Orbit IPO Basis of Allotment

ORBIT CORPORATION LTD.

(Incorporated under the Companies Act, 1956 on March 7,2000 as Orbit Cybertech Limited. The Company had obtained the Certificate for Commencement of Business on October 12,2000. Subsequently, the name of the Company was changed to Orbit Corporation Limited from Orbit Cybertech Limited and a fresh Certificate of Incorporation dated April 10,2006 was issued. For details of changes in name, please see the section titled 'History and Certain Corporate Matters' beginning on page 76 of the Prospectus).
Registered & Corporate Office: 1st Floor, The View, 165, Dr. Annie Besant Road, Mumbai - 400 018.
Tel: +91 22 3044 6900; Fax: +91 22 2491 1028.
Company Secretary and Compliance Officer. Ms. Vijayita Chowhan,
E-mail: ipo@orbitcorp.com; Website: www.orbitcorp.com

BASIS OF ALLOTMENT

Public Issue of 9,100,000 Equity Shares of Rs.10/- each for cash at a price of Rs.110/- per Equity Share aggregating Rs.1001 million along with one detachable warrant per Equity Share ('Issue') by Orbit Corporation Limited ('the Company'). The Issue will aggregate 9,100,000 Equity Shares amounting to Rs.1001 million. The Issue of Equity Shares will constitute 25.09% of the fully diluted post-issue Equity Share capital of the Company prior to exercise of detachable warrants and the Issue shall constitute 40.11% of the Equity Share capital of the Company after exercise of detachable warrants, assuming full exercise of the detachable warrants.
THE COMPANY HAS VOLUNTARILY OPTED FOR IPO GRADING. CARE HAS ASSIGNED 'IPO GRADE 1' TO THE PROPOSED PUBLIC ISSUE OF THE COMPANY. FOR MORE INFORMATION ON IPO GRADING REFER TO PAGE 14 OF THE PROSPECTUS.
ISSUE PRICE: Rs.110/- PER EQUITY SHARE OF FACE VALUE RS. 10/- THE ISSUE PRICE IS 11.00 TIMES THE FACE VALUE.
The issue was made through the 100% Book Building Process wherein at least 50% of the Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers, out of which 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all Qualified Institutional Buyers, including Mutual Funds, subject to valid Bids being received at or above Issue Price. Further, up to 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and up to 35% of the Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price.
The Board of Directors of Orbit Corporation Limited wish to thank the investing public for their response to the Issue which opened for subscription on March 20, 2007 and closed on March 23, 2007. The Issue received 5,140 applications for 34,099,250 equity shares resulting in 3.75 times subscription.
The details of the applications (before rejections and after cheque returns) received in the Issue from Qualified Institutional Buyers ('QIBs'), Non-lnstitutional Bidders and Retail Individual Bidders categories are as under.

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

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, Bombay Stock Exchange Limited (BSE) on Monday, April 2, 2007.
A. Allocation to Retail Investors
The Basis of Allotment to the Retail Individual Bidders, who bid at the cut-off price or at the Issue Price of Rs. 110 per Equity Share or at a price higher than the Issue Price of Rs.110 per Equity Share up to Rs.117 per Equity Share, being the upper end of the Price Band, was finalized in consultation with BSE. The Company received 4,902 valid applications for 2,349,750 Equity Shares in this category resulting in 0.74 times subscription. In this category, the Company allotted 2,349,750 Equity Shares 2,349,750 Warrants allotted. The category wise details of the Basis of Allotment are given below:

B. Allocation to Non Institutional Investors
The Basis of Allotment to the Non Institutional Bidders, who bid at the Issue Price of Rs. 110 per Equity Share or at a price higher than the Issue Price of Rs.110 per Equity Share up to Rs.117 per Equity Share, being the upper end of the Price Band, was finalized in consultation with BSE. The Company received 69 valid applications for 5,545,100 Equity Shares. The category was over subscribed 4.06 times (2.52 times after adding spill over from the Retail Individual Bidders Category). In this category, the Company allotted 2,200,250 Equity Shares (which includes the spill over from the Retail Individual Bidders Category of 835,250 Equity Shares) and 2,200,250 Warrants (which includes the spill over from the Retail Individual Bidders Category of 835,250 Warrants).The category wise details of the Basis of Allotment (Sample) are given below:

All the Applicants in this category have been given firm allotment on propotionate basis inverse to the over subscription ratio.
C. Allocation to QIBs
Allocation to QIBs was done on a proportionate basis. The category was over subscribed 5.70 times. As per the SEBI guidelines, Mutual Funds were initially allotted 5% (227,500 Equity Shares and 227,500 Warrants) of the quantum of shares available (4,550,000 Equity Shares and 4,550,000 Warrants) and other QiBs and unsatisfied demands of Mutual Funds were allotted the remaining 4,322,500 Equity Shares and 4,322,500 Warrants on a proportionate basis.

The Board of Directors of the Company at a meeting held at Mumbai on April 3, 2007 adopted the Basis of Allotment of Equity Shares and Warrants in the Issue, approved by BSE and allotted 9,100,000 Equity Shares and 9,100,000 Warrants to the successful applicants.
The dispatch of refund orders and the dispatch of allotment advices will be completed by April 4,2007. The Company shall file the listing application with the Bombay Stock Exchange Limited and National Stock Exchange of India Limited on April 4,2007. The Refund Orders / allotment advice in respect of refunds due to applicants will be 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 to the Issue 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 and Warrants allocated to the 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 and Warrants admitted for trading on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited within seven working days from the date of approval of Basis of Allotment

INVESTORS PLEASE NOTE
These details of the allocation will also be available on the website of the 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, Parmalal Silk Mills Compound, L.B.S Marg Bhandup (W), Mumbai 400 078
Tel: + 91-22-2596 0320; Fax: + 91-22-2596 0329;
Contact Person: Mr. Sachin Achar
website: www.intimespectrum.com; Email: orbitcorp-ipo@intimespectrum.com

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 ORBIT CORPORATION LIMITED