PUNJAB & SIND BANK Constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Bank Acquisition Act) on April 15,1980. The Bank was incorporated on June 24,1908, as The Punjab and Sind Bank Limited', with its registered office at Hall Bazar, Amritsar, Punjab, India. The Bank was nationalised under the Bank Acquisiton Act on April 15,1980 and its name was changed to 'Punjab & Sind Bank'. For details of changes in the head office of the Bank, see "History and Certain Corporate Matters" on page 134 of the Prospectus. Head Office: 'Bank House', 21, Rajendra Place, New Delhi 110 008, India Tel: (+91 11) 2572 0849 Fax: (+91 11) 2578 1639. Contact Person and Compliance Officer: Mr. A.P.S. Teji Tel: (+91 11) 2581 2922 Fax: (+91 11)2581 2922 E-mail: complianceofficer@psb.org.in Website: www.psbindia.com BASIS OF ALLOTMENT PUBLIC ISSUE OF 4,00,00,000 EQUITY SHARES OF RS. 10 EACH (THE "EQUITY SHARES") FOR CASH AT A PRICE OF RS.120* PER EQUITY SHARE OF PUNJAB & SIND BANK ("THE BANK" OR "THE ISSUER") AGGREGATING RS. 470.82 CRORE (THE "ISSUE"). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF 3,80,00,000 EQUITY SHARES (THE "NET ISSUE") AND A RESERVATION OF 20,00,000 EQUITY SHARES FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (AS DEFINED IN THE RED HERRING PROSPECTUS AND THE PROSPECTUS) (THE "EMPLOYEE RESERVATION PORTION"), AT THE ISSUE PRICE. THE ISSUE SHALL CONSTITUTE 17.93% OF THE POST-ISSUE SHARE CAPITAL OF THE BANK. THE NET ISSUE SHALL CONSTITUTE 17.04% OF THE POST-ISSUE SHARE CAPITAL OF THE BANK. Issue opened on December 13,2010. Issue closed on December 15,2010 for QIB Bidders and on December 16,2010 for Non QIB Bidders THE FACE VALUE OF THE EQUITY SHARES IS RS 10 EACH. THE ISSUE PRICE IS RS 120* AND IS 12.0 TIMES THE FACE VALUE OF THE EQUITY SHARES. Discount of Rs. 6, i.e. 5% to the Issue Price was offered to Retail Individual Bidders "Retail Discount") and Eligible Employees (the "Employee Discount"), respectively. The excess amount paid at the time of Bidding shall be refumled to Retail lndividual Bidaers and Eligjble Employees within 12 working days of the Bid/issue closing date. Promoter: The President of India, acting through the Ministry of Finance, Government of India The Equity Shares of the Bank are proposed to be listed on the Bombay Stock Exchange Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") and the trading will commence on December 30,2010. In terms of Rule 19(2)(c) of the Securities Contracts (Regulation) Rules, 1957, as amended, (the "SCRR") as applicable to public sector undertakings, this being an Issue for at least 10% of the post-issue paid up equity share capital, the Issue is being made through the Book Building
Process wherein up to 50% of the Net Issue will be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") (the "QIB Portion"). Further 5% of the QIB Portion 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. Further, not less than 15% of the Net Issue will be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% 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, 20,00,000 Equity Shares shall be made 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 699,882 applications for 2,014,647,800 equity shares resulting in 50.3662 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional Bidders, Retail Individual Bidders and Eligible Employees categories are as under: (Before Technical Rejections) No. of No. of Times of No. of Shares Applications Subscription A Retail Individual Bidders 692,085 579,192,000 43.5483 B Non-Institutional Bidders 921 486,181,600 85.2950 Qualified Institutional C Buyers 160 945,986,200 49.7887 D Employees 6,716 3,288,000 1.6440 Total 699,882 2,014,647,800 50.3662 Final Demand The final demand at different bid prices as per the electronic bid files provided by the Exchanges is as under: Bid Price No. of Equity Shares % to Total Cumulative Total Cumulatfve % to Total 113 13.601.500 0.659 13,601,500 0.659 114 1,440,650 0.070 15,042,150 0.729 115 7,851,950 0.380 22,894,100 1.109 116 5,473,350 0.265 28,367,450 1.374 117 4,165,100 0.202 32,532,550 1.576 118 3,605,150 0.175 36,137,700 1.750 119 187,850 0.009 36,325,550 1.759 120 1,532,443,950 74.222 1,568,769,500 75.982 CUT-OFF 495,898,950 24.018 2,064,668,450 100.000 TOTAL 2,064,668,450 100.000 The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange Limited ("BSE") on December 27, 2010.
