Companies recently gone for QIP and their

issue size
1. BHL
Bajaj Hindusthan (BHL), the country’s largest and the world’s fifth biggest sugar company,
raised Rs 723 crore through a qualified institutional placement (QIP) of equity shares.

BHL joint managing director Kushagra Bajaj said the issue was priced at Rs 204 a
share, marginally higher than the Sebi-determined floor price of Rs 203 a share.
The successful closure of the QIP by BHL brought cheer to its domestic peers which have
lined up a series of such offerings to raise Rs 35,000 crore this year after Indian stocks
had their biggest quarterly gain in 17 years.
BHL has issued 35.4 million shares to 25 institutional investors, leading to a 22%
expansion of the company’s equity base. On the expanded equity, the promoters stake
will come down to 42% from 51%. The identity of the investors will be revealed after the
allotment of shares on Tuesday.
According to Mr. Bajaj, the proceeds of the issue would be utilized to bring down the
company’s debt to nearly Rs 2,300 crore which, in turn, will ease pressure on the
company’s margin and also improve the debt-equity ratio from about 2.5:1 to about 1:1.
“Full subscription to our QIP reflects investors’ confidence in BHL’s commitment to, and
confidence in, the sugar and ethanol businesses,” he said.
BHL is the world’s 10th largest ethanol maker. The BHL stock gained 1% to close at Rs
206.50 on the BSE on Wednesday. CLSA and Deutsche Bank acted as the joint global
coordinators and joint book running lead managers to the issue.

2. TEXMACO
Texmaco is a leading engineering complex in eastern India that manufactures a range of
precision and heavy engineering products such as commodity-specific freight cars, high-
speed bogies, automatic couplers, draft gears, CMS crossings, industrial castings, hydro-
mechanical equipment for mega power plants, cryogenic pressure vessels, heat
exchangers, boilers and heavy steel structures.

Some of these are made in India for the first time ever in technical collaboration with
world-renowned companies.

Texmaco announced the successful closure of its qualified institutional placement (QIP)
aggregating to Rs. 170.56 crore.

This entails issue of 1.64 crore equity shares of Re 1 each at a price of Rs 104 per equity
share, which is above the floor price as calculated in accordance with the SEBI guidelines.
ICICI acted as a sole coordinator for this issue.

3. Indiabulls Financial Services

It has mobilised $200 million through a qualified institutional placement (QIP)
issue. The issue, priced at Rs 171 per share, has resulted in an equity dilution of 12%. The
issue, which was completed in just 45 minutes, was oversubscribed 3.5 times, said an
investment banking official familiar with the development.

The company received bids from over 60 investors including HSBC, Eton Park, Och-Ziff,
Bennelong, Goldman Sach and Blackstone. The company board had approved the stake
sale earlier on Monday and the deal was arranged by Morgan Stanley. The Indiabulls Fin
scrip closed 1.74% higher at Rs 184.05 on the BSE on Monday. The company will use the
money mainly to finance its new insurance venture. It had recently tied up with the
French financial major Societe Generale for jointly launching a life insurance venture for
which it has received an in-principal approval from insurance regulator IRDA. The venture
is expected to be launched by next December.
With this fund infusion, the company will have a net worth of Rs 4,500 crore, making
it the fourth-most capitalised financial services company. This is the second successful
fund raising by the Indiabulls group through the QIP route. Earlier in May, group company
Indiabulls Real Estate had raised $550 million through the QIP route to fund its real estate
and power projects.

Indiabulls Financial Services is mainly into consumer finance, housing finance and
commercial loans.

