M and B Switchgears IPO Basis of Allotment

M AND B SWITCHGEARS LIMITED

Our Company was originally incorporated as 'M AND B Switchgears Private Limited' on June 09,1999 under the provisions of Companies Act, 1956 as amended (the 'Companies Act') with the Registrar of Companies, Gwalior, Madhya Pradesh and Chhattisgarh, bearing Corporate Identity Number U31200MP1999PLC013571. Subsequently, our Company became a public limited company pursuant to shareholders' resolution'dated October 15,2010 and the name of our Company was changed to 'M AND B Switchgears Limited'. A fresh certificate of incorporation consequent to such change of name to 'M AND B Switchgears Limited' was granted to our Company by the Registrar of Companies, Gwalior, Madhya Pradesh and Chhattisgarh, on November 19, 2010. For details of changes in our Registered Office and our name, refer chapter titled 'History and Certain Corporate Matters' beginning on page 137 of the Prospectus.

Registered and Corporate Office: Survey No. 211/1, Opposite Sector-C and Metalman, Sanwer Road, Industrial Area, Indore 452 015, Madhya Pradesh, India, Tel: +91-731-2722388; Facsimile: +91-731-2721693;
Website: www.mbswitch.com
Company Secretary and Compliance Officer: Ms. Toshiba Sugandhi, Tel: +91-731-2721672,
Facsimile:+91-731-2721693; E-mail: toshiba.s@mbswitch.com
Promoters of Our Company: Mr. Shyam Sunder Mundra, Mr. Vikalp Mundra and Mr. Anurag Mundra

ISSUE PRICE: Rs. 186/- PER EQUITY SHARE OF FACE VALUE OF Rs. 10/- EACH. THE ISSUE PRICE IS 18.6 TIMES THE FACE VALUE

BID/ISSUE OPENED ON SEPTEMBER 28,2011 AND CLOSED ON OCTOBER 05,2011.

The Equity Shares of the Company are proposed to be listed on The Bombay Stock Exchange Limited ('BSE') and The National Stock Exchange of India Limited ('NSE') and the trading is proposed to commence on October 20,2011#
#Subject to receipt of listing and trading approval from the Stock Exchanges

The Issue was made in accordance with Rules 19(2)(b)(i) of Securities Contract (Regulation) Rules, 1957, this is an issue of at least 25% of the post issue share capital of our Company. The Issue was made through the 100% Book Building Process in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (the 'SEBIICDR Regulations'), wherein at least 50% of the Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs'). If at least 50% of the Issue cannot be Allotted to QIBs, then the entire application money will be refunded forthwith. 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder of the QIB Portion shall' be available for allocation on a proportionate basis to QIBs, subject to valid Bids being received from them at or above the Issue Price. However, if the aggregate demand from Mutual Funds is less than 1,25,000 Equity Shares, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the QIB Portion and allocated proportionately to QIBs in proportion to their Bids. If at least 50% of the Issue cannot be Allotted to QIBs, then the entire application money will be refunded forthwith. Further, not less than 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received from them at or above the Issue Price. All Investors may participate in this Issue though the ASBA process by providing the details of their respective bank accounts in which the corresponding Bid Amounts will be blocked by the SCSBs. Specific attention of investors is invited to the chapter titled 'Issue Procedure' beginning on page 245.

The Issue received 4254 applications for 7576740 equity shares resulting in 1.52 times subscription. The details of the applications (including ASBA applications) received in the Issue from Qualified Institutional Buyers, Non-Institutional and Retail Individual Investor are as detailed hereunder: (after cheque return but before technical rejections)

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

The Basis of Allocation was finalized in consultation with the Designated Stock Exchange, being Bombay Stock Exchange Limited ('BSE') on October 13,2011.

A. Allocation to Retail Individual Bidders (After Technical Refections)
The Basis of Allocation to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs. 186 per Equity Share, was finalized in consultation with BSE. This category has been over subscribed to the extent of 2.10 times. The total number of shares allotted in Retail Individual Bidders category is 1750000 Equity Shares to 3935 successful applicants. The category-wise details of the Basis of Allotment are (sample) as under:

B. Allocation to Non Institutional Bidders (After Technical Rejections)
The Basis of Allocation to the Non-Institutional Bidders, who have bid at the Issue Price of Rs. 186 per Equity Share, was finalized in consultation with BSE. This category has been over subscribed to the extent of 1.48 times. The total number of equity shares allotted in this category Is 750000 equity shares to 20 successful applicants. The category-wise details of the Basis of Allotment are as under:

C. Allocation to Qualified Institutional Bidders (after technical rejections)
Allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI Regulations, Mutual Funds and other QIBs were allocated the available shares (2500000 Equity Shares) on proportionate basis.

The IPO Committee of the Company at it's Meeting held on October 13,2011, has taken on record the basis of allocation of shares approved by the designated Stock Exchange viz., Bombay Stock Exchange Limited ('BSE'), Mumbai, and has authorized the Corporate Action for the transfer of the shares to various successful applicants.

The CAN-cum-Refund Orders and allotment advice and notices have been dispatched to the address of the bidders as registered with the depositories on October 14,2011 (the date Registrar taken Data from Depositories). Further the instructions to SCSBs have been send on October 14,2011. 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 bidders are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned.

Commencement of Trading: The Company is taking steps to get the equity shares admitted for trading on Bombay Stock Exchange Limited and The National Stock Exchange of India Limited on October 20,2011.

All future correspondence in this regard may kindly be addressed to the Registrars to the offer 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, Place where the bid was submitted and payment details at the address given below:

Bigshare Services Private Limited
E-2 and 3, Ansa Industrial Estate, Saki-Vihar Road, Sakinaka,
Andheri(E), Mumbai - 400 072, Maharashtra, India. Tel. No.: +91-22-2847 0652 / 4043 0200/2847 0653
Facsimile: +91-22-2847 5207, E-mail: MandB.ipo@bigshareonline.com
Website: http://www.bigshareonline.com, Contact Person: Mr. Ashok Shetty