JAWAHARLAL NEHRU PORT TRUST (Jawaharlal Nehru Port Trust Is a Body Corporate Established by Government of India Under Major Port Trusts Act, 1963
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Prospectus Dated March 6, 2013 JAWAHARLAL NEHRU PORT TRUST (Jawaharlal Nehru Port Trust is a body corporate established by Government of India under Major Port Trusts Act, 1963. Jawaharlal Nehru Port Trust has developed and operates the Jawaharlal Nehru Port (formerly known as Nhava Sheva Port). Jawaharlal Nehru Port was declared as a ‘Major Port’ under the Indian Ports Act, 1908 and the provisions of the Major Port Trusts Act, 1963 were applied to Jawaharlal Nehru Port, by the Central Government vide notification in the official gazette dated May 28, 1982. Further, the name “Nhava Sheva Port” was changed to “Jawaharlal Nehru Port” by the Central Government vide notification dated May 26, 1989. For further details, please refer to section titled “History, Main Objects and Certain Other Matters” on page 86 of this Prospectus.) Port Office: Administration Building, Sheva, Navi Mumbai-400 707; Telephone: +91 22 2724 4084; Fax: +91 22 2724 4130; City Office: World Trade Centre Complex, 31st Floor, Centre 1 Building, Cuffe Parade, Mumbai-400 005 For details of changes to JNPT’s City Office, please refer to section titled “History, Main Objects and Certain Other Matters” on page 86 of this Prospectus Compliance Officer for the Issue: Mr. K.V. Rajan, Chief Manager (Finance); Telephone: +91 22 2724 2337; Fax: +91 22 2724 4078; E-mail: [email protected]; Website: www.jnport.gov.in PROMOTER OF THE ISSUER: THE GOVERNMENT OF INDIA, ACTING THROUGH THE MINISTRY OF SHIPPING PUBLIC ISSUE BY JAWAHARLAL NEHRU PORT TRUST (“JNPT” OR “ISSUER”) OF TAX FREE BONDS IN THE NATURE OF SECURED, REDEEMABLE, NON- CONVERTIBLE DEBENTURES UNDER SECTION 10 (15)(iv)(h) OF THE INCOME TAX ACT, 1961, AS AMENDED, OF FACE VALUE OF RS. 1,000 EACH (“BONDS”) FOR AN AMOUNT UP TO RS. 500 CRORE WITH AN OPTION TO RETAIN OVERSUBSCRIPTION UP TO RS. 1,500 CRORE SUCH THAT THE OVERALL ISSUE SIZE DOES NOT EXCEED RS. 2,000 CRORE* IN THE FISCAL YEAR 2013 (THE “ISSUE”) IN ACCORDANCE WITH SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE AND LISTING OF DEBT SECURITIES) REGULATIONS, 2008, AS AMENDED (“SEBI DEBT REGULATIONS”) AND NOTIFICATION NO. 46/2012.F.No.178/60/2012-(ITA.1) DATED NOVEMBER 6, 2012 ISSUED BY THE CENTRAL BOARD OF DIRECT TAXES, DEPARTMENT OF REVENUE, MINISTRY OF FINANCE, GOVERNMENT OF INDIA (“CBDT NOTIFICATION”). *In terms of CBDT Notification, the Issuer may also issue bonds through private placement route for up to 25% of Rs. 2,000 crore, i.e. not exceeding Rs.500 crore. The Issuer shall ensure that the funds raised through public issue route and/or private placement route shall together not exceed Rs. 2,000 crore. In case the Issuer raises any such funds through private placement, the above aggregate of Rs. 2,000 crore shall be reduced to that extent. GENERAL RISKS For taking an investment decision, investors must rely on their own examination of the Issuer and the Issue including the risks involved. Investors are advised to refer to sections titled “Risk Factors” on page 12 and “Recent Developments” on page 112 of this Prospectus before making an investment in the Issue. This Prospectus has not been and will not be approved by any regulatory authority in India, including the Securities and Exchange Board of India (“SEBI”), Reserve Bank of India (“RBI”) or the Stock Exchanges. ISSUER'S ABSOLUTE RESPONSIBILITY The Issuer having made all reasonable inquiries, accepts responsibility for, and confirms that this Prospectus contains all information with regard to the Issuer which is material in the context of the Issue; the information contained in this Prospectus is true and correct in all material respects and is not misleading in any material respect; the opinions and intentions expressed herein are honestly held and that there are no other material facts, the omission of which makes this Prospectus as a whole or any such information or the expression of any such opinions or intentions misleading in any material respect at the time of the Issue. CREDIT RATINGS CRISIL vide its letter no. GG/CGS/JNWPORT/NOV12/79706 dated November 27, 2012, letter no. TW/CR/JNPT/2013/CH058 dated January 24, 2013 and letter no. TW/CR/JNPT/2013/CH201 dated February 12, 2013 has assigned a credit rating of “CRISIL AAA/Stable” to the Bonds. BRICKWORK vide its letter no. BWR/BLR/RA/2012-13/0214 dated August 22, 2012, letter no. BWR/BNG/RL/2012-13/0411 dated January 28, 2013 and letter no. BWR/BNG/RL/2012-13/0539 dated February 26, 2013 has assigned a credit rating of “BWR AAA” to the Bonds. Instruments with such ratings are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk. The above ratings are not a