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Union Bank of India CYAN MAGENTA YELLOW BLACK PROSPECTUS Dated February 24, 2006 100% Book Building Issue Union Bank of India (Union Bank of India was originally incorporated on November 11, 1919 in Mumbai as the “The Union Bank of India Limited” under the Companies Act, 1913 with its registered office at 7, Marzban Road, Fort, Mumbai 400 001. The registered office was then shifted to Mumbai Samachar Marg, Fort, Mumbai 400 001 in 1921. After nationalization, the name of the Bank was changed to “Union Bank of India”. The Head Office of the Bank is situated at 239, Vidhan Bhavan Marg, Nariman Point, Mumbai 400 021, Maharashtra, India) (Constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 on July 19, 1969) Head Office and Corporate Office: 239, Vidhan Bhavan Marg, Nariman Point, Mumbai 400 021, Maharashtra, India Tel: (91 22) 2289 2000; Fax: (91 22) 2288 1979 Contact Person: R.B. Menon; Email: [email protected] Website: www.unionbankofindia.com PUBLIC ISSUE OF UP TO 45,000,000 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 110 PER EQUITY SHARE (THE “ISSUE”). AGGREGATING RS. 4,950 MILLION BY UNION BANK OF INDIA (THE “BANK” OR “ISSUER”) THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF UP TO 40,500,000 EQUITY SHARES OF RS. 10 EACH (THE “NET ISSUE”) AND A RESERVATION FOR ELIGIBLE EMPLOYEES OF UP TO 4,500,000 EQUITY SHARES OF RS. 10 EACH, AT THE ISSUE PRICE. THE ISSUE WILL CONSTITUTE 8.91% OF THE TOTAL POST ISSUE PAID-UP EQUITY CAPITAL OF THE BANK. THE PRICE BAND WILL BE DECIDED BY THE BANK IN CONSULTATION WITH THE BOOK RUNNING LEAD MANAGERS AND ANNOUNCED AND ADVERTISED AT LEAST ONE DAY PRIOR TO THE ISSUE OPENING DATE/ BID OPENING DATE THE FACE VALUE OF THE SHARES IS RS. 10 AND THE FLOOR PRICE IS 10 TIMES OF THE FACE VALUE AND THE CAP PRICE IS 11 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”) (including 5% of the QIB portion that would be specifically reserved for 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. Up to 4,500,000 shares shall be allotted on a proportionate basis to Eligible Employees. RISK IN RELATION TO THE ISSUE We are listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited. The Issue Price (as determined by Union Bank of India 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. The market price of the existing Equity Shares of Union Bank of India could affect the price discovery through book building and vice versa. 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 Union Bank of India 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 Prospectus. Specific attention of the investors is invited to the section titled “Risk Factors” on page x of this Prospectus. ISSUER’S RESPONSIBILITY The Bank having made all reasonable inquiries, accepts responsibility for and confirms that this 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 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 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 Prospectus are proposed to be listed on the the Bombay Stock Exchange Limited and National Stock Exchange of India Limited. We have received in-principle approval from the the Bombay Stock Exchange Limited and National Stock Exchange of India Limited, for the listing of the Equity Shares pursuant to letters dated December 26, 2005 and December 28, 2005, respectively. The Designated Stock Exchange is the Bombay Stock Exchange Limited. BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE ISSUE SBI CAPITAL MARKETS LIMITED CITIGROUP GLOBAL MARKETS DSP MERRILL LYNCH LIMITED ENAM FINANCIAL KOTAK MAHINDRA CAPITAL MCS Limited 202, Maker Tower - E INDIA PRIVATE LIMITED Mafatlal Centre, CONSULTANTS PRIVATE COMPANY LIMITED Sri Venkatesh Bhavan Cuffe Parade Bakhtawar, 4th Floor 10th Floor, LIMITED 3rd Floor, Bakhtawar, 229 Plot No. 27, Road No. 11 Mumbai 400 005, India Nariman Point Nariman Point, 801/802, Dalamal Towers Nariman Point MIDC Area Tel: (91 22) 2218 9166 Mumbai - 400 021 Mumbai - 400 021, India Nariman Point Mumbai-400 021, India Andheri East Fax: (91 22) 2218 8332 India Tel: (91 22) 2262 1071 Mumbai 400 021, India Tel: (91 22) 5634 1100 Mumbai - 400 093, India Email: [email protected] Toll Free: (91) 1800 2299 96 Fax: (91 22) 2262 1187 Tel: (91 22) 5638 1800 Fax: (91 22) 2284 0492 Tel: (91 22) 2280 1785 Website: www.sbicaps.com Fax: (91 22) 5631 9803 Email: [email protected] Fax: (91 22) 2284 6824 Email: [email protected] Fax: (91 22) 2820 1783 Contact Person: Email: [email protected] Website: www.dspml.com Email: [email protected] Website: www.kotak.com Email: [email protected] Amit Ramchandani Website: www.citibank.co.in Contact Person: N. S. Shekhar Website: www.enam.com Contact Person: Sunil Amin Website: www.mcsind.com Contact Person: Amulya Goyal Contact Person: Prabhat Rai Contact Person: Shashikant Kadam ISSUE PROGRAMME BID / ISSUE OPENS ON: FEBRUARY 15, 2006 BID / ISSUE CLOSES ON: FEBRUARY 21, 2006 CYAN MAGENTA YELLOW BLACK TABLE OF CONTENTS SECTION I – GENERAL DEFINITIONS AND ABBREVIATIONS.......................................................................................................... i CERTAIN CONVENTIONS; USE OF MARKET DATA ................................................................................. viii FORWARD-LOOKING STATEMENTS .......................................................................................................... ix SECTION II - RISK FACTORS ....................................................................................................................... x SECTION III - INTRODUCTION SUMMARY ...................................................................................................................................................... 1 THE ISSUE ..................................................................................................................................................... 4 SELECTED FINANCIAL INFORMATION ...................................................................................................... 5 GENERAL INFORMATION ............................................................................................................................ 9 CAPITAL STRUCTURE ................................................................................................................................. 16 OBJECTS OF THE ISSUE ............................................................................................................................. 21 BASIS FOR ISSUE PRICE ............................................................................................................................. 22 STATEMENT OF TAX BENEFITS ................................................................................................................. 24 SECTION IV - ABOUT US INDIAN BANKING SECTOR .......................................................................................................................... 28 BUSINESS ...................................................................................................................................................... 40 REGULATIONS AND POLICIES ................................................................................................................... 69 HISTORY AND CERTAIN CORPORATE MATTERS.................................................................................... 98 OUR MANAGEMENT ..................................................................................................................................... 101 OUR PROMOTER AND ASSOCIATES ......................................................................................................... 111 RELATED PARTY TRANSACTIONS ............................................................................................................ 114 DIVIDEND
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