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THE KARUR VYSYA BANK LIMITED the Bank Was Incorporated on June 22, 1916 Under the Companies Act, 1913 with the Registrar of Companies, Trichinopoly

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THE KARUR VYSYA BANK LIMITED the Bank Was Incorporated on June 22, 1916 Under the Companies Act, 1913 with the Registrar of Companies, Trichinopoly DRAFT LETTER OF OFFER November 12, 2010 For the Equity Shareholders of the Bank Only THE KARUR VYSYA BANK LIMITED The Bank was incorporated on June 22, 1916 under the Companies Act, 1913 with the Registrar of Companies, Trichinopoly. The Bank now comes under the jurisdiction the Registrar of Companies, Chennai. (For further details, please see “History and Other Corporate Matters” on page 55) Registered and Central Office: Post Box No. 21, Erode Road, Karur – 639 002, Tamil Nadu, India Tel: +91 4324 226520; +91 4324 225521-25; Fax: +91 4324 225700 Contact Person: Mr. R. Kannan, Company Secretary and Compliance Officer Email: [email protected]; Website: www.kvb.co.in FOR PRIVATE CIRCULATION TO THE EQUITY SHAREHOLDERS OF THE BANK ONLY DRAFT LETTER OF OFFER ISSUE OF 30,502,976 EQUITY SHARES WITH A FACE VALUE OF ` 10/- EACH ("RIGHTS EQUITY SHARES") FOR CASH AT A PRICE OF ` 150/- INCLUDING A PREMIUM OF ` 140/- AGGREGATING UPTO ` 457.54 CRORES TO THE EXISTING EQUITY SHAREHOLDERS OF THE KARUR VYSYA BANK LIMITED (“THE BANK” OR “THE ISSUER”) ON RIGHTS BASIS IN THE RATIO OF TWO (2) RIGHTS EQUITY SHARES FOR EVERY FIVE (5) EQUITY SHARES HELD ON THE RECORD DATE I.E. [•] ("RIGHTS ISSUE/ THE ISSUE"). THE ISSUE PRICE FOR THE EQUITY SHARES IS 15 TIMES OF THE FACE VALUE OF THE EQUITY SHARES. Payment Method* Amount Payable per equity share Applicable to all categories of shareholders (in `) Face Value Premium Total On Application 6 54 60 First call 2 43 45 Second and final call 2 43 45 Total 10 140 150 * Please see risk factor no. 22 in the chapter titled “Risk Factors” beginning on page 11 of this Draft Letter of Offer for risks associated with Payment Method. For details on the payment methods please see “Terms of the Issue” beginning on page 122 of this Draft Letter of Offer. GENERAL RISKS Investment in equity and equity related securities involve a degree of risk and Investors should not invest any funds in this Offer 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 Offering. For taking an investment decision, Investors must rely on their own examination of the Issuer and the Offer including the risks involved. The securities being offered in the Issue have not been recommended or approved by Securities and Exchange Board of India (SEBI) nor does SEBI guarantee the accuracy or adequacy of this document. Investors are advised to refer to the chapter titled "Risk Factors" beginning on page 11 of this Draft Letter of Offer before making an investment in this Issue. ISSUER‟S ABSOLUTE RESPONSIBILITY The Issuer, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Letter of Offer contains all information with regard to the Issuer and the Issue, which is material in the context of this Issue, that the information contained in this Draft 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 make this document 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 of the Bank are listed on the National Stock Exchange of India Limited ("NSE") and are traded at the Bombay Stock Exchange Limited ("BSE") under the permitted category. Application will be made to NSE for permission to deal in and for an official quotation in respect of the equity shares of the Bank being offered in terms of this Draft Letter of Offer. The Bank has received „in- principle‟ approval from NSE for listing of the equity shares being offered pursuant to this Rights Issue vide their letter no. [●] dated [●]. For the purpose of this rights issue, the designated stock exchange is NSE. LEAD MANAGER TO THE ISSUE REGISTRAR TO THE ISSUE Karvy Investor Services Limited SKDC Consultants Limited “Karvy House”, 46, Avenue 4, Kanapathy Towers, 1391/A-1, Third Floor, Street No. 1, Banjara Hills, Hyderabad - 500 034 Sathy Road, Ganapathy, Coimbatore – 641 006 Tel: +91 40 2342 8774 / 2331 2454 Tel: +91 422 6549995 Fax: +91 40 2337 4714 Fax: +91 422 2539837 E-mail: [email protected] Email: [email protected] Website: www.karvy.com Website : www.skdc-consultants.com Chennai Office: Contact Person: Mr. Harihara Subramanian Contact Person: Mr. K. Jayakumar Mobile: +91 97909 06827 SEBI Registration Number: INR000000775 SEBI Registration No.: INM000008365 Investor Grievance Id: [email protected] ISSUE PROGRAMME LAST DATE FOR REQUEST FOR SPLIT ISSUE OPENS ON ISSUE CLOSES ON APPLICATION FORMS [●] [●] [●] TABLE OF CONTENTS SECTION I – GENERAL ............................................................................................................... 