Time Schedule of Initial Public Offering based on the basis of discussion with Lead Managers

S NO ACTIVITY COMPRESSED DATE

1 Receipt of GOI Approval 11.02.2004

2 Board Approval for IPO 31.03.2004

3 Presentation by LMs 14.04.04- 16.04.04

4 Appointment Of LMs 20.04.2004
5 Final and signed auditors report received for draft RHP without / with 15.06.2004
consolidation
6 Filing of draft RHP with SEBI Alongwith Due diligence, without 18.06.2004 *
consolidated A\cs

7 Receive comments from SEBI on Draft Red Herring Prospectus 09.07.2004

8 File Red Herring Prospectus with the RoC 19.07.2004
9 Clearance of ROC 21.07.2004
10 Commence road shows 24.07.2004
11 Book Opening 09.08.2004**
*Subject to the approval of SEBI for Filing of RHP without consolidated accounts .

**Subject to the market condition and advice of the Lead Managers

 TIME SCHEDULE FOR INITIAL PUBLIC OFFERING
ACTIVITY RESPONSIBILIT COMPRESSED DATE* ALTERNATE
Y COMPRESSED DATE**

Stage 1: PRE SEBI FILING

1 Receipt of GOI Approval 11.02.04 11.02.04

2 Board Approval for IPO 31.03.04 31.03.04

3 Presentation by LMs 14.04.04- 16.04.04 14.04.04- 16.04.04

4 Appointment Of LMs 14.05.04 14.05.04

5 Appointment Of LAs Co./BRLMs 14.05.04 14.05.04

6 IPO Kick-Off Mtg. Co./BRLMs 14.05.04 14.05.04

7 Due Diligence Check list Received from LA LA/LM 14.05.04 14.05.04

8 Presentation of Business plan by Co. Mgt. To LM Co./BRLMs 17.05.04 17.05.04

9 Commencement of Due Diligence in Data Room Co./LA 18.05.04 18.05.04

10 Check list/Questionnaire for Research analyst LM 19.05.04 19.05.04

11 Advertising Guidelines LA 19.05.4-20.05.04 19.05.4-20.05.04

12 Research Guidelines LA 20.05.04 20.05.04

13 First Draft of RHP(Cravath) LA/LM 25.05.04-27.05.04 25.05.04-27.05.04

14 Completion of Due diligence in Data Room Co./LA 28.05.04 28.05.04
15 Due Diligence Report LA 30.05.04 30.05.04
16 First Draft of RHP(Amarchand) LA/LM 02.06.04 02.06.04
17 Comment on First Draft of RHPof Cravath by Co./LM 02.06.04 02.06.04
Company
18 Auditors give Final 2004 Audited Accounts with Co. 05.06.04 05.06.04
restatement for MD & A
19 Second Draft RHP LA 09.06.04 09.06.04
20 Auditors give 5 years Restated Accounts 15.06.04 15.06.04
21 Final RHP 17.06.04 29.06.04

22 Adoption of RHP by Board 17.06.04 29.06.04

23 Comfort Letter by Auditors for RHP including stub 17.06.04-18.06.04 29.06.04

period
24 Filing RHP with SEBI alongwith Due-deligence 18.06.04 30.06.04
Certificate

25 Comments by SEBI on RHP 09.07.04 21.07.04

26 Final Clearance from SEBI 14.07.04 26.07.04

27 File Red Herring Prospectus with the RoC Co. 16.07.04/19.07.04 28.07.04/30.07.04
28 Commence road shows Co., LMs 19.07.04 30.07.04

29 Clearance of ROC 21.07.04 02.08.04

30 Bid Opening LMs 02.08.04 14.08.04
* Subject to SEBI Approval of filing of RHP without
Consolidated Accounts

* *Subject to SEBI not approving filing of RHP

without Consolidated Accounts
 Activity chart - IPO

ACTIVITY Cumulative Responsibility

Days

Stage 1: PRE SEBI FILING (70 days)

Receipt of GOI Approval (If applicable)
Board Approval for IPO
Presentation by LMs
Appointment Of LMs
IPO Kick -off Meeting 0 Company, LMs
Decision on capital structure 0
Company provides first set of information & documentation for Due diligence 2 Company, LMs

Commence process of due diligence and preparation of Draft Red Herring

Prospectus
Invite quotations from Registrars and PR/Advertising Agencies 2 LMs
Research Analysts provide preliminary list of information and meeting 2 Company, LMs
requirements
Send MoA and AoA to stock exchanges for prior approval 2 Company, LMs
Preliminary meeting with Auditors to discuss the certificates required from 7 Company, LMs
them
Company makes application to FIPB for sale of shares to NRIs/OCBs/FIIs 7 Company

