Parsvanath IPO Basis of Allotment

Parsvnath Developers Ltd

(Our Company was incorporated on July 24,1990 under the CompaniesAct,1956. The registered office of our Company was changed from G-2, Arunachal Building, 19, Barakhamba Road, New Delhi 110 001, India to the current registered office from March 1,2004) Registered and Corporate Office: 6th floor, Arunachal Building, 19, Barakhamba Road,
New Delhi 110001, India. Tel : + 91-11-23310198, Fax : +91-11-23315400.
Contact Person: Mr. V. Mohan, Company Secretary and Compliance Officer: Tel: +91-11-2335 0120.
Email : ipo@parsvnath.com WebSite : www.parsvnath.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF UP TO 33,238,000 EQUITY SHARES OF Rs. 10/- EACH ('EQUITY SHARES') FOR CASH AT A PREMIUM OF RS. 290/- PER EQUITY SHARE AND AT A PRICE OF RS. 300/- PER EQUITY SHARE AGGREGATING RS. 9971.4 MILLION (THE 'ISSUE'), BY PARSVNATH DEVELOPERS LIMITED ('PDL', THE COMPANY' OR 'THE ISSUER'). THERE WILL ALSO BE A GREEN SHOE OPTION OF UP TO 30,87,800 EQUITY SHARES TO BE OFFERED BY PARASNATH AND ASSOCIATES PRIVATE LIMITED, ONE OF OUR PROMOTERS, FOR CASH ATA PREMIUM OF RS. 290/- PER EQUITY SHARE AND AT A PRICE OF RS. 300/- PER EQUITY SHARE AGGREGATING RS. 926.34 MILLION. THE ISSUE AND THE GREEN SHOE OPTION, IF EXERCISED IN FULL, WILL AGGREGATE 36,325,800 EQUITY SHARES AMOUNTING TO RS. 10897.74 MILLION. THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF UP TO 33,038,000 EQUITY SHARES (`THE NET ISSUE') AND A RESERVATION OF UP TO 200,000 EQUITY SHARES FOR SUBSCRIPTION BY EMPLOYEES (AS DEFINED HEREIN) (THE 'EMPLOYEE RESERVATION PORTION'), AT THE ISSUE PRICE. THE ISSUE WILL CONSTITUTE 18.30% OF THE FULLY DILUTED POST-ISSUE EQUITY SHARE CAPITAL OF OUR COMPANY ASSUMING THAT THE GREEN SHOE OPTION IS NOT EXERCISED AND 19.67% ASSUMNG THAT THE GREEN SHOE OPTION IS EXERCISED IN FULL

THE FACE VALUE PER EQUITY SHARE IS RS. 10/- AND THE ISSUE PRICE IS THIRTY (30) TIMES OF THE FACE VALUE

The Issue is made through a 100% Book Building Process, wherein not more than 60% of the Net Issue to the Public was to be allotted on a discretionary basis to Qualified Institutional Buyers ('QIBs'). Further, not less than 10% of the Net Issue to the Public was available for allotment on a proportionate basis to Non-Institutional Bidders / Investors and not less than 30% of the Net Issue to the Public was available for allotment on a proportionate basis to the Retail Bidders / Investors, subject to valid bids were received within the Price Band.

The Issue received 5,82,948 applications for 2,043,909,625 Equity Shares resulting in 56.2661 times subscription. The details of the applications received in the Issue from Retail Bidders / Investors, NonInstitutional Bidders / Investors, Employees and Qualified Institutional Buyers' categories (before technical rejections) are as under:

('): Note: Number of times of the respective category.

Final Demand
A sample of the final demand at different bid prices is as under.

The Basis of Allotment was finalized in consultation with  National Stock Exchange of India Limited ('NSE') on Thursday, November 23, 2006.

A. Allotment to Employees
The Basis of Allotment to the Employees, who have bid at cut-off or at the Issue Price of Rs. 300/-per Equity Share, was finalized in consultation with NSE. The category was over subscribed 2.69470 times. The total number of Equity Shares allotted in this category is 200,000. The category-wise details of the Basis of Allotment are as under (SAMPLE):

B. Allotment to Retail Investors
The Basis of Allotment to the Retail Investors, who have bid at cut-off or at the Issue Price of Rs. 300/ per Equity Share, was finalized in consultation with NSE. The category was over subscribed 9.83159 times. The total number of Equity Shares allotted in this category is 10,837,746. The category-wise details of the Basis of Allotment are as under

C. Allotment to Non-institutional Investors
The Basis of Allotment to the Non-Institutional Investors, who have bid at the Issue Price of Rs. 300/- per Equity Share, was finalized in consultation with BSE. The category was subscribed 89.13101 times. The total number of Equity Shares allotted in this category is 3,612,574. The category-wise details of the Basis of Allotment are as under (SAMPLE):

The total number of Equity Shares allotted to QIBs is 49,38,271 Equity Shares as follows:

Pursuant to Clause 6.8.3.2 (g) of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 and under chapter Issue Procedure (Section Method of Proportionate Basis of allocation in the Issue Page No.326) of the Prospectus dated November 15, 2006, the Company has rounded-off fractional Equity Shares to the nearest one (1) Equity Share.

The Committee of Directors for Initial Public Offering ('IPO') of the Company at its Meeting held at Gurgaon on November 23, 2006 has approved the basis of allocation of shares and allotted the shares to various successful applicants.

The Refund Orders are being dispatched to the address of the investors as registered with the depositories. 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 Company is taking steps to get the Equity Shares admitted for trading on Bombay Stock Exchange Limited and National Stock Exchange of India Limited within seven (7) working days from the date of approval of the Basis of Allotment.

INVESTORS MAY PLEASE NOTE
On November 16, 2006 Mr.Madhur Narain resigned from the post of CFO of the Company on account of personal reasons.

The company has accepted his resignation and appointed Mr.Ravi S Pan! as CFO of the Company on November 20, 2006.

These details of allotment made, has been hosted 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, Intime Spectrum Registry Limited, quoting full name of the First / Sole Applicant, Serial Number of the Bidcum-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:

Intime Spectrum Registry Limited
Unit : PARSVNATH DEVELOPERS LIMITED
C-13, Pannalal Silk Mills Compound,
LBS Marg, Bhandup (West), Mumbai - 400 078 ,
Telephone No.: +91 - 22 - 2596 0320 - 28;
Fax No.: +91 - 22 - 2596 0329; Email: pdl-ipo@intimespectrum.com