I KRISHNA BHAGYA lALA NIGAM LTD., . (A GOVERNMENT OF KARNATAKA UNDERTAKING) TENDER EVALUATION REPORT DATED 30-07-2014 APPOINTMENT OF ARRANGERS FOR SERIES 2014-B BOND ISSUE OF KBJNL REGD OFFICE PWD OFFICES' ANNEXE' III FLOOR, K.R.CIRCLE, BANGALORE- 560 001
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KRISHNA BHAGYA lALA NIGAM LTD.,...I KRISHNA BHAGYA lALA NIGAM LTD., . (A GOVERNMENT OF KARNATAKA UNDERTAKING) TENDER EVALUATION REPORT DATED 30-07-2014 APPOINTMENT OF ARRANGERS FOR
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KRISHNA BHAGYA lALA NIGAM LTD., .(A GOVERNMENT OF KARNATAKA UNDERTAKING)
TENDER EVALUATION REPORTDATED 30-07-2014
APPOINTMENT OF ARRANGERS FOR SERIES 2014-BBOND ISSUE OF KBJNL
KBJNL had invited bids from category - I SEBI Registered Merchant Bankers, formobilization of ~ 500.00 crores with green shoe option to retain oversubscription up to~ 250.00 crores aggregating to ~ 750.00 crore, for Series 2014-B Bond Issue throughPrivate Placement of Bonds during August 2014, vide tender notification no.KBJNL/FD/RES/MB- 2014B/2014-15 dated July 16, 2014 through e-procurement, twocover system. The following were the calendar of events:
SI. Particulars Schedule1 Publishing of Tender Notification 16.07.20142 Date of uploading of RFP document 17.07.20143 Last date for submission of bids 25.07.2014,5.00 pm4 Date of opening of Technical bids 28.07.2014, 11.00 am5 Date of opening of Financial bids of technically 28.07.2014,4.00 pm
qualified bidders
In all 11 no. of Merchant Bankers had accessed E-Procurement Portal. Out ofthem 9 Merchant Bankers have successfully up loaded their bids and the EMD in the e-procurement portal and the Bids of 2 Merchant Bankers were rejected by the E-procurement portal itself. Following are the list of Merchant Bankers whose bids areconsidered for Technical Evaluation by E-procurement portal (Annexure-I) :
1. M/ s. Axis Bank Ltd.2. M/ s. ICICI Securities Primary Dealership Limited.3. M/ s. Real Growth Securities Private Limited.4. M/ s. Trust Investment Advisors Pvt. Ltd,5. M/ s. SPA Capital Services Ltd.6. M/ s. Tipsons Consultancy Services Limited.7. M/ s. A.K.Capital Services Limited.8. M/ s. ICICI Bank Limited.9. M/ s. Darashaw and co. PVT Ltd
All the nine bidders were considered for technical evaluation based on the pre-qualification and technical qualification criteria as given below!
SI. Eligibility Criteria Document to be uploaded
a Should be a Category - 1 SEBI Document required: CharteredRegistered Merchant Banker and Accountant certified copy of SEBIshould have SEBI License valid till Registration Certificate.30.09.2014
.:
b Should have mobilized Rs.l,OOO.OODocument required: Charteredcrores in Debt Private placement, of Accountant Certificate by aall Issuers, in any of the financial practicing Chartered Accountant asyears2013-14 and/ or 2014-15 till date. per the format given in Annexure 4
of RFP documentc Should have participated in Private Document required: CA certified
placement / public issue of State copy of Prime League Table forLevel Undertakings and/ or State Arrangers, Debt Private PlacementsFinancial Institutions during the under State Level Financialfinancial year 2013-14. Institutions & State Level
Undertakings for the year 2013-14.d It shall be on firm commitment basis Declaration in the letter head of the
for Rs. 500.00 crores and remaining bidding firmon best effort basis
e Other documents Profile of the bidder as per the formatspecified in RFP document
Since all the nine Merchant Bankers have satisfied above criteria, all the nine Bidswere accepted as technically qualified and recommended for further evaluation (ReferANNEXURE- I1).
Financial Bids evaluation
Financial bids were opened as per the schedule on July 28, 2014 at 4.00 pm andfollowing are the details:
SI. Name of the Merchant Banker Coupon Fee quoted YTM Remarksquoted (%) (%) (%)
1 M/ s. Axis Bank Ltd. 9.30/ 1.15 ,/ 9.58552 L52 M/ s. ICICI Securities Primary 9.30/ 0.90/ 9.54377 L4
From the above statement it could be observed that the Yield to Maturity of Mj s.A.K.Capital Services Limited is the lowest.
Hence, appointment Mj s. A.K Capital Services Ltd., as arrangers for Series2014B Bond issue of KBJNL at their quoted coupon of 9.13% p.a. annualized and fee of0.55% of the amount mobilized and retained, which is the lowest Yield to maturity maykindly be approved.
