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Infrastructure Development Finance Company Limited (“Idfc”, the “Company” Or the “Issuer”) and an Offer for Sale of 283,600,000 Equity Shares of Rs

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Infrastructure Development Finance Company Limited (“Idfc”, the “Company” Or the “Issuer”) and an Offer for Sale of 283,600,000 Equity Shares of Rs C Y K RED HERRING PROSPECTUS Please read Section 60B of the Companies Act, 1956 Dated June 25, 2005 100% Book Built Issue (Incorporated on January 13, 1997 under the Companies Act, 1956 as a public limited company) Registered Office : ITC Centre, 3rd floor, 760, Anna Salai, Chennai - 600 002, India. Tel: 91 44 2855 9448; Fax 91 44 2854 7597 Corporate Office: Ramon House, H.T. Parekh Marg, 169, Backbay Reclamation, Mumbai - 400 020, India Tel: 91 22 5633 9100; Fax 91 22 2202 9711 E-mail: [email protected]; Website: www.idfc.com Contact Person : Mr. Mahendra N. Shah; Tel: 91 22 5633 9118 PUBLIC ISSUE OF 403,600,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. [] PER EQUITY SHARE AGGREGATING RS. [] MILLION, COMPRISING A FRESH ISSUE OF 120,000,000 EQUITY SHARES OF RS. 10 EACH BY INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED (“IDFC”, THE “COMPANY” OR THE “ISSUER”) AND AN OFFER FOR SALE OF 283,600,000 EQUITY SHARES OF RS. 10 EACH BY THE SELLING SHAREHOLDERS. THE FRESH ISSUE AND THE OFFER FOR SALE ARE JOINTLY REFERRED TO HEREIN AS THE ISSUE. THE ISSUE WILL CONSTITUTE 35.96% OF THE FULLY DILUTED POST-ISSUE CAPITAL OF OUR COMPANY. PRICE BAND: Rs. 29 TO Rs. 34 PER EQUITY SHARE OF FACE VALUE Rs. 10 ISSUE PRICE IS 2.9 TIMES THE FACE VALUE AT THE LOWER END OF THE PRICE BAND AND 3.4 TIMES THE FACE VALUE AT THE HIGHER END OF THE PRICE BAND In case of revision in the Price Band, the Bidding/Issue Period will be extended for three additional days after revision of the Price Band subject to the Bidding/ Issue Period not exceeding 10 days. Any revision in the Price Band and the revised Bidding/Issue Period, if applicable, will be widely disseminated by notification to the National Stock Exchange of India Limited (“NSE”) and The Stock Exchange, Mumbai (“BSE”), by issuing a press release, and also by indicating the change on the website of the Book Running Lead Manager (“BRLM”), Senior Co-Book Running Lead Manager (“Senior Co-BRLM”), Co- Book Running Lead Managers (“Co-BRLMs) and at the terminals of the Syndicate. The Issue is being made through the 100% Book Building Process wherein up to 50% of the Issue shall be allocated on a discretionary basis to Qualified Institutional Buyers. Further, at least 15% of the Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and at least 35% of the Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. RISK IN RELATION TO FIRST ISSUE This being the first public issue of the Equity Shares, there has been no formal market for the Equity Shares. The face value of the Equity Shares is Rs. 10 and the Issue Price is [l] times of the face value. The Issue Price (as determined by the Company and the Selling Shareholders in consultation with the BRLM and the Senior Co-BRLM, on the basis of assessment of market demand for the Equity Shares by way of Book Building) should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance can be given regarding an active and/or sustained trading in the Equity Shares of the Company nor regarding the price at which the Equity Shares will be traded after listing. 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 Company and the Issue including the risks involved. The Equity Shares offered in the Issue 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 Red Herring Prospectus. Specific attention of the investors is invited to the section titled “Risk Factors” on page xi of this Red Herring Prospectus. COMPANY AND SELLING SHAREHOLDERS’ ABSOLUTE RESPONSIBILITY The Company and the Selling Shareholders having made all reasonable inquiries, accept responsibility for and confirm that this Red Herring Prospectus contains all information with regard to the Company and the Issue, which is material in the context of the Issue, that the information contained in this Red Herring Prospectus is true and correct in all material aspects 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 Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect. LISTING The Equity Shares offered through this Red Herring Prospectus are proposed to be listed on the NSE and the BSE. We have received in-principle approval from the NSE and the BSE for the listing of our Equity Shares pursuant to letters dated June 1, 2005 and May 24, 2005, respectively. The NSE shall be the Designated Stock Exchange. BOOK RUNNING LEAD MANAGER SENIOR CO-BOOK RUNNING LEAD MANAGER CO-BOOK RUNNING LEAD MANAGER REGISTRAR TO THE ISSUE KOTAK MAHINDRA CAPITAL DSP MERRILL LYNCH LIMITED SBI CAPITAL MARKETS LIMITED KARVY COMPUTERSHARE COMPANY LIMITED 10th Floor, Mafatlal Centre, 202, Maker Tower E, PRIVATE LIMITED Bakhtawar, 3rd Floor, 229, Nariman Point, Nariman Point, Cuffe Parade, Karvy House, 46, Avenue 4, Street No.1, Mumbai - 400 021, India Mumbai - 400 021, India Mumbai - 400 005, India Banjara Hills, Hyderabad - 500 034, India Tel. : 91 22 5634 1100 Tel: 91 22 2262 1071 Tel: 91 22 2218 9166 Tel: 91 40 2331 2454 Fax.: 91 22 2284 0492 Fax: 91 22 2262 1187 Fax: 91 22 2218 8332 Fax: 91 40 2331 1968 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Website: www.kotak.com Website: www.dspml.com Website: www.sbicaps.com Website: www.karvy.com ISSUE PROGRAM BID/ISSUE OPENS ON : FRIDAY, JULY 15, 2005 BID/ISSUE CLOSES ON : FRIDAY, JULY 22, 2005 C Y K TABLE OF CONTENTS GLOSSARY OF TERMS/ABBREVIATIONS ......................................................................................................................................... i PRESENTATION OF FINANCIAL AND MARKET DATA ............................................................................................................... ix FORWARD-LOOKING STATEMENTS ................................................................................................................................................. x RISK FACTORS ....................................................................................................................................................................................... xi SUMMARY OF OUR BUSINESS ........................................................................................................................................................... 1 THE ISSUE ................................................................................................................................................................................................ 5 SUMMARY FINANCIAL INFORMATION ......................................................................................................................................... 6 GENERAL INFORMATION .................................................................................................................................................................. 8 CAPITAL STRUCTURE ....................................................................................................................................................................... 19 OBJECTS OF THE ISSUE ..................................................................................................................................................................... 26 ISSUE STRUCTURE .............................................................................................................................................................................. 27 BASIS FOR ISSUE PRICE ..................................................................................................................................................................... 29 STATEMENT OF TAX BENEFITS ...................................................................................................................................................... 30 INFRASTRUCTURE DEVELOPMENT AND FINANCING IN INDIA ......................................................................................... 40 OUR BUSINESS ..................................................................................................................................................................................... 43 REGULATORY POLICIES IN INDIA .................................................................................................................................................. 62 HISTORY AND CERTAIN CORPORATE MATTERS ....................................................................................................................... 66 OUR MANAGEMENT ......................................................................................................................................................................... 72 OUR SPONSORS AND SHAREHOLDERS ........................................................................................................................................
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