2 DEFINITIONS AND ABBREVATIONS ...................................................................................... 2 PRESENTATION OF FINANCIAL INFORMATION ................................................................. 9 FORWARD LOOKING STATEMENTS .................................................................................... 10 SECTION II - RISK FACTORS................................................................................................... 11 SECTION III – INTRODUCTION .............................................................................................. 25 THE ISSUE................................................................................................................................... 25 SELECTED FINANCIAL STATEMENTS ................................................................................. 26 GENERAL INFORMATION ....................................................................................................... 31 OVERSEAS SHAREHOLDERS ................................................................................................. 34 CAPITAL STRUCTURE ............................................................................................................. 35 OBJECTS OF THE ISSUE ........................................................................................................... 45 STATEMENT OF TAX BENEFITS ............................................................................................ 47 SECTION IV - HISTORY AND CORPORATE STRUCTURE ................................................. 55 SECTION V – MANAGEMENT ................................................................................................. 59 SECTION VI - FINANCIAL INFORMATION ........................................................................... 66 FINANCIAL STATEMENTS ...................................................................................................... 67 CERTAIN OTHER FINANCIAL INFORMATION ................................................................. 103 MARKET PRICE INFORMATION .......................................................................................... 104 SECTION VII - LEGAL AND OTHER INFORMATION ........................................................ 107 GOVERNMENT AND OTHER APPROVALS ........................................................................ 112 MATERIAL DEVELOPMENTS ............................................................................................... 113 OTHER REGULATORY AND STATUTORY DISCLOSURES ............................................. 114 SECTION VIII – OFFERING INFORMATION ....................................................................... 122 TERMS OF THE ISSUE ............................................................................................................ 122 SECTION IX – STATUTORY AND OTHER INFORMATION .............................................. 149 MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION ................................... 149 DECLARATION .......................................................................... Error! Bookmark not defined. 1 SECTION I – GENERAL DEFINITIONS AND ABBREVATIONS The following list of defined terms is intended for the convenience of the reader only and is not exhaustive. Conventional and General Terms Term Description Board : The Board of Directors of the Bank Companies Act : The Companies Act, 1956, as amended Depository : A depository registered with SEBI under the SEBI (Depository and Participant) Regulations, 1996, as amended from time to time. Depositories Act : The Depositories Act, 1996, as amended from time to time. Financial Year/Fiscal : The period of 12 months beginning April 1 and ending March 31 of the next year, unless otherwise stated ISIN : International Securities Identification Number allotted by a depository IT Act : The Income Tax Act, 1961, as amended Indian GAAP : The Generally Accepted Accounting Principles in India US GAAP : The Generally Accepted Accounting Principles in United States of America IFRS : International Financial Reporting Standards Listing Agreement : The equity listing agreements signed between the Bank and the Stock Exchange “ ` ” or “Rupees” and “Rs.” : The lawful currency of India SEBI Act : The Securities and Exchange Board of India Act, 1992, as amended SEBI Regulations/ ICDR Regulations : The Securities and Exchange Board of India(Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended Takeover Code : The Securities and Exchange Board of India(Substantial Acquisition of Shares and Takeovers) Regulations, 1997, as amended Issue Related Terms Term Description
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