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Merchant Banking in India- Last

Merchant Banking in India- Last

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Merchant Banking

PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

Origin of MB
Italy Later in France

PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

Merchant Banking in India

PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

SENIOR LECTURER. KCTBS .  Financial consultancy  Recognizing the reqts of emerging entrepreneurs for diverse FS Financial Services Production Planning Sys design Market research Management consultancy services PREPARED BY MS. which got license from RBI (1967). Activities of Grindlays bank:  Capital issue management.S.SANGEETHA.Grindlays bank in India.

S. SENIOR LECTURER. KCTBS .Later Citi bank – (1970) Tasks undertaken: sets its division Assisting new entrepreneurs & existing units in the evaluation of projects & Raising funds through • Borrowing & • Issue of equity PREPARED BY MS.SANGEETHA.

PREPARED BY MS.SANGEETHA.S. SENIOR LECTURER.Recommendations of banking commission 1972 • Indian banks should start MB services as part of their multiple services they could offer the clients • SBI Started MB Division in 1972 In initial years it rendered :  Corporate advice and  Assistance to small & medium entrepreneurs. KCTBS .

S. KCTBS .SANGEETHA.Followers of SBI • • • • • • • • • • • Central Bank of India Bank of India Syndicate bank Bank of Baroda Standard Chartered Bank Mercantile Bank United Bank of India United Commercial bank Punjab National Bank Canara Bank IOB 1977 1978 Late 70’s & Early 80’s PREPARED BY MS. SENIOR LECTURER.

S.Development Banks ICICI (1973) IFCI (1986) IDBI (1991) PREPARED BY MS. KCTBS .SANGEETHA. SENIOR LECTURER.

SENIOR LECTURER. Activities / services Portfolio Corporate mngt Counseling Project Debenture Loan Counseling Syndication trusteeship M&A Takeovers & Acqn PREPARED BY MS. brokers.• Boom in MB. NBFCs. KCTBS .S.mid 70’s • Sponsored by banks. financial institutions.SANGEETHA.

Willing to • Avoids risks. takeovers. M&A. accept risks.Differences between MBs & CBs  Commercial Banks  Merchant Banks • Equity & Equity related • Debt & Debt finance (money & capital related finance market) • Management oriented. Discounting & Rediscounting ST papers etc. • Many activities like corporate counseling & project • They are merely counseling.S.SANGEETHA. SENIOR LECTURER. Financiers. restructuring. PREPARED BY MS. KCTBS .

PREPARED BY MS. .SANGEETHA. SENIOR LECTURER.S.Till 1992.no definition / no set of rules & regulations. KCTBS .

• 1992  SEBI’s formation • MB’s  mandatory to register with SEBI. KCTBS .S. PREPARED BY MS. SENIOR LECTURER. Portfolio mngt. M&A.SANGEETHA. • Registration is must Capital issues (pre & post issues).

KCTBS .S.Services rendered by MB • Extending investment in projects • Assistance in financial finance for management bonds • Raising Euro Dollar loans • Issue of foreign currency PREPARED BY MS. SENIOR LECTURER.SANGEETHA.

SANGEETHA. Hydro power installation. KCTBS .• Financing export of capital goods. mergers & takeovers • Valuation of assets • Investment mngt • Promotion of investment trusts PREPARED BY MS. SENIOR LECTURER.S. • Financing of HP transactions • Equipment leasing. ships & railways.

External Commercial Borrowings (ECB) are defined to include • Commercial bank loans. • Supplier's credit. • Securitised instruments such as floating rate notes. • Credit from official export credit agencies PREPARED BY MS. KCTBS ..SANGEETHA. fixed rate bonds etc.S. SENIOR LECTURER. • Buyer's credit.

• Commercial borrowings from the private sector window of multilateral financial institutions such as IFC. KCTBS . and • Investment by Foreign Institutional Investors (FIIs) in dedicated debt funds • Applicants will be free to raise ECB from any internationally recognised source like banks.. PREPARED BY MS. international capital markets etc. foreign equity . foreign collaborations. AFIC (Asian Finance and Investment Corporation Ltd ). SENIOR LECTURER. export credit agencies. ADB.SANGEETHA.holders. suppliers of equipment. etc.S.

the money being raised by the issuing company is in the form of a foreign currency. • FCCB have been extremely popular with Indian Corporate for raising Foreign Funds at competitive rates. • FCCB are treated as Foreign Direct Investment (FDI) by Government of India. SENIOR LECTURER. • FCCB can be converted into Indian Shares or American Depository Shares (ADS). In other words. KCTBS . • They are called in different names in different countries PREPARED BY MS.FCCB’s: • A type of convertible bond issued in a currency different than the issuer's domestic currency.S.SANGEETHA.

• ECB/FCCB can be raised under Automatic route ( for specified Industries only on meeting specified conditions) or on RBI approval.S. SENIOR LECTURER.5 per cent FCCB due on 25th Sep. 2009. 2007 and other US$ 178 Million. 0. KCTBS . PREPARED BY MS. first being US$ 120 Million. • Reliance Energy Limited. ZCB due on 29th March. has issued two series of FCCB till date.SANGEETHA.

• All MB’s don’t all services. SENIOR LECTURER. services offer •Specialised in different PREPARED BY MS.S.SANGEETHA. KCTBS .

S. consultant. buying or subscribing to securities or acting as a manager.Definition of MB. adviser or rendering corporate advisory services in relation to each issue mngt PREPARED BY MS.SANGEETHA.by SEBI A MB has been defined as any person who is engaged in the business of issue management either by making arrangements regarding selling. KCTBS . SENIOR LECTURER.

SANGEETHA. takeovers VC financing Lease financing Foreign currency finance Fixed deposits Broking Mutual Funds Relief to sick industries Project appraisal PREPARED BY MS.S. SENIOR LECTURER.Functions Corporate counseling Project counseling Pre invt studies Capital restructuring Credit syndication & Project finance Issue mngt & Underwriting Portfolio mngt WC finance Acceptance credit & Bill Discounting M&A. KCTBS .

SANGEETHA. KCTBS . • Rejuvenating old line companies & ailing sick units by appraising their tech & process.Corporate counseling diversification based on Govt’s economic & licensing policies • Providing guidance - • Undertaking appraisal of pdt lines.S. analysing their growth & profitability & forecasting future trends. Assessing restructuring the capital base the reqts & PREPARED BY MS. SENIOR LECTURER.

