of 37
8/11/2019 financial services in m&a activity
1/37
Financial Services In Mergers & AcquisitionsActivity
A PROJECT REPORT ON
FINANCIAL SERVICES IN MERGERAND ACQUISITION ACTIVITY
SUBMITTED
TO THE UNIVERSITY OF MUMBAI
AS A PARTIAL REQUIREMENT FOR COMPLETINGTHE POST GRADUATION OF
M.COM PART I (BANKING AND FINANCE)SEMESTER -I
SUBMITTED BY:VAIS ARTI SHANTILAL
ROLL NO: 5
UNDER THE GUIDANCE OFSAPTGIRI
1
8/11/2019 financial services in m&a activity
2/37
Financial Services In Mergers & AcquisitionsActivity
SIES COLLEGE OF COMMERCE AND ECONOMICS,PLOT NO. 71/72, SION MATUNGA ESTATE
T.V. CHIDAMBARAM MARG,SION (EAST), MUMBAI 400022.
CERTIFICATE
This is to certify that Mr.__________________________________
__________________________________________________________
of M.Com (Banking and Finance) Semester I (academic year
2014-2015) has successfully completed the project on
______________________________________________________under the
Guidance of Dr. __________________________________________.
_________________ ___________________
(Project Guide) (Course Co-coordinators)
___________________ ___________________
(External Examiner) (Principal)
Place: _____________
Date: ___________
DECLARATION
I, __________________________________________________
Student ofM.Com (Banking and Finance) Semester I (academic year
2014-2015)hereby declare that, I have completed the project on
______________________________________________________________.
2
8/11/2019 financial services in m&a activity
3/37
Financial Services In Mergers & AcquisitionsActivity
The information presented in this project is true and original
to the best of my knowledge.
Place: _____________
Date:_____________
3
___________________
Name:
Roll No.:
8/11/2019 financial services in m&a activity
4/37
Financial Services In Mergers & AcquisitionsActivity
ACKNOWLEDGEMENT
I would like to thank the University of Mumbai, for introducing
M.Com (Banking and Finance) course, thereby giving its students a
platform to be abreast with changing business scenario, with the help oftheory as a base and practical as a solution.
I am indebted to the reviewer of the project Dr. Aarti!"#!$!%!&!$my project guide who is also our principal, for her support and guidance.
I would sincerely like to thank her for all her efforts.
Last but not the least; I would like to thank my parents for giving
the best education and for their support and contribution without which
this project would not have been possible.
______________________
Name :
Roll no:
4
8/11/2019 financial services in m&a activity
5/37
Financial Services In Mergers & AcquisitionsActivity
INDEX
SERIAL NO. TOPIC PAGE NO
1 DECLARATION
2 ACKNOWLEDGEMENT
3 EXECUTIVE SUMMARY
4 OBJECTIVE OF STUDY
5 MERGER AND ACQUISITION
INTRODUCTION
!"
# DISTINGUISE BETWEEN
M$A AND ADVANTAGES
1%11
! MOTIVES BENEFITS OF
MERGER BE&IND MERGER
1213
' STEPS OF M$A 1415
" REASONS OF M$A 1#1'
1% RISK ASSOCIATES WIT&
MERGER
1"
11 LEGAL ASPECT OF MERGER 2%22
12 FINANCIAL SERVICES OF
M$A
23
13 LITERATURE REVIEW 2434
14 M$A CONCLUSION 35
15 BIBLOGRAP&Y 3#
5
8/11/2019 financial services in m&a activity
6/37
Financial Services In Mergers & AcquisitionsActivity
E()*+,-) S+//0
M'%'% I*+ *-' &* *!"' !* *'%& *!# %'!*3$ "* '53*'&'$* !$ 6'"!*3' !*33*# 3$ *-'
&!%'*. B* '%' M'%'% 8 A933*3$ (M8A) !*33*# 6'' 6, 3* -! * !*!""# 6! *-%- !
"$ -!3$ 6%'%' (*- "'!" !$ 3$!$3!"), :-3- !* *3&' '"!# *-' '!".
;3*- *-' "3'%!"3
''$ ":'%'. T-' $&'% M'%'% !$ A933*3$ -!' 3$%'!' &!$# *3&' 3$ *-' "!* '!'
