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C M Y K Red Herring Prospectus Dated September 20, 2006 Please read Section 60B of the Companies Act, 1956 100% Book Building Issue Development Credit Bank Limited (Being a company incorporated under the Companies Act, 1956 and a banking company within the meaning of the Banking Regulation Act, 1949 pursuant to its conversion from Development Co-operative Bank Limited, a co-operative bank, to a joint stock banking company on May 31, 1995.) Registered Office: 154, S.V.Patel Road (East), Dongri. Mumbai – 400 009, Telephone: 91-22-2289 9999; Fax: 91-22-2287 6112 Corporate Office: 204, Raheja Centre, Nariman Point, Mumbai – 400 021, Telephone: 91-22- 2287 2465, Fax: 91-22- 2287 6112 Contact Person: Mr H.V Barve, Email: [email protected], Website: www.dcbl.com PUBLIC ISSUE OF 71,500,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. [] PER EQUITY SHARE AGGREGATING RS. [] MILLION BY DEVELOPMENT CREDIT BANK LIMITED (THE “BANK” OR “ISSUER”) (THE “ISSUE”). THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF UP TO 68,997,500 EQUITY SHARES OF RS. 10 EACH (THE “NET ISSUE”) AGGREGATING RS. [] MILLION AND A RESERVATION FOR ELIGIBLE EMPLOYEES OF 2,502,500 EQUITY SHARES OF RS. 10 EACH AGGREGATING RS. [] MILLION, AT THE ISSUE PRICE. THE ISSUE WOULD CONSTITUTE 48.43% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF THE BANK. PRICE BAND: RS. 22 TO RS. 26 PER EQUITY SHARE OF FACE VALUE RS. 10 THE FACE VALUE OF THE SHARE IS RS. 10 AND THE FLOOR PRICE IS 2.2 TIMES OF THE FACE VALUE AND THE CAP PRICE IS 2.6 TIMES OF THE FACE VALUE. The Issue is being made through the 100% book building process where up to 50% of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”), of which not less than 5% shall be allocated to mutual funds. Further, not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% 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. 2,502,500 shares shall be allotted on a proportionate basis to Eligible Employees. RISK IN RELATION TO FIRST ISSUE This being the first issue of Equity Shares of the Bank, there has been no formal market for the Equity Shares of the Bank. The face value of the shares is Rs. 10 and the Floor Price is 2.2 times of the face value and the Cap Price is 2.6 times of the face value. The Issue Price (as determined by the Bank in consultation with the Book Running Lead Managers (“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 Bank 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 [] of this Red Herring Prospectus. The Issue has not been graded. ISSUER’S ABSOLUTE RESPONSIBILITY The Bank having made all reasonable inquiries, accepts responsibility for and confirms that this Red Herring Prospectus contains all information with regard to the Bank 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 National Stock Exchange of India Limited (“NSE”) and the Bombay Stock Exchange Limited (“BSE”). The Bank has received in-principle approval from these stock exchanges for the listing of the Equity Shares pursuant to letters dated September 1, 2006 and August 31, 2006, respectively. BSE is the Designated Stock Exchange. BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE ISSUE INTIME SPECTRUM REGISTRY LIMITED C-13, Pannalal Silk Mills Compound, ENAM FINANCIAL CONSULTANTS JM MORGAN STANLEY PRIVATE LIMITED LBS Marg, Bhandup (W), PRIVATE LIMITED 141, Maker Chambers III, Mumbai- 400 078, India Nariman Point 801/ 802, Dalamal Towers Tel: 022- 25960320(9 lines) Mumbai 400 021, India Nariman Point, Mumbai 400 021, India Fax: 022- 25960329 Tel.: 91-22-6630 3030 Tel: 91-22-6638 1800 Email ID: [email protected] Fax.: 91-22-2204 7185 Fax: 91-22-2284 6824 Email: [email protected] E-mail: [email protected] Website: www.intimespectrum.com Website: www.jmmorganstanley.com Website: www.enam.com Contact Person: Salim Shaikh Contact Person: Utkarsh Katkoria Contact Person: Lekha Nair ISSUE PROGRAMME BID / ISSUE OPENS ON : SEPTEMBER 29, 2006 BID / ISSUE CLOSES ON : OCTOBER 6, 2006 C M Y K TABLE OF CONTENTS SECTION 1 : DEFINITIONS AND ABBREVIATIONS .................................................................................................... I Conventional/General Terms ......................................................................................................................................... I Issue Related Terms ...................................................................................................................................................... III Company Related Terms ............................................................................................................................................... VI Technical and Industry Terms ...................................................................................................................................... VI Certain Conventions; Use of Market Data .................................................................................................................. VIII Forward-Looking Statements ........................................................................................................................................ IX SECTION 2 : RISK FACTORS ......................................................................................................................................... X SECTION 3 : INTRODUCTION ........................................................................................................................................ 1 Summary ........................................................................................................................................................................ 1 The Issue....................................................................................................................................................................... 7 Selected Financial Data ................................................................................................................................................. 8 General Information ....................................................................................................................................................... 13 Capital Structure ............................................................................................................................................................ 21 Recent Developments ................................................................................................................................................... 31 Objects of the Issue ..................................................................................................................................................... 35 Basis for Issue Price ..................................................................................................................................................... 36 Statement of Tax Benefits ............................................................................................................................................. 39 Indian Banking Sector .................................................................................................................................................. 45 SECTION 4 : ABOUT THE BANK ................................................................................................................................... 60 Business ........................................................................................................................................................................ 60 Regulations and Policies............................................................................................................................................... 91 History and Certain Corporate Matters ......................................................................................................................
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