Appoint Legal Advisory Team - DLC, ILC, BRLC 7 Company

DLC to commence vetting Articles of the Company 8 Company, DLC
Receive MoA and AoA comments from stock exchanges 12 LMs
Company shares business plan and financials- with LMs 12 Company, LMs

AGM to alter Articles of Association and split and / or bonus 29 Company

Advertising agency presentations 14 Company, LMs
Appoint Registrar to the Issue 16 Company, LMs
Appoint advertising agency 16 Company, LMs
Research Analysts provide incremental information and data requirements 19 Company, LMs
Receive FIPB approval 37 Company
Application to RBI for offer for sale to NRIs/OCBs/FIIs 40 Company
First draft of draft RHP circulated for review by Company, LMs, DLC, BRLC 47 Company, LMs
with provisional figures
Filing of RHP with provisional figures with SEBI
Draft auditors report for draft RHP received for review 22 Company, Auditors
Company accumulates information and documentation for due diligence 23 Company
Review of due diligence information and documents by LMs 28 Company, LMs
Research Analysts furnished with all their information and data requirements 26 Company

Sign Tripartite Agreement with NSDL and CDSL and Registrars 26 Registrar, Company
Incremental list of due diligence information and document requirements 30
provided to the Company
PR and Ad agency provides draft communication strategy and advertisement 26 Company, LMs
plan
Finalise communication strategy and advertisement plan 33 Company, LMs
All consents from LMs, Syndicate Members, Legal Advisors, Auditors, etc. 37 Company, LMs
received for the RHP
Final and signed auditors report received for draft RHP 32 Company, Auditors
All information and due diligence information and document requirements 37 Company
furnished by the company
Business and non business due diligence complete 40 Company, LMs

5
 Activity chart - IPO

ACTIVITY Cumulative Responsibility

Days
Research Analysts finalize draft reports and invite comments 47 LMs
Final comments provided to Research Analysts 54 Company
Finalise Printers 42 Company, LMs
Receive comments on first draft of RHP from Company, DLC, BRLC and LMs 54 Company, Legal Advisor

Finalise the corporate advertising campaign 41 Company, LMs, Ad

Agency
Second draft of draft RHP circulated to Company, DLC, BRLC and LMs 61 Company, Legal Advisor

Receive RBI approval 55 Company, LMs

DLC, ILC and BRLC clearance certificate and 10 b 5 opinion received for draft 65 DLC, BRLC
RHP for filing with SEBI
Receive comfort letter from Auditors for financial disclosures 65 Company, Auditors
Company signs off draft RHP for filing with SEBI 68 Company
Research report published and circulated 64 LMs
File Draft Red Herring Prospectus with SEBI along with Due Diligence 70 LMs
Certificate, MOU, interse, floppy & cheque

STAGE II: DURING SEBI FILING (43 DAYS)

Send Draft Red Herring Prospectus to the Stock Exchanges where the company 71 LMs
proposes to list the securities - for the comments & approval. File MoA and
AoA if not filed earlier. File initial listing application with the stock exchanges

Commence discussions on the various legal agreements 71 Company

Finalize preliminary pre-marketing, marketing, promotion and distribution plan 77 Company, LMs

Commence corporate advertising 71 Ad Agency, Company,

LMs
Invite proposals for Bankers to the Issue 72 Company, LMs
Finalize bankers for the Issue 78 Company
Finalise bidding centres for collection with the Syndicate, Bankers and 83 Company, LMs, Bankers,
Registrars to the Issue Registrar
Receive approval on the Draft Red Herring Prospectus from the stock 86 LMs
exchanges
Submit the approvals received from the stock exchanges to SEBI 86 LMs
Finalise Underwriting, Syndicate and Escrow Agreements and International 86 Company, LMs, Bankers,
Wraps along with the DLC, ILC and BRLC Registrar, DLC, ILC,
BRLC
End corporate advertising 90 Ad Agency, Company,
LMs
Receive SEBI comments 91 LMs
Send incremental information and documentation requirement to Company for 93 LMs
compliance with SEBI comments
Receive updated auditors reports with latest financials 97 Company, Auditors
Receive incremental compliance information and documents from Company for 97 Company
SEBI comments
Bring down due diligence 97 Company, LMs, DLC,
ILC, BRLC