&6!%' * *-' "! 6'%3 1=70>0 :-'$ "'!" -%"' *%3&&' *-' M8A %:*-. T 6* *-3$ 3$
6'%6'*3', %& 1? &'%'% 3$ 1==>, *-' $&'% %' * '% 2>0 3$ F@01. ;3*- ! :$*%$ 3$ *-'
!63*!" &!%'*, !"!*3$ -!' &' :$ * -3*%3 ":. I*+ -3- *3&' *-!* *-' $"3!*3$ !&'
6'' 6.
I$ 3&6"' *'%&, ! &'%'% &'!$ "'$3$ *: % &%' '53*3$ $'%*!3$ 3$* $', $'9'$* *
:-3- '!- $'%*!3$ :" "' *-'3% '6!%!*' 3'$*3*#. T-' &* &&$ %'!$ % &'%'% !%',
6'%!*3$ #$'%3', &!%'* '56!$3$, 3'%33!*3$, %:*-, $"3!*3$ 6%*3$ !6!3*3'
!$ *!5 !3$. H:''%, *-'' !%' * &' *-' 3""*%!*3$ !$ $* *-' '5-!*3' '$'3*.
H:''%, '%' *-' 3'! M'%'% !$ A933*3$ %#*!""3&!%'*. I$ ! -3-"# -!""'$3$ '$3%$&'$* ! *%$ %'!$ % &'%'% !$ !933*3$ 3 ! '3%' *
%3'. T- !6!%* %& %:*-, *-' %3!" !*% -! "!*', 6%%' *-' &'%'% !$ !933*3$
!*33*# :%":3'.
6
8/11/2019 financial services in m&a activity
7/37
Financial Services In Mergers & AcquisitionsActivity
O)*,-) 6 7,+89
T 3 *-' %& &'%'% !$ !933*3$.
T -3-"3-* *-' %'!" &*3' &'%'% !$ !933*3$.
T $ *-' $3'%!*3$ *-' !%' 3&6%*!$* 3$ *-' &'%'% !$ !933*3$ $'*3!*3$.
7
8/11/2019 financial services in m&a activity
8/37
Financial Services In Mergers & AcquisitionsActivity
M):)7 0;8 A*-80,-;9
I$ ! $"3!*3$, *: % &%' &6!$3' &3$' * %& ! $': &6!$#. I$ *-3 %& &'%'%,
!"" &6!$3' !%' "'!""# 3"' !$ ! $': '$*3*# 3 %'!*'. I$ $"3!*3$, *-' !93%'
&6!$# *%!$'% 3* !'*, "3!3"3*3' !$ -!%' * *-' !93%3$ &6!$# % !- % '5-!$'
8
8/11/2019 financial services in m&a activity
9/37
Financial Services In Mergers & AcquisitionsActivity
-!%'. . A$ '5!&6"' $"3!*3$ 3 *-' &'%'% H3$*!$ C&6*'% L*., H3$*!$
I$*%&'$* L*., !$ I$3!$ R'6%%!6-3 L*., * !$ '$*3%'"# $': &6!$# !""' HCL L*.
A*
8/11/2019 financial services in m&a activity
10/37
Financial Services In Mergers & AcquisitionsActivity
L*., DCM -%3%!& 3$*%3' L*., S-%3%!& I$*%3!" E$*'%6%3' L*. !$ DCM -%3%!&
$"3!*' L*.) 3 $' '5!&6"' !&3"# $3* 6"3**3$ *-%- '&'%'%.
R))7) M):)
N%&!""#, ! &!"" &6!$# &'%' :3*- "!%' &6!$# % ! 3 &6!$# :3*- -'!"*-# &6!$#.
H:''% 3$ &' !', %''%' &'%'% 3 $'. ;-'$ ! -'!"*-# &6!$# &'%' :3*- ! 3 % !
&!"" &6!$# 3 !""' %''%' &'%'%. T-3 &!# ' % !%3 %'!$. S&' %'!$ % %''%'
&'%'% !%'
!) T-' *%!$'%'' &6!$# 3 ! 3 &6!$# !$ -! !%%# %:!% "' !$ T%!$'%% C&6!$#
3 6%3* &!3$ &6!$#. I T%!$'%% C&6!$# &'%' :3*- *-' 3 *%!$'%'' &6!$#, 3* '*
!!$*!' '**3$ !%%# %:!% "' :3*-* !$# $3*3$. I 3 &6!$# &'%' :3*-
-'!"*-# &6!$#, &!$# %'*%3*3$ !%' !66"3!"' % !"":3$ '* .
