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| Registered Office: B/1, Udyog Sadan No.3, MIDC, Andheri (E), Mumbai - 400 093 | Tel No.: +91 22 4033 4300 / 2834 9132 | Fax No.: +91 22 2836 4045 |
| Email: info@marineelectricals.com | Website: www.marineelectricals.com | Contact Person: Mr. Sudhir Gupta, Company Secretary and Compliance Officer |
| OUR PROMOTERS: MR. VINAY UCHIL, MR. VENKATESH UCHIL AND KDU ENTERPRISES PRIVATE LIMITED |
| BASIS OF ALLOTMENT |
PUBLIC ISSUE OF 64,96,000 EQUITY SHARES OF FACE VALUE OF RS. 10 EACH (THE "EQUITY SHARES") OF MARINE ELECTRICALS (INDIA) LIMITED ("MEIL" OR OUR "COMPANY" OR "ISSUER") FOR CASH AT A PRICE OF RS. 66 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF RS. 56 PER EQUITY SHARE) AGGREGATING TO RS. 4,287.36 LAKHS (THE "ISSUE"), OF WHICH 3,36,000 EQUITY SHARES OF RS. 10 EACH WILL BE RESERVED FOR SUBSCRIPTION BY MARKET MAKERS TO THE ISSUE (THE "MARKET MAKER RESERVATION PORTION"). THE ISSUE LESS MARKET MAKER RESERVATION PORTION I.E. ISSUE OF 61,60,000 EQUITY SHARES OF RS. 10 EACH IS HEREINAFTER REFERRED TO AS THE "NET ISSUE". THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 26.48% AND 25.11%, RESPECTIVELY OF THE POST ISSUE PAID UP EQUITY SHARE CAPITAL OF THE COMPANY.
| THE FACE VALUE OF EQUITY SHARES IS RS.10 EACH. |
| THE ISSUE PRICE IS RS. 66 PER EQUITY SHARE, WHICH IS 6.6 TIMES OF THE FACE VALUE OF THE EQUITY SHARE. |
| ISSUE OPENED ON: SEPTEMBER 28, 2018 AND ISSUE CLOSED ON: OCTOBER 03, 2018. |
The Equity Shares of the Company are proposed to be listed on the EMERGE Platform of National Stock Exchange of India Limited ("NSE"). Our Company has received an approval from NSE for the listing of the Equity Shares pursuant to letter dated September 05, 2018. NSE shall be the Designated Stock Exchange for the purpose of this Issue. The trading is proposed to be commenced on October 11, 2018 (Subject to receipt of listing and trading approvals from the National Stock Exchange of India Limited).
The Issue is being made through the Book Building process wherein 50% of Net Issue of the Equity Share offered are reserved for allocation to Bidders below or equal to Rs. 2.00 lakhs and the balance for higher amount Bids. The Issue comprises a Net Issue to Public of 61,60,000 Equity Shares of Rs. 10 each ("the Net Issue"), and a reservation of 3,36,000 Equity Shares of Rs. 10 each for subscription by the designated Market Maker ("the Market Maker Reservation Portion"). The Issue and the Net Issue will constitute 26.48% and 25.11 %, respectively of the Post Issue Paid-up Equity Share Capital of the Company. Allocation to all categories shall be made on a proportionate basis subject to valid Bids received at or above the Issue Price. Under subscription, if any, in any of the categories, would be allowed to be met with spill-over from any of the other categories or a combination of categories at the discretion of our Company in consultation with the Book Running Lead Manager and Designated Stock Exchange. Such inter-se spill over, if any, would be affected in accordance with applicable laws, rules, regulations and guidelines. All Investors shall participate in this Issue only through APPLICATION SUPPORTED BY BLOCKED AMOUNT ("ASBA") process by providing the details of their respective bank accounts in which the corresponding application amounts were blocked by Self Certified Syndicate Banks (the "SCSBs").
SUBSCRIPTION DETAILS
The Issue has received 744 applications for 75,78,000 Equity Shares resulting in 1.167 times subscription.
