Gammon Infra IPO Basis of Allotment

GAMMON INFRASTRUCTURE PROJECTS LIMITED

(Our Company was incorporated as Gammon Infrastructure Projects and Investments Limited under the Companies Act, 1956 on April 23, 2001 and subsequently renamed as Gammon Infrastructure Limited on April 1, 2002)
Corporate and Registered Office: Gammon House, Veer Savarkar Marg, Prabhadevi, Mumbai 400 025. Tel: (91 22) 6661 4000; Fax (91 22) 6661 4025
Contact Person : G Sathis Chandran; Email: compliances@gammoninfra.com; Website : www.gammoninfra.com

The Issue has been made through the 100% Book Building Process wherein at least 60% of the net Issue was allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (including 5% of the QIB portion that was specifically allotted to mutual funds), further, atleast 10% of the Issue was available for allocation on a proportionate basis to Non-Institutional Bidders and atleast 30% of the Issue was available for allocation on a proportionate basis to Retail Bidders, subject to valid Bids being received at or above the Issue Price. Further upto 16,55,000 equity shares was 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 23,291 applications for 5,66,99,895 equity shares resulting in 3.4260 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Investor and Employee categories are as under: (Before technical rejections)

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

The Basis of Allocation was finalized in consultation with the National Stock Exchange Limited ('NSE') on 26th March, 2008.

A. Allocation to Employees (After Technical Rejections)
The Basis of Allocation to the Employees, who have bid at cut-off or at the Issue Price of Rs. 167/- per Equity Share was finalized in consultation with NSE. The category was subscribed 0.520199 times. The total number of Equity Shares allotted in this category is 8,60,930 Equity Shares to 197 successful applicants. The unsubscribed portion (7,94,070 Equity Shares) is spilled over to Non Institutional Investor category. The category wise details of the Basis of Allocation (sample) are as under:

B. Allocation to Retail Individual Investors (After Technical Rejections)
The Basis of Allocation to Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 167/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 0.967029 times. The total number of equity shares allotted in this category is 43,21,170 to 22,729 successful applicants. The unsubscribed portion (1,47,330 Equity Shares) is spilled over to Non Institutional Investor category. 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 Non-Institutional Investors, who have bid at the Issue Price of Rs. 167/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 2.156426 times. The total number of Equity Shares allotted in this category is 24,30,900 Equity Shares to 36 successful applicants including spill over from Employee Category (7,94,070 Equity Shares) and Retail Category (1,47,330 Equity Shares). The category-wise details of Basis of Allocation are as under:

D. Allocation to QlBs
Allocation to QIBs has been done on a proportionate basis in consultation with NSE. We received no bids from mutual funds.

The IPO Committee of the company at it's Meeting held at Mumbai on March 27th, 2008 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants.

The CAN-cum-Refund Orders/allotment advice and call money notices have been dispatched to the address of the investors as registered with the depositories. 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 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. The Company is taking steps to get the Fully Paid up 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 of approval of the basis of allocation.

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, 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 - 400 078.
_{Tel: 91 22 2596 0320, Fax: 91 22 2596 0329}
Email:gipl.ipo@intimespectrum.com

Toll Free No.: 1800-22-0320

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 GAMMON INFRASTRUCTURE PROJECTS LIMITED.
It is hereby brought to the notice of all investors that in the section titled 'Issue Procedure -Basis of Allotment' on pages 319 and 320 of the Red Herring Prospectus and the Prospectus, the tradeable lot is clarified to be 1 (One) Equity Share.