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Draft Letter of Offer for Equity Shareholders of the Company

Draft Letter of Offer for Equity Shareholders of the Company

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10/21/2011

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 Draft Letter of Offer 
For Equity Shareholders of the Company Only
ING VYSYA BANK LIMITED
(Originally incorporated as The Vysya Bank Limited on March 29, 1930 under the Mysore CompaniesRegulation, 1917 with its registered office at 489, Avenue Road, Bangalore City. Subsequently, the registeredoffice was shifted to No. 72, St. Marks Road, Bangalore 560001. The name was changed to ING Vysya Bank Limited on December 7, 2002. On August 20, 2003 the registered office was shifted to ING Vysya House, No.22, M.G.Road, Bangalore 560001,
 
India)
Registered and Corporate Office:
ING Vysya House, No. 22, M.G.Road, Bangalore 560001,
 
India
Tel:
(+91 80) 2500 5000
Fax:
(+91 80) 2500 5555
E-mail:
rights@ingvysyabank.com;
Website:
 www.ingvysyabank.com 
For private circulation to the Equity Shareholders of the Bank onlyDRAFT LETTER OF OFFERISSUE OF 6,82,40,214 EQUITY SHARES OF Rs. 10/- EACH AT A PREMIUM OF RS. 35/- PER SHAREAGGREGATING RS. 3,07,08,09,630 TO THE EQUITY SHAREHOLDERS ON RIGHTS BASIS IN THERATIO OF 3 EQUITY SHARES FOR EVERY 1 EQUITY SHARE HELD ON THE RECORD DATE i.e.
THE ISSUE PRICE IS 4.5 TIMES OF THE FACE VALUE OF THE EQUITY SHARESGENERAL RISKS
Investments in equity and equity related securities involve a degree of risk and Investors should not invest anyfunds in this Issue unless they can afford to take the risk of losing their investment. Investors are advised to readthe Risk Factors carefully before taking an investment decision in this Issue. For taking an investment decision,Investors must rely on their own examination of the Issuer and the Issue including the risks involved. Thesecurities have not been recommended or approved by the Securities and Exchange Board of India (SEBI) nordoes SEBI guarantee the accuracy or adequacy of this document.
Investors are advised to refer to “RiskFactors” on page iv before making an investment in this Issue.ISSUER’S ABSOLUTE RESPONSIBILITY
The Issuer, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Letter of Offer contains all information with regard to the Issuer and the Issue, which is material in the context of thisIssue, that the information contained in this Draft Letter of Offer is true and correct in all material respects and isnot misleading in any material respect, that the opinions and intentions expressed herein are honestly held and thatthere are no other facts, the omission of which makes this Draft Letter of Offer as a whole or any suchinformation or the expression of any such opinions or intentions misleading in any material respect.
LISTING
The existing Equity Shares of the Bank are listed on The Stock Exchange, Mumbai, The National Stock Exchangeof India Limited (Designated Stock Exchange) and the Bangalore Stock Exchange. The Bank has received “in-principle” approvals from The Stock Exchange, Mumbai, The National Stock Exchange of India Limited and theBangalore Stock Exchange for listing the Equity Shares arising from this Issue vide letters dated •, • and •,respectively.
LEAD MANAGER TO THE ISSUE REGISTRAR TO THE ISSUE
Enam Financial Consultants PrivateLimited801/802, Dalamal Towers,Nariman Point, Mumbai 400021Tel: +91 22 5638 1800Fax: +91 22 2284 6824Email: ingwg@enam.com Karvy Computershare Private Limited“Karvy House”; 46, Avenue 4, Street No. 1Banjara Hills, Hyderabad 500 034Tel: +91 40 2331 2454Fax: +91 40 2331 1968Email:ingvysyarights@karvy.com 
ISSUE PROGRAMMEISSUE OPENS ON LAST DATE FOR REQUESTFOR SPLIT APPLICATIONFORMSISSUE CLOSES ON
 
 
 
 
 
CONTENTSABBREVIATIONS & TECHNICAL TERMS........................................................................................I
 
RISK FACTORS.....................................................................................................................................IV
 
GENERAL INFORMATION..................................................................................................................1
 
CAPITAL STRUCTURE.........................................................................................................................9
 
TERMS OF THE ISSUE........................................................................................................................14
 
OBJECTS OF THE ISSUE....................................................................................................................26
 
INDIAN BANKING INDUSTRY..........................................................................................................27
 
BUSINESS OF THE BANK...................................................................................................................35
 
HISTORY OF THE BANK AND OTHER CORPORATE MATTERS............................................62
 
MANAGEMENT.....................................................................................................................................70
 
PROMOTERS.........................................................................................................................................84
 
