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GRUH FINANCE LIMITED Registered Office: “GRUH” Netaji Marg, Near Mithakali Six Roads, Ellisbridge, Ahmedabad – 380 006

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GRUH FINANCE LIMITED Registered Office: “GRUH” Netaji Marg, Near Mithakali Six Roads, Ellisbridge, Ahmedabad – 380 006 ±CMYK ±CMYK Letter of Offer GRUH September 1, 2006 FINANCE For Equity Shareholders of the Company Only LIMITED We help you build homes GRUH FINANCE LIMITED Registered Office: “GRUH” Netaji Marg, Near Mithakali Six Roads, Ellisbridge, Ahmedabad – 380 006. The Company was incorporated on July 21, 1986 as Gujarat Rural Housing Finance Corporation Limited under the provisions of the Companies Act, 1956. The name of the Company was changed to GRUH Finance Limited on August 21, 1995. The Company became a public listed company on January 8, 1993. The Corporate Office of the Company is at “GRUH” Netaji Marg, Near Mithakali Six Roads, Ellisbridge, Ahmedabad – 380006 (For further details see “History of the Company and Other Corporate Matters” on page 29 of this Letter of Offer.) Tel: (91 79) 3090 1222 / 23; Fax: (91 79) 2656 0649 Contact Person: Mr. Marcus Lobo, Company Secretary E-mail: [email protected]; Website: www.gruh.com FOR PRIVATE CIRCULATION TO THE EQUITY SHAREHOLDERS OF THE COMPANY ONLY LETTER OF OFFER ISSUE OF 79,50,000 FULLY PAID EQUITY SHARES WITH A FACE VALUE OF Rs. 10 EACH AT A PREMIUM OF Rs. 65 PER EQUITY SHARE FOR AN AMOUNT NOT MORE THAN Rs. 5,962.50 LACS TO THE EXISTING EQUITY SHAREHOLDERS ON RIGHTS BASIS IN THE RATIO OF THREE FULLY PAID EQUITY SHARES FOR EVERY TEN EQUITY SHARES HELD BY THE EXISTING SHAREHOLDERS ON THE RECORD DATE, i.e. SEPTEMBER 2, 2006. THE TOTAL ISSUE PRICE IS 7.5 TIMES OF THE FACE VALUE OF THE EQUITY SHARES. FOR MORE DETAILS, SEE “TERMS OF THE ISSUE” ON PAGE 122 OF THIS LETTER OF OFFER. GENERAL RISKS Investments in equity and equity related securities involve a degree of risk and Investors should not invest any funds in this Issue unless they can afford to take the risk of losing their investment. Investors are advised to read the 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. The securities have not been recommended or approved by the Securities and Exchange Board of India (SEBI) nor does SEBI guarantee the accuracy or adequacy of this document. Investors are advised to refer to “Risk Factors” on page v of this Letter of Offer 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 Letter of Offer contains all information with regard to the Issuer and the Issue, which is material in the context of this Issue, that the information contained in this Letter of Offer is true and correct in all material respects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Letter of Offer as a whole or any such information or the expression of any such opinions or intentions misleading in any material respect. LISTING The existing Equity Shares of the Company are listed on the Bombay Stock Exchange Limited (“Designated Stock Exchange”), the National Stock Exchange of India Limited and Ahmedabad Stock Exchange Limited. The Company has received “in-principle” approvals from BSE, NSE and ASE for listing the Equity Shares arising from this Issue vide letters dated July 11, 2006, July 19, 2006 and July 19, 2006 respectively. LEAD MANAGER TO THE ISSUE REGISTRAR TO THE ISSUE DSP Merrill Lynch Limited Intime Spectrum Registry Limited (Unit GRUH) Mafatlal Centre, 10th Floor C-13, Pannalal Silk Mills Compound, Nariman Point, Mumbai 400 021, India LBS Marg, Bhandup (W), Tel: (91 22) 6632 8000 Fax: (91 22) 2204 8518 Mumbai- 400078. Email: [email protected] Tel No. 022- 25960320 Fax No. 022- 25960329 Website: www.dspml.com Email ID: [email protected] Contact Person: Mr. Kartik Desai Contact person: Ms Awani Punjani ISSUE PROGRAMME LAST DATE FOR REQUEST FOR ISSUE OPENS ON SPLIT APPLICATION FORMS ISSUE CLOSES ON SEPTEMBER 14, 2006 SEPTEMBER 29, 2006 OCTOBER 13, 2006 ±CMYK ±CMYK TABLE OF CONTENTS ABBREVIATIONS & TECHNICAL TERMS...................................................................................... II RISK FACTORS ......................................................................................................................... V SUMMARY............................................................................................................................. - 1 - THE ISSUE............................................................................................................................. - 3 - SELECTED FINANCIAL INFORMATION..................................................................................... - 4 - GENERAL INFORMATION ....................................................................................................... - 