) T-' *%!$'%'' &6!$# &!# ' "3*' &6!$#. I$ - !', 3 T%!$'%% C&6!$# &'%'
:3*- *-' "3*' &6!$#, 3* '* !!$*!' "3*' &6!$#, :3*-* "":3$ *%3* $%&
"3*3$ * '5-!$'.
F% '5!&6"' G%' !6 L*. (GSL) :3*- 6%' &'%'% *%$'% 4.77 %%' '$*'%' 3$* -'&'
%''%' &'%'% :3*- " &!3$ G!%!* G%' 3$$!*3' C-'&3!" L*. (GGICL) (:3*- 6%'
&'%'% *%$'% R. 0 %%') 3$ 1==4.
1
8/11/2019 financial services in m&a activity
11/37
Financial Services In Mergers & AcquisitionsActivity
DISTINCTION BETWEEN MERGERS AND ACQUISITIONS
A"*-- *-'# !%' *'$ **'%' 3$ *-' !&' %'!*- !$ ' ! *-- *-'# :'%' #$$#&, *-'
*'%& &'%'% !$ !933*3$ &'!$ "3-*"# 3'%'$* *-3$. ;-'$ $' &6!$# *!' '% !$*-'%
!$ "'!%"# '*!"3-' 3*'" ! *-' $': :$'%, *-' 6%-!' 3 !""' !$ !933*3$. F%& ! "'!"
63$* 3':, *-' *!%'* &6!$# '!' * '53*, *-' #'% :!"": *-' 3$' !$ *-'
#'%+ * $*3$' * ' *%!'.
I$ *-' 6%' '$' *-' *'%&, ! &'%'% -!66'$ :-'$ *: 3%&, *'$ !* *-' !&' 3
8/11/2019 financial services in m&a activity
12/37
Financial Services In Mergers & AcquisitionsActivity
T=)7 6 M):)
T-'%' !%' % &!% *#6' &'%'% *-'# !$ ' '56"!3$ ! "":
1 &-@;,0> M):) 9
T-3 3 ! &3$!*3$ *: % &%' 3%& 3$ 3&3"!% *#6' 6%*3$, 3*%3*3$ % !%'!
3$'.
2 V),-*0> M):) 9
T-3 3 ! &3$!*3$ *: % &%' 3%& 3$"' 3$ 3'%'$* *!' 6%*3$ %
3*%3*3$. V'%*3!" &'%'% &!# *!' *-' %& %:!% % !:!% &'%'%.
B!:!% &'%'% ;-'$ ! &6!$# &3$' :3*- *-' 66"3'% &!*'%3!", 3* 3 !""' !:!%
&'%'%.
F%:!% &'%'% ;-'$ 3* &3$' :3*- *-' *&'%, 3* 3 $:$ ! %:!% &'%'%.
3. C;:>/)0,) M):) 9
T-3 3 ! &3$!*3$ 3%& '$!' 3$ $%'"!*' "3$' 3$' !*33*#. E5!&6"' 3
&'%3$ 3'%'$* 3$' "3' &!$!*%3$ '&'$* 6%*, '%*3"3
8/11/2019 financial services in m&a activity
13/37
Financial Services In Mergers & AcquisitionsActivity
? L3&3*3$ *-' ''%3*# &6'*3*3$ # 3$%'!3$ *-' &6!$# &!%'* 6:'%.
M,-)7 )-;8 ,) M):)
M*3' &'%'% !$ ' %!"# 3' ! "":
1. G,9
O$' *-' $!&'$*!" &*3' *-!* '$*3' &'%'% 3 3&6"3' %:*-. O%!$3
3$*'$ * '56!$ $'' * -' '*:''$ %!$3 %:*- !$ !933*3$ %3'$ %:*-. S3$' *-'
%&'% 3 '%# ":, *'!# !$ %'"!*3'"# $&' &%' *3&' *-' "!**'% 3 6%''%%' # 3%& :-3- !%'
#$!&3 !$ %'!# * !63*!"3 E66-*-);*9
S&' !933*3$ !%' &*3!*' # *-' '"3' *-!* *-' !93%' &!$!'&'$* !$ '**'% &!$!'