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 f 120 per Equity Share (RS 6 discount on the Issue Price was given to the employees on allotment and hence the net issue price for this category is RS 114 per Equity Share), was finalized in consultation with BSE. This category has been over subscribed to the extent of 1.5608 times (after technical rejections). The total number of shares allotted in Employee category is 20,00,000 Equity Shares to 6,289 successful applicants. The category-wise details of the Basis of Allotment are (sample) as under No. Of % to Total No. of % to No. of Shares Total No. of Ratio Applns. total Shares applied total allocated Shares allocated 50 152 2.4 7,600 0.24 50 10:13 5,800 100 593 9.38 59,300 1.9 64 1:1 37,952 150 109 1.72 16,350 0.52 96 1:1 10,464 150 1 1:10 10 200 634 10.02 126,800 4.06 128 1:1 81,152 250 687 10.86 171,750 5.5 160 1:1 109,920 300 603 9.53 180,900 5.8 192 1:1 115,776 350 41 0.65 14,350 0.46 224 1:1 9,184 400 561 8.87 224,400 7.19 256 1:1 143,616 750 24 0.38 18,000 0.58 481 1:1 11,544 800 230 3.64 184,000 5.89 513 1:1 117,990 850 60 0.95 51,000 1.63 545 1:1 32,700 900 17 0.27 15,300 0.49 577 1:1 9,809 950 2 0.03 1,900 0.06 609 1:1 1,218 1000 385 6.09 385,000 12.33 641 1:1 246,785 1350 1 0.02 1,350 0.04 865 1:1 865 1400 7 0.11 9,800 0.31 897 1:1 6,279 1500 53 0.84 79,500 2.55 961 1:1 50,933 1600 26 0.41 41,600 1.33 1025 1:1 26,650 1650 338 5.34 557,700 17.87 1057 1:1 357,266 B. Allocation to Retail Individual Bidders (After Technical Rejections) The Basis of Allocation to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of RS 120 per Equity Share (RS 6 discount on the Issue Price was given to the Retail Individual Bidders and hence the net issue price for this category is RS 114 per Equity Share), was finalized in consultation with BSE. This category has been oversubscribed to the extent of 43.2014 times (after technical rejections). The total number of shares allotted in Retail Individual Bidders category is 13,300,000 Equity Shares to 266,000 successful applicants. The categorywise details of the Basis of Allotment are as under:
No. Of Applns. % to total Total No. of Equity Shares applied % to total No. of Equity Shares allocated Ratio Total No. of Equity Shares allocated 50 34684 5.07 1,734,200 0.3 50 2:79 43,800 100 47930 7.01 4,793,000 0.83 50 3:65 110,600 150 21022 3.07 3,153,300 0.55 50 5:72 73,000 200 37626 5.5 7.525.200 1.31 50 5:54 174,200 250 19484 2.85 4,871,000 0.85 50 11:95 112,800 300 18721 2.74 5,616,300 0.98 50 5:36 130,000 350 7430 1.09 2,600,500 0.45 50 6:37 60,250 400 30567 4.47 12,226,800 2.13 50 5:27 283,050 450 7234 1.06 3,255,300 0.57 50 5:24 75,350 500 29607 4.33 14,803,500 2.58 50 22:95 342,800 550 4271 0.62 2,349,050 0.41 50 14:55 54,350 600 9713 1.42 5,827,800 1.01 50 5:18 134,900 650 3692 0.54 2,399,800 0.42 50 22:73 55,650 700 5365 0.78 3,755,500 0.65 50 12:37 87,000 750 8256 1.21 6,192,000 1.08 50 17:49 143,200 800 149386 21.85 119,508,800 20.8 50 10:27 2,766,400 850 16299 2.38 13,854,150 2.41 50 24:61 320,650 900 5511 0.81 4,959,900 0.86 50 5:12 114,800 950 1479 0.22 1,405,050 0.24 50 11:25 32,550 1000 14901 2.18 14,901,000 2.59 50 25:54 344,950 1050 1951 0.29 2,048,550 0.36 50 17:35 47,400 1100 2108 0.31 2,318,800 0.4 50 28:55 53,650 1150 1217 0.18 1,399,550 0.24 50 8:15 32,450 1200 2582 0.38 3,098,400 0.54 50 5:9 71,700 1250 4960 0.73 6,200,000 1.08 50 11:19 143,600 1300 1364 0.2 1,773,200 0.31 50 56:93 41,050 1350 1086 0.16 1,466,100 0.26 50 5:8 33,950 1400 1453 0.21 2,034,200 0.35 50 24:37 47,100 1450 888 0.13 1,287,600 0.22 50 45:67 29,800 1500 4248 0.62 6,372,000 1.11 50 25:36 147,500 1550 1606 0.23 2,489,300 0.43 50 33:46 57,600 1600 7286 1.07 11,657,600 2.03 50 20:27 269,850 1650 179819 26.3 296,701,350 51.64 50 71:93 6,864,050 C. Allocation to Non-Institutional Bidders (After Technical Rejections) The Basis of Allocation to the Non-Institutional Bidders, who have bid at at the Issue Price of RS
