IRB Infra IPO Basis of Allotment

IRB
INFRASTRUCTURE DEVELOPERS LTD

IRB Infrastructure Developers Limited

(Our Company was incorporated as a private limited 'DVJ Leasing and Finance Private Limited on July 27, 1998 under Companies Act, 1956. The name of the company was changed to IRB Infrastructure Developers Private Limited. Subsequently became a public limited company on November 25, 2006)
Registered Office: 3rd Floor, IRB Complex, Chandivli Farm, Chandivli Village, Andheri (East), Mumbai 400 072,
Website: www.irb.co.in

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 5,10,57,666 EQUITY SHARES OF RS. 10 EACH ('EQUITY SHARES') OF IRB INFRASTRUCTURE DEVELOPERS LIMITED ('IRB' OR THE 'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS. 185 PER EQUITY SHARE AGGREGATING TO RS. 944.57 CRORES ('ISSUE'). UP TO 1,25,000 EQUITY SHARES WILL BE RESERVED IN THE ISSUE FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS SPECIFICALLY DEFINED IN THE SECTION 'DEFINITIONS AND ABBREVIATIONS') AT THE ISSUE PRICE ('EMPLOYEE RESERVATION PORTION'). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION SHALL BE HEREINAFTER REFERRED TO AS THE 'NET ISSUE'. THE ISSUE WILL CONSTITUTE 15.36% OF THE FULLY DILUTED POST-ISSUE EQUITY SHARE CAPITAL OF THE COMPANY.

THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 185/- AND IT IS 18.5 TIMES THE FACE VALUE.

The Issue made through the 100% Book Building Process wherein at least 60% of the net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (including 5% of the QIB portion that was to specifically be allotted to mutual funds), further, not less than 10% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Issue shall be available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price.
The Issue received 94,214 applications for 21,43,04,814 equity shares resulting in 4.19 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 Bombay Stock Exchange Limited ('BSE') on 15^th
February, 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.185/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 1.127520 times. The total number of shares allotted in this category is 1,25,000 Equity Shares to 211 successful applicants. 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 the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs.185/- per Equity Share, was finalized in consultation with BSE. This category has been subscribed to the extent of 0.874076 times. The spill over portion of 19,24,100 shares has been added to Qualified Institutional Investors category. The total number of shares allotted in this category is 1,33,55,700 Equity Shares to 92,628 successful applicants. 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 the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs.185/- per Equity Share, was finalized in consultation with BSE. This category has been subscribed to the extent of 0.820896 times. The spill over portion of 912226 shares has been added to Qualified Institutional Investors category. The total number of shares allotted in this category is 4181040 Equity Shares to 117 successful applicants. The category-wise details of the Basis of Allocation (sample) are as under:

D. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with BSE. Since the Retail and Non-Institutional categories have been under-subscribed, the spill over portion of 9,12,226 shares from Non-Institutional and 19,24,100 shares from Retail category has been added to this category. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available and the spill over portion from the above two categories (16,69,796) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares and the spill over portion from the above two categories (3,17,26,130) on proportionate basis.

The IPO committee of the company at it's Meetings held at Hyderabad on 15^th February, 2008 and 18^th  February, 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 and allotment advice and 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 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 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 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: IRB INFRA
Plot No. 17 to 24, Vitharao Nagar, Hitech City Road,
Madhapur Hyderabad - 500081, Fax: 040-23420814
Email: einward.ris@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 IRB INFRASTRUCTURE DEVELOPERS LIMITED.