QIP’s to be raised in future

Gammon Infra to raise $100mn through QIP

Omaxe to raise fund through QIP

Lanco Infra plans to raise Rs 750 cr via QIP

RECENT ISSUES
NHPC LTD
Underwriting Agreement
After the determination of the Issue Price and allocation of our Equity Shares but prior to filing of the
Prospectus with the RoC, our Company and the Selling Shareholder will enter into an
Underwriting Agreement with the Underwriters for the Equity Shares proposed to be offered
through this Issue. It is proposed that pursuant to the terms of the Underwriting Agreement, the
BRLMs shall be responsible for bringing in the amount devolved in the event that the Syndicate
Members do not fulfill their underwriting obligations. Pursuant to the terms of the Underwriting
Agreement, the obligations of the Underwriters are subject to certain conditions to closing, as
specified therein. The Underwriters indicated their intention to underwrite Equity Shares:
CAPITAL STRUCTURE
In the opinion of our Board and the Selling Shareholder (based on certificates given to
them by BRLMs and the Syndicate Members), the resources of the Underwriters are sufficient to
enable them to discharge their respective underwriting obligations in full. All the above mentioned
Underwriters are registered with SEBI under Section 12(1) of the SEBI Act or
registered as brokers with the Stock Exchanges. The above Underwriting Agreement has been
accepted by the Board, our Company and the Selling Shareholder has issued letters of acceptance
to the Underwriters. Allocation among Underwriters may not necessarily be in proportion to their
underwriting commitments. Notwithstanding the above table, the Underwriters shall be severally
responsible for ensuring payment with respect to the Equity Shares allocated to investors procured by
them. In the event of any default, the respective Underwriters in addition to other obligations to be
defined in the Underwriting Agreement, will also be required to procure/subscribe to the extent of the
defaulted amount.
ADANI POWER LIMITED
Underwriting Agreement

After the determination of the Issue Price and allocation of our Equity Shares, but prior to the filing of
the Prospectus with the RoC, our Company will enter into an Underwriting Agreement with the
Underwriters for the Equity Shares proposed to be offered through the Issue. It is proposed that pursuant
to the terms of the Underwriting Agreement, the BRLMs shall be responsible for bringing in the amount
devolved in the event that the Syndicate Members do not fulfill their underwriting obligations. The
underwriting shall be to the extent of the Bids uploaded by the

Underwriters including through its Syndicate / Sub Syndicate. The Underwriting Agreement is Pursuant
to the terms of the Underwriting Agreement; the obligations of the Underwriters are several and are
subject to certain conditions specified therein.

In the opinion of our Board of Directors (based on a certificate given by the Underwriters), the
resources of the above mentioned Underwriters is sufficient to enable them to discharge its underwriting
obligations in full. The above mentioned Underwriters are registered with SEBI under Section 12 (1) of
the SEBI Act or registered as brokers with the Stock Exchange(s). Our Board of Directors/Committee
of Directors, has accepted and entered into the Underwriting Agreement mentioned above on behalf of
our Company.

Allocation among the Underwriters may not necessarily be in proportion to their underwriting
commitments. Notwithstanding the above table, the BRLMs and the Syndicate Members shall be
responsible for ensuring payment with respect to Equity Shares allocated to investors procured by them.
In the event of any default in payment, the respective Underwriter, in addition to other obligations
defined in the underwriting agreement, will also be required to procure/subscribe to Equity Shares to the
extent of the defaulted amount in accordance with the underwriting agreement.

CAPITAL STRUCTURE
Recent Bonus Issues in Indian Capital Market includes the following:
Company Bonus Ratio -DATE-
Announcement Record Ex-Bonus
Country Condos 2:1 15-07-2009 07-09-2009 04-09-2009
GEE 1:4 30-06-2009 26-08-2009 25-08-2009
Kanani Industr 2:1 25-06-2009 - 20-08-2009
Glodyne Techno 1:1 30-06-2009 - 20-08-2009
Munoth Capital 7:2 08-06-2009 06-08-2009 05-08-2009
Avance Tech 4:1 27-06-2009 08-08-2009 03-08-2009
TRF 1:1 16-06-2009 03-08-2009 31-07-2009
Divis Labs 1:1 06-06-2009 01-08-2009 30-07-2009
Veer Energy 1:2 01-06-2009 - 29-07-2009
Ind Tra Deco 2:3 06-06-2009 28-07-2009 27-07-2009
Anus Labs 1:1 03-06-2009 27-07-2009 24-07-2009
Transcorp Int 1:2 09-05-2009 - 02-07-2009
Dolphin Offshor 2:5 14-05-2009 - 29-06-2009
Indiaco Venture 1:1 30-04-2009 26-06-2009 19-06-2009
TCS 1:1 20-04-2009 17-06-2009 16-06-2009
PI Industries 1:1 13-06-2008 08-04-2009 25-03-2009
Rajendra Elec 1:1 29-12-2008 16-03-2009 04-03-2009
Transoceanic Pr 20:1 20-10-2008 10-02-2009 29-01-2009
Simplex Trading 4:1 18-08-2008 06-01-2009 05-01-2009

