Activity Schedule for IPO

S.No. 1. 2. 3. Activity Project Report Eligibility Norms Board meeting Purpose The issue size and debt position will be decided on the basis of Project Report To Check whether Company fulfills the conditions for issue under Clause 2.2 of SEBI (DIP) Guidelines To consider IPO, convene General meeting, appt. of Merchant Bankers, Registrars of the Issue, Bankers to the Issue, Advisors to the issue etc. and to consider matters requiring members approval viz. 81(1A) resolution, alteration of Articles as suggested by Stock Exchanges, increase in authorised capital etc. Financials to be on a date not older than 6 months. Merchant Banker, Registrar to Issue, Advisors to the issue, Bankers to the issue etc. Tentative Schedule

X date

4. 5.

Audited Financials and Auditors report as on 31/3/2006 Obtain consent of agencies involved, wherever necessary and enter into an MOU between the Company Merchant Bankers and other agencies, wherever applicable. Preparation of list of Promoters Group and their individual shareholding Listing application / Vetting of Articles of Association / Share Certificate

X+14 days (i.e. 2 weeks) --

6. 7.

-Stock Exchanges are to be intimated as to IPO and listing application requested. Request is also to be made for Vetting of Articles of Association, in principal listing permission / Approval of format of Share certificate Required to be given in Prospectus This may be restricted as per loan agreements / documents In our case it could be Power Ministry, if necessary Getting approval of Members for IPO. Post General Meeting compliance In consultation with Merchant Bankers and in compliance of Companies Act, 1956 and SEBI guidelines. Required to be circulated amongst the Stock Exchanges where securities are proposed to be listed. In consultation with merchant Banker confirming to SEBI guidelines. Companies Act, requires prospectus to be signed by all Directors or duly constituted attorney.

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8. 9. 10. 11. 12. 13.

Compilation of details of all material contracts etc. Consent of existing Lender, if required Consent of any other regulatory authority for IPO Holding of General Meeting Filing of form 23 with ROC Drafting of Prospectus

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14. 15.

Drafting of Advt. Material and promotional material Taking of POA from Directors who may not be available for signing of Prospectus

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16.

Submission of draft prospectus with SEBI Submission of draft prospectus with Stock Exchanges Carry out necessary changes as observed by SEBI

17. 18.

19.

Registration of Prospectus with Registrar of Companies

20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34.

Advertisement of receipt of final observations from SEBI. Finalise Prospectus Draft Abridged prospectus Determination of price Band Printing and Dispatch of Issue Stationary Opening of Issue related Bank accounts Opening of subscription list / Opening of bidding Bidding terminals Collection of figure on daily basis from Bankers to the Issue Decision as to closure of Issue Short term FD of amount received. Arrangement for credit of securities with NSDL/CDSL and arrangement for payment of charges Publication of basis of allotment in newspaper RBI approval Board meeting

Has to be filed alongwith prescribed fee and merchant Bankers certificate. Has to be submitted at least 21 days prior to submission with ROC. Simultaneous with SEBI. In principal approval of listing to be obtained within 15 days from filing of prospectus with SEBI. Has to be done immediately upon receipt of the same. Subscription list can be opened only after the same is filed afresh with SEBI. Final copy of Prospectus along with floppy / softcopy to be submitted to SEBI Prospectus has to be issued within 90 days from the date the same has been delivered to ROC for registration. To be delivered with ROC only after carrying changes as suggested by SEBI. This will contain salient features of the final prospectus. Board to approve final prospectus and signed by all Directors To be accompanied with application form By the issuer Company and the Merchant banker. Simultaneously with submission of fresh / corrected prospectus with SEBI. -For not less than 5 days and not more than 10 days. Advertisement of issue opening and closure to be given. In consultation with MB. Bidding centers as per guidelines. Registrar to issue has to take this assignment Depends on response received on daily basis from banker to the issue. Company has to take this with Bankers to the Issue. Registrar to the issue has to co-ordinate Within 10 days of completion of related formalities To obtain RBI approval in case of FII/NRI/OCB, if allotment is not through automatic route For allotment of securities, printing of share certificates / refund orders / allotment advice, execution of listing agreement, execution of documents with depositories etc. Within 2 days of finalization of basis of allotment

14+7=21

-21+21=42

42+2= 44

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---44+10= 54 -----54+10=64

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35.

Dispatch of refund orders and / or share certificates

64+2= 68

36.

37. 38.

Intimation to stock exchanges for subscription of issue and execution of application for listing and completion of formalities for trading. Increasing the promoters contribution upto 20% of the proposed issue Lock-in-period

Immediate upon subscription of issue but not later than 7 days from finalization of basis of allotment. Prior to opening the book-building/public issue. The promoters equity will be locked for a period of three years from the date of allotment or date of commencement of production, whichever is earlier. If the promoters contribution is excessive from 20%, the excess equity of the promoters will be locked for a period of one year. If the issue size is between Rs. 75-100 Crore If the issue size is less than Rs. 75 Crore If the issue size is more than Rs. 100 Crore

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39. 40.

Time period Total Cost/Expenses

5-7 Months 8% approx. 8%-9% 7%-8%