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Infrastructure Development Finance Company Limited

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Infrastructure Development Finance Company Limited PROSPECTUS – TRANCHE 1 Dated September 23, 2010 INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED (Infrastructure Development Finance Company Limited (the “Company”), with CIN L65191TN1997PLC037415, incorporated in the Republic of India with limited liability under the Companies Act, 1956, as amended (the “Companies Act”)) Registered Office: KRM Tower, 8th Floor, No.1 Harrington Road, Chetpet, Chennai 600 031 Tel: (91 44) 4564 4000; Fax: (91 44) 2854 7597 Corporate Office: Naman Chambers, C-32, G-Block, Bandra-Kurla Complex Bandra (East), Mumbai 400 051 Tel: (91 22) 4222 2000; Fax: (91 22) 2654 0354 Compliance Officer and Contact Person: Mahendra N. Shah, Company Secretary E-mail: [email protected]; Website: www.idfc.com PUBLIC ISSUE BY INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED (“COMPANY” OR “ISSUER”) OF LONG TERM INFRASTRUCTURE BONDS OF FACE VALUE OF RS. 5,000 EACH, IN THE NATURE OF SECURED, REDEEMABLE, NON- CONVERTIBLE DEBENTURES, HAVING BENEFITS UNDER SECTION 80 CCF OF THE INCOME TAX ACT, 1961 (THE “BONDS”), NOT EXCEEDING RS. 34,000 MILLION FOR THE FINANCIAL YEAR 2010 - 2011 (THE “ISSUE”). THE BONDS WILL BE ISSUED IN ONE OR MORE TRANCHES SUBJECT TO THE OVERALL LIMIT OF RS. 34,000 MILLION FOR THE FINANCIAL YEAR 2010-2011 UNDER THE SHELF PROSPECTUS FILED WITH THE STOCK EXCHANGES AND SEBI ON SEPTEMBER 23, 2010. THE FIRST TRANCHE OF BONDS SHALL BE ISSUED ON THE TERMS SET OUT IN THIS PROSPECTUS - TRANCHE 1. The Issue is being made pursuant to the provisions of Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, as amended (the “SEBI Debt Regulations”). GENERAL RISKS Investors are advised to read the Risk Factors carefully before taking an investment decision in relation to this Issue. For taking an investment decision, Investors must rely on their own examination of the Company and the Issue including the risks involved. Investors are advised to refer to “Risk Factors” on page viii, 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 Prospectus - Tranche 1, 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 Prospectus - Tranche 1 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 material facts, the omission of which makes this Prospectus - Tranche 1 as a whole or any such information or the expression of any such opinions or intentions misleading in any material respect. CREDIT RATING ICRA Limited (“ICRA”) has vide its letter no. 2010-11/MUM/617 dated August 31, 2010 assigned a rating of LAAA to the Bonds proposed to be issued by the Company, pursuant to the Shelf Prospectus including Bonds issued under this Prospectus - Tranche 1. This rating of the Bonds indicates stable outlook and is the highest credit quality rating assigned by ICRA. The above ratings are not a recommendation to buy, sell or hold securities and investors should take their own decision. The ratings may be subject to revision or withdrawal at any time by the assigning rating agency and should be evaluated independently of any other ratings. Please refer to the Annexure to this Prospectus - Tranche 1 for rationale for the above ratings. PUBLIC COMMENTS This Draft Shelf Prospectus was filed with the Designated Stock Exchange pursuant to the provisions of the SEBI Debt Regulations. The Draft Shelf Prospectus was open for public comments. LISTING The Bonds offered through this Prospectus - Tranche 1 are proposed to be listed on the National Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”). Application for ‘in-principle’ listing approval has been made to NSE and BSE through letters dated September 9, 2010 and September 9, 2010, respectively. NSE and BSE have given its ‘in-principle’ listing approval through letters dated September 23, 2010 and September 21, 2010, respectively. For the purposes of the Issue, the Designated Stock Exchange shall be NSE. LEAD MANAGERS TO THE ISSUE REGISTRAR TO THE ISSUE CITIGROUP GLOBAL ENAM SECURITIES KOTAK MAHINDRA IDFC CAPITAL LIMITED* KARVY COMPUTERSHARE MARKETS INDIA PRIVATE PRIVATE LIMITED CAPITAL COMPANY Naman Chambers, C-32 PRIVATE LIMITED LIMITED 801/ 802, Dalamal Towers LIMITED G-Block, Bandra- Kurla Complex Plot no. 17-24, Vithalrao Nagar 12th Floor, Bakhtawar Nariman Point 1st Floor, Bakhtawar Bandra (East), Mumbai 400 051 Madhapur, Hyderabad 500 081 Nariman Point, Mumbai 400 021 Mumbai 400 021, India 229 Nariman Point Tel: (91 22) 6622 2600 Tel: (91 40) 2342 0815 - 24 Tel: (91 22) 6631 9999 Tel: (91 22) 6638 1800 Mumbai 400 021 Fax: (91 22) 6622 2501 Fax: (91 40) 