SUBSIDIARY..........................................................................................................................................86
 
GROUP COMPANIES...........................................................................................................................87
 
FINANCIAL STATEMENTS..............................................................................................................105
 
STATEMENT OF TAX BENEFITS...................................................................................................167
 
MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATION...............................................................................................................171
 
STOCK MARKET DATA FOR EQUITY SHARES OF THE BANK............................................175
 
BASIS FOR ISSUE PRICE..................................................................................................................177
 
PROMISE VERSUS PERFORMANCE.............................................................................................179
 
REGULATIONS AND POLICIES......................................................................................................181
 
GOVERNMENT APPROVALS..........................................................................................................194
 
OUTSTANDING LITIGATIONS AND DEFAULTS........................................................................196
 
MATERIAL DEVELOPMENTS........................................................................................................230
 
STATUTORY AND OTHER INFORMATION................................................................................231
 
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION.........................................236
 
DECLARATION...................................................................................................................................237
 
 
 
i
ABBREVIATIONS & TECHNICAL TERMS
In this Draft Letter of Offer, the terms “we”, “us”, “our”, “the Bank” or “the Bank”, unless the context otherwiseimplies, refer to ING Vysya Bank Limited. All references to “Rs.” refer to Rupees, the lawful currency of India,“USD” or “US$” refer to the United States Dollar, the lawful currency of the United States of America,references to the singular also refers to the plural and one gender also refer to any other gender, whereverapplicable, and the words “Lakh” or “Lac” mean “one hundred thousand” and the word “million” means “tenlakh” and the word “crore” means “ten million” or “one hundred lakhs” and the word “billion” means “1,000million” or “one hundred crores”. Any discrepancies in any table between total and the sums of the amountlisted are due to rounding off.
General Terms and Abbreviations
Act The Companies Act, 1956 and amendments theretoArticles Articles of Association of the Bank Auditor BSR & Co. (earlier known as Bharat S. Raut & Co.), CharteredAccountants, KPMG House, 20/2, Vittal Mallya Road, Bangalore 560 001.AGM Annual General MeetingBgSE Bangalore Stock ExchangeBoard or Board of Directors Board of Directors of ING Vysya Bank LimitedBR Act The Banking Regulation Act, 1949 and amendments theretoBSE The Stock Exchange, MumbaiCapital or Share Capital Share Capital of the Bank CDSL Central Depository Services (India) LimitedDICGC Act, 1961 Deposits Insurance and Credit Guarantee Corporation Act, 1961DP Depository ParticipantEquity Share(s) or Share(s) means the Equity Share of the Bank having a face value of Rs. 10/-Equity Shareholder means a holder of Equity SharesESOS Employee Stock Option SchemeFDI Foreign Direct InvestmentFEMA Foreign Exchange Management Act, 1999FI Financial InstitutionsFII(s) Foreign Institutional Investors registered with SEBI under applicable lawsFY / Fiscal Financial Year ending March 31 or December 31, as the case maybeGOI Government of IndiaING Bank N.V. ING Bank N.V., a company incorporated under the laws of Netherlandsand having its registered office at Amstelveenseweg 500, 1081 KLAmsterdam, P.O.Box 810, 1000 AV AmsterdamING Groep N.V. ING Bank Groep N.V., a company incorporate under the laws of Netherlands and having its registered office at Amstelveenseweg 500, 1081KL Amsterdam, P.O.Box 810, 1000 AV AmsterdamING Group Shall mean and collectively refer to ING Bank N.V., ING MauritiusHoldings and ING Mauritius Investments IING Vysya Bank Limited orIVBL or the Bank or theIssuerING Vysya Bank Limited, a Bank originally incorporated as The VysyaBank Limited on March 29, 1930 under the Mysore Companies Regulation,1917 having its registered office at No. 22, M.G.Road, Bangalore 560001ING Vysya Life InsuranceCompany Private Limited orIVLIVL, a company incorporated under the Companies Act, 1956 and havingits registered office at No. 22, M.G.Road, Bangalore 560001ING Investment Management(India) Private Limited orIIMLIIML, a company incorporated under the Companies Act, 1956 and havingits registered office at 17, Lincoln Lodge, Altamount Road, Mumbai 400036, IndiaING Mauritius Holdings orINGMHING Mauritius Holdings (earlier known as BBL Mauritius Holdings), acompany incorporated under the laws of Mauritius having its registeredoffice at 355 Barkly Wharf, Le Caudan, Waterfront, Port Louis, Mauritius.ING Mauritius Investments Ior INGMIING Mauritius Investments I (earlier known as BBL MauritiusInvestments), a company incorporated under the laws of Mauritius havingits registered office at 355 Barkly Wharf, Le Caudan, Waterfront, Port

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