recommendation to buy, sell or hold securities and hence the investors shall take their own decision before investing in the Issue. The rating may be subject to revision or withdrawal at any time by the assigning credit rating agencies and should be evaluated independent of any other credit ratings. For further details and rationale for the above ratings, please refer to “Appendix II – Credit Rating” of this Prospectus. PUBLIC COMMENTS The Draft Prospectus dated February 22, 2013 was filed with the National Stock Exchange of India Limited (the “NSE”) (“Designated Stock Exchange”) pursuant to the provisions of the SEBI Debt Regulations and was open for public comments from the date of filing of the Draft Prospectus with the Designated Stock Exchange until 5 p.m. on March 6, 2013. LISTING The Bonds are proposed to be listed on NSE and BSE Limited (the “BSE”). NSE shall be the Designated Stock Exchange for the Issue. The NSE and BSE have given their in-principle approval for listing vide letter no. NSE/LIST/197184-B dated March 6, 2013 and letter no. DCS/SP/PI-BOND/24/12-13 dated March 6, 2013, respectively. LEAD MANAGERS TO THE ISSUE KOTAK MAHINDRA CAPITAL COMPANY LIMITED ICICI SECURITIES LIMITED SBI CAPITAL MARKETS LIMITED 1st Floor, Bakhtawar, 229, Nariman Point, Mumbai 400 021 H.T. Parekh Marg, Churchgate, Mumbai 400 020 202, Maker Tower E, Cuffe Parade, Mumbai 400 005 Telephone:+91 22 6634 1100, Fax: +91 22 2284 0492 Telephone: +91 22 2288 2460, Fax: +91 22 2282 6580 Telephone: +91 22 2217 8300, Fax: +91 22 2218 8332 Email: [email protected] Email: [email protected] Email: [email protected] Investor Grievance Email: [email protected] Investor Grievance Email:[email protected] Investor Grievance Email: [email protected] Website: www.investmentbank.kotak.com Website: www.icicisecurities.com Website: www.sbicaps.com Contact Person: Mr. Ganesh Rane Contact Person: Mr. Mangesh Ghogle/ Mr. Amit Joshi Contact Person: Ms. Anshika Malaviya Compliance Officer: Mr. Ajay Vaidya Compliance Officer: Mr. Subir Saha Compliance Officer: Mr. Bhaskar Chakraborty SEBI Registration No.: INM000008704 SEBI Registration No.: INM000011179 SEBI Registration No.: INM000003531 BOND TRUSTEE REGISTRAR TO THE ISSUE SBICAP TRUSTEE COMPANY LIMITED BIGSHARE SERVICES PRIVATE LIMITED 8, Khetan Bhavan, 5th Floor, 198, J.T. Road, E-2&3,Ansa Industrial Estate, Saki-Vihar Road, Sakinaka, Andheri(E), Mumbai - 400 072. Churchgate, Mumbai – 400 020 Telephone: 9122 4043 0200 Telephone: +91 22 4302 5555, Fax: +91 22 4302 5500 Fax: 91 22 2847 5207 Email: [email protected] Email:[email protected] Investor Grievance Email: [email protected] Investor Grievance:[email protected] Website: www.sbicaptrustee.com Website: www.bigshareonline.com Contact Person: Mrs. Rupali Patil / Mr.Ajit Joshi Contact Person: Mr. Ashok Shetty SEBI Registration No.: IND000000536 SEBI Registration No.: INR000001385 ISSUE PROGRAMME** ISSUE OPENS ON: MARCH 11, 2013 ISSUE CLOSES ON: MARCH 15, 2013 **The subscription list for the Issue shall remain open for subscription, from 10:00 a.m. to 5:00 p.m. during the period indicated above, with an option for early closure (subject to the Issue being open for a minimum of 3 days and Category IV portion being fully subscribed) or such extended period as may be decided by the Board of Trustees or the Bond Committee. In the event of such early closure or extension of the subscription list of the Issue, JNPT shall ensure that public notice of such early closure or extension is published on or before the day of such early date of closure or the Issue Closing Date, as the case may be, through advertisement/s in at least one leading national daily newspaper. TABLE OF CONTENTS SECTION I – GENERAL .............................................................................................................................. 1 DEFINITIONS AND ABBREVIATIONS......................................................................................................................1 CERTAIN CONVENTIONS, USE OF FINANCIAL, INDUSTRY AND MARKET DATA AND CURRENCY OF PRESENTATION .........................................................................................................................................................9 FORWARD LOOKING STATEMENTS ..................................................................................................................... 11 SECTION II – RISK FACTORS ................................................................................................................. 12 SECTION III – INTRODUCTION .............................................................................................................. 26 SUMMARY OF THE ISSUE .....................................................................................................................................