*-' *!%'* %'%'. I$ - !', *-' !"' *-' *!%'* 3%& :3"" %3' $'% *-' &!$!'&'$* $*%"
*-' !93%'%.
4. S,0,):-*9
T-' *%!*'3 %'!$ " 3'% $ ! !'*!' !3 !$ ! '!" * *-' *-'%. A* *3&', 3 *-' *:
3%& -!' &6"3&'$*!%# 3$' 3$*'%'*, &'%'% &!# %'"* 3$ $"3!*3$ *-'3% 63*3$ 3$ *-'
&!%'*.
5. M0?), );,9
F3%& *-!* !%' !- %3- ' !933*3$ ! ! *%!*'# * '$*'% 3$* $': &!%'* % $': *'%%3*%#
$ :-3- *-'# !$ 3" *-'3% 6"!*%&.
#. T0( 7-)>879
13
8/11/2019 financial services in m&a activity
14/37
Financial Services In Mergers & AcquisitionsActivity
T-3 6"!# ! 3$33!$* %"' 3$ !933*3$ 3 *-' 3*%'' 3%& -! !&"!*' "' !$
$"!3&' '6%'3!*3$ '$'3* $ *-'3% . S- !933*3$ !$ '"3&3$!*' *-' !93%3$ 3%&
"3!3"3*# # '$'3*3$ %& ! &'%'% :3*- *-'' 3%&.
!. R)7+*) ,0;76)9
R'%' !%' $''$"# 3*%3*' !% 3%& (B!%$'#, 1==1) !$ *-' 3$*'%!*3$ *!%'* !$
!93%3$ 3%& %'%' !$ %'!*' !"' *-%- '3*-'% '%&3$ 3$%&!*3$ !#&&'*%# % #
&3$3$ !%' %'%'.
'. V),-*0> -;,):0,-;9
V'%*3!" I$*'%!*3$ % :-'$ !$ 6*%'!& !$ :$*%'!& 3%& &'%' (% $' !93%' *-'
*-'%). T-'%' !%' ''%!" %'!$ % *-3 * %. O$' %'!$ 3 * 3$*'%$!"3
&!%3$!"3
"'. B# &'%3$ *-' '%*3!""# 3$*'%!*' 3%& !$ ""'* $' '!:'3-* " # '**3$ *-'
6*%'!& 3%&+ *6* * *-' &6'*3*3' "''". T-3 3$%'!' 6%3* !$ $&'% %6". A
&'%'% *-!* %'!*' ! '%*3!""# 3$*'%!*' 3%& !$ ' 6%3*!"'.
B);)6-,7 6 M):)7
1. L3&3* &6'*3*3$
2. U*3"3. D36"!' '53*3$ &!$!'&'$*.
=. C3%& '%$&'$* %'"!*3$.
10. R'!6 6'"!*3' !3$ !**'$!$* 6$ $': '%3*# 3' % -!$' 3$ P/E %!*3.
14
8/11/2019 financial services in m&a activity
15/37
Financial Services In Mergers & AcquisitionsActivity
11. C%'!*' !$ 3&!' !%'3'$' !$ *%!*'3 66%*$3&, '&63%' 3"3$ !$ * !&! !*
'$&3 6:'% *-' &6!$#.
S,)=7 6 M):) 0;8 A*
8/11/2019 financial services in m&a activity
16/37
Financial Services In Mergers & AcquisitionsActivity
*-' *!%'* 3%&. T-' *!%'* 3%& :3"" $* !'6* !$# '% '": *-' %%'$* &!%'* !"' 3* -!%'.
T-' *!%'* 3%& 3$ !*, '56'* *-!* &'%'% '$'3* :3"" !%' * *-' !93%3$ 3%&.
