Puravankara IPO Basis of Allotment

PURAVANKARA PROJECTS LIMITED

(Our Company was incorporated as Puravankara Constructions Private Limited on June 3,1986. The name of our Company was changed to Puravankara Projects Limited and the status of our Company was changed to a public limited company by a special resolution of the members passed at an extraordinary general meeting held on July 10,1992. The fresh certificate of incorporation consequent on change of name and status was granted to our Company on August 19,1992 by the Registrar of Companies, Maharashtra, Mumbai)
Registered Office: No. 227, S.V.Rd, Bandra (West), Mumbai 400 050, India.
Tel: +91 22 2642 9387, Fax: +91 22 26441916.
Corporate Office: No. 130/1, Ulsoor Road, Bangalore 560 042 India.
Tel: (91 80) 2559 9000, Fax: (91 80) 2559 9350.
Company Secretary and Compliance Officer: Mrs. Sharda Balaji,
Email: investors@puravankara.com; Website: www.puravankara.com

BASIS OF ALLOTMENT

* Pursuant to public notice dated August 3,2007, the original price band of Rs. 500 to Rs. 525 was revised to Rs. 400 to Rs. 425.
Issue size was reduced by 60,730 equity shares on account of withdrawal of applications by bidders post submission of basis of allotment to the NSE for 5,860 shares in the retail category and technical rejections for 58,470 shares in the non-institutional category as recommended by NSE. As a result, Issue constitutes 10.03% of the fully diluted post-Issue capital and Issue size aggregates to Rs. 8,562.75 million.
The Equity Shares of the Company are proposed to be listed on The Bombay Stock Exchange Limited ('BSE') and the National Stock Exchange of India Limited ('NSE') and trading is expected to start on or around August 30, 2007.
The Issue was made through the 100% Book Building Process wherein atleast 60% of the Issue was allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (including 5% of the QIB portion that was specifically to be allocated to mutual funds) , further upto 10% of the Issue was made available for allocation on a proportionate basis to Non - Institutional Bidders and upto 30% of the Issue was made available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Issue Price.
The issue received 54,581 applications for 41,288,820 Equity Shares resulting in 1.9233 times subscription (Before technical rejections). The details of the applications received in the Issue from QIBs, Non Institutional Bidders and Retail Individual Bidders 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 National Stock Exchange ('NSE') on August 22, 2007.

A. Allocation to Retail Individual Investors (After Technical Rejections):
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at and above the Issue Price of Rs. 400 per Equity Share, was finalized in consultation with NSE. This category (net of technical rejections) was over subscribed 0.484013 times. Hence FULL and FIRM allotments have been made against all valid applications. The total number of shares allotted in this category is 31,171,80 Equity Shares. The unsubscribed portion of 33,172,43 equity shares has been added to Qualified Institutional Investors categories and 5,860 shares were not allotted due to withdrawal of applications by bidders post submission of basis of allotment to the NSE. The category wise details of the Basis of Allocation in this category are as under:

B. Allocation to Non Institutional Investors (After Technical Rejections):
The Basis of Allocation to the Non-Institutional Investors, who have bid at cut-off or at and above the Issue Price of Rs. 400 per Equity Share, was finalized in consultation with NSE. This category (net of technical rejections) was over subscribed 0.343299 times. Hence FULL and FIRM allotments have been made against all valid applications. The total number of shares allotted in this category is 736,980 Equity Shares. The unsubscribed portion of 1,354,911 equity shares has been added to Qualified Institutional Investors categories and 58,470 shares were not allotted due to technical rejections. The category wise details of the Basis of Allocation in this category are as under:

C. Allocation to Qualified Institutional Buyers:
Allocation to QIBs has been done on a proportionate basis in consultation with NSE. As per the SEBI guidelines, Mutual Funds were to be allotted 5% of the quantum of shares available (877,636 Equity Shares) and other QIB including Mutual Funds were allotted 16,675,084 Equity Shares on proportionate basis. The total shares of 17,552,720 including spill over from the unsubscribed portion of Retail Individual Investors and Non Institutional Investors category to the extent of 4,672,154 Equity Shares allotted to QIBs on proportionate basis.

The IPO Committee of Directors of the Company at its meeting held on August 22,2007 approved the Basis of Allocation of Equity Shares in the Issue and has allotted Equity Shares to various successful applicants.
The CAN-cum-Refund Orders, intimation regarding refunds through electronic mode (ECS, RTGS, NEFT or Direct Credit) will be dispatched to the address qf the investors as registered with the depositories on August 23, 2007. In case the same is not received within ten 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 allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned on August 23,2007. The listing applications will be filed with the BSE and NSE on or before August 24,2007 and the Company is taking steps to get the Equity Shares admitted for trading on the BSE and NSE within seven working days from the date of approval of the Basis of Allocation.

INVESTORS PLEASE NOTE
The details of allocation made would be hosted on the website of the Registrar to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.com
Further correspondence in respect of allotment of Equity Shares pertaining to the Issue may be addressed to the Registrar to the Issue, intime Spectrum Registry Limited, 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:

Intime Spectrum Registry Ltd
C-13, Pannalal Silk Mills Compound, L.B.S. Road Bhandup (West), Mumbai - 400 078.
Tel.: (022) 2596 0320 Fax: (022) 2596 0329
E-mail: puravankara.ipo@intimespectrum.com
Contact Person : Mr.Vishwas Attavar

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 PURAVANKARA PROJECTS LIMITED.