• Commissioning of diagnostic studies • Assessment of revival prospects & planning for rehabilitation through modernisation & dvfn & revamping of the financial & orgn’al structure • Arranging for the approval of the financial institutions/ banks for schemes of rehabilitation involving financial relief . SENIOR LECTURER. PREPARED BY MS.SANGEETHA. KCTBS .S.

and the requisite credit facilities from the bank • Monitoring of rehabilitation schemes • Exploring possibilities of takeover of sick units & providing assistance PREPARED BY MS. KCTBS .SANGEETHA.S.• Providing assistance in getting loans from financial inst for cap exp . SENIOR LECTURER.

IDLC Corporate Counseling : • Provides advice to ensure better corporate performance in terms of prolonged existence and survival.SANGEETHA.S. PREPARED BY MS. KCTBS . • steady growth through better working results and • provide suggestions and opinions to take corrective actions for solving corporate problems and help by restructuring the corporate set-up if necessary. SENIOR LECTURER.

KCTBS . has formed a strategic alliance with SBI Capital Markets Limited (SBI Caps). the State Bank of India. SENIOR LECTURER.S. (IDLC).• IDLC of Bangladesh Ltd. • SBI Caps is the largest investment bank in India and subsidiary of India’s largest bank.the largest Non Banking Financial Institution in Bangladesh and a major merchant banker. PREPARED BY MS.SANGEETHA.

Project counseling
• Reviews

project ideas/ project profiles procedural aspects technical feasibility
project implementation

• Advice on • Review of

• Viability study
PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

• Assisting TCO in preparing pjt reports & make mkt surveys / review
• Assisting preparation of project reports in financial angle, & advising & acting on various procedural steps including Govt consent. • Assisting in obtaining approvals

Project counselling

licences/permissions/ grants from govt agencies in the form of letter of indent,
industrial licence, registration & govt approval

PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

• Providing

guidance Entrepreneurs for
of

to

Indian

making invts in Indian projects in India & in Indian JV’s overseas.

• Identification avenues.

potential

invt

• Arranging & negotiating foreign collaborations, amalgamations, mergers & takeovers
PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

SENIOR LECTURER.precise capital structuring & shaping the pattern of financing. KCTBS .S.SANGEETHA. Carrying out PREPARED BY MS.

SENIOR LECTURER. financial inst & banks • Advising & Assisting clients in preparing applications for financial assistance to various national.S. KCTBS . PREPARED BY MS.SANGEETHA.• Preparation of pjt profiles & feasibility studies based on preliminary pjt ideas. state inst & banks. covering the technical.

SANGEETHA. will initially pick up for a new project or an industrial activity.Project Counseling: • IDLC contributes to the basic idea that Company . as a promoter. KCTBS . • IDLC also prepares complete feasibility report for BMRE project. • They systematically develop company’s idea into a plan or scheme and help preparing the appraisal and project feasibility report including its financing structure.S. (Balancing Modernization Rehabilitation & Expansion) PREPARED BY MS. SENIOR LECTURER.

KCTBS .SANGEETHA.Pre investment studies • Fin’l & economic viability  In-depth investigation of envt & regulatory factors. • Studies  fgn companies willing to have joint ventures PREPARED BY MS. DD project & financial reqts • Identifying & short listing projects.S. SENIOR LECTURER. Supplies. location of RM.

Capital Restructuring Services • Examining capital structure of the client co. • Preparation of memorandum for the Controller of capital issues • Suggesting alternative capital structure conforming legal reqts. • Preparing memorandum covering valuation of shares & justifying the level of premium applied for
PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

Memorandum of association
• Name • Registered office • Background • Objectives • Any grants availed • Name, address, occupation of the members of the management. • Signature
PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

• Suggesting ideal capital restructuring for sick units and advising the client co’s on the extent & means of bringing fresh capital into business • Cap restructuring may cover mergers, takeovers & amalgamations, involving modernisation /dvfn of the existing pdn sys & the units.
PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

low or no growth. • IDLC will helps to diagnose the financial problems of the customers company and provide the customers the customized solution for the company through financial engineering. IDLC helps to redesign the capital and provide an appropriate structure so that they may experience an optimum growth and minimum risk. . etc.IDLC • With improper corporate structure of the customers company. the company may experience high financial risk.

S.Credit Syndication •Estimating total cost of the project to be undertaken •Drawing up a financing plan for the total project cost PREPARED BY MS. KCTBS . SENIOR LECTURER.SANGEETHA.

S.SANGEETHA. SENIOR LECTURER. KCTBS .Credit Syndication • Preparing loan application for financial assistance • Selecting inst & banks for participation in finance • Follow up of term loan application with the financial inst & banks & obtaining approval for their respective share of participation PREPARED BY MS.

KCTBS . SENIOR LECTURER. drawing up agreements • Assessing WC reqts. PREPARED BY MS.S.SANGEETHA.Credit Syndication • Arranging bridge finance • Assisting in completion of formalities for drawing of term finance sanctioned by institution by expediting legal documentation formalities.

S. Lehman Brothers and Donaldson. PREPARED BY MS. • Some Japanese banks lending to Indian Corporates are the Sumitomo group and Mizuho group.• SBI Caps has been a leading player in the Indian loan syndication market. KCTBS .Merrill Lynch. It has been ranked first in Asia-Pacific for project finance syndication by Thomson Project Finance International. Lufkin & Jenrette.SANGEETHA. SENIOR LECTURER. the Equitable unit -have started their own loan syndication businesses. • New players -. • Realising the huge potential in the loan syndication market. the investment bank recently tied with IDFC for syndication of debt financing of infrastructure projects.

Issue Management • Preparation of an action plan • Preparation of budget for the expenses for the issues • Preparation of CI application & assisting in obtaining consent / acknowledgement • Drafting of prospectus PREPARED BY MS. SENIOR LECTURER. KCTBS .S.SANGEETHA.

• Selection of Issue houses & advtg agencies for undertaking pre & post.SANGEETHA.Issue Management • Selection of institutional & brokerS. underwriters for syndicating / underwriting arrangements. KCTBS .issue publicity PREPARED BY MS.S. SENIOR LECTURER.

S. KCTBS . & the stock exchange PREPARED BY MS. as well as their dispatch. brokers’ and investors’ conferences etc • Coordination with the Underwriters.Issue Management • Obtain approval from institutional underwriters & stock exchanges for publication of the prospectus & application forms.SANGEETHA. SENIOR LECTURER. if necessary • Providing assistance  launching the issue in the form of advertisement campaigns by holding press. brokers & bankers to the issue.

