November 23, 2006 - November 29, 2006

Sobha IPO Basis of Allotment

SOBHA DEVELOPERS LIMITED

(The Company was incorporated as Sobha Developers Private Limited on August 7,1995. The Status of the Company was subsequently changed to a public limited company by a special resolution of the members passed of an extraordinary general meeting held on May 8, 2006. The fresh certificate of incorporation consequent on change of name was granted to the Company on June 2, 2006 by the Registrar of Companies, Karnataka Registered Office: E-106, Sunrise Chambers, 22, Ulsoor Road, Bangalore - 560042, India)
(The registered office of the Company was shifted from E-106, Sunrise Chambers, 22, Ulsoor Road, Bangalore- 560042, India to 43, 2n Floor, Dickenson Road, Bangalore-560 042, India with effect from December 31, 2004 by a resolufion of the Board of Directors.)
Company Secretary and Compliance Officer: Mr. K Suresh. Tel: (91 80) 2559 7260, Fax: (91 80) 2559 4138,
Email : investors@sobha.co.in , Website: www.sobhadevelopers.com

BASIS OF ALLOCATION

PUBLIC ISSUE OF 8,893,332 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 640 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS. 630 PER EQUITY SHARE, AGGREGATING RS. 5,691.73 MILLION (THE 'ISSUE') BY SOBHA DEVELOPERS LIMITED (THE 'COMPANY'OR'THE ISSUER'). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF 8,004,032 SHARES OF RS. 10 EACH (THE 'NET ISSUE') AND A RESERVATION OF UP TO 889,300 SHARES OF RS. 10 EACH FOR THE PERMANENT EMPLOYEES OF THE COMPANY (THE 'EMPLOYEE RESERVATION PORTION'). THE ISSUE WOULD CONSTITUTE 12.20^% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY THE NET ISSUE WILL CONSTITUTE 10.98% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY

ISSUE PRICE: RS. 640/- PER EQUITY SHARE OF FACE VALUE OF RS. 10 EACH. THE ISSUE PRICE IS 64 TIMES OF THE FACE. VALUE.

In terms of Rule 19 (2)(b) of the Securities Contract Regulation Rules, 1957 this being an Issue for less than 25% of the post-Issue capital, the Issue was being made through the 100% Book_. Building Process wherein at least 60% of the Net Issue will be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs'), out of which 5% shall be available for allocation on a proportionate basis to Mutual Funds only. The remainder shall be available for allocation on a proportionate basis to QIBs and Mutual Funds, subject to valid bids being received from them at or above the Issue Price. If at least 60% of the Net Issue cannot be allocated to QIBs, then the entire application money will be refunded forthwith. Further, up to 10% of the Net Issue will be available for allocation on a proportionate basis to Non-Institutional Bidders and up to 30% of the Net Issue will be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid bids being received at or above the Issue Price. Further, up to 889,300 Equity Shares shall be available for allocation on a proportionate basis to the Eligible Employees, subject to valid Bids being received at or above the Issue Price.

The Issue received 493238 applications for 1013204575 equity shares resulting in 113:9286 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Investors, Employee categories are as under (Before technical rejections):

Category	No. of Applications	No. of Shares	Subscription
Retail Bidders	490108	49172375	20.4776
Non Institutional Bidders	2183	152533880	190.5959
Qualified Institutional Bidders	450	810616200	168.7922
Employees	497	882120	0.9919
TOTAL	493238	1013204575	113.9286

Final Demand

The final demand at different bid prices is as under:

Bid Price	No. of Shares	% to Total	Cumulative Total	Cumulative % to Total
550	1669420	0.1631	1023315600	100.0000
551	270	0.0000	1021646180	99.8369
552	100	0.0000	1021645910	99.8368
553	20	0.0000	1021645810	99.8368
554	150	0.0000	1021645790	99.8368
555	9490	0.0009	1021645640	99.8368
556	210	0.0000	1021636150	99.8359
557	30	0.0000	1021635940	99.8359
558	10	0.0000	1021635910	99.8359
559	80	0.0000	1021635900	99.8359
560	74050	0.0072	1021635820	99.8358
562	220	0.0000	1021561770	99.8286
563	170	0.0000	1021561550	99.8286
564	21640	0.0021	1021561380	99.8286
565	9410	0.0009	1021539740	99.8265
566	40	0.0000	1021530330	99.8255
567	60	⁰.0000	1021590290	99.8255
568	290	0:0000	1021530230	99.8255
569	80	0.0000	1021529940	99.8255
570	2420	0.0002	1021529860	99.8255
575	23140	0.0023	1021527440	99.8253
576	100	0.0000	1021504300	99.8230
577	10	0.0000	1021504200	99.8230
580	15420	0.0015	1021504190	99.8230
581	290	0.0000	1021488770	99.8215
583	340	0.0000	1021488480	99.8215
584	170	0.0000	1021488140	99.8214
585	11520	0.0011	1021487970	99.8214
586	360	0.0000	1021476450	99.8203
587	3060	0.0003	1021476090	99.8202
588	24130	0.0024	1021473030	99.8199
589	10	0.0000	1021448900	99.8176
590	2730	0.0003	1021448890	99.8176
591	40	0.0000	1021446160	99.8173
593	20	0.0000	1021446120	99.8173
594	380	0.0000	1021446100	99.8173
595	24020	0.0023	1021445720	99.8173
596	160	0.0000	1021421700	99.8149
599	60	0.0000	1021421540	99.8149
600	3023540	0.2955	1021421480	99.8149
601	150	0.0000	1018397940	99.5194
603	10	0.0000	^-1018397790	99.5194
605	280	0.0000	1018397780	99.5194
610	13400	0.0013	1018397500	99.5194
611	20	0.0000	1018384100	99.5181
612	70	0.0000	1018384080	99.5181
615	510	0.0000	1018384010	99.5181
616	10	0.0000	1018383500	99.5180
617	360	0.0000	1018383490	99.5180
618	400	0.0000	1018383130	99.5180
620	1783450	0.1743	1018382730	99.5180
621	170	0.0000	1016599280	99.3437
622	240	0.0000	1016599110	99.3437
623	80	0.0000	1016598870	99.3436
624	10400	0.0010	¹016598790	99.3436
625	29070	0.0028	1016588390	99.3426
626	200	0.0000	1016559320	99.3398
627.	70	0.0000	1016559120	99.3397
628	80	0.0000	1016559050	99.3397
629	100	0.0000	1016558970	99.3397
630	351170	0.0343	1016558870	99.3397
631	270	0.0000	1016207700	99.3054
633	30	0.0000	1016207430	99.3054
635	26600	0.0026	1016207400	99.3054
637	260	0.0000	1016180800	99.3028
638	510	0.0000	1016180540	99.3028
639	1730	0.0002	1016180030	99.3027
640	967171800	94.5135	1016178300	99.3025
Cut-Off	49006500	4.7890	49006500	4.7890
Total	1023315600

The Basis of Allocation was finalized in consultation with the National Stock Exchange of India Limited('NSE') on December 11, 2006.

A.Allocation to Employees
The Basis of Allocation to the Employees category, who have bid at cut-off or at Issue Price of Rs.640/- per Equity Share, was finalized in consultation with NSE. The category was subscribed 0.99165 times. The total number of shares allotted in this category is 881870 Equity Shares. The unsubscribed portion of 7430 Shares have been added to the Retail Category and Non Institutional Investors in the ratio of 1:1 i,e 3715 Shares each. The category wise details of the Basis of Allocation (sample) are as under.

Category	No. of Applns.	% to Total	Total No. of Shares applied	% to Total	No of Shares allocated	Ratio	Total No. of Shares allocated
10	8	1.62	80	0.01	10	FIRM	80
100	32.	6.46	3200	0.36	100	FIRM	3200
500	41	8.28	20500	2.32	500	FIRM	20500
1000	15	3.03	15000	1.7	1000	FIRM	15000
5000	8	1.62	40000	4.54	5000	FIRM	40000
10000	2.	0.4	20000	2.27	10000	FIRM	20000
12500	1	0.2	12500	1.42	12500	FIRM	12500
15000	3	0.61	45000	5.1	15000	FIRM	45000
16000	1	0.2	16000	1.81	16000	FIRM	16000
20620	1	0.2	20620	2.34	20620	FIRM	20620
25000	1	0.2	25000	2.83	25000	FIRM	25000
31250	1	0.2	31250	3.54	31250	FIRM	31250
39060	1	0.2	39060	4.43	39060	FIRM	39060
555.00	1	0.2	55500	6.29	55500	FIRM	55500
195310	1	0.2	195310	22.15	195310	FIRM	195310

B. Allocation to Retail investors

The Basis of Allocation to the Retail Investors, who have bid at cut-off or at the Issue Price of Rs.640/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 20.12689 times. The total number of shares allotted in this category is 2408490 Equity Shares (Including 3715 Shares spill over from Employee Category). The category-wise details of the Basis of Allocation are as under:

