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VISA STEEL LIMITED (Our Company Was Incorporated on September 10, 1996 As VISA INDUSTRIES LIMITED Under the Companies Act, 1956, with the Registration No

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VISA STEEL LIMITED (Our Company Was Incorporated on September 10, 1996 As VISA INDUSTRIES LIMITED Under the Companies Act, 1956, with the Registration No RED HERRING PROSPECTUS Please read Section 60B of the Companies Act, 1956. STEEL Dated February 14 , 2006 100% Book Building Issue VISA STEEL LIMITED (Our Company was incorporated on September 10, 1996 as VISA INDUSTRIES LIMITED under the Companies Act, 1956, with the Registration No. 15-04601 of 1996-97. Our name was changed from VISA INDUSTRIES LIMITED to VISA STEEL LIMITED with effect from May 4, 2005 with new CIN No. U13209OR1996PLC004601. For details on changes of our Registered Office, please refer to the chapter titled “History and Other Corporate Matters” beginning on page 76 of this Red Herring Prospectus.) Registered Office: 11, Ekamra Kanan, Nayapalli, Bhubaneswar – 751 015, Orissa Tel: +91 674 2552479; Fax: +91 674 2554662. Corporate Office: VISA House, 8/10, Alipore Road, Kolkata – 700 027, West Bengal Tel: +91 33 24567374; Fax: +91 33 24567219. Contact Person: Mr. Manoj Kumar Digga; E-mail: [email protected]; Website: www.visasteel.com PUBLIC ISSUE OF 35,000,000 EQUITY SHARES OF RS. 10 EACH AT A PRICE OF RS. [●] PER EQUITY SHARE FOR CASH AGGREGATING RS. [●] MILLION (HEREINAFTER REFERRED TO AS THE “ISSUE”), COMPRISING OF PROMOTERS’ CONTRIBUTION OF 5,000,000 EQUITY SHARES OF RS. 10 EACH AT A PRICE OF RS. [●] FOR CASH AGGREGATING TO RS. [●] MILLION (REFERRED TO AS THE “PROMOTER’S CONTRIBUTION”). THE ISSUE LESS THE PROMOTER’S CONTRIBUTION SHALL BE HEREINAFTER REFERRED TO AS THE “NET ISSUE TO PUBLIC”. THE NET ISSUE TO PUBLIC WILL CONSTITUTE 27.27% OF THE POST ISSUE PAID-UP CAPITAL OF THE COMPANY. PRICE BAND: Rs. 52 TO Rs. 57 PER EQUITY SHARE THE ISSUE PRICE IS 5.2 TIMES OF THE FACE VALUE AT THE LOWER END OF THE PRICE BAND AND 5.7 TIMES OF THE FACE VALUE AT THE HIGHER END OF THE PRICE BAND This Issue is being made through a 100% Book Building Process wherein not more than 50% of the Net Issue to Public shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”). 5% of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only. Further, not less than 15% of the Net Issue to Public shall be available for allocation on a proportionate basis to Non Institutional Bidders and not less than 35% of the Net Issue to Public 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. In case of revision in the Price Band, the Bidding/Issue Period shall be extended for 3 additional working days after such revision, subject to the Bidding / Issue Period not exceeding 10 working days. Any revision in the Price Band, and the revised Bidding/Issue Period, if applicable, shall be widely disseminated by notification to the Bombay Stock Exchange Limited and National Stock Exchange of India Limited, by issuing a press release and by indicating the change on the websites of the Book Running Lead Managers (“BRLMs”) and the terminals of the member of the Syndicate. RISK IN RELATION TO FIRST ISSUE This being the first issue of the Equity Shares of the Company, there has been no formal market for the Equity Shares of the Company. The face value of the share is Rs. 10 and the Issue Price is [●] times of the face value. The Issue Price (as determined by the Company, in consultation with the 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 of the Company 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 Issuer and the Issue including the risks involved. The Equity Shares issued in this 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 statements in the chapter titled “Risk Factors” beginning on page i of this Red Herring Prospectus. COMPANY’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 Issuer and this Issue, which is material in the context of this Issue, that the information contained in the 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 issued through this Red Herring Prospectus are proposed to be listed on the Bombay Stock Exchange Limited (“BSE”) and The National Stock Exchange of India Limited (“NSE”). We have received in-principle approvals from these Stock Exchanges for the listing of our Equity Shares pursuant to letters dated February 1, 2006 and February 3, 2006, respectively. For purposes of this Issue, BSE is the Designated Stock Exchange. BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE ISSUE Karvy Computershare Private Limited Enam Financial Consultants Private Limited JM Morgan Stanley Private Limited BP ID: IN 200800 801, Dalamal Tower, Nariman Point, 141, Maker Chambers III, Karvy House, 46 Avenue 4, Street No. 1, Mumbai - 400 021. Nariman Point, Mumbai - 400 021 Banjara Hills, Hyderabad - 500 034. Tel: +91 22 5638 1800 Tel: +91 22 5630 3030 Tel: + 91 40 23312454 Fax: +91 22 2284 6824 Fax:+91 22 5630 1694 Fax: + 91 40 23311968 E-mail:[email protected] E-mail: [email protected] E-mail: [email protected] Website: www.enam.com Website: www.jmmorganstanley.com Website: www.karvy.com ISSUE PROGRAMME BID/ISSUE OPENS ON : THURSDAY FEBRUARY 23, 2006 BID/ISSUE CLOSES ON :MONDAY FEBRUARY 27, 2006 TABLE OF CONTENTS INDEX PAGE NUMBER SECTION I – GENERAL DEFINITIONS AND ABBREVIATIONS .................................................................................................... a GENERAL/CONVENTIONAL TERMS ..................................................................................................... b ISSUE RELATED TERMS AND ABBREVIATIONS .................................................................................. d INDUSTRY RELATED TERMS AND ABBREVIATIONS: ......................................................................... h ABBREVIATIONS .................................................................................................................................... i PRESENTATION OF FINANCIAL INFORMATION AND USE OF MARKET DATA ................................. l FORWARD-LOOKING STATEMENTS .................................................................................................... m SECTION II – RISK FACTORS RISK FACTORS ....................................................................................................................................... i SECTION III – INTRODUCTION SUMMARY ............................................................................................................................................. 1 THE ISSUE .............................................................................................................................................. 8 GENERAL INFORMATION ...................................................................................................................... 9 CAPITAL STRUCTURE ............................................................................................................................ 18 OBJECTS OF THE ISSUE ....................................................................................................................... 26 BASIS OF ISSUE PRICE .......................................................................................................................... 36 STATEMENT OF TAX BENEFITS ............................................................................................................ 39 SECTION IV – ABOUT US INDUSTRY .............................................................................................................................................. 45 OUR BUSINESS ...................................................................................................................................... 52 OUR PROPERTIES .................................................................................................................................. 70 REGULATIONS AND POLICIES .............................................................................................................. 72 HISTORY AND OTHER CORPORATE MATTERS ................................................................................... 76 OUR MANAGEMENT ............................................................................................................................. 79 OUR PROMOTERS .................................................................................................................................
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