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RHP Cover.P65 C M Y K Red Herring Prospectus Dated October 24, 2005 Please read Section 60B of the Companies Act, 1956 ABG 100% Book Building Issue ABG SHIPYARD LIMITED Registered Office: Magdala Port, Dumas Road, Surat: 395 007; Tel: +91 261 272 5191; Fax: +91 261 2726481 Corporate Office: 4th and 5th Floor, Bhupati Chambers, 13, Mathew Road, Mumbai: 400 004. Tel: + 91 22 56563000; Fax: +91 22 23649236; Contact person: Manoj Raichandani, DGM (Finance) & Company Secretary; E-mail: [email protected]; Website: http://www.abgindia.com (We were incorporated on March 15, 1985 as Magdala Shipyard Private Limited, under the Companies Act, 1956. On May 25, 1995, our name was changed to ABG Shipyard Private Limited and further on June 14, 1995 our name was changed to ABG Shipyard Limited.) PUBLIC ISSUE OF UP TO 8,500,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. [] PER EQUITY SHARE, AGGREGATING TO RS. [] MILLION BY ABG SHIPYARD LIMITED (“THE COMPANY” OR “ISSUER”). THE FRESH ISSUE RE- FERRED TO HEREIN AS THE “ISSUE” INCLUDES A RESERVATION OF 200,000 EQUITY SHARES FOR SUBSCRIPTION BY EM- PLOYEES OF ABG SHIPYARD LIMITED (THE “EMPLOYEE RESERVATION PORTION”) AND NET ISSUE TO THE PUBLIC OF 8,300,000 EQUITY SHARES OF THE FACE VALUE OF RS. 10 EACH AT THE PRICE OF RS. [] FOR CASH AGGREGATING RS. [] MILLION (HEREWITH REFERRED TO AS “NET ISSUE”) THE NET ISSUE WILL CONSTITUTE 16.30 % OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF OUR COMPANY. PRICE BAND: Rs. 155 TO Rs. 185 PER EQUITY SHARE OF FACE VALUE Rs. 10 THE FACE VALUE OF THE SHARE IS RS 10 AND THE FLOOR PRICE IS 15.5 TIMES THE FACE VALUE AND THE CAP PRICE IS 18.5 TIMES THE FACE VALUE In terms of Rule 19(2)(b) of the SCRR, this being an Issue for less than 25% of the post-issue capital, the Issue is being made through the 100% book building process where in atleast 60% of the Net Issue shall be allocated on a discretionary basis to Qualified Institutional Buyers (“QIBs”). If at least 60% of the Net Issue cannot be allocated to QIBs, then the entire application money will be refunded forthwith. Further, not less than 10% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and the remaining 30% of the Net 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 THE FIRST ISSUE This being the first issue of Equity Shares of the Company, there has been no formal market for the Equity Shares of the Company. The face value of the shares is Rs. 10 and the Floor Price is 15.5 times of the face value and the Cap Price is 18.5 times of the face value. The Price Band (as determined by the Company in consultation with the Book Running Lead Manager (“BRLMs”) 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 or 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 x of this Red Herring Prospectus. ISSUER’S ABSOLUTE RESPONSIBILITY The Company having made all reasonable inquiries, accepts responsibility for and confirms 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 Bombay Stock Exchange Limited. We have received in-principle approval from Bombay Stock Exchange Limited for the listing of the Equity Shares pursuant to letter dated September 26, 2005 BOOK RUNNING LEAD MANAGERS (“BRLMs”) REGISTRAR TO THE ISSUE IL&FS INVESTSMART LIMITED ICICI SECURITIES LIMITED INTIME SPECTRUM REGISTRY LIMITED The IL&FS Financial Centre, Plot C-22, ICICI Centre C-13, Pannalal Silk Mills Compound, G Block, Bandra-Kurla Complex, H.T. Parekh Marg, Churchgate, LBS Marg, Bhandup (West), Bandra (East), Mumbai: 400 051 Mumbai 400 020 Mumbai – 400 078 Tel: + 91-22-26533333 Tel: + 91-22-2288 2460 Tel: +91-22-5555 5491 Fax: + 91-22-26533075 Fax: + 91-22-2282 6580 Fax: +91-22-5555 5499 Email: [email protected] Email: [email protected] Email: [email protected] Website : www.investsmartindia.com Website: www.iseconline.com Website: www.intimespectrum.com ISSUE PROGRAMME BID / ISSUE OPENS ON : NOVEMBER 18, 2005 BID / ISSUE CLOSES ON : NOVEMBER 24, 2005 C M Y K TABLE OF CONTENTS Page No. Definitions and Abreviations Definitions .................................................................................................................................................................... i Issue Related Terms .................................................................................................................................................... i Conventional/General Terms ...................................................................................................................................... iv Company and Industry Terms ..................................................................................................................................... vii General Certain Conventions; Use of Market Data .................................................................................................................. viii Forward-Looking Statements...................................................................................................................................... ix Risk Factors x Introduction Summary ...................................................................................................................................................................... 1 General Information ..................................................................................................................................................... 6 Capital Structure .......................................................................................................................................................... 13 Objects of the Issue Objects of the Issue ..................................................................................................................................................... 20 Basic Terms of the Issue .............................................................................................................................................. 27 Basis for the Issue Price .............................................................................................................................................. 29 Statement of Tax Benefits ............................................................................................................................................ 31 About Us Indian Ship building Industry ...................................................................................................................................... 36 Our Business ............................................................................................................................................................... 41 Our Indebtedness ........................................................................................................................................................ 50 Regulations and Policies ............................................................................................................................................ 52 Our History and Certain Corporate Matters................................................................................................................ 53 Our Management......................................................................................................................................................... 57 Our Promoters ............................................................................................................................................................. 66 Related Party Transactions ......................................................................................................................................... 68 Currency of Presentation ...........................................................................................................................................
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