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Thursday, June 01, 2006

Allcargo Global Logistics IPO opens today for subscription

Allcargo Global Logistics, a logistics service provider involved in Multimodal Transport Operations, MTO, owning and operating Container Freight Station, CFS and handling of project cargo, is open for subscription today with a public issue of 2,079,000 equity share of Rs 10 each through book building process.

The price band has been fixed at Rs 625-725 per equity share of Rs 10 each. The issue closes on June 6th, 2006. The issue will constitute 10.26% of the post issue paid- up capital of the company.

The net issue to public of 2,028,000 equity shares, after allowing for reservation of 51,000 equity shares for employees, will constitute 10.01% of the post issue paid up capital of the company.

At least 60% of the issue shall be allocated on a proportionate basis to QIB bidders out of which 5% of the QIB Portion shall be available for allocation on a proportionate basis to mutual funds only, and the remainder of the QIB portion shall be available on a proportionate basis to all QIB bidders including mutual funds, subject to valid bids being received at or above the issue price.

Further, up to 10% of the issue shall be available to allocation on a proportionate basis to non-institutional bidders and up to 30% of the issue shall be available for allocation on a proportionate basis to retail individual bidders, subject to valid bids being received at or above the issue price.

The company intends to deploy the net proceeds of the issue for setting up of CFS/ICD, prepayment of loan availed from Yes Bank, and general corporate expenses including acquisitions. The company intends to set up CFS/ ICD at Chennai, Mundra and NCR. The CFS near Chennai Port is intended to cater to the container traffic in the southern region. Chennai port is second largest in terms of container traffic in India. It plans to set up the CFS in two phases.

Allcargo has achieved an income of Rs. 2321.93 million and adjusted PAT of Rs. 245.47 million for FY 2005. For the 9 month period ending December 31, 2005, it has achieved an income of Rs. 2041.21 million and adjusted PAT of Rs. 370.24 million.

Enam Financial Consultants is the BRLM, IL&FS Investsmart is the Senior Co-BRLM and Inga Advisors is the co- BRLM for the issue.

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