Issue Management • Providing advice on the sound design of a capital structure acceptable to financial institutions. terms and timing of the public issue of different forms of securities PREPARED BY MS. SENIOR LECTURER.SANGEETHA. • Determining the quantum .S. KCTBS .

Issue Management • Arranging for Stock exchange Clearances & listing of Securities • Liasioning & Coordination with various constituents of the public issue to make the function of issue mngt successful. SENIOR LECTURER.SANGEETHA. KCTBS . PREPARED BY MS.S.

KCTBS .Public Issue can take place in 3 forms • Prospectus • Offer for sale • Private placement PREPARED BY MS. SENIOR LECTURER.SANGEETHA.S.

SANGEETHA.Public Issue thro’ •Common method of public issue thro’ Prospectus. KCTBS . PREPARED BY MS. SENIOR LECTURER.S.

SENIOR LECTURER. KCTBS .SANGEETHA.S.The information required by the companies Act & SEBI are furnished in the prospectus. When the prospectus is ready sent to SEBI (for vetting & clearance) Filed with the Registrar of companies Brokers canvass the subscription (Members of the stock exchange) PREPARED BY MS.

SANGEETHA. SENIOR LECTURER.Offers for sale • Offers thro’ the intermediary of issue house/ firm of stock broker • Co Sells entire house Issue of shares / Debentures Issue at agreed price(par value) PREPARED BY MS. KCTBS .S.

SANGEETHA. SENIOR LECTURER.S.Private Placement • Direct sale of securities by a company to investors LIC UTI GIC SFC PREPARED BY MS. KCTBS .

S.SANGEETHA. SENIOR LECTURER. KCTBS .Role of Merchant Bankers Merchant Bankers appoint Brokers Principal Agent Bankers to issue PREPARED BY MS.

SENIOR LECTURER.  An existing Unlisted company going in for public issues for the 1st time & 2 1/2 years of track record of constant profitability can freely price the issue. • Pricing done by co’s with consultation with MBs. PREPARED BY MS.Pricing of the Issues • The SEBI guidelines (1992) for cap issues have opened the cap mkt for free pricing.  An existing Listed company & a new co set up by an existing co with 5 years of track record.S. KCTBS .SANGEETHA.

5 billion dollar (nearly Rs 7. SENIOR LECTURER. KCTBS . PREPARED BY MS.000 km fresh undersea cable in regions where there is dearth of international bandwidth. The expansion plan could entail an investment of about 1.Reliance com’s.S.SANGEETHA. which include laying 50.merchant bankers • Goldman Sachs. Deutsche Bank. Morgan Stanley and UBS • The proceeds raised from the IPO will be used to part finance expansion plans announced last year.000 crore).

SANGEETHA. PREPARED BY MS.S.Premium • Premium will be based on    Net Asset Value Profit Earning Capacity Market Price Justification of price has to be stated & included in the prospectus. SENIOR LECTURER. KCTBS .

SENIOR LECTURER. • Only in equity shares • Can be done only after 1 year of the first issue PREPARED BY MS.SANGEETHA. KCTBS .Rights issue • New shares are offered to the existing shareholders.S.

inviting offers from the public for the subscription or purchase of any shares in or debentures of a body corporate • Registered with the Registrar • Advertised in newspapers atleast 10 days before opening of subscription PREPARED BY MS.SANGEETHA. advt or other document inviting deposits from the public.S.Prospectus Sec2(36)of the Co’s Act 1956 • Is any document described/ issued as a prospectus & includes any notice . SENIOR LECTURER. KCTBS . circular.

• Must be open atleast for 3 days • Minimum subscription is fixed at 90% of the issued capital to the public • Has to be subscribed within the stipulated period after the issue of the prospectus .S.• Subscription list -Minimum period for which the company will continue to receive application. if not to be returned to the applicants. partial allotment is made PREPARED BY MS. SENIOR LECTURER.SANGEETHA. • In case of over subscription. KCTBS .

Security issues are to underwritten .Marketing • After the despatch of Prospectus .S.SANGEETHA. PREPARED BY MS. KCTBS . the MB arrange a meeting with the representatives & advertising agencies to finalise  Date of opening  Closing of issue  Registration of Prospectus  Launching publicity campaign  Fixing date of Board meeting to approve & sign prospectus  Pass necessary resolutions. SEBI has made it mandatory. SENIOR LECTURER.

KCTBS . PREPARED BY MS.SANGEETHA. SENIOR LECTURER.S.Post Issue management • Collection of application forms & (applicant should submit only one application ) • Statement of amount received from bankers • Screening Application • Deciding allotment procedure • Mailing of allotment letters . shares certificates & refund orders.

KCTBS .Role of Registrars • Receive application • Verify • Submit the basis of allotment to the stock exchange • They have to ensure that the application are processed & allotment /refund orders are sent within 70 days of date of close of issue. SENIOR LECTURER.S. PREPARED BY MS.SANGEETHA.

After the approval by the exchange and the Board Stock The Auditor has to certify the allotment PREPARED BY MS.S. SENIOR LECTURER.SANGEETHA. KCTBS .

Underwriting the public issue • Guarantee given by underwriter at under subscription is that the amount underwritten would be subscribed by him.SANGEETHA. SENIOR LECTURER. • Banks /MBs cannot write > 15% of any issue. • The underwriting commission may not exceed 5 % on shares and 2.S.5 lakhs whichever is less. KCTBS . • Lead managers underwrite mandatorily 5% of issue /2.5 % in case of debentures. PREPARED BY MS. • Only Category I & II & III MBs are permitted to underwrite an issue.

S. KCTBS .Underwriting by Capital Market Services Limited Till to date they have underwritten shares of 27 companies valuing Taka.372. PREPARED BY MS.SANGEETHA.59 million. SENIOR LECTURER.

SANGEETHA. the underwriters agree to take up and pay for this block of securities as ordinary subscribers in addition to their commitment as underwriters. SENIOR LECTURER. • Sub-Underwriting:.S.is one in which the underwriters apply for a block of securities.Types of Underwriting • Syndicate Underwriting:. • Firm Underwriting:.is one in which an underwriter gets a part of the issue further underwritten by another agency. KCTBS . PREPARED BY MS.two or more agencies or underwriters jointly underwrite an issue of securities. Under it.

