The PE program under Investment Banking,covers the entire Private Equity life cycle.It includes an overview of M&As (Mergers and Acquisitions), and a section on Project Finance. And the IM program under Investment Banking, covers the detailed issuance process of Equities - IPOs and FPOs, Bonds, CPs and FCCBs. It takes you step by step through the entire process, with timelines and the regulatory requirements.
|Initial Public Offering - Issuance Process|
IPO Issuance Process: A detailed discussion on various topics on an IPO issuance. It includes - Role of registrar, SEBI guidelines for IPO eligibility, IPO grading, Draft Red Herring Prospectus (DRHP), Listing agreement, Pricing the issue, Book building process, Allotment.
|Drafting the Offer Document|
SEBI Guidelines - Key features & Contents of Offer Document:An understanding on the key features of the offer document, such as - 'Issue Details','Capital Structure','Project Details', etc.
|Marketing, Launch & Completion of Issuance|
Marketing the Issue: An understanding on various topics related to the marketing of the issue, such as - 'Pre-issue advertisement guidelines', 'Format of the issue advertisement', etc.Launch and Completion of Issue: A detailed discussion on various collaterals, and activities related to launch and completion of the issue, such as - 'Abridged Prospectus','IPO Announcements','Auction (French/ Dutch)','Book Building' etc.Post Issue Activities: An understanding of Investor grievances redressal, Post-issue Monitoring Report to SEBI.QIP Issue : SEBI guidelines for QIP issue.Rights Issues & Bonus Issues: SEBI guidelines.
|Depository Receipts (DRs)|
Types of DRs : American Depository Receipts (ADRs), Global Depository Receipts (GDRs), European Depository Receipts (EDRs), Indian Depository Receipts (IDRs).ADR Structure : Sponsored level 1 ADRs, Sponsored level 2 ADRs, Sponsored level 3 ADRs.Tax Treatment : Taxation on ADR investments.
|Issuance Process of Depository Receipts|
Participants involved in ADR/GDR Issuance: A discussion on roles of various participants in the ADR/ GDR issuance process, such as - 'The Issuing Corporation','Local Custodian Bank','Sponsor Bank', etc.ADR Norms in India : Norms for usage of Receipts, Norms for pricing of ADR.Fungibility & Reverse Fungibility: A step by step scenario based discussion on the concept of 'Fungibility' and 'Reverse Fungibility'.Issuance Process : A step wise illustration on the issuance process of 'Sponsored Level 1 ADRs'.Other Regulations : A discussion on regulations related to Issue expenses, Intimation to RBI, etc.Key Documentation : Form F-1, Form 20F, Form F-6.IDR and its Issuance Process.
Features of CP: An understanding on features of Commercial Paper, such as - Tenor, Issuance, Security, Coupon.Who can issue CPs?: Description on the eligibility criteria - 'Tangible Net Worth', 'Working Capital Limit' etc.Credit Rating Requirements: A discussion on the need of credit rating agency in CP issuance process, rules for credit rating agencies, minimum rating, rating duration, validity period, etc.Participants in CP Issuance Process : Issuer, Investor, Depository, IPA.Day Count Conventions: Understand the convention about interest rates, such as - 'Act/360', 'Act/365', '30/360', 'Act/Act'.CP Issuance Process : Steps involved in CP issuance process.CP Redemption Process : A discussion on the role of various participants, and the steps involved in the CP redemption process.Responsibilities of Merchant Banker - A brief coverage on the responsibilities of a merchant banker in the issuance of a CP, such as - 'Credit Rating', 'Document Verification', 'Adherence to RBI norms', etc.
Types of Bonds : A discussion on Plain vanilla, Callable, Puttable and Convertible bonds.Key Terms: Understanding of the key terms related to the bonds, such as - Face Value, Maturity, Coupon Rate, Yield etc.Bond Issuance Process: A step by step discussion on the issuance process of bonds, such as - Preparation & Approval Marketing & Pricing: A discussion covering the topics such as - 'Obtaining a Credit Rating','Agency Agreement','Filing of Draft','Pre-issue details','Abridged Info Memorandum', etc.Launch & Completion: An understanding of the activities related to launch and completion of the issuance process, such as - 'Book Building','Listing Approval', 'Listing at Designated Stock Exchanges', etc.Redemption of Debentures.Rollover of Debentures: Guidelines for rollover.Convertible Bonds.Foreign Currency Convertible Bonds (FCCBs): A discussion on characteristics, issue process, SEBI and RBI guidelines on FCCB Issues, FCCB - prepayment/buyback.
He is currently an associate at a Private Equity FirmHe has been in Private Equity, making investments of over $ 30M in the real estate sector, and currently works in a real estate PE firm, in Mumbai.
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