A &'%'% 3 !3 * ' !* ! 6%'&3& :-'$ *-' '% 6%3' 3 -3-'% *-!$ *-' *!%'* 3%& 6%'
&'%'% &!%'* 6%3'. T-' !93%3$ 3%& &!# 6!# *-' 6%'&3& 3 3* *-3$ *-!* 3* !$ 3$%'!' *-' *!%'*
3%& !*'% &'%'% # 3&6%3$ 3* 6'%!*3$ !$ ' * #$'%#. I* &!# -!' * 6!# 6%'&3& ! !$
3$'$*3' * *-' *!%'* 3%& -!%'-"'% * 3$' *-'& * '"" *-'3% -!%' *-!* *-' !93%3$ 3%& 3
'$!"' * *!3$ *-' $*%" *-' *!%'* 3%&.
16
8/11/2019 financial services in m&a activity
17/37
Financial Services In Mergers & AcquisitionsActivity
R)07;7 6 M):)T-' %'!$ &'%'% !$ ' %!"# '56"!3$ ! "":
1. A**)>)0,)8 G,9
G%:*- 3 ''$*3!" % *!3$3$ *-' 3!3"3*#, #$!&3& !$ !"' '$-!$3$ !6!3"3*# !
3%&. G%:3$ 6'%!*3$ 6%3' -!""'$' !$ '53*'&'$* * *-' '5'*3' ! :'"" ! 66%*$3*3'
% *-'3% '$%3-&'$* !$ %!63 !%''% ''"6&'$*. T-3 -'"6 * 3$%'!' &!$!'%3!" '33'$#.
O*-'% *-3$ '3$ *-' !&', %:*- &* "'! * -3-'% 6%3* !$ 3$%'!' 3$ *-' -!%'-"'% !"'. I*
!$ ' !-3'' %:*- 3$ *: :!#
E56!$3$ 3* '53*3$ &!%'*
E$-!$3$ 3$ $': &!%'*
A 3%& &!# '56!$ !$ 3'%3# 3* &!%'* 3$*'%$!""# % '5*'%$!""#. I &6!$# !$$* %: 3$*'%$!""#
' * "! 6-#3!" !$ &!$!'%3!" %'%', 3* !$ %: '5*'%$!""# # &3$3$ 3* 6'%!*3$
:3*- *-'% &6!$3' *-%- &'%'% !$ !933*3$.
2. E;0;*)8 P6-,0->-,
T-' &3$!*3$ *: % &%' 3%& &!# %'"* 3$ &%' *-!$ *-' !'%!' 6%3*!3"3*# ' *
* %'*3$ !$ '33'$* *3"3
*-' &3$' '$*3*#. T-'' '$&3' !%3' '!' &%' 3$*'$3' *3"3
!6!3*3', 3*%3*3$ $'*:%, '$3$''%3$ '%3', %''!%- !$ ''"6&'$* !3"3*3', !$ !*!
6%'3$ #*'& !$ $.
) O=)0,-;: E*;/-)7
I$ !3*3$ * '$&3' !"', ! &3$!*3$ *: % &%' 3%& &!# %'"* 3$* * %'*3$ '
* 6'%!*3$ '$&3'. A &3$' 3%& &!# !3 % %'' $*3$ !$ !3"3*3'. I* !$ $"3!*'
17
8/11/2019 financial services in m&a activity
18/37
Financial Services In Mergers & AcquisitionsActivity
3* &!$!'&'$* $*3$ - ! &!$!*%3$, R 8 D !$ %'' 6'%!*3$ *. F' '5!&6"', !
&3$' 3%& &!# '"3&3$!*' 6"3!*' -!$$'" 3*%3*3$ % %'!*' ! '$*%!"3-@0,-; 6 7+=>+7 6+;87
A 3%& 3$ ! &!*%' 3$*%# &!# '$'%!*' ! "* !- * &!# $* -!' 66%*$3*3' %
6%3*!"' 3$'*&'$*. M* &!$!'&'$* -!' ! *'$'$# * &!' %*-'% 3$'*&'$*, ''$ *--
*-'# &!# $* ' 6%3*!"'. I$ - ! 3*!*3$ ! &'%'% :3*- !$*-'% 3%& 3$"3$ !-
&6'$!*3$ *'$ %'6%''$* ! &%' '33'$* *3"3
8/11/2019 financial services in m&a activity
19/37
Financial Services In Mergers & AcquisitionsActivity
O$' *-' 6*'$*3!" !3$ &'%'% 3 !$ 3$%'!' 3$ &!$!'%3!" ''*3'$'. T-3 &!#
% 3 *-' '53*3$ &!$!'&'$* *'!&, :-3- 3 6'%%&3$ 6%"#, 3 %'6"!' # ! &%' ''*3'
&!$!'&'$* *'!&. A$*-'% !""3' '$'3* ! &'%'% &!# ' 3$ *-' %& %'!*'% $%'$'
'*:''$ *-' 3$*'%'* &!$!'% !$ *-' -!%'-"'%. A &&$ !%&'$* % %'!*3$ !