Managers /Consultants/Advisers to the Issue • SEBI at least one authorised MB • Not more than 2 MB should be associated as lead managers. of 4 MBs associated as Lead Managers PREPARED BY MS.S. KCTBS .SANGEETHA. SENIOR LECTURER. advisers & consultants to a public issue • Issue >100 crores – max.

S.400 cr PREPARED BY MS.100 cr –Rs. KCTBS .Rs.Size of issue No.50 cr –Rs.400 cr 3 4 5 5 or more as agreed by SEBI > Rs. of.200 Cr.50 Cr 2 Rs.100 cr Rs. LMB Less than Rs.SANGEETHA. SENIOR LECTURER.200 cr Rs.

• Competition faced by the industry.MBs has to be aware of • Monetary & Fiscal policies of the Govt. KCTBS . SENIOR LECTURER. PREPARED BY MS.SANGEETHA. • Secondary market position. • Financial statements of various corporate sectors.S.

ROC. KCTBS . RBI.SANGEETHA. SENIOR LECTURER. Stock exchange (s) • Appointment of various intermediary agencies • Marketing of issue (s) • Listing of securities • Compliance of other pre issue and post issue formalities PREPARED BY MS.Bajaj Capital Provides Merchant Banking Co-ordination & Advisory Services for • Preparation of prospectus/ letter of offer (s) • Liasioning with authorities mainly SEBI.S.

Portfolio Management • Maintaining proper combination of securities in a manner that they give maximum return with minimum risk • Every investor is interested in safety. KCTBS . SENIOR LECTURER. PREPARED BY MS.SANGEETHA.S. liquidity & profitability of his investment.

2 billion March 2007 March • Undertaking review of PF invt 2008 US$ 43.0 billion US$ 41.Portfolio Management • Undertaking invts in securities • Undertaking invts for NRI’s both repatriation and non repatriation basis.7 billion • Safe custody of securities in India & Overseas • Collection of RoI & ploughing back the profits • Invt advisory services to the investors & other related services PREPARED BY MS. KCTBS . SENIOR LECTURER.S. (Bajaj Capital) March 1991 NRI deposits in India US$ 14.SANGEETHA.

SANGEETHA.Portfolio Management • Providing advice on selection of invts • Carrying out a critical evaluation of invt portfolio • Securing approval from RBI for the purchase / sale of securities (NRI Clients) • Maintaining invt records • Collecting & remitting int & dividend on invt • Providing tax counselling & filing tax returns through tax consultants.S. SENIOR LECTURER. PREPARED BY MS. KCTBS .

• Portfolio Management Services. • Corporate Finance. • Insurance and Mutual Funds. SENIOR LECTURER. • portfolio management and underwriting • international tax advisory services both home and abroad Religare. KCTBS . IL&FS (Infrastructure leasing & financial services) * Wealth Management Services * Portfolio Management Services * Securities Broking .Equities & Derivatives * Depository & Custodial Services * Merchant Banking PREPARED BY MS.S.SANGEETHA.Investment Banking.CMSL (credit market services ltd) is a licensed Merchant Bank carrying out functions like • issue management. • Equity & Commodity Broking.

KCTBS . SENIOR LECTURER.S.SANGEETHA. where more than one bank is involved.Working Capital Finance • Assessment of WC reqts • Preparing the necessary application to negotiations for the sanction of appropriate credit facilities. & suggesting a sharing pattern of credit limits amongst participating banks. • Providing assistance in negotiations with all the banks. PREPARED BY MS.

• Working Capital.SANGEETHA. KCTBS . SENIOR LECTURER. • Project Finance.S. • Letter of Credit Discounting PREPARED BY MS.Acquarius Capital & Financial Services • Provides services related to banking and financial institution • External Commercial Borrowing. • Term Loan.

S.SANGEETHA. KCTBS .Acceptance Credit & Bills Discounting Accepts & discounts B/E PREPARED BY MS. SENIOR LECTURER.

Merger and Acquisition
• Specialised service provided by the merchant banker • Undertaking mngt audits to identify areas of corporate strength & weaknesses in order to help formulate guidelines & directions for future growth
PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

Merger and Acquisition
• Undertaking studies on a global basis to locate overseas mkts, fgn collaborations & prospective JV associates. • Examining the pros & cons of proposals & formulating schemes for financial reconstruction, M&A • Obtaining approvals from shareholders, depositors, creditors, Govt & other authorities
PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

Merger and Acquisition
• Monitoring the implementation of M&A Schemes • Identifying Orgns with Matching Characteristics • Assisting in the compliance of legal reqts • Advising on cap reorgn of business enterprises
PREPARED BY MS.S.SANGEETHA, SENIOR LECTURER, KCTBS

Advisory services relating to Mergers & Takeovers • Once the approval is done. SENIOR LECTURER. the MBs appraises M/T proposal Financial viability Technical Feasibility  Negotiates purchase consideration & mode of payment  Gets approval from the GOI /RBI.S.  Drafts scheme of Merger & obtains approval from the financial institutions. • Bajaj capital PREPARED BY MS.SANGEETHA. KCTBS .

KCTBS .S. SENIOR LECTURER.SANGEETHA.Reasons for M&A • Unused capacity • Lack of mftg space for the purchaser • Advantages of economies of scale • Benefits of VI PREPARED BY MS.

KCTBS . ICICI.SANGEETHA.Venture financing • Originated in US • Popular 60’s & 70’s.high reward projects • New technology Co’s. SENIOR LECTURER.S. • In India IFCI.IDBI PREPARED BY MS. • High risk.

SANGEETHA. & • APIDC (Andhra Pradesh Industrial Dvlpt Corp) Venture Capital Ltd. • Sources of these funds  financial institutions. State level financial institutions started VCs like • Gujarat Venture Finance Ltd. SENIOR LECTURER. foreign institutional investors or pension funds and high net-worth individuals. (TDICI) promoted by ICICI and UTI. (Angel groups) PREPARED BY MS.S. KCTBS .• VC financing really started in India in 1988 with the formation of Technology Development and Information Company of India Ltd.

Asian Development Bank & Commonwealth Development Corporation Credit Capital Venture Fund PREPARED BY MS.First Private Venture Capital Sponsor Credit Capital Finance Corporation (CFC) Promoters Bank of India. KCTBS .S.SANGEETHA. SENIOR LECTURER.

Venture finance & managerial support services PREPARED BY MS.Venture capital funding for IT companies • Cipher Securities . KCTBS . SENIOR LECTURER. venture capital & strategic investment services • CoolStartups .SANGEETHA.US VC company investing in Indian IT start-ups • Gujarat Venture Finance .Offers startup funding.Initial stage mentoring.• Chrysalis Capital .S.Venture capital fund raising consulting • Draper . services & funds to startups • Dawn Consulting .