ESOPS
PUNJ LLOYD
Punj Lloyd Ltd has announced that the Committee of Directors in its meeting held on August 11, 2009
has allotted 1,96,635 equity shares of Rs 2 each to the eligible employees under ESOP 2005 and 13,035
equity shares of Rs 2 each to the eligible employees under ESOP 2006 of the Company.

The stock closed the day at Rs.223.35, down by Rs.14.75 or 6.19%. The stock hit an intraday high of
Rs.235.45 and low of Rs.222.

The total traded quantity was 1089050 compared to 2 week average of 1927912.

Unichem Laboratories grants 3 lakh ESOPs

Unichem Laboratories Ltd has announced that the Compensation Committee of the Board of Directors
of the Company at its meeting held on June 17, 2009, has granted 3,00,000 (Three Lacs) equity shares
to the Employees of the Company in terms of its Employee Stock Option Scheme - 2008.

Against each option, the grantee will have a right to apply for and get allotted one equity share at an
exercise price of Rs 115/- (Rupees One Hundred and Fifteen only). The vesting period for the said
options is in a graded manner over five years as prescribed in the scheme

STOCK SPLIT
Gammon Infra approves stock split on Tue, Aug 11, 2009. The company board has approved stock
split from Rs 10 To Rs 2. It was trading with volumes of 26,757 shares, compared to its five-day
average of 2,802 shares, an increase of 854.93% (w.r.t. date of split approval).

Motilal Oswal jumps on share split decision on Apr 22, 2008. The company board has approved
splitting FV of shares from Rs 5 to Re 1. It was trading with volumes of 2,465 shares. Yesterday the
share closed up 1.48% or Rs 11 at Rs 752.55 (w.r.t. date of split approval).

KS oil approves stock split on May 23, 2007. The company board has approved 10:1 stock split, to
raise up to USD 100 million via FCCB/GDR. It is trading with volumes of 5,09,838 shares. Yesterday
the share closed up 0.23% at Rs 413.25 (w.r.t. date of split approval).

CONSOLIDATION OR REVERSE SPLIT

Note: It is observed that Indian Companies (companies listed on Indian Stock
Exchanges) do not opt for Consolidation. Hence, all the companies below are listed
on some or the other stock exchange outside India.

Sri Adhikari Brothers

Sri Adhikari Brothers has informed the stock exchanges that the board of Sri Adhikari Brothers
Television Network has approved the consolidation of face value of the company’s shares (reverse
stock split) from‚ 5 shares of face value Rs. 2 each to 1 share of face value Rs. 10 each. Sri
Adhikari Brothers Television Network share prices were up after this announcement was made. A stock
split increases liquidity and hence there is an increase in share prices during a stock split. The opposite
takes place in case of the reverse stock split and logically the share prices should fall during a reverse
stock split. However that doesn’t seem to be happening in case of the Sri Adhikari Brothers Reverse
Stock Split.

RIT Technologies (listed on NASDAQ)

RIT Technologies announced on August 3, 2009 that its previously announced one-for-eight reverse
split of its outstanding Ordinary Shares will become effective on Monday, August 24, 2009. After the
reverse split, the number of the Company's authorized Ordinary Shares will decrease from 39,979,770
to 4,997,471.2 Ordinary Shares; the number of Ordinary Shares outstanding is expected to decrease
from 20,835,420 to 2,604,428, reflecting the rounding of fractional shares; and the par value per
Ordinary Share will increase from NIS 0.1 to NIS 0.8.