Man Infraconstruction IPO Basis of Allotment

MAN INFRA CONSTRUCTION LIMITED

(The Company was incorporated at Mumbai as a private limited company under the Companies Act, 1956 as 'Man Construction Private Limited' pursuant to a Certificate of Incorporation No.136849 of 2002 dated August 16, 2002. The Company became a public limited company and its name was changed to 'Man Construction Limited' on July 15, 2004. The name was changed to 'Man Infraconstruction Limited' on November 3, 2006. For details of the change in our name and registered office, please refer to 'History and Certain Corporate Matters' beginning on page 89 of the Prospectus).

Registered and Corporate Office: 12th Floor, Krushal Commercial Complex, G. M. Road, Chembur (W), Mumbai 400 089, Maharashtra, India

Telephone: +91 22 2526 0582; Facsimile: +91 22 2526 0589
Contact Person: Mr. Durgesh Dingankar, Tel: +91 22 2526 0582
E-mail: man.ipo@maninfra.com; Website: www.maninfra.com

PUBLIC ISSUE OF 5,625,150 EQUITY SHARES OF RS.10 EACH ('EQUITY SHARES') AT A PRICE OF RS.252 PER EQUITY SHARE FOR CASH AGGREGATING TO RS. 1417.54 MILLION (THE 'ISSUE') BY MAN INFRACONSTRUCTION LIMITED (THE 'COMPANY' OR 'ISSUER'). UP TO 225,150 EQUITY SHARES OF RS.10 EACH WAS RESERVED IN THE ISSUE FOR SUBSCRIPTION BY EMPLOYEES (AS DEFINED IN THE SECTION 'DEFINITIONS AND ABBREVIATIONS' OF THE PROSPECTUS) AT THE ISSUE PRICE (THE 'EMPLOYEE RESERVATION PORTION'). THE ISSUE LESS THE EMPLOYEE RESERVATION PORTION SHALL BE HEREINAFTER REFERRED TO AS THE 'NET ISSUE'. THE ISSUE AND THE NET ISSUE CONSTITUTED 11.36% AND 10.91%, RESPECTIVELY, OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY.

The Equity Shares ot the Company are proposed to be listed on National Stock Exchange of India Limited ('NSE')and the Bombay Stock Exchange Limited ('BSE').

THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 252/- AND IS 25.2 TIMES THE FACE VALUE. The Anchor Investor Issue price is Rs. 252/- per Equity Share.

This being an Issue for less than 25% of the post-Issue capital, the Issue was made through a 100% Book Building Process wherein at least 60% of the Net Issue was allotted on a proportionate basis to Qualified Institutional Buyers ('QIBs'), of which 5% was made available for allocation on a proportionate basis to Mutual Funds only and the remainder was available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Issue Price. In addition, in accordance with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 (SCRR), a minimum of two million securities were offered to the public and the size of the Issue aggregated at least Rs.l,000 million. If at least 60% of the Net Issue could not be allotted to QIBs, then the entire application money would have been refunded forthwith. Further, not less than 10% of the Net Issue was available for allocation on a proportionate basis to Non Institutional Bidders and not less than 30% of the Net Issue was available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Issue Price. The OIB portion included the Anchor Investor portion (as defined in the section 'Definitions and Abbreviations' of the Prospectus) and the Company considered participation by Anchor Investors in the Net Issue for up to 972,000 Equity Shares in accordance with the ICDR Regulations (as defined in the section 'Definitions and Abbreviations' of the Prospectus). Further, up to 225,150 Equity Shares were available for allocation on a proportionate basis to Eligible Employees, subject to valid Bids being received at or above the Issue Price, provided that the value of allotment to an Employee did not exceed Rs. 100,000.

The Company has allotted 972,000 Equity Shares of the OIB Portion to Anchor Investors on a discretionary basis at Rs.252 in accordance with the ICDR Regulations.

The Issue received 58,873 applications for 287,775,598 equity shares resulting in 62.84 times subscription, excluding anchor investors. The detaile of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Investor and Employee categories are as under: (Before technical rejection)

Final Demand

A summary of the final demand as per BSE and NSE as on the Bid/Issue Closing date at different bid prices is as under:

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being the National Stock Exchange of India Limited ('NSE') on March 3, 2010.

A. Allotment to Employee Investors (After Technical Rejections) including ASBA applications

The Basis of Allotment to the Employee Investors, who have bid at cut-off or at the Issue Price of Rs. 252/- per Equity Share, was finalized in consultation with NSE. The category was subscribed 0.44 times. As per the Prospectus, the Unsubscribed portion of Employee Category shall be added back to Non Institutional Investors Category (12,635 equity shares), Retail Category (37,904 equity shares), QIB Category {75,809 equity shares). The total number of shares allotted in this category is 98,802 Equity Shares to 285 successful applicants. The category-wise details of the Basis of Allotment are as under:

B. Allotment to Retail Individual Investors (After Technical Rejections) including ASBA applications

The Besis of Allotment to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 225/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 9.64 times. The spill over portion from Employee Category was 37,904 equity shares. The total number of shares allotted in this category is 1,657,914 Equity Shares to 44,971 successful applicants. The category-wise details of the Basis of Allotment are as under:

C. Allotment to Non Institutional Investors (After Technical Rejection) including ASBA applications

The Basis of Allotment to the Non Institutional Investors, who have bid at the Issue Price of Rs.252/-par Equity Share, was finalized in consultation with NSE. The category was over subscribed 97.21 times. The spill over portion from Employee Category was 12,635 equity snares. Ths total number of shares allotted in this category is 552,679 Equity Shares to 150 successful applicants. The category-wise details of the Basis of Allotment are (Sample) under:

D. Allotment to QIBs

Allotment to QIBs has been done on a proportionate basis in consultation with NSE. As per the ICDR Regulations, Mutual Funds were initially allotted 5% of the quantum of snares available (117,190 Equity Shares), including Spill over from Employee Category to the extent of 3,790 Equity Shares and other QIBs were allotted the remaining available shares (2,226,619 Equity Shares) on proportionate basis, including Spill over from Employee Category to the extent of 72,019 Equity Shares, was allotted to other QIBs on proportionate basis

E. Allotment to Anchor Investors

Alloment to Anchor Investors has been done on a proportionate basis in consultation with NSE. As per the ICDR regulation, 30% of QIB Reservation (9,720,000 Equity Shares) was allotted to Anchor Investors (9,72,000 Equity Shares).

The Boaid of Directors of the company at its Meeting held on March 04, 2010 has allotted the shares to verious successful applicants.

The CAN-cum-Refund Orders and allotment advice and notices have been dispatched to the addresses of the investors as registered with the depositories. In case the same is not received within ten days, investors may contact the Registrar at the address given below. The Refund Orders have been over-printed with the Bank Mandate datails as registered, if any, with the depositories. The shares allotted 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 gel the equity shares admitted for trading on Bombay Stock Exchange Limited and the National Stock Exchange of India Limited within seven working days from the date of approval of the Basis of Allotment.

Note: All capitalized terms used and not defined herein shall have the respective meaning assigned to them in the Prospectus.

INVESTORS PLEASE NOTE

These details at Hie allotment have been hosted on the website of Registrars to the Issue, Link Intime India Private Limited at http://www.linkintime.co.in

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:

Link Intime India Private Limited
C -13, Pannalal Silk Mills Compound, L.B.S Marg, Bhandup (West), Mumbal -400 078
Telephone: +91 22 2596 0320, Facsimile: +91 22 2596 0329 Email: mil.ipo@linkintime.co.in
Contact Person: Mr. Sachin Achar