!%!"' '$3%$&'$* % &'%'% 3 *-!* 3* 3&6' ! '%*!3$ 336"3$' $ *-' &!$!'&'$*.
?. D-)7-6-*0,-; 6 R-7?9
A &&$"# *!*' &*3' % &'%'% 3 * !-3'' %3 %'*3$ *-%- 3'%33!*3$.
T-' '5*'$*, * :-3- %3 3 %'', %', '6'$ $ *-' %%'"!*3$ '*:''$ *-' '!%$3$
*-' &'%3$ '$*3*3'. ;-3"' $'!*3' %%'"!*3$ %3$ %'!*'% %'*3$ 3$ %3. T-' 63*3'
%%'"!*3$ %3$ "''% %'*3$ 3$ %3.
#. L) F-;0;*-;: C7,79
T-' $'9'$' "!%' 3
8/11/2019 financial services in m&a activity
20/37
Financial Services In Mergers & AcquisitionsActivity
RISKS ASSOCIATED WIT& MERGER
T-'%' !%' ''%!" %3 !3!*' :3*- $"3!*3$ !$ ': *-'& !%' ! "":
1) ;-'$ *: &6!$3' &'%' 3$* $' *-'$ *-'%' 3 !$ 3$'3*!"' 3$%'!' 3$ *-' 3
) C$"3!*3$ &!3$"# &' ' * *-' '33$ *!'$ !* *-' *6. I* 3 ! *6-'!# '33$ !$
:3""3$$' *-' %!$ !$ 3"' *- '$*3*3' &!# $* ' %*-&3$. T-3 "'! * 6%"'&
3$*%3!" %'"!*3$, '6%3!*3$, '6%'3$ !$ '&$3
-! * ' 3'$ $': -!%'. T3"" $: ! "6% !"!*3$ #*'& % *%!$'% !$ &6'$!*3$ 3
#'* * '&'%'.
2
8/11/2019 financial services in m&a activity
21/37
Financial Services In Mergers & AcquisitionsActivity
) F%*-'%, *-'%' 3 !" ! 6%"'& %!$ 6%'*3$. T-3 '&' &%' &6"3!*' :-'$
'53*3$ %!$ *-'&'"' -!' ! !66'!". '*3$ !%3' :-'*-'% *-' '!%"3'% %!$ -"
$*3$' * ' 6%'*' % -" *-'# ' &'%' 3$ !% ! $': &6%'-'$3' 3'$*3*#.
G:3"" 3 *'$ *:!% ! %!$ !$ 3* &'%'% 3 !""# $* *!'$ 3$"#.
L):0> 07=)*,7 6 M):)
L):0> P*)8+)7 6 M):) 0;8 A* 6 08 6 8-)*,79
T-' !% *-' 3%'*% *-' 3$33!" 3%& -" !66%' *-' %!* 6%6!" %
!&!"!&!*3$ !$ !*-%3
8/11/2019 financial services in m&a activity
22/37
Financial Services In Mergers & AcquisitionsActivity
5. S0)>8)7 0;8 C)8-,7 /)),-;:79
T-' 3$33!" 3%& -" -" '6!%!*' &''*3$ *-'3% -!%'-"'% !$ %'3*% %
!66%3$ *-' !&!"!&!*3$ -'&'. A* "'!* 7? -!%'-"'% !$ %'3*% 3$ '6!%!*' &''*3$,
*3$ 3$ 6'%$ % # 6%5#, &* !% *-'3% !66%!" * *-' -'&'.
