Basis of Allotment

BANG OVERSEAS LIMITED

BANG OVERSEAS LIMITED

(Our Company was incorporated as Bang Overseas Private Limited on June 1,1992 and was converted into a Public Limited Company on February 4, 2005.
Registered Office: Masjid Manor, II Floor, 16 Homi Modi Street, Fort, Mumbai: 400 023. Tel.: (022) 2204 3496; Fax: (022) 22810379; Website: www.banggroup.com.
Corporate Office: 144, Kewal Industrial Estate, 1st floor, Senapati Bapat Marg, Lower Parel (West), Mumbai- 400013, India. Tel.: 91-22-66607965; Fax: 91-22-66607970; E-mail: ipo@banggroup.com; Contact Person: Mr. Jaydas Dighe, Vice President (Finance) Compliance Officer

BASIS OF ALLOCATION

PUBUC ISSUE OF 3,500,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 207 PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF RS. 197 PER EQUITY SHARE, AGGREGATING RS. 724.5 MILLION (THE "ISSUE") BY BANG OVERSEAS LIMITED (THE "COMPANY" OR "THE ISSUER"). THE ISSUE COMPRISED A NET ISSUE TO THE PUBLIC OF 3,400,000 SHARES OF RS. 10 EACH (THE "NET ISSUE") AND A RESERVATION OF UP T0 100,000 EQUITY SHARES OF RS. 10 EACH FOR ELIGIBLE EMPLOYEES (THE "EMPLOYEE RESERVATION PORTION"). THE ISSUE WILL CONSTITUTE 25.81% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE COMPANY.
THE FACE VALUE PER EQUITY SHARE IS RS.10/-. THE ISSUE PRICE PER EQUITY SHARE IS RS. 207/- AND IT IS 20.70 TIMES THE FACE VALUE.

The Issue was being made through the 100% Book Building Process wherein at least 50% of the net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") (including 5% of the QIB portion that would be specifically allotted to mutual funds), further, up to 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and up to 35% of the Net Issue shall be available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price.

The Issue received 4780 applications for 3,966,170 equity shares resulting in 1.13 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional, Retail Individual Investor and Employee categories are as under (Before technical rejections)

Category No. of Applications No. of Shares Subscription (No. of Times)
Qualified Institutional Buyers 3 1939980 1.14
Non Institutional Investors 15 666720 1.30
Retail Individual Investors 4733 1257260 1.05
Employees 29 102210 1.02
Total 4780 3966170 1.13

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

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to total
200 3960 0.09 4356090 100.00
201 210 0.00 4352130 99.91
202 150 0.00 4351920 99.90
203 30 0.00 4351770 99.90
204 150 0.00 4351740 99.90
205 420 0.01 4351590 99.90
206 60 0.00 4351170 99.89
Rs. 207 & Cut off 4351110 99.89 4351110 99.89

The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange Limited ("BSE) on February 12, 2008.

A. Allocation to Employees (After Technical Rejections)
The Basis of Allocation to the Employees, who have bid at cut-off or at the Issue Price of Rs. 207/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 1.0221 times. The total number of shares allotted in this category is 100,000 Equity Shares to 29 successful applicants. The category-wise details of the Basis of Allocation (Sample) are as under

Category No. of Applns.
Received
% to total Total No.
of Shares applied
% to total No. of Shares
allocated
Ratio Total No. of
Shares allocated
30 2 6.90 60 0.06 30 FIRM 60
60 1 3.45 60 0.06 59 FIRM 59
90 1 3.45 90 0.09 88 FIRM 88
210 1 3.45 210 0.21 205 FIRM 205
300 3 10.34 900 0.88 294 FIRM 882
360 1 3.45 360 0.35 352 FIRM 352
450 1 3.45 450 0.44 440 FIRM 440
480 2 6.90 960 0.94 470 FIRM 940
1230 1 3.45 1230 1.20 1203 FIRM 1203
1980 2 6.90 3960 3.87 1937 FIRM 3874
2280 1 3.45 2280 2.23 2231 FIRM 2231
2850 1 3.45 2850 2.79 2788 FIRM 2788
3840 1 3.45 3840 3.76 3757 FIRM 3757
4200 1 3.45 4200 4.11 4109 FIRM 4109
4350 1 3.45 4350 4.26 4256 FIRM 4256
4740 1 3.45 4740 4.64 4638 FIRM 4638
4980 1 3.45 4980 4.87 4872 FIRM 4872
5250 1 3.45 5250 5.14 5136 FIRM 5136
5400 1 3.45 5400 5.28 5283 FIRM 5283
9660 3 10.34 28980 28.35 9451 FIRM 28353
9720 1 3.45 9720 9.51 9510 FIRM 9510
17340 1 3.45 17340 16.97 16964 FIRM 16964

