO THE PUBLIC OF 67,00,000 EQUITY SHARES RS 10/- EACH. THE ISSUE WOULD CONSTITUTE 30.26% OF THE FULLY POST ISSUE PAID-UP CAPITAL OF OUR COMPANY. THE NET ISSUE TO PUBLIC WILL CONSTITUTE 25.02% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY

The Face Value of the Equity Shares is Rs. 10/- each and the Issue Price is 5 (Five) time the Face Value.

The Board of Directors of GALLANTT ISPAT LIMITED wish to thank the investing public, for their response to the Issue which opened for subscription on Wednesday, September 22, 2010 and closed on Friday, September 24, 2010. The Issue has received 4255 applications for 97,57,000 Equity Shares resulting in 1.44 times subscription. The details of the Applications received in the Issue (before technical rejections) are as under;

In terms of the prospectus dated 15.09.2010, page no. 274 and also as per the SESI Regulations,

• A minimum of 10% of the Net Offer to Public shall be allotted to Qualified Institutional Buyers ( QIBs) on a proportionate basis,
• A minimum of 50% of Net Offer to Public shall initially be made available for allotment to Retail Individual Investors
• The Balance Net Offer of Shares to Public shall be made available for allotment to (i) individual applicants other than Retail Individual Investors and (ii) Other Investors including Corporate Bodies / Institutions / QIBs irrespective of number of shares applied for.

The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - Bombay Stock Exchange Limited, ('BSE') on 5th October 2010,

A. Allocation to Retail Individual Investors (After Technical Rejections)
The Basis of Allotment to the Retail Investors, at the issue price of Rs.50/- per Equity Share, was finalised in consultation with BSE. The category was oversubscribed by 1.2709 times. The total number of shares allotted in this category is 33,50,203 Equity Shares (including 203 excess shares due to rounding off). The category-wise details of the Basis of Allotment are as under:

B. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allotment for the Non Institutional Investors, who have applied at the issue price of Rs.50/-per Equity Share for a total amount of more than Rs. 1,00.000/-, was finalised in consultation with BSE. This category has been subscribed to the extent of 1.755 times. Overall 23 applications for 47,04,000 equity shares were found valid and on proportionate basis, the company have allotted 26,80,005 equity shares (including 5 excess shares due to rounding off). The category-wise details of the Basis of Allocation are as under:

C. Allocation to Qualified Institutional Investors (QIBs) (Minimum 10%)*
The Basis of Allocation to the Qualified Institutional Bidders, who have bid at the issue price of Rs.50/-per Equity Share was finalized in consultation with BSE. Overall 4 applications for 21,64,000 Equity Shares were found valid and the quantum of shares allotted to this category is 6,70,000. The summary of allotment is as under:

*Balance added to Non Institutional Category

The Committee of Directors of the company at its meeting held at Kolkata on October, 05. 2010 has approved the Basis of Allotment of Shares of the issue and has allotted the shares to various successful applicants.

The CAN-cum-Refund Orders and allotment advice and/ or notices are being dispatched to the address of the Bidders as registered with the depositories on 8th October, 2010. Further, the instructions to Self Certified Syndicate Banks have been dispatched on or prior to 8th October 2010. In case the same is not received within 10 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 Bombay Stock Exchange Limited and National Stock Exchange of India Limited within four working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE

The details of the allotment made would also be hosted on the website of the Registrar to the Issue, Niche Technologies Pvt Ltd at www.nichetechpl.com

All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First / Sole applicants, serial number of the Application Form, number of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar given below:

Niche Technologies Private Limited
D-511, Bagree Market, 71, B.R.B Basu Road, Kolkata - 700 001
Tel: +91 33 22357270. Fax : +91 33 22156823
Email: gil@nichetechpl.com
Contact Person : Mr. S Abbas
HELPLINE NUMBER: +91 33 22357270