MA based hedge fund investor • Indiaco Virtual and physical incubator support and services • IndianVentureCapital Interactive forum for venture capitalists & startups • Intel India .Boston.SANGEETHA.Software development. SENIOR LECTURER.• India Technology Fund . KCTBS .S.Listing of Indian venture capital firms • Mantra Consultants .Venture capital consultancy and investment banking services PREPARED BY MS. venture capital funding & market development • Jumpstartup's VC Database .

Promotes dotcom and investor community relations • SmartCapital .S..Venture capital funding and positioning services • Silicon Spot . • Satwik Ventures .Fund management. KCTBS . SENIOR LECTURER. venture capital & corporate finance • Sameer Gandhi Bolts to Accel Partners .SANGEETHA..• Pacific Century Group Ventures ..Venture financing for small IT and telecommunications companies • TDICI .The VC pioneers in India PREPARED BY MS.Sameer Gandhi of Sequoia Capital has joined Accel.

Venture capital guidelines and advisory services • Venture Finance .com .Address of VC firms from VC Line • VCFirm.• Technology Capital Partners . SENIOR LECTURER.SANGEETHA. • VC Addresses . KCTBS .Provides assistance in making business plans and accessing venture capital funds exclusively to information technology companies.S.Portal on venture finance • Venture Bazaar-Venture formation services PREPARED BY MS.Seed & early stage venture capital firm • VCline.com .

Registration For grant of certificate as VC’s: • Registered with SEBI and • Application fee pay Rs.S.25.SANGEETHA. KCTBS .00. 5. SENIOR LECTURER.000 PREPARED BY MS.000 and • Registration fee Rs.

• The venture capital investment in India till the year 2001 was continuously increased and thereby drastically reduced. KCTBS . Years 1998-99 Growth 327 % 1999-00 2000-01 2001-02 132 % 40 % -4 % 2002-03 -54 % PREPARED BY MS.S. SENIOR LECTURER. Venture capital investors slow down their investment.SANGEETHA.

Important services offered: • Providing advice on the viability as an alternative • Providing advice on the choice of favourable rental structure • Providing assistance in establishing lines of lease for acquiring capital equipment PREPARED BY MS. SENIOR LECTURER.SANGEETHA.S.Lease Financing • Letting out assets on lease for a particular time for use by the lessee. KCTBS .

S. Canara Bank.SANGEETHA.Examples • Pan Caribbean Merchant Bank (PCMB) offers lease financing for BMW customers • Bajaj capital • SBI. KCTBS . ICICI. IDBI. SENIOR LECTURER. IFCI PREPARED BY MS.

plants for manufacture of cement. power plants. KCTBS . ECGD & other institutions. & Operating Bank accounts • In obtaining export credit facilities from EXIM bank  capital. liaison with RBI. transmission lines. packing credit PREPARED BY MS. SENIOR LECTURER. sub-stations. sugar. • In Opening abroad.Foreign Currency Financing  Providing assistance • turnkey projects & construction contract projects (supply.S.SANGEETHA. erection and commissioning of boilers. textiles and chemicals) • In appln to working groups.

rules & regulations. Providing guidance on negotiating fgn financial & technical collaboration agreements within the framework of Govt policies.S. assistance in the formation of corporate ventures in India in collaboration with suitable foreign parties. dividends. pdt risk.SANGEETHA. SENIOR LECTURER.Financing Indian JV abroad & Providing Assistance in fgn collaboration Advice in legal laws. exge restrictions. KCTBS . incentives & subsidies etc. Govt regns shareholdings. taxation. PREPARED BY MS.

SANGEETHA.Foreign Currency Financing Arranging • Foreign currency loans under buyer’s credit scheme for importing goods • Deferred payment guarantees under suppliers credit scheme for importing capital goods.S. Pre shipment Credit. Post shipment credit. KCTBS . bridge loans (bajaj capital) PREPARED BY MS. • LoC. SENIOR LECTURER.

FRN.S. US Commercial papers. Cross border leasing packages PREPARED BY MS.Forms of foreign currency Procuring euro currency in the form of mngt & syndication of Euro currency loans. with the assistance of International Treasury Mngt Ltd (ITM) Eg: The National Bank of Abu Dhabi (NBAD) announced the launch of its $2 billion settled floating rate subordinated convertible notes due in 2018. bonds.SANGEETHA. KCTBS . SENIOR LECTURER.

KCTBS .SANGEETHA. • granting loans and • trading in foreign currencies and government securities. PREPARED BY MS.S.Capital & Credit Merchant Bank Ltd is engaged in • taking deposits. SENIOR LECTURER.

SENIOR LECTURER. KCTBS . manufacturing or packing of goods prior to shipment.SBI • Pre-Shipment Export Credit offers Pre-shipment Credit (Packing Credit) to the exporters. processing.SANGEETHA.S. PREPARED BY MS. for financing purchase.

The exporter has the option to avail of pre-shipment and post-shipment credit either in rupee or in foreign currency.SANGEETHA. KCTBS .Post-Shipment Export Credit • SBI extend Post-shipment Credit that is any loan / advance granted or any other credit provided by SBI for purposes such as export of goods from India. SENIOR LECTURER. PREPARED BY MS.S.

PRE-SHIPMENT CREDIT IN FOREIGN CURRENCY(PCFC) • SBI’s Pre-shipment Credit in Foreign Currency • Avail it to meet the customers manufacturing. Pound Sterling. is the nodal centre for raising and deploying offshore and onshore funds for lending under PCFC. SENIOR LECTURER. • Has 64 branches across the country  PCFC facility • Their Foreign Department Kolkatta.S. PREPARED BY MS. processing and packing fund requirements at international interest rates.SANGEETHA. • Offers 4 different currencies  the US Dollar. KCTBS . Euro and the Japanese Yen.

Brokering FD • Amt that can be raised by the company in the form of FD from the public & loans from the shareholders (Ranbaxy.S. Jindal steel & power) • Drafting of advtg for inviting deposits • Filing a copy of advtg with the Registrar of Companies for registration • Arranging for the issue of advtg in newspapers. KCTBS .SANGEETHA. SENIOR LECTURER. as reqd by the Companies Act PREPARED BY MS.