120 per Equity Share, was finalized in consultation with BSE. This category has been over subscribed to the extent of 85.1597 times (after technical rejections). The total number of equity shares allotted in this category is 5,700,000 equity shares to 818 successful applicants. The category-wise details of the Basis of Allotment are (Sample) as under: No. Of % to Total No. of % to No. of Shares Total No. of Ratio Applns. total Shares applied total allocated Shares allocated 1700 52 5.77 88,400 0.02 50 19:52 950 1750 34 3.77 59,500 0.01 50 7:17 700 1800 4 0.44 7,200 0 50 1:2 100 1900 2 0.22 3,800 0 50 1:2 50 2000 18 2 36,000 0.01 50 4:9 400 2500 17 1.89 42,500 0.01 50 10:17 500 3000 4 0.44 12,000 0 50 3:4 150 3300 8 0.89 26,400 0.01 50 3:4 300 3400 3 0.33 10,200 0 50 2:3 100 4200 11 1.22 46,200 0.01 50 1:1 550 6010000 1 0.11 6,010,000 1.24 70573 1:1 70,573 6250000 1 0.11 6,250,000 1.29 73392 1:1 73,392 7480000 1 0.11 7,480,000 1.54 87835 1:1 87,835 18300000 2 0.22 36,600,000 7.54 214882 1:1 429,764 18750000 1 0.11 18,750,000 3.86 220165 1:1 220,165 38000000 1 0.11 38,000,000 7.83 446200 1:1 446,200 D. Allocation to QIBs Allocation to QIBs has been done on a proportionate basis in consultation with BSE. In accordance with the SEBI (ICDR) Regulations, Mutual Funds were initially allocated 5% of the quantum of shares available (950,000 Equity Shares), and other QIBs were allocated the remaininq available shares (18,050,000 Equity Shares) on proportionate basis. Fls/Banks Flls MFs ICs VCs Total No.of Shares 8,431,579 6,728,016 2,371,146 1,461,257 8,002 19,000,000 The Board of Directors of the Issuer at its Meeting held on December 27,2010 has taken on record the basis of allocation of shares approved by the Designated Stock Exchange viz., Bombay Stock Exchange Limited ("BSE") and has authorized the Corporate Action for the transfer of the shares to various successful applicants. The refund order and allotment advice and/ or notices have been dispatched to the address of the investors as registered with the depositories, on or prior to December 28,2010. 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 Account 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. Further, the instructions to Self Certified Syndicate Banks have been dispatched / mailed on December 27,2010. The Bank has filed listing applications with the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE) vide letters dated December 28,2010. INVESTORS PLEASE NOTE These details of the allocation made would be hosted on the website of Registrar to the Issue, Link Intime India Private Limited on www.linkintime.co.in All future correspondence in this regard may kindly be addressed to the Registrar 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, Place where the bid was submitted and payment details at the address given below: Link Intime India Private Limited C-13, Pannalal Silk Mills Compound, L.B.S. Marg, Bhandup (West), Mumbai 400 078 Tel: +9122 2596 0320, Fax: +9122 2596 0329. E-mail ID: psb.ipo@linkintime.co.in Place: New Delhi Date: 28th December, 2010 For Punjab & Sind Bank Mr.A.P.S.Teji Compliance Officer THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF PUNJAB & SIND BANK, Punjab & Sind Bank is proposing to make, subject to market conditions and other considerations, a public offer of securities and has filed a Prospectus with the Securities & Exchange Board of India ("SEBI"), the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited. The Prospectus is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers at www.enam.com, www.sbicaps.com and www.icicisecurities.com. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled "Risk Factors" of the Prospectus. This advertisement does not constitute an offer of securities for sale or the solicitation of any offerto buy securities in any jurisdiction, including the United States. Securities may not be offered or sold in the United States absent registration under theu.s. Securities Act of 1933, as amended (the "US Securities Act"), or an exemption therefrom. The Equity Shares have not been and will not be registered under the U.S. Securities Act or any state securities laws in the United States and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. state securities laws. The Equity Shares are being offered and sold only outside the United States in compliance with Regulation S under the U.S. Securities Act and the applicable laws of each jurisdiction where such offers and sales occur. No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in this advertisement, will not be accepted.