A L----vv0 ~~?\t~Charles S.Sujaya Kurnar
Deputy General Manager (Finance)
APPROVED as per the approval of 25 FR&IG Corn . e Meeting held on3. .2014
a IShould be a Category - 1 Document required: CharteredSEB! Registered Merchant Accountant certified copy ofBanker and should have SEBI SEBI Registration Certificate.License valid till 30.09.2014 i k I ;A . .~ <
Pe man~ Iperman:-Permanent 21/10/2015 Permanent Permanent Permanent Permanent 19/04/2016
b Should have mobilized Document required: CharteredRs.1,000.00 crores in Debt Accountant Certificate by aPrivate placement, of all practicing CharteredIssuers, in any of the financial Accountant as per the formatyears2013-14 and/ or 2014-15 given in Annexure 4
...:11
Should have participated in Document required: CAPrivate placement / public certified copy of Prime Leagueissue of State Level Table for Arrangers, DebtUndertakings and/ or State Private Placements under StateFinancial Institutions during Level Financial Institutions &the financial year 2013-14. State Level Undertakings for
d It shall be on firmlDec1aration in the letter headcommitment basis for Rs, of the bidding firm500.00 crores and remainingon best effort basis
[yes X ., ~ Iyes X Iyes K Iyes ?« \yes X iyes X; l, A iyes 0Profile of the bidder as per the I ./ I I I . I I I I I Xformat specified in RFP .-: X .x..?\,'" 'document' yes yes yes.>-C yes .>\ yes yes yes ~ yes r- yes
Tender Description: The scope of the assignment is set out inAnnexure-II. While effort has been made todefine all the areas of importance, the scope isneither exhaustive nor Is to be limited to theextent of Annexure-II. It shall be theresponsibility of the Merchant Banker(s) /Arranger to see that the entire Issue amount asmentioned in the RFPdocument is fullysubscribed as per the applicable StatutoryProvisions.
Item Name: Arranger(s) fee Spedflcatlons : Merchant Banker (s) / Arranger(s) fee. Quote as a percentage ofthe amount to be mobilized and retained Inclusive of, service tax,all other Taxes and out of pocket expenses.
Bids received for the item:
SI P~rce!1tage Amount
No Supplier (All In Select Evaluator's RemarksInclusive) Words
1 Santosh O.55(Ll) (dot) s,e, IKumar C Shirol /' Five(A K Capital FiveServices Only.Limited)
2 Mahesh Kumar O.9(L2) (dot)
~cePt ~ject I y\.~Chopra ( ICICI NineSECURITIES Only.PRIMARYDEALERSHIPLIMITED)
3 PANKHURI O.9(L2) (dot) o 0 ISETHI ( Real NineGrowth Only. Accept RejectSecuritiesPrivateLimited)
• SHAH DILIP O.9(L2) (dot)
~cept ~ject I( TIPSOHS Hlne
.~COHSULTAHCY Only.SERVICESPRIVATELIMITED)
5 UMESH 1.05(L5) One 0 0KHANDELWAL (dot)( DARASHAW Zero Accept RejectAND COMPANY FivePVT LTD) Only.
6 CHANOAN 1.15(L6) One z, e, ISUTRAVE (dot)(AXIS BANK One FiveLTO) Only.
7 PARAGASHOK 1.15(L6) One o 0 IKULKARNI (dot)( TRUST One Five Accept RejectINVESTMENT Only.ADVISORSPRIVATELIMITED)
8 RITESH 1.15(L6) One e, ~ject IRAJENDRA (dot)TATIYA One Five( ICICr Bank Only.Limited)
9 SANJAY 1.16(L9) One o 0 IGUPTA (SPA (dot)CAPITAL One Six Accept RejectADVISORS Only.LIMITED)
Tender Description: The scope of the assignment is set out InAnnexure-H. While effort has been made todefine all the areas of Importance, the scope Isneither exhaustive nor Is to be limited to theextent of Annexure-H. It shall be theresponsibility of the Merchant Banker(s) /Arranger to see that the entire Issue amount asmentioned In the RFPdocument Is fullysubscribed as per the applicable StatutoryProvisions.
Item Name: Coupon Spedfications : Coupon / Rate of Interest for mobilizing entire 500.00 crores withgreen shoe option to retain oversubscription up to 250.00 croresaggregating to 750.00 crores under Series 2014-B, privatelyplaced, Bond Issue of KBJNL.Quote as a percentage on annualbasis.
Bids received for the itern : '
SI Percentage AmountApprover's A tI St t
No Supplier (All In Select Evaluator's Remarks Remarks c on a uslncluslve) Words
1 Santosh 9.~Ll) Nine
~cePt e, I AIKumar C Shlrol (dot)(A K Capital One viServices Three ~&~Ilimited) Only.
2 SANJAY 9.15(L2) Nine
~cePt e, I ~! %GUPTA (SPA (dot) ,viCAPITAL One Five
ADVISORS Only.LIMITED)
G~~~3 UMESH 9.24(L3) Nine z,e, I ",! %
KHANDElWAL (dot) d( DARASHAW TwoAND COMPANY Four
PVT lTD) Only.
4 Mahesh Kumar 9.3(L4) Nine
~cePt ?eject I AI~~
GChopra ( ICICI (dot)r>. SECURITIES Three ,~!
PRIMARY Only.
~~~DEALERSHIPLIMITED)
5 CHANDAN 9.3(l4) Nine
~cePt ~Ject I A! %SUTRAVE (dot) yi(AXIS BANK ThreelTD) Only.
G~~6 PANKHURI 9.3(L4) Nine
~cePt e, I "I %SETHI ( Real (dot)Growth Three :~LSecurities Only.Privatelimited)
7 SHAH DIlIP 9.3(l4) Nineo 0 I ~ % G( TIPSONS (dot) kl J~"CONSULTANCY Three Accept Reject .e;;=
SERVICES Only. ---PRIVATELIMITED l
8 PARAG ASHOK 9.3(L4) Nineo 0 I $1 %
~KUlKARNI (dot)( TRUST Three Accept RejectINVESTMENT Only.ADVISORSPRIVATELIMITED)
G~I9 RITESH 9.3(L4) Nine e,e,C Ai %RAJENDRA (dot) /[TATIYA Three ~ --( ICICI Bank Only.limited)