SANGEETHA. SENIOR LECTURER.S.Brokering FD • Drafting & printing of application forms • Making arrangements for the collection of deposits at the banks branches • Submission of periodical statements to companies concerned • Making arrangement for payment of interest amounts PREPARED BY MS. KCTBS .

SENIOR LECTURER.Brokering FD • Providing advice to the company on the terms & Conditions of FDs & • Deciding on the appropriate rate of int. KCTBS . PREPARED BY MS.S.SANGEETHA. keeping in view the prevailing capital & money mkt conditions • Helping the company to observe all the rules & regulations in this connection • Assisting in Mntce of records & registers for this purpose.

• Tata Motors. • Corporate deposits  Do not change their rates during a six month to one year period. • Big companies offer 10. Currently corporate fixed deposit rates • Small companies  11%.S.Deposits under corporate FD’s : • Governed by  Companies Act under Section 58A. • Unsecured.5% interest.SANGEETHA. KCTBS . • Banks  6-7% and these rates can change easily. SENIOR LECTURER. which provides stability to the investment. • People usually invest in lakhs and not thousands in corporate FD’s. Mahindra & Mahindra and Indian Hotels all offer corporate FD’s and are doing well. PREPARED BY MS.

• The interest paid  half yearly basis.48 crore from the public through fixed deposits and has already raised over Rs 700 crore. • Majority of the companies who raise money via fixed deposits have quarterly interest payouts and the interest rates vary from 9-13% based on the options one chooses. SENIOR LECTURER. • Tata Motors was authorised to raise up to Rs 1.SANGEETHA.S.931. • It is a threat to mutual fund PREPARED BY MS. KCTBS .

SENIOR LECTURER. • ICICI LOMBARD • Karvy consultancy PREPARED BY MS.• Bajaj capital • Integrated Enterprises (India) Limited • Integra Capital Management Ltd.SANGEETHA.S. KCTBS .

any fgn Govt.S. KCTBS . PREPARED BY MS. RBI. any local authority.• Pooling up public savings Mutual Funds • Investing the funds in a diversified portfolio of shares & debentures belonging to well managed & growing companies • Earnings investors a steady ROI with an assurance of capital assurance • Engaging in the business of acqn. SENIOR LECTURER.SANGEETHA. holding/ disposal of securities • Making invt in any commercial paper floated by Central Govt. fgn bank/ any other authority outside India & approved by RBI.

S. SENIOR LECTURER. KCTBS .Mutual Fund Companies in India • ABN AMRO Mutual Fund • Birla Sun Life Mutual Fund • Bank of Baroda Mutual Fund (BOB Mutual Fund) • HDFC Mutual Fund • HSBC Mutual Fund • ING Vysya Mutual Fund • Prudential ICICI Mutual Fund • Sahara Mutual Fund • State Bank of India Mutual Fund (SBI) • Tata Mutual Fund PREPARED BY MS.SANGEETHA.

KCTBS . SENIOR LECTURER.Relief to Sick industries • Rejuvenating old lines & ailing units by Appraising their technology & process.S. Assessing their reqts Restructuring their capital base • Evolving the rehabilitation packages which are acceptable to financial institutions & banks PREPARED BY MS.SANGEETHA.

KCTBS .S. SENIOR LECTURER.SANGEETHA.Relief to Sick industries • Exploring the possibilities of M&A • Assisting in obtaining approvals from the the BIFR & other authorities under Sick Industrial Companies Act 1985 • Monitoring the implementation of rehabilitation schemes. M&A PREPARED BY MS.

• A revival package for the company was approved by BIFR on the 10. •The revival period was for ten years beginning 1994-95.1994. • BIFR heard the case from time to time.Example.SANGEETHA. KCTBS .Indian Drugs & Pharmaceuticals Ltd • IDPL was formally declared sick by the Board for Industrial & Financial Reconstruction (BIFR) on the 12.S. SENIOR LECTURER.02.1992. BENGAL CHEMICALS & PHARMACEUTICALS LIMITED (BCPL)declared sick by the Board for Industrial and Financial Reconstruction (BIFR) – 14/1/ 1993. PREPARED BY MS. The company could achieve a consistent growth of about 20% in the years 1994-95 to 1996-97. •A revival package was approved by the BIFR on the 4/4/1995.08. •The net losses per annum are also came down significantly thereafter.

is a sick industrial company . Khatau Makanji Spinning & Weaving Mills Ltd. SENIOR LECTURER.SANGEETHA. has been PREPARED BY MS. KCTBS .S.• M/s. the Sick Industrial Companies (Special Provisions) Act. BIFR sanctioned a scheme for the rehabilitation of the company • Rehabilitation scheme prepared by ICICI . 1995. 1985 (SICA). On 27 March.

Project Appraisal Financial appraisal Technical appraisal Economic Appraisal PREPARED BY MS. KCTBS .S. SENIOR LECTURER.SANGEETHA.

SANGEETHA. Capital structure analysis LT solvency position PREPARED BY MS. profitability.Financial Appraisal viability. SENIOR LECTURER.S. KCTBS . ST & LT obligations.

SANGEETHA.certain % PREPARED BY MS.S. KCTBS .Technical Appraisal Technology Design Scope & content of the plant Inputs Infrastructure facilities Marketable pdt from the resources deployed Plough back . SENIOR LECTURER.

Impact of the project on net social benefits / welfare. PREPARED BY MS. KCTBS .Economic Appraisal Effect of the Project on employment & fgn exge.S.SANGEETHA. SENIOR LECTURER.

S. KCTBS .SANGEETHA. SENIOR LECTURER.• If a fund had net assets of $50 million and there are one million shares of the fund. then the price per share (or NAV) ? PREPARED BY MS.

(or) • Example: If the total value of assets in a fund = $50 million N= one million shares in the portfolio.The current market value of the fund's net assets on that particular day NAV= The number of outstanding shares (or) • The total net assets of the fund .S. SENIOR LECTURER.any liabilities. Total value of assets in a fund NAV = = $50 million = $50/ share 1 million shares Shares in the portfolio PREPARED BY MS.SANGEETHA. KCTBS .

SENIOR LECTURER. infrastructure etc.2 • Method: 100% book building • Price band: Rs.000 shares/ 17.100.SANGEETHA.550 (250 to 275 times >face value) Rs 8750crores / 17.000.5 crores= 550 • • • • • Market lot: 10 shares Minimum order: 10 shares Retail investor cap: Rs. 2007 • Issue : 175. 2007 and June 14.5 crores • Issue Size: Rs 8750crores -Rs 9625 crores • Face Value: Rs. KCTBS . PREPARED BY MS. Reasons for the demand for more housing.Details of the IPO OF DLF: • Issue period: Between June 11.5 crores= 500. Rs 9625 crores/ 17.000 maximum This is really an excellent IPO.S.500 to Rs.