2343 1551 Fax: (91 22) 6646 6054 Fax: (91 22) 2284 6824 Tel: (91 22) 6634 1100 E-mail: Email: [email protected] E-mail: [email protected] E-mail: [email protected] Fax: (91 22) 2284 0492 [email protected] Investor Grievance Investor Grievance ID: Investor Grievance Email: E-mail: Investor Grievance Email: Email:[email protected] [email protected] [email protected] [email protected] [email protected] Website: www.karvy.com Website: www.citibank.co.in Website: www.enam.com Investor Grievance Email: Website: www.idfccapital.com Contact Person: M. Murali Krishna Compliance Officer: Vinod Patil Compliance Officer: M. Natrajan [email protected] Compliance Officer: Pritesh SEBI Registration No.: Contact Person: Varun Chokhani Contact Person: Sonal Sinha Website: www.kmcc.co.in Dedhia INR000000221 SEBI Registration No. SEBI Reg. No. INM000006856 Compliance Officer: Ajay Vaidya Contact Person: Hiren INM000010718 Contact Person: Chandrakant Raipancholia Bhole SEBI Reg. No. INM000011336 SEBI Registration. No.: INM000008704 *IDFC Capital Limited, which is a subsidiary of the Company, shall only be involved in marketing of the Issue. ISSUE PROGRAMME ISSUE OPENS ON ISSUE CLOSES ON September 30, 2010 October 18, 2010 The Issue shall remain open for subscription during banking hours for the period indicated above, except that the Issue may close on such earlier date as may be decided by the Board subject to necessary approvals. In the event of an early closure of the Issue, the Company shall ensure that notice of the same is provided to the prospective investors through newspaper advertisements at least three days prior to such earlier date of Issue closure. TABLE OF CONTENTS DEFINITIONS AND ABBREVIATIONS .............................................................................................................I PRESENTATON OF FINANCIAL INFORMATION AND OTHER INFORMATION ............................. VI FORWARD LOOKING STATEMENTS ......................................................................................................... VII RISK FACTORS ................................................................................................................................................ VIII THE ISSUE ............................................................................................................................................................... 1 SELECTED FINANCIAL INFORMATION ....................................................................................................... 3 RECENT DEVELOPMENTS ................................................................................................................................ 6 SUMMARY OF BUSINESS ................................................................................................................................. 13 GENERAL INFORMATION ............................................................................................................................... 17 CAPITAL STRUCTURE ...................................................................................................................................... 23 OBJECTS OF THE ISSUE ................................................................................................................................... 31 STATEMENT OF TAX BENEFITS ................................................................................................................... 32 OUR BUSINESS ..................................................................................................................................................... 34 HISTORY AND MAIN OBJECTS ...................................................................................................................... 50 OUR MANAGEMENT ......................................................................................................................................... 53 OUR SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES .......................................... 66 STOCK MARKET DATA FOR EQUITY SHARES AND DEBENTURES OF THE COMPANY ........... 67 DESCRIPTION OF CERTAIN INDEBTEDNESS ........................................................................................... 69 OUTSTANDING LITIGATION AND DEFAULTS ......................................................................................... 71 OTHER REGULATORY AND STATUTORY DISCLOSURES.................................................................... 72 ISSUE STRUCTURE ............................................................................................................................................ 76 TERMS OF THE ISSUE
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