ICRA IPO Basis of Allotment

ICRA LIMITED

Registered Office:1105, Kailash Building, 111h Floor, 26 Kasturba Gandhi Marg, New Delhi - 110 001, India;
Tel: +91 11 2335 7940: Fax: +91 11 2335  7014
Corporate Office:Building No.8, 2nd Floor, Towar - A, DLF Cyber City, Phase11, Gurgaon - 122 002, Haryana;
Tel: +91 124 4545 300  Fax: +911244545350
Contact Person: Mr.Vijay Wadhwa Tel: +91124 4545 300
E-mail: ipo@icraindia.com Website: www.icra.in

BASIS OF ALLOTMENT

PUBLIC OFFER OF 2,581,100 EQUITY SHARES OF Rs.10 EACH OF ICRA LIMITED ('1CRA' OR THE 'COMPANY') FOR CASH AT A PRICE OF RS. 330 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS.320 PER EQUITY SHARE), OF ICRA LIMITED THROUGH AN OFFER FOR SALE BY IFCI LIMITED, ADMINISTRATOR OF THE SPECIFIED UNDERTAKING OF THE UNIT TRUST OF INDIA AND STATE BANK OF INDIA(THE 'SELLING SHAREHOLDERS^'), AGGREGATING  Rs. 851,783,000 (THE 'OFFER'). THE ISSUE CONSTITUTES 25.81% OF THE FULLY DILUTED POST OFFER CAPITAL OF THE COMPANY.
THE FACE VALUE PER EQUITY SHARE IS RS.10/- THE OFFER PRICE IS 33 TIMES OF THE FACE VALUE OF THE EQUITY SHARE.
The Offer was made through the 100% Book Building Process wherein up to 50% of the Offer was to be allotted on a proportionate basis to Qualified Institute Buyers 5% of the QIB Portion was to be avallable for allocation to Mutual Funds only and the remaining QIB Portion was to be available for alfmlion to the QIB Bidders including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, at leas 15% of the Offer a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Offer Price.
The Bid/Offer opened on March 20, 2007 and Closed on March 23, 2007. The Offer received 2,49,040 applications for 18,89,09,580 equity shares resulting in 73.1898 times subscription. The retails of the applications received (before rejections) in the Offer from QlBs, Non-Institutional and Retail Individual Bidders are as under

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

The Basis of Allotment was finalized in motion with the Bombay Stock Exchange of India Lamed ('BSE') on April 4,2007. The Board of Directors of the Company at its meeting held on April 5, 2007 has approved the Allotment/Transfer of the equity shares in the Offer to successful applicants.

A. Allocation to Retail Individual Investors
The category (net of technical/Multiple rejections) was over subscribed 52.038743 times. The category received 244742 valid appications. The total number of equity shares allotted in this category is 903820 Equity Shares to 45181 allottees of valid applicants. The category-wise details of the Basis of Allotment in this category are as under:

B. Allocation to Non Institutional Investors
The category was over subscribed (net of technical/Multiple rejections) 63.998760 times. The category received 468 valid applications. The total number of equity shares allotted in this category is 388930 Equity Shares to 397 allottees. A sample of the category-wise details of the Basis of allotment in thus category are as under:

C. Allocation to QIBs
As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of equity shares available (64527) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available equity shares (1226023) on proportionate basis. Total number of equity shares allotted in this category is 1290550 Equity Shares to 250 allottees i.e. 100% of valid applicants. Mutual Funds were allotted 21.716% and other QIB applicants were allotted 78.283% of the shares allotted in the QIB category.

The physical refund warrants and intimation regarding refunds through electronic modes (ECS, RTGS, NEFT or Direct Credit) and allotment advice are being dispatched on April 7, 2007 to the address of the Inventors 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 warrants have been over-printed with the bank mandate delays as registered, If any, with the depositories.

The Equity Stares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned on April 5, 2007. The listing application will be filed with the Bombay Stock Exchange of India Limited and the National Stock Exchange Limited and the Company is taking steps to complete all formalities for listing and commencement of trading of Equity Shares on the Bombay Stock Exchange of India Limited and the National Stock Exchange Limited within seven working days from the date of approval of the Basis of Allotrnent.

INVESTORS PLEASE NOTE
The details of the allocation made has been hosted on the Website of Registrar to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.com. All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/ Sole applicant, 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), Mumbal 400 078, India
TeL: +91 22 2596 0320-28; Fax: +91 22 2596 0329
E-mail : icraipo@intimespectrum.com; Website: www.intimespectrum.com

THE LEVELOF SUBSCRIPTION SHOULD NOT BETAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING ORTHE BUSINESS PROSPECTS OF ICRA LIMITED.