ICICI.Global coordinators & Book running lead managers • Kotak invt bank • DSP Merrill Lynch • Senior Book running lead managers: Lehman bros Securities private ltd • Registrar of the issue: Karvy Computershare pvt ltd • Bankers o the issue: ABN Amro. HDFC • Refund banks: ICICI. centurion bank of Punjab. Standard chartered Bank.S. KCTBS . citi bank. UTI. SENIOR LECTURER. Standard chartered Bank PREPARED BY MS. Deutsche Bank . Kotak mahindra. HSBC. HSBC.SANGEETHA.

Public Issue can take place in 3 forms • Prospectus • Offer for sale • Private placement PREPARED BY MS. SENIOR LECTURER. KCTBS .SANGEETHA.S.

Public Issue thro’ •Common method of public issue thro’ Prospectus.SANGEETHA. SENIOR LECTURER. KCTBS .S. PREPARED BY MS.

The information required by the companies Act & SEBI are furnished in the prospectus. When the prospectus is ready sent to SEBI (for vetting & clearance) Filed with the Registrar of companies Brokers canvass the subscription (Members of the stock exchange) PREPARED BY MS.SANGEETHA. SENIOR LECTURER.S. KCTBS .

KCTBS . SENIOR LECTURER.Offers for sale • Offers thro’ the intermediary of issue house/ firm of stock broker • Co Sells entire Issue of shares / Debentures Issue house at agreed price(par value) PREPARED BY MS.SANGEETHA.S.

KCTBS .SANGEETHA. SENIOR LECTURER.S.Private Placement • Direct sale of securities by a company to investors LIC UTI GIC SFC PREPARED BY MS.

SANGEETHA. KCTBS .Role of Merchant Bankers Merchant Bankers appoint Brokers Principal Agent Bankers to issue PREPARED BY MS. SENIOR LECTURER.S.

Pricing of the Issues • The SEBI guidelines (1992) for cap issues have opened the cap mkt for free pricing.  An existing Unlisted company going in for public issues for the 1st time & 2 1/2 years of track record of constant profitability can freely price the issue. • Pricing done by co’s with consultation with MBs.SANGEETHA. PREPARED BY MS. KCTBS .S. SENIOR LECTURER.  An existing Listed company & a new co set up by an existing co with 5 years of track record.

5 billion dollar (nearly Rs 7. SENIOR LECTURER. PREPARED BY MS.S.merchant bankers • Goldman Sachs.000 km fresh undersea cable in regions where there is dearth of international bandwidth.000 crore). Morgan Stanley and UBS • The proceeds raised from the IPO will be used to part finance expansion plans announced last year. Deutsche Bank.Reliance com’s. KCTBS . The expansion plan could entail an investment of about 1.SANGEETHA. which include laying 50.

SANGEETHA. SENIOR LECTURER. PREPARED BY MS. KCTBS .Premium • Premium will be based on    Net Asset Value Profit Earning Capacity Market Price Justification of price has to be stated & included in the prospectus.S.

S.SANGEETHA. KCTBS . • Only in equity shares • Can be done only after 1 year of the first issue PREPARED BY MS.Rights issue • New shares are offered to the existing shareholders. SENIOR LECTURER.

advt or other document inviting deposits from the public.S. circular. inviting offers from the public for the subscription or purchase of any shares in or debentures of a body corporate • Registered with the Registrar • Advertised in newspapers atleast 10 days before opening of subscription PREPARED BY MS.Prospectus Sec2(36)of the Co’s Act 1956 • Is any document described/ issued as a prospectus & includes any notice . KCTBS .SANGEETHA. SENIOR LECTURER.

• Must be open atleast for 3 days • Minimum subscription is fixed at 90% of the issued capital to the public • Has to be subscribed within the stipulated period after the issue of the prospectus . partial allotment is made PREPARED BY MS.SANGEETHA. SENIOR LECTURER.S. if not to be returned to the applicants.• Subscription list -Minimum period for which the company will continue to receive application. • In case of over subscription. KCTBS .

PREPARED BY MS.SANGEETHA.S. the MB arrange a meeting with the representatives & advertising agencies to finalise  Date of opening  Closing of issue  Registration of Prospectus  Launching publicity campaign  Fixing date of Board meeting to approve & sign prospectus  Pass necessary resolutions. SEBI has made it mandatory. Security issues are to underwritten .Marketing • After the despatch of Prospectus . KCTBS . SENIOR LECTURER.

Condition for Fixation of face value: Issue prices Below Rs 500 per share Rs 500 or more Face value Rs 10 per share. Not below Re 1. SENIOR LECTURER. KCTBS .SANGEETHA.S. PREPARED BY MS.

who enter the bids of investors in the book building system. • Syndicate Members The Book Running Lead Managers to the issue appoint the Syndicate Members. The names of the Book Running Lead Managers are mentioned in the offer document of the Issuer Company. Syndicate Members are intermediaries registered with SEBI who also carry on the activity of underwriting. .SANGEETHA.• Book Running Lead Manager The lead merchant bankers appointed by the Issuer Company are referred to as the Book Running Lead Managers. SENIOR LECTURER. • Order Book It is an 'electronic book' that shows the demand for the shares of the company at various prices on a real time PREPARED BY MS.S. KCTBS basis.

• Issued capital is that part of the authorised capital which is brought before the public for subscription. • Paid-up capital is that part of the subscribed capital that is collected by the company as a part payment. The due part will be collected by the company in the immediate future. • Subscribed capital is that part of the issued capital that is actually subscribed by the public.• Authorised capital is that capital which is decided by the Registrar (recruited under companies act.S.SANGEETHA. 20 crores 18 crores 16 crores 8 crores Company cannot raise capital amount more than Authorised Capital unless the Article of Association is amended by passing special resolution by the share holders with approval of Central Government and Registrar of Companies. PREPARED BY MS. SENIOR LECTURER.1956)as the maximum amount that can be raised from the shareholders. KCTBS .

