As the issue was oversubscribed, the allotment took place under the Securities Issuance and Allotment Directive. Thus, only 36,859 applicants were provided 10 units of shares through lottery. Moreover, 3 lucky participants among them were provided additional 1 unit of share making the total 11 units of shares.
As a result, the remaining 97.47 percent which is 2,354,784 applicants have been left empty-handed.
The company had issued 393,750 units of primary shares worth Rs 39.3 million to the general public from August 11-15.
Out of the total shares, the company allocated 0.5 percent i.e. 5,469 units to employees and 5 percent i.e. 19,688 units to mutual funds. The general investors could apply for the remaining 368,593 units of shares.
