Refex IPO Basis of Allotment

REFEX REFRIGERANTS LIMITED

Regd. Office : No.20, Mooker Nallamuthu Street, Chennai 600 001
Phone,: 044-42163965, Fax:044-25251057, Email: admin@refex.co.in

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 38,00,000 EQUITY SHARES OF Rs.10/- EACH FOR CASH AT A PREMIUM OF Rs. 55/- PER SHARE AGGREGATING RS.2470.00 LAKHS. THE FACE VALUE OF THE EQUITY SHARE IS Rs.10/- PER EQUITY SHARE AND THE ISSUE PRICE OF Rs. 65/- PER EQUITY SHARE IS 6.5 TIMES OF THE FACE VALUE.

NET OFFER TO THE PUBLIC
PUBLIC ISSUE OF 34,20,000 EQUITY SHARES OF Rs.10/- EACH FOR CASH AT A PREMIUM OF RS.55/-PER SHARE AGGREGATING TO RS.2223.00 LAKHS.

The Board of Directors thank the investing public for their overwhelming response to the Public Issue which opened for subscription on 23.7.2007 and closed on 26.7.2007. The Company received 22933 gross applications for 30701840 equity shares of which valid applications were 22531 for 26714960 equity shares. Of the total valid applications received, 16 applications were in QIB category for 3957040 shares, 22381 applications in Retail category for 17487440 equity shares and 134 applications in the Non- Retail category for 5270480 equity shares.

The Public Issue was over subscribed by 10.41 times in the case of QIB category, 6.64 times in Retail category and 6.70 times in Non-Retail category. The Public Issue was oversubscribed overall 7.82 times.

In terms of the aforesaid prospectus and also as per the guidelines issued by SEBI, not less than 50% of the net offer to the Public shall be available for allotment to Retail Individual Investors and balance 50% of the net offer to the public shall be available for allotment to individual applicants other than Retail Individual Investors and other investors including Corporate Bodies / Institutions irrespective of number of shares applied for. However, out of the total subscription, 77% were applied by Retail Investors and 23% were applied by Non-Retail Investors. Hence, the Basis of Allotment was drawn in the proportion of the subscription, i.e. 77% was proposed to be allotted to Retail Investors and the balance, i.e. 23% to Non-Retail Investors.

As required under the Listing Agreement, the Basis of Allotment has been approved by the designated Stock Exchange i.e. Bombay Stock Exchange Ltd. on 10.8.2007.

The details of the valid applications received in the Issue from QIBs, Retail Individual Investors and Non-Retail Investors categories are as under (after technical rejections):

A. Allotment to Qualified Institutional Buyers (QIBs)

The Basis of Allotment for QIBs, who have applied at the issue price of Rs.65/- per Equity Share was finalised in consultation with BSE. The category was oversubscribed 10.41 times. The total number of shares allotted in this category is 380000 Equity shares.

All the applicants in this category have been given firm allotment on proportionate basis inverse to the over-subscription ratio.

B. Allotment to Retail Investors

The Basis of Allotment to the Retail Investors, at the issue price of Rs.65/- per Equity Share, was finalised in consultation with BSE. This category was oversubscribed by 6.64 times. The total number of shares allotted in this category is 2633450 Equity Shares (including 50 excess shares due to rounding off). The category-wise details of the Basis of Allotment are as under:

C. Allotment to Non-Retail Investors

The Basis of Allotment for the Non-Retail Investors, who have applied at the issue price of Rs.65/- per Equity Share for an amount of more than Rs.1,00,000/-, was finalised in consultation with BSE. This category was oversubscribed 6.70 times. The total number of shares allotted in this category is 786726 Shares, (including 126 excess shares due to rounding off).

All the applicants in this category have been given firm allotment on proportionate basis inverse to the over-subscription ratio.

The Board of the Company, at its Meeting held at the Registered Office of the Company in Chennai on 10th August 2007 has approved the basis of allotment of shares of the issue and has allotted the shares to various successful applicants.

Refunds have been made through ECS, Direct credit and RTGS into the Bank Accounts of the applicants or Refund orders as the case may be to their address with the Depositories. In case the same is not received within ten days, applicants may contact at the address given below, ECS intimation Note and Refund Orders have been overprinted with the Bank Mandate details as registered, if any, with the Depositories. The Equity shares allotted to successful applicants have been credited to their beneficiary accounts. The company is taking steps to get the Equity Shares admitted for trading on Bombay Stock Exchange Limited within seven working days from the date of approval of the basis of allotment.

INVESTORS PLEASE NOTE:

These details of the allotment made have been hosted on the website of Registrars to the Issue i.e., Cameo Corporate Services Ltd. at www.cameoindia.com

All future correspondence in this regard may kindly be addressed to the Registrars to the Issue, quoting full name of the First/ Sole applicant, serial number of the application, DPID and Client ID, number of shares applied for, Bank Branch Name where the application was submitted and payment details at the address given below:-

Cameo Corporate Services Ltd.
'Subramanian Building', No.1, Club House Road, Chennai 600 002.
Phone:044-28460390/1073/0014
Fax: 044-2846 0129, Email: investor@cameoindia.com

For Refex Refrigerants Limited
Sd/
ANIL JAIN
MANAGING DIRECTOR