•Mergers. Company fixed deposits. Life insurance. SENIOR LECTURER. •Placement of Preference Shares/ •Non-Convertible Debentures. NRI scheme • They are Category II Merchant Banker: They provide the following services •Structuring & Syndication. •Structuring of Short Term Finance Solutions. Housing loans. investment advisors and financial planners. Mutual funds. Acquisition. Insurance linked investment schemes. Pension schemes. Bonds. •Lease & Hire Purchase. •Securitisation of Debt.SANGEETHA. •Share Buybacks. Their Products and Services : •Syndications. KCTBS . PREPARED BY MS. •Private Equity and Venture Capital bankers. General insurance. Tax saving schemes. •Advisory Services. •Money Markets. Post office schemes. Initial public offerings.• Bajaj Capital is a SEBI approved merchant Investment Advisory Products . •Initial Public Offers [IPOs].S.

Asset Financing. Merchant Banking. KCTBS . Fixed Deposits.S.• - ICICI Lombard. Capital Market Operations. PREPARED BY MS. SENIOR LECTURER.SANGEETHA. Corporate Advisory Services.

• Secondary Market. (Tax deducted at source) • BPO services. -Post office Schemes • Public Provident Fund (PPF). SENIOR LECTURER. • Demat Account.Integrated Enterprises (India) Limited the • Manufacturer and Services of Investment Avenues. • Depository Registry. • Mutual Funds.S. • Post Office Monthly Income Plan PREPARED BY MS. • e-TDS. • Share News. • Franchisee. • Demat services. KCTBS .SANGEETHA. • Fixed Deposits. Post office Schemes. • Corporate Services. Bonds. • Insurance.

• Integra Capital Management Ltd.SANGEETHA. Portfolio Management Services . Securities Broking Equities & Derivatives . . Resource Mobilisation . • IL&FS Investsmart Limited Wealth Management Services. KCTBS .Distribution of Mutual Fund. PREPARED BY MS. Depository & Custodial Service.Merchant Banking.Investment Advisory Money Market .Financial Planning.S. • Bajaj Capital Ltd . -Asset Financing -Merchant Banking -Capital Market Operations -Corporate Advisory Services -Fixed Deposits. SENIOR LECTURER.

SANGEETHA. Personal Finance Advisory Services. equities. Research. Merchant Banking. Commodities Broking. Distribution of financial products .S. -Stock Markets. Insurance Broking. fixed deposit.Merchant Banking. • Middle East Capital Group: MECG . KCTBS . placement of equity. Merchant Banking & Corporate Finance. IPOs. PREPARED BY MS. Primary Market Operations. • LKP Shares and Securities Ltd. bonds. Private Equity Funds. Depository Participants. SENIOR LECTURER. Secondary Market Operations.mutual funds. And Corporate Finance.• Karvy Consultants Limited Stock broking.

S. An offer document covers all the relevant information to help an investor to make his/her investment decision. PREPARED BY MS. SENIOR LECTURER."Offer document" : • Prospectus  public issue or offer for sale • Letter of Offer  rights issue which is filed with Registrar of Companies (RoC) and Stock Exchanges.SANGEETHA. KCTBS .

at least 21 days prior to the filing of the Offer Document with the RoC/ SEs. KCTBS . SENIOR LECTURER.SANGEETHA. • The Draft Offer document is available on the SEBI Web site for public comments for a period of 21 days from the filing of the Draft Offer Document with SEBI. The draft offer documents are filed with SEBI. • SEBI may specify changes. in the draft Offer Document and the issuer or the lead merchant banker shall carry out such changes in the draft offer document before filing the Offer Document with the RoC/ SEs. if any.• "Draft Offer document"  offer document in draft stage.S. PREPARED BY MS.

SANGEETHA. • "Abridged Prospectus"  Prospectus of public issues. • If the final price are included in the offer document & the offer document filed thereafter with ROC becomes a prospectus. This means that in case the price is not disclosed.• "Red Herring Prospectus" is a prospectus which does not have details of either price or number of shares being offered or the amount of issue.S. the number of shares and the upper and lower price bands are disclosed. an issuer can state the issue size and the number of shares are determined later. + application form PREPARED BY MS. KCTBS . On the other hand. SENIOR LECTURER.

• Cosmos Co-Op. •State Bank of Indore Ltd.Indian Bank •Central Bank of India •Small Industries Development Bank of India •Export Import Bank of India PREPARED BY MS. •Global Trust Bank Ltd.• DB Merchant Banking Services Ltd. •Centurion Bank of Punjab Ltd •YES Bank Ltd.Development Credit Bank Ltd. •United Western Bank Ltd. SENIOR LECTURER. •Bank of Maharashtra •City Union Bank Ltd. Cooperative Bank • • • • • Bank of India Andhra Bank Corporation Bank Vijaya Bank •Karur Vysya Bank Ltd. KCTBS . S. •IDBI Bank Ltd. • Bharat Overseas Bank Ltd. •Karnataka Bank Ltd. • Punjab & Sind Bank • State Bank of Patiala • State Bank of Hyderabad • Lakshmi Vilas Bank Ltd. •Hindusthan Mercantile Bank Ltd. Bank Ltd. • Catholic Syrian Bank Ltd.S. •Indbank Merchant Banking Services Ltd. (OLD)Nedungadi Bank Ltd. •UCO Bank •Ind Bank •Housing Ltd.SANGEETHA. •Dhanalakshmi Bank Ltd. • United Bank of India • North Kanara G. •Bank of Madura Ltd. • Benares State Bank Ltd. •Bank of Punjab Ltd. • City Co-operative Bank Ltd • Shamrao Vittal Co-operative Bank Ltd. B. •Lord Krishna Bank Ltd.

• HDFC Bank Ltd. • IndusInd Bank Ltd. •South Indian Bank Ltd. •Indian Overseas Bank •Oriental Bank of •Punjab National Bank Commerce •Allahabad Bank •Federal Bank Ltd. Jaipur • Syndicate Bank •State Bank Of Mysore • ICICI Bank Ltd.•Jammu & Kashmir Bank •Kotak Mahindra Bank Ltd.SANGEETHA. •State Bank of Travancore •Union Bank of India •Karur Vysya Bank Ltd. SENIOR LECTURER. •Dena Bank •ING Vysya Bank Ltd. •Bank of Rajasthan Ltd. KCTBS •IDBI Bank Ltd. Ltd. .S. •Bank of Baroda •State Bank of India PREPARED BY MS. •Canara Bank •State Bank Of Bikaner and •Axis Bank Ltd.

KCTBS . SENIOR LECTURER.SANGEETHA.• Bajaj capital • Karvy consultancy PREPARED BY MS.S.

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