6 - CAPITAL STRUCTURE ........................................................................................................... - 12 - OBJECTS OF THE ISSUE......................................................................................................... - 18 - BASIS OF ISSUE PRICE ........................................................................................................... - 19 - STATEMENT OF TAX BENEFITS.............................................................................................. - 21 - INDUSTRY OVERVIEW........................................................................................................... - 26 - HISTORY OF THE COMPANY AND OTHER CORPORATE MATTERS............................................. - 29 - COMPANY’S BUSINESS........................................................................................................... - 30 - REGULATIONS AND POLICIES................................................................................................ - 36 - DIVIDEND............................................................................................................................. - 38 - MANAGEMENT ..................................................................................................................... - 39 - PROMOTERS AND PROMOTER GROUP .................................................................................... - 48 - GROUP COMPANIES.............................................................................................................. - 51 - RELATED PARTY TRANSACTIONS .......................................................................................... - 66 - AUDITORS REPORT............................................................................................................... - 68 - STOCK MARKET DATA FOR EQUITY SHARES OF THE COMPANY............................................... - 93 - MANAGEMENT DISCUSSION AND ANALYSIS............................................................................ - 95 - INFRASTRUCTURE...............................................................................................................- 101 - EMPLOYEE STOCK OPTION SCHEME.....................................................................................- 102 - DESCRIPTION OF CERTAIN INDEBTEDNESS............................................................................- 103 - OUTSTANDING LITIGATIONS AND DEFAULTS.........................................................................- 104 - GOVERNMENT APPROVALS ..................................................................................................- 115 - STATUTORY AND OTHER INFORMATION ...............................................................................- 116 - TERMS OF THE ISSUE...........................................................................................................- 122 - MAIN PROVISIONS OF THE ARTICLES OF ASSOCIATION OF GRUH FINANCE LIMITED ...............- 142 - MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION ..................................................- 149 - DECLARATION ....................................................................................................................- 150 - ABBREVIATIONS & TECHNICAL TERMS AKFED: Aga Khan Fund for Economic Development. AGM: Annual General Meeting. ALM: Asset Liability Management. AS: Accounting Standard as issued by The Institute of Chartered Accountants of India. ASE: Ahmedabad Stock Exchange Limited. Asst. Assessment. Act: The Companies Act, 1956 as amended. Articles or AOA: Articles of Association of the Company. BSE/Designated Stock Exchange: The Bombay Stock Exchange Limited. Board: The Board of Directors of the Company or the Committee authorized to act on their behalf. Bankers to the Issue: HDFC Bank Limited. CAF: Composite Application Form. CAR: Capital Adequacy Ratio. CAGR: Compounded Annual Growth Rate. CDSL: Central Depository Services (India) Limited. CIBIL Credit Information Bureau of India Limited. CRISIL: CRISIL Limited. Company/Issuer/GRUH: GRUH Finance Limited. Crore(s): One hundred lacs or ten million. DEMAT: Dematerialized (Electronic/Depository as the context may be). DP: Depository Participant. Depository: A depository registered with SEBI under the SEBI (Depository and Participant) Regulations, 1996, as amended from time to time. Letter of Offer: Letter of Offer of the Company for the Rights Issue of 79,50,000 Equity Shares of Rs. 10 each at a premium of Rs. 65 per share. EBIDTA: Earnings before Interest Depreciation, Tax and Amortization. EGM: Extra-Ordinary General Meeting. EMI: Equated Monthly Installments. EPS: Earnings Per Share. Equity Shareholders: Means
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