Category	No. of Applns.	% to Total	Total No. of Shares applied	% to Total	No. of Shares allocated	Ratio	Total No. of Shares allocated
10	25916	5.37	259160	0.54	10	1 :21	12340
20	25873	5.36	517460	1.07	10	1:10	25870
30	18222	3.78	546660	1.13	10	3:20	27330
40	13813	2.86	552520	1.14	10	1: 5	27630
50	22756	4.72	1137800	2.35	10	25:101	56330
60	9622	2	577320	1.19	10	3:10	28870
70	108056	22.4	7.563920	15:63	10	23:65	382350
80	5571	1.15	445680	0.92	10	2:5	22280
90	2022	0.42	181980	0.38	10	9:20	9100
100	14368	2.98	1436800	2.97	10	50:101	71130
110	2280	0.47	250800	0.52	10	11 :20	12540
120	2409	0.5	289080	0.6	10	3: 5	14450
130	1888	0.39	245440	0.51	10.	13 :20	12270
140	2450	0.51	343000	0.71	10	2: 3	16330
150	227 50	47.08	34057500	70.36	10	32:43	1689670

C.Allocation to Non Institutional Investors

The Basis of Allocation to the Non institutional, who have bid at the Issue Price of Rs. 640/- per Equity Share, was finalized in consultation with NSE. The category was subscribed 189.45564 times. The total number of shares allotted in this category, is 804015 Equity Shares (Including 3715 Shares spill over from Employee Category). The category-wise details of the Basis of Allocation (Sample) are as under:

Category	No. of Applns.	% to Total	Total No. of Shares applied	% to Total	No. of Shares allocated	Ratio	Total No. of Shares allocated
160	133	7.24	21280	0.01	10	1:12	110
200	173	9.42	34600	0.02	7.0	1:10	170
250	38	2.07	9500	0.01	10	5:38	50
300	77	4.19	23100	0.02	10	12: 77	120
310	28	1.52	8680	0.01	10	5:28	50
500	62	3.38	31000	0.02	10	8:31	160
780	34	1.85	26520	0.02	10	7:17	140
1000	53	2.89	53000	0.03	10	28:53	280
1400	6	0.33	8400	0.01	10	2:3	40
1500	16	0.87	24000	0.02	10	13:16	130
1550	5	0.27	7750	0.01	10	4:5	40
1560	21	1.4	32760	0.02	10	17 :21	170
1600	8	0.44	12800	0.01	10	7: 8	70
100000	9	0.49	900000	0.59	528	FIRM	4752
1000000	1	0.05	1000000	0.66	5278	FIRM	5278
1600000	1	0.05	1600000	1.05	8445	FIRM	8445
3906250	1	0.05	3906250	2.56	20618	FIRM	20618
8004000	5	0.27	40020000	26.27	42212	FIRM	211060

D. Allocation to Qualified institutional Buyers

Allocation to QIBs have been done on a proportionate basis in consultation with the National Stock Exchange Limited. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shores available (240123) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares (4562327) on proportionate basis. The sectoral cap and other limits applicable to the holding of shares in company have been taken into account while allotting shares. Mutual Funds were allotted 16.6296% for QIB segment and other QIB applicants were allotted 83.3704% of the shares for QIB segment.

Category	FIs/Banks	MFs	FIIs	Insurance Companies	VCs	Total
No.of Shares	510571	798626	3173688	303487	16078	4802450

The Board of Directors of the company of its Meeting held at Bangalore on December 12, 2006 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants.

The Refund Orders and allotment advice and notice has been dispatched to the address of the investors as registered with the depositories. 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 shares allocated to 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 admitted for trading on National Stock Exchange of India Limited and Bombay Stock Exchange Limited within seven working days from the date of approval of the basis of allocation.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the Issue, Intime Spectrum Registry Limited at www.intimespectrum.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 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
Unit: Sobha Developers Limited
C-13 Pannalal Silk Mills Compound, L.B.S. Marg,
Bhandup (West), Mumboi - 400 078
Tel. No.: (91 22) 2596 0320 - 28, Fax. No.: (91 22) 2596 0329
Email : isrl@intimespectrum.com

Place : Mumbai Date : December 13, 2006	For Sobha Developers Limited Sd/- Mr. K. Suresh Company Secretary

Sobha IPO Basis of Allotment FAQs

The IPO allocation is based on the subscription level and the investor category.

Refer to IPO allotment rules and methods for more details.

See the basis of allotment document above to know how the shares are allocated in Sobha IPO .

The Sobha IPO basis of allotment (published above) tells you how shares are allocated to you in Sobha IPO and category wise demand of IPO share.

Visit the Sobha IPO allotment status page to check the number of shares allocated to your application.

In Sobha IPO allotment process, the registrar separates valid and invalid applications. The invalid applications with technical errors are rejected and only valid applications at or above the cut-off price are considered for allotment.

For more information, please refer to IPO Allotment Process and Basis of Allotment.

Check the Sobha IPO basis of allotment document to know how the shares are allocated in Sobha IPO.

Sobha IPO Basis of Allotment

Sobha IPO Basis of Allotment FAQs

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