Final Demand
The final demand at different bid prices (before technical rejections & withdrawals) is as under:
| Bid Price | No. of Shares | % of Total | Cumulative Total | Cumulative % of Total |
| 64 | 12,000 | 0.16 | 12,000 | 0.16 |
| 65 | 2,000 | 0.03 | 14,000 | 0.18 |
| 66 | 70,40,000 | 92.90 | 70,54,000 | 93.09 |
| Cut-Off | 5,24,000 | 6.91 | 75,78,000 | 100.00 |
| Total | 75,78,000 | 100.00 |
Note: Since the Issue Price was finalised at Rs. 66 per Equity Share, the Bids received at a price lower than the Issue Price have not been considered as valid Bids for allotment. The details of the applications received in the Issue (before and after technical rejections & withdrawal) are as follows:
Detail of the Applications Received
| CATEGORY | Before Technical Rejections & Withdrawals | After Technical Rejections & Withdrawals | ||
| No. of Applications | No. of Equity Shares | No. of Applications | No. of Equity Shares | |
| Retail Individual Applicant | 655 | 13,10,000 | 623 | 12,46,000 |
| Non - Retail Applicant | 88 | 59.32,000 | 85 | 52,34,000 |
| Total | 743 | 72,42,000 | 708 | 64,80,000 |
Note: The Issue also includes 3,36,000 Equity Shares reserved for Market Maker, which was subscribed by 1.00 times and there were no Technical Rejection & any withdrawal
In the event of oversubscription, the allotment will be made on a proportionate basis in marketable lots. There was under subscription in Retail Category to the extent of 18,34,000 Equity Shares and over subscription of 3,20,000 Equity Shares in Non- Retail Category (including unsubscribed portion of Retail Category). The Basis of Allotment was finalised in consultation with the Designated Stock Exchange - NSE Ltd on October 08, 2018.
| 1. | Allocation to Market Maker (After Technical Rejections & Withdrawals): The Basis of Allotment to the Market Maker, at the Issue Price of Rs. 66 per Equity Share, was finalised in consultation with NSE. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 3,36,000 Equity Shares. |
| No. of Shares Applied for (Category Wise) | No. of Applications Received | % to Total | Total No. of Shares Applied in Each Category | % to Total | Allocation per Applicant | Ratio of Allottees to the Applicant | Total No. of Shares Allotted |
| 3,36,000 | 1 | 100.00 | 3,36,000 | 100.00 | 3,36,000 | 1:1 | 3,36,000 |
| Total | 1 | 100.00 | 3,36,000 | 100.00 | 3,36,000 |
| 2. | Allotment to Retail Individual Investors (After Technical Rejections & Withdrawals): The Basis of Allotment to the Retail Individual Investors, at the Issue Price of Rs. 66 per Equity Share, was finalised in consultation with NSE. Pursuant to Regulation 43(4) of the SEBI (ICDR) Regulations, 2009, the total number of shares allocated in this category is 12,46,000 Equity Shares. The category was subscribed by 0.405 times. The category-wise details of the Basis of Allotment are as under: |
| No. of Shares Applied for (Category Wise) | No. of Applications Received | % to Total | Total No. of Shares Applied in Each Category | % to Total | Allocation per Applicant | Ratio of Allottees to the Applicant | Total No. of Shares Allotted |
| 2,000 | 623 | 100.00 | 12,46,000 | 100.00 | 2,000 | 1:1 | 12,46,000 |
| Total | 623 | 100.00 | 12,46,000 | 100.00 | 12,46,000 |