B. Allocation to Retail Individual Investors (After Technical Rejections)r
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs.207/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 1.040748 times. The total number of shares allotted in this category is 1190000 Equity Shares to 4612 successful applicants. The category-wise details of the Basis of Allocation are as unde

Category No. of Applns.
Received
% to total Total No. of
Shares applied
% to total No. of Shares
allocated
Ratio Total No. of
Shares allocated
30 1159 25.13 34770 2.81 30 FIRM 34770
60 438 9.50 26280 2.12 58 FIRM 25404
90 221 4.79 19890 1.61 86 FIRM 19006
120 223 4.84 26760 2.16 115 FIRM 25645
150 91 1.97 13650 1.10 144 FIRM 13104
180 35 0.76 6300 0.51 173 FIRM 6055
210 50 1.08 10500 0.85 202 FIRM 10100
240 160 3.47 38400 3.10 231 FIRM 36960
270 15 0.33 4050 0.33 259 FIRM 3885
300 29 0.63 8700 0.70 288 FIRM 8352
330 3 0.07 990 0.08 317 FIRM 951
360 9 0.20 3240 0.26 346 FIRM 3114
390 3 0.07 1170 0.09 375 FIRM 1125
420 6 0.13 2520 0.20 404 FIRM 2424
450 11 0.24 4950 0.40 432 FIRM 4752
480 2159 46.81 1036320 83.68 460 FIRM 993140
ADDITIONAL 1 9:16 1213

C. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 207/- per Equity Share, was finalized in consultation with BSE. The category was under-subscribed 1.307294 times. The total number of shares allotted in this category is 510000 Equity Shares to 15 successful applicants. The category-wise details of the Basis of Allocation (sample) are as under

Category No. of Applns. Received % to total Total No.
of Shares applied
% to total No. of Shares allocated Ratio Total No. of Shares allocated
990 1 6.67 990 0.15 757 FIRM 757
1050 1 6.67 1050 0.16 803 FIRM 803
1080 1 6.67 1080 0.16 826 FIRM 826
2400 1 6.67 2400 0.36 1836 FIRM 1836
2880 1 6.67 2880 0.43 2203 FIRM 2203
3000 1 6.67 3000 0.45 2295 FIRM 2295
4350 1 6.67 4350 0.65 3327 FIRM 3327
4830 3 20.00 14490 2.17 3695 FIRM 11085
24150 2 13.33 48300 7.24 18474 FIRM 36948
48300 1 6.67 48300 7.24 36947 FIRM 36947
250020 1 6.67 250020 37.50 191250 FIRM 191250
289860 1 6.67 289860 43.48 221723 FIRM 221723

D. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI guidelines, there were 85,000 equity shares reserved for Mutual Funds category. Since no applications were received from Mutual funds, the spill over portion has been added to all other QIBs and other QIBs were allotted the remaining available shares (1,700,000) on proportionate basis.

Category Flls Total
No. of Shares 1700000 1700000

The Board of Directors of the company at its Meeting held at Mumbai on February 12,2008 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants.

The CAN-cum-Refund Orders and allotment advice and notices have been dispatched to the address of the investors as registered with the depositories by February 14,2008. 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 have been credited to their beneficiary accounts subject to validation of the account details with the depositories concerned by February 14, 2008. The listing application have been filed with the BSE and the NSE on February 15, 2008 and the company is taking steps to get the equity shares admitted for trading on the 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

These details of the allocation made would be hosted on the website of Registrars to the Issue, Karvy Computershare Private Limited at http://kcpl.karvy.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:

Karvy Computershare Private Limited
Unit: Bang Overseas
Plot.No. 17 to 24, Vithalrao Nagar, Hitech City Road, Madhapur, Hyderabad -500 081.
Tel: 040 2343 1553 Fax: 040-23420814, Email: einward.ris@Karvy.com
Website: www.karvy.com

TOLL FREE - HELPLINE NUMBER: 1-800-3454001

Place : Mumbai
Date : February18,2008
For Bang Overseas Limited
Sd/-
Brijgopal Bang
Managing Director

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 BANG OVERSEAS LIMITED.

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