The Tata Power Company Limited
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Letter of Offer [●], 2014 For our Eligible Equity Shareholders only THE TATA POWER COMPANY LIMITED Our Company was incorporated by way of a certificate of incorporation dated September 18, 1919 under the provisions of the Indian Companies Act, VII of 1913 with Registration No. 11-00567. Our Company has been allotted Corporate Identity Number L28920MH1919PLC000567. Registered Office : Bombay House, 24, Homi Mody Street, Mumbai 400 001, India Corporate Office: Corporate Centre, 34, Sant Tukaram Road, Carnac Bunder, Mumbai 400 009, India Tel : +91 22 6665 8282; Fax : +91 22 6665 8801 Contact Person and Compliance Office: Mr. H. M. Mistry, (Company Secretary) E-mail : [email protected] Website : www.tatapower.com PROMOTER OF OUR COMPANY TATA SONS LIMITED FOR PRIVATE CIRCULATION TO THE ELIGIBLE EQUITY SHAREHOLDERS OF THE TATA POWER COMPANY LIMITED (“COMPANY” OR “ISSUER”) ONLY ISSUE OF 33,22,30,130 EQUITY SHARES WITH A FACE VALUE OF ```1 EACH (“EQUITY SHARES”) FOR CASH AT A PREMIUM OF ``` 59 PER EQUITY SHARE FOR AN AGGREGATE AMOUNT OF ``` 60 ON A RIGHTS BASIS TO THE ELIGIBLE EQUITY SHAREHOLDERS OF THE COMPANY IN THE RATIO OF 7 EQUITY SHARE(S) FOR EVERY 50 FULLY PAID-UP EQUITY SHARE(S) HELD BY THE ELIGIBLE EQUITY SHAREHOLDERS ON THE RECORD DATE, THAT IS ON MARCH 20, 2014 (THE “ISSUE”). THE ISSUE PRICE IS 60 TIMES THE FACE VALUE OF THE EQUITY SHARES. FOR FURTHER DETAILS, PLEASE REFER TO “TERMS OF THE ISSUE” ON PAGE 161 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 the 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 the Issue. For taking an investment decision, Investors must rely on their own examination of the Company and the Issue including the risks involved. The securities being 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 Letter of Offer. Investors are advised to refer to the section “Risk Factors” on page XV of this Letter of Offer before making an investment in this Issue. THE COMPANY’S ABSOLUTE RESPONSIBILITY The Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Letter of Offer 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 Letter of Offer 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 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 are listed on BSE Limited (“ BSE ”) and National Stock Exchange of India Limited (“ NSE ”). We have received “in-principle” approvals from BSE and NSE for listing the Equity Shares to be Allotted pursuant to the Issue by way of their letters dated [●] and [●], respectively. For the purposes of the Issue, the Designated Stock Exchange is BSE. LEAD MANAGERS TO THE ISSUE REGISTRAR TO THE ISSUE JM Financial Institutional BNP Paribas HSBC Securities & Capital Link Intime India Private Securities Limited BNP PARIBAS House, Markets (India) Private Limited Limited 7th Floor, Cnergy, 1 North Avenue, 52/60 Mahatma Gandhi Road, Fort, C-13, Pannalal Silk Mills Appasaheb Marathe Marg, Maker Maxity, Mumbai – 400 001 Compound, Prabhadevi, Bandra Kurla Complex, Tel: +91 22 2268 555 L.B.S. Marg, Bhandup Mumbai – 400 025 Bandra (East) Fax: +91 22 2263 1984 (West), Tel: +91 22 6630 3030 Mumbai 400051 Email: [email protected] Mumbai - 400 078 Fax: +91 22 6630 3330 Tel: +91 22 3370 4000 Investor Grievance Tel: +91 22 2596 7878 Email: [email protected] Fax: +91 22 6196 5194 Email: Fax: +91 22 2596 0329 Investor Grievance E-mail: Email: investorgrievance@h Email: [email protected] [email protected] sbc.co.in tatapower.rights@linkintime Contact Person: Ms. Lakshmi Investor Grievance Email: Contact Person: .co.in Lakshmanan [email protected] Mayank Jain / Archa Investor Grievance Email: Website: www.jmfl.com npparibas.com Jain tatapower.rights@linkintime SEBI Registration No.: Contact Person: Anubhav Website: .co.in INM000010361 Behal http://www.hsbc.co.in/1/2/corporate/ Website: www.linkintime.co.in Website: www.bnpparibas.co.in equities-globalinvestment-banking Contact Person: Mr Pravin SEBI Registration No.: SEBI Registration No.: Kasare SEBI Registration No.: INM000011534 INM000010353 INR000004058 ISSUE PROGRAMME ISSUE OPENS ON LAST DATE FOR REQUEST FOR SPLIT APPLICATION FORMS ISSUE CLOSES ON [●] [●] [●] TABLE OF CONTENTS [To be finalized upon finalization of this Letter of Offer. ] SECTION I – GENERAL ..................................................................................................................................... I DEFINITIONS AND ABBREVIATIONS .............................................................................................................. I NOTICE TO OVERSEAS SHAREHOLDERS .................................................................................................... IX CERTAIN CONVENTIONS, USE OF FINANCIAL, INDUSTRY AND MARKET DATA AND CURRENCY OF PRESENTATION ........................................................................................................... XI FORWARD LOOKING STATEMENTS ........................................................................................................... XIII SECTION II - RISK FACTORS ....................................................................................................................... XV SECTION III – INTRODUCTION ............................................................................................................... 4141 SUMMARY OF THE ISSUE ........................................................................................................................... 4141 SUMMARY FINANCIAL INFORMATION ................................................................................................... 4242 GENERAL INFORMATION ........................................................................................................................... 5353 CAPITAL STRUCTURE ................................................................................................................................. 5858 BUSINESS OVERVIEW ................................................................................................................................. 6767 INDUSTRY OVERVIEW ................................................................................................................................ 8484 OBJECTS OF THE ISSUE ............................................................................................................................... 9999 SECTION IV - STATEMENT OF TAX BENEFITS ............................................................................... 120120 SECTION V - OUR MANAGEMENT ...................................................................................................... 125125 SECTION VI – FINANCIAL INFORMATION ...................................................................................... 132132 STOCK MARKET DATA FOR EQUITY SHARES ................................................................................... 133133 MATERIAL DEVELOPMENTS ................................................................................................................. 136136 ACCOUNTING RATIOS AND CAPITALISATION STATEMENT ......................................................... 138138 SECTION VI – HISTORY AND CORPORATE STRUCTURE ............................................................ 140140 SECTION VII – LEGAL AND OTHER INFORMATION ..................................................................... 143143 OUTSTANDING LITIGATION & DEFAULTS ......................................................................................... 143143 GOVERNMENT APPROVALS .................................................................................................................. 145145 OTHER REGULATORY AND STATUTORY DISCLOSURES ................................................................ 146146 SECTION VIII – OFFERING INFORMATION ..................................................................................... 161161 TERMS OF THE ISSUE............................................................................................................................... 161161 SECTION IX – STATUTORY AND OTHER INFORMATION ............................................................ 199199 MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION ...................................................... 199199 DECLARATION .......................................................................................................................................... 201201 SECTION I – GENERAL DEFINITIONS AND ABBREVIATIONS [To be finalized upon finalization of this Letter of Offer. ] In this Letter of Offer, unless the context otherwise requires, the terms defined and abbreviations expanded below shall have the same meaning as stated in this section. References to statutes, rules, regulations, guidelines and policies will be deemed to include