6
 Activity chart - IPO

ACTIVITY Cumulative Responsibility

Days
Update Draft Red Herring Prospectus after incorporating SEBI and stock 99 Company, LMs
exchange comments and file reply with SEBI alongwith Audited Results

Meet SEBI for concurrance on the updated Draft Red Herring Prospectus 103 LMs

Receive final clearance from SEBI on the updated Draft Red Herring 105 LMs
Prospectus
Registrar-Banker meeting for modalities of collection 106 Company, LMs,
Registrars, Bankers
Finalize stationary distribution schedule 106 LMs
Printer to submit first proof of Red Herring Prospectus and bid form 107 Printer
Make necessary corrections and generate final proof of Red Herring Prospectus 110 Company, Printer, LMs
and bid form
Board/ Committee authorised by Board to approve sign and authorise filing of 107 Company
Red Herring Prospectus with ROC
Bring down due diligence 110 Company, LMs, DLC,
ILC, BRLC
Receive comfort letter from auditors for financial disclosures 105 Company, Auditors
File Red Herring Prospectus with the RoC 111 Company
Submit due diligence certificate to SEBI at the time of RoC filing 111 LMs
Submit printed RHP and bid forms to SEBI 114 LMs, Printer
Receive RoC acknowlegement card 112 Company
Give strike order for printing of RHP and Bid Forms 113
Draft CANs and Refund Orders / Warrants 113 Company, LMs

STAGE III - PRE-MARKETING (24 DAYS)

LMs to advice Company on timing for the pre-marketing, road shows/ bidding 86 LMs

Research team meets select investors for premarketing 96 LMs

Commence pre-marketing (domestic, followed by international) 97 LMs
Pre-marketing complete 107 LMs
LMs analyse feedback, assess demand, identify issues that need focus during 107 LMs
management roadshows and form view on price band
Indicative Floor Price discussed and finalised with Company prior to 110 Company, LMs
proceeding further with the issue

STAGE IV - ROAD SHOWS, BIDDING, PRICING (13 Days)

Printing and distribution of RHP and Bid Forms commences 116 Printers
Give strike order to print CANs, Refund Orders / Warrants 117 Company, LMs
Bring down due diligence - Company and Auditors to update on any material 122 Company, DLC, BRLC,
developments since RHP LMs
Commence road shows 117 Company, LMs
Commence press / broker road shows 117 Company, LMs
RHP announcement advertisement 122 Company, LMs, Ad
Agency
Sign Escrow Agreements 121 Bankers, LMs, Company

Sign and File Syndicate Agreement with SEBI 121 Company, LMs
Deposit 1% of the issue size with the regional stock exchange 121 Company

7
 Activity chart - IPO

ACTIVITY Cumulative Responsibility

Days
Bid Opening 124 LMs
Submit due diligence certificate to SEBI 124 LMs
Road shows end 126 Company, LMs
Submit due diligence certificate to SEBI 128 LMs
Bid Closing 128 LMs
Issue Pricing Finalized 129 GoI, Company, LMs

STAGE V - POST ISSUE (15 Days) 15

Receive provisional certificate from the banks 130 Registrars, Bankers

Submit 3 day report to SEBI 131 Company, LMs, Registrar

Finalize discretionary allocation 130 Company, LMs

Bring down due diligence - Company and Auditors to update on any material 131 LMs, DLC, BRLC and
developments since RHP Company
Sign underwriting agreement and despatch CAN to QIBs 131 Company, LMs
File prospectus with SEBI updated with price, issue details and material 132 LMs
developments
File prospectus with ROC 133 Company, LMs
Obtain ROC acknowledgement for the prospectus 134 Company, LMs

Final Collection Certificates Received from Bankers 133 Bankers

Basis of allotment for non QIB investors approved by the Regional Stock 135 Registrar, Company
Exchange
Basis of allocation advertisement 137 Registrar, Ad Agency,
Company, LMs
Prospectus announcement advertisement with the price 135 Ad Agency, Company,
LMs
CAN and refund orders to non QIB investors 137 Registrar
Pay in date 137 LMs
Designated Date - Transfer of Funds from Escrow to PI Account 139 Registrar, Banker, LMs,
Company
Board meeting for allocation/ allotment of shares to investors of Book Built 139 Company
Portion
File final listing application to Stock Exchanges 140 Company
Delivery of shares in the demat account 141 Registrar, Company
Obtain listing permission from the stock exchanges 141 Company, LMs
Obtain trading permission from the stock exchanges 145 Company, LMs
File 78 day report with SEBI 207 LMs