| 3. | Allocation to Non - Retails Category (After Technical Rejections & Withdrawals): The Basis of Allotment to the Non - Retail Investors, at the Issue Price of Rs. 66 per Equity Share, was finalised in consultation with NSE. Pursuant to Regulation 43(4) of the SEBI (ICDR) Regulations, 2009, the total number of shares allocated in this category is 49,14,000 Equity Shares (including un-subscribed portion of 18,34,000 Equity Shares of Retail individual Investors category). The category was subscribed by 1.065 times. The category-wise details of the Basis of Allotment are as under: |
| No. of Shares Applied for (Category Wise) | No. of Applications Received | % to Total | Total No. of Shares Applied in Each Category | % to Total | Allocation per Applicant | Ratio of Allottees to the Applicant | Total No. of Shares Allotted |
| 4,000 | 22 | 25.88 | 88,000 | 1.68 | 2,000 | 1:1 | 44,000 |
| 4,000 | (Lottery System - Serial Nos. of Qualifying Applicants are 2, 3, 4, 5, 6, 7, 8, 9,10,11,12,13,14,15,17,18,19, 20 and 21) | 2,000 | 19:22 | 38,000 | |||
| 6,000 | 13 | 15.29 | 78,000 | 1.49 | 4,000 | 1:1 | 52,000 |
| 6,000 | (Lottery System - Serial Nos. of Qualifying Applicants are 2, 3, 4, 5, 6, 7,8, 9,10,11 and 12) | 2,000 | 11:13 | 22,000 | |||
| 8,000 | 3 | 3.53 | 24,000 | 0.46 | 6,000 | 1:1 | 18,000 |
| 8,000 | (Lottery System - Serial Nos. of Qualifying Applicants are 1 and 2) | 2,000 | 2:3 | 4,000 | |||
| 10,000 | 6 | 7.06 | 60,000 | 1.15 | 8,000 | 1:1 | 48,000 |
| 10,000 | (Lottery System - Serial Nos. of Qualifying Applicants are 1 and 2) | 2,000 | 2:3 | 8,000 | |||
| 12,000 | 5 | 5.88 | 60,000 | 1.15 | 10,000 | 1:1 | 50,000 |
| 12,000 | (Lottery System - Serial No. of Qualifying Applicant are 1,2 and 3) | 2,000 | 3:5 | 6,000 | |||
| 14,000 | 4 | 4.71 | 56,000 | 1.07 | 12,000 | 1:1 | 48,000 |
| 14,000 | (Lottery System - Serial No. of Qualifying Applicant is 1) | 2,000 | 1:2 | 4,000 | |||
| 16,000 | 3 | 3.53 | 48,000 | 0.92 | 14,000 | 1:1 | 42,000 |
| 16,000 | (Lottery System - Serial No. of Qualifying Applicant are 1 and 2) | 2,000 | 2:3 | 4,000 | |||
| 20,000 | 1 | 1.18 | 20,000 | 0.38 | 18,000 | 1:1 | 18,000 |
| 22,000 | 1 | 1.18 | 22.000 | 0.42 | 20,000 | 1:1 | 20,000 |
| 26,000 | 1 | 1.18 | 26,000 | 0.50 | 24,000 | 1:1 | 24,000 |
| 30,000 | 2 | 2.35 | 60,000 | 1.15 | 28,000 | 1:1 | 56,000 |
| 38,000 | 1 | 1.18 | 38,000 | 0.73 | 36,000 | 1:1 | 36,000 |
| 50,000 | 1 | 1.18 | 50.000 | 0.96 | 48,000 | 1:1 | 48,000 |
| 76,000 | 5 | 5.88 | 3,80.000 | 7.26 | 70,000 | 1:1 | 3,50,000 |
| 76,000 | (Lottery System - Serial No. of Qualifying Applicant are 2,3 and 4) | 2000 | 3:5 | 6,000 | |||
| 88,000 | 1 | 1.18 | 88,000 | 1.68 | 82,000 | 1:1 | 82,000 |
| 1,00,000 | 1 | 1.18 | 1,00.000 | 1.91 | 94,000 | 1:1 | 94,000 |
| 1,14,000 | 1 | 1.18 | 1,14,000 | 2.18 | 108000 | 1:1 | 1,08,000 |
| 1,32,000 | 1 | 1.18 | 1,32,000 | 2.52 | 124000 | 1:1 | 1,24,000 |
| 1,50,000 | 2 | 2.35 | 3,00,000 | 5.73 | 140000 | 1:1 | 2,80,000 |
| 1,50,000 | (Lottery System - Serial No. of Qualifying Applicant is 1) | 2000 | 1:2 | 2000 | |||
| 1,80,000 | 1 | 1.18 | 1,80,000 | 3.44 | 1,70,000 | 1:1 | 1,70,000 |
| 2,40,000 | 1 | 1.18 | 2,40,000 | 4.59 | 2,26,000 | 1:1 | 2,26,000 |
| 3,00,000 | 3 | 3.53 | 9,00,000 | 17.20 | 2,82,000 | 1:1 | 8,46,000 |
| 3,58,000 | 5 | 5.88 | 17,90.000 | 34.20 | 3,36,000 | 1:1 | 16,80,000 |
| 3,80,000 | 1 | 1.18 | 3,80,000 | 7.26 | 3,56,000 | 1:1 | 3,56,000 |
| Total | 85 | 100.00 | 52,34,000 | 100.00 | 49,14,000 | ||
The Board of Directors of the Company at its meeting held on October 09, 2018, has taken on record the Basis of Allotment of Equity Shares, as approved by the Designated Stock Exchange viz. NSE and has authorized the corporate action for the allotment of the Equity Shares to various successful applicants.
