Page Industries IPO Basis of Allotment

PAGE INDUSTRIES LIMITED

(Exclusive Licenses of Jockey for India, Sri Lanka, Nepal, Bangladesh and Maldives)
(Our company was incorporated on November15,1994 as private limited with the name as Page Apparel Manufacturing private limited Under registration number 08-16554 of 1994.On August 23,2006 name of our company was changed to Page Industries Private Limited and, on September 6,2006, our company became a public limited company.)

Registered Office: Abbaiah Reddy industrial Area, Jockey Campus, 6/2 & 6/4, Hongasandra,BagurHobli,Bangalore 560068(With effect from August 16,1995, registered office of our Company was shifted from 319, Raheja Arcade, Koramanagala, Bangalore 560 095 to Shed C. Jockey Campus, Abbaiah Reddy Industrial Estate, 53, Begur Road, Bommanahalli, Bangalore 560 068 and with effect from April 05,2004 as per the municipal records the address was changed to Abbaiah Reddy Industrial Area, Jockey Campus, 6/2 & 6/4, Hongasandra,BegurHobli,Bangalore 560068)
Company Secretary and Compliance Officer: Mr. R. Vijayakumar,
Telephone No.: +91 80 2573 2952 Fax: + 91 80 2573 2215,
Email: pageipo@jockeyindia.com  Website: www.jockeyindia.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 2,804,000 EQUITY SHARES OF THE FACE VALUE RS.10/- EACH AT A PRICE OF RS. 360 PER EQUITY SHARE FOR CASH AT A PREMIUM AGGREGATING RS. 1009.44 MILLION COMPRISING OF A FRESH ISSUE OF 1,412,354 SHARES OF RS. 10 EACH AT A PRICE OF RS.360 FOR CASH AGGREGATING RS. 508.45 MILLION AND AN OFFER FOR SALE OF 1,391,646 SHARES OF RS. 10 EACH AT A PRICE OF RS. 360 FOR CASH AGGREGATING RS. 500.99 MILLION BY THE SELLING SHAREHOLDERS. THE FRESH ISSUE AND OFFER FOR SALE ARE HEREINAFTER COLLECTIVELY REFERRED TO AS THE 'OFFER'. 15,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 360 PER EQUITY SHARE AGGREGATING TO RS. 5.40 MILLION WERE RESERVED IN THE OFFER FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (THE 'EMPLOYEE RESERVATION PORTION') AND THE OFFER OF EQUITY SHARES OTHER THAN THE EMPLOYEE RESERVATION PORTION i.e. 2,789,000 EQUITY SHARES IS HEREINAFTER REFERRED TO AS THE 'NET OFFER'. THE OFFER SHALL CONSTITUTE 25.14 % OF THE POST ISSUE PAID-UP CAPITAL OF OUR COMPANY. THE NET OFFER WILL CONSTITUTE 25.00% OF OUR POST-OFFER CAPITAL.
Rs. 360 PER EQUITY SHARE OF FACE VALUE Rs. 10. THE OFFER PRICE IS 36 TIMES OF THE FACE VALUE.

The Offer was made through the 100% book building process wherein upto 50% of the Net Offer Size shall be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs'); wherein 5% of the QIB portion shall be available for allocation on a proportionate basis to Mutual Funds only. Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Offer price.
The Issue has received 7456 applications for 3937575 Equity Shares, resulting in 1.40 times subscription. The details of the subscription received In the Issue from QIBs. Non-Institutional. Retail categories and Employees are as under

Final Demand
A summary of the final demand at various price levels as per the electronic book is given below:

The Basis of Allocation was finalized in consultation with the Designated Stock Exchange - Bombay Stock Exchange Limited ('BSE') on March 09,2007.

A) ALLOCATION TO RETAIL INDIVIDUAL BIDDERS
The Basis of Allocation to the Retail Individual Bidders, who have bid at and above the Issue Price of Rs. 360/- per Equity Share, was finalized in consultation with BSE. The Company has received 7309 valid applications for 670725 Equity Shares in this category resulting in 0.69 times subscription. All the applicants in this category have been given full and firm allotment.

B) ALLOCATION TO NON-INSTITUTIONAL BIDDERS
The Basis of Allocation to the Non-Institutional Bidders, who have bid for at and above the Issue Price of Rs. 360/- per Equity Share, was finalized in consultation with BSE. The Company has received 19 valid applications for 78270 Equity. Shares in this category resulting in 0.19 times subscription. All the applicants in this category have been given full and firm allotment.

C) ALLOCATION TO QUAUFIED INSTITUTIONAL BUYERS
All the bidders In the QIBs category, who have bid at and above the issue Price of Rs.360/- per Equity Share, have been considered while preparing the basis of allotment The Company has received 13 valid applications for 3171945 Equity Shares in this category resulting in 2.27 times subscription. The category-wise details of the Basis of allotment are as under

D) ALLOCATION TO ELIGIBLE EMPLOYEES
All the bidders in the Employees category, who have bid at and above the Issue Price of Rs.360/- per Equity Share, have been considered while preparing the basis of allotment The Company has received 26 valid applications for 7260 Equity Shares in this category resulting in 0.48 times subscription. All the applicants in this category have been given full and firm allotment. The Board of Directors of the Company vide resolution dated March 10,2007, has approved the basis of allocation of Equity Shares and allotted the Equity Shares to various successful applicants.

The Confirmation of Allocation Note ('CAN') and Refund Orders / Direct Credit / RTGS / ECS in respect of refunds due to applicants have been dispatched / credited to the address of the Investors as registered with the depositories by March 13.2007. In case the same is not received within ten (10) 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 allotted to successful applicants are being credited to their respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Listing application has been filled with The Bombay Stock Exchange Limited ('BSE') and with National Stock Exchange of India Limited ('NSE') on March 13,2007. The Company is taking steps to get the Equity Shares admitted for trading on BSE and NSE within seven (7) working days from the date of approval of Basis of Allocation.

INVESTORS PLEASE NOTE
These details of allocation made would be hosted on the website of the Registrar to the Issue, Sharepro Services India Pvt. Limited at www.shareproservices.com

All future correspondence In this regard may kindly be addressed to the Registrar to the Issue, Sharepro Services India Pvt. Ltd., quoting full name of the First / Sole Applicant, Serial Number of the Bid cum Application Form, Number of Equity Shares bid for, Name of the Member of the Syndicate, Place where the bid was submitted and payment details at the address given below:

Sharepro Services India Pvt. Limited,
3rd Floor, Satam Industrial Estate, Above Bank of Baroda, Cardinal Gracious Road,
Chakala,Andherl(E), mumbai-400 099.
Tel: +91 22 28215168/69,28508924/30, Fax: +91 22 28508927,
Website: www.shareproservices.com, Email: sharepro@vsnl.com,
Contact person: Mr. Dilip Sawant

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 PAGE INDUSTRIES UMfTEO.