The CAN and allotment advice and / or notices have been dispatched to the address of the investors as registered with the depositories. Further, the instructions to Self Certified Syndicate Banks will be processed on or before October 10, 2018 for unblocking of funds. The Equity Shares allotted to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. In case the same is not received within prescribed time, investors may contact the Registrar to the Issue at the address given below. The Company is taking steps to get the Equity Shares admitted for trading on the EMERGE Platform of National Stock Exchange of India Limited within 6 working days from the Closure of the Issue. The trading is proposed to be commenced on October 11, 2018, subject to receipt of listing and trading approvals from National Stock Exchange of India Limited.
Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus dated October 05, 2018 filed with the Registrar of Companies, Mumbai ("RoC").
INVESTORS PLEASE NOTE
The details of the allotment made has been hosted on the website of the Registrar to the Issue, Bigshare Services Private Limited at Website: www.bigshareonline.com
All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/ Sole Bidder Serial number of the ASBA form, number of Equity Shares bid for, Bidder DP ID, Client ID, PAN, date of submission of the Bid cum Application Form, address of the Bidder, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and copy of the Acknowledgment Slip received from the Designated Intermediary and payment details at the address given below:
| BIGSHARE SERVICES PRIVATE LIMITED | |
| 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis Makwana Road, Marol, Andheri (East), Mumbai - 400 059 | |
| Tel: +91 -22-6263 8200 | Fax: +91 22 6263 8299 | Email: ipo@bigshareonline.com | |
| Investor Grievance Email: investor@bigshareonline.com | Website: www.bigshareonline.com | |
| Contact Person: Mr. Babu Raphael I SEBI Registration No.: INR000001385 |
| For Marine Electricals (India) Limited | |
| On Behalf of the Board of Directors | |
| Place: Mumbai | Sd/- |
| Date: October 10, 2018 | Company Secretary and Compliance Officer |
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 MARINE ELECTRICALS (INDIA) LIMITED.
MARINE ELECTRICALS (INDIA) LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make a Public Issue of its Equity Shares and has filed the Prospectus with Registrar of Companies, Mumbai. The Prospectus shall be available on the website of the SEBI at www.sebi.gov.in, website of the Company at www.marineelectricals.com, the website of the BRLM to the Issue at www.afsl.co.in and website of NSE i.e. www.nseindia.com, respectively. Bidders should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the Prospectus, including, the section titled "Risk Factors" beginning on page 17 of the Prospectus.
This document is not an Issue of securities for sale in the United States or elsewhere. This document has been prepared for publication in India and is not for publication or distribution, directly, or indirectly, in or into the United States. The Equity Shares have not been and will not be registered under the U.S. Securities Act 1933, as amended ("U.S. Securities Act"), or any state securities laws in the United States, and unless so registered may not be offered or sold within the United States. Accordingly, such Equity Shares are being offered and sold outside of the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales occur. There will be no public offering of the Equity Shares in the Unites States.
The IPO allocation is based on the subscription level and the investor category.
Refer to IPO allotment rules and methods for more details.
See the basis of allotment document above to know how the shares are allocated in Marine Electricals IPO .
The Marine Electricals IPO basis of allotment (published above) tells you how shares are allocated to you in Marine Electricals IPO and category wise demand of IPO share.
Visit the Marine Electricals IPO allotment status page to check the number of shares allocated to your application.
In Marine Electricals IPO allotment process, the registrar separates valid and invalid applications. The invalid applications with technical errors are rejected and only valid applications at or above the cut-off price are considered for allotment.
For more information, please refer to IPO Allotment Process and Basis of Allotment.
Check the Marine Electricals IPO basis of allotment document to know how the shares are allocated in Marine Electricals IPO.
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