#. S0;*,-; ,) &-: C+,9
A*'% *-' !66%!" -!%'-"'% !$ %'3*% $ *-' 6'*3*3$ *-' &6!$3', *-' H3- C%*
:3"" 6! %'% !$*3$3$ *-' !&!"!&!*3$ -'&' !*'% 3* 3 !*33' *-!* *-' -'&' 3 !3% !$
%'!$!"'. I 3* ''& , 3* !$ &3# *-' -'&'. T-' !*' *-' %* -'!%3$ :3"" ' 6"3-' 3$
*: $':6!6'% !$ !" *-' R'3$!" D3%'*% *-' L!: B!% :3"" ' 3$*3&!*'.
!. F->-;: 6 ,) C+, 8)9
A*'% *-' C%* %'% 3* '%*33' *%' 63' :3"" ' 3"' :3*- *-' R'3*%!% C&6!$3'.
'. T0;76) 6 077), 0;8 >-0->-,-)79
T-' !'* !$ "3!3"3*3' *-' !93%' 3%& :3"" ' *%!$'%%' * *-' !93%3$ 3%& 3$
!%!$' :3*- *-' !66%' -'&', :3*- ''* %& *-' 6'33' !*'.
22
8/11/2019 financial services in m&a activity
23/37
Financial Services In Mergers & AcquisitionsActivity
F-;0;*-0> S)-*)7 6 M):) A;8 A*+7 C079
A 3%& &!# ' !' # ! !- %3- 3%&. I* &!# $* -!' '$- 3$*'%$!" 66%*$3*3' *
3$'* 3* %6" !-. I* &!# '3*-'% 3*%3*' 3* %6" !- * 3* -!%'-"'% % ' 3* * !93%'
&' *-'% 3%&. T-' -!%'-"'% &!# $* %'!""# '$'3* &- 3 %6" !- 3 %'*%$' * *-'&
3$' *-'# :" -!' * 6!# *!5 !* %3$!%# 3$&' *!5 %!*'. T-'3% :'!"*- &!# 3$%'!' *-%- !$
3$%'!' 3$ *-' &!%'* !"' *-'3% -!%' 3 %6" !- 3 ' * !93%' !$*-'% 3%&. I *-'# '""
*-'3% -!%' *-'# :" 6!# *!5 !* ! ":'%, !63*!" !3$ *!5 %!*'. T-' &6!$# :" !" ' '$!"'* ''6 %6" $ !$ %: *-%- !933*3$.
3. D), *0=0*-,9
A &'%'% *: 3%&, :3*- "*!*3$, * $'!*3'"# %%'"!*', !- ":, !$ %3$
*!3"3*# !- ": *-' &3$' 3%&. T-' *!3"3*# !- ": %'' *-' %3
23
8/11/2019 financial services in m&a activity
24/37
Financial Services In Mergers & AcquisitionsActivity
3$"'$# !$ '$-!$' *-' !6!3*# *-' $': '$*3*# * '%3' ! "!%'% !&$* '*. T-'
3$%'!' %%:3$ !"": ! -3-'% 3$*'%'* *!5 -3'" :-3- ! * *-' -!%'-"'% :'!"*-.
4. F-;0;*-;: *7,9
D' *-' '$-!$' '* !6!3*# *-' &'%' 3%& %'' 3* * !63*!" S3$' *-'
6%!3"3*# 3$"'$# 3 %'' ' * 3$!$3!" *!3"3*# !$ 3$%'!' 6%*'*3$ * "'$'%, *-'
&'%' 3%& -" ' !"' * %%: !* ! ":'% %!*' 3$*'%'*. T-3 !!$*!' &!#, -:''% '
*!'$ 6!%*3!""# % &6"'*'"# # 3$%'!' 3$ *-' -!%'-"'% %3 $ !$* 6%33$ '**'%
6%*'*3$ * "'$'%.
A$*-'% !6'* *-' 3$!$3$ * 3 3' *. A &'%' 3%& 3 !"' * %'!"3
8/11/2019 financial services in m&a activity
25/37
Financial Services In Mergers & AcquisitionsActivity
I;8-0; *;,)(,
W M):)7 0;8 A*
8/11/2019 financial services in m&a activity
26/37
Financial Services In Mergers & AcquisitionsActivity
L-,)0,+) R)-)
R)*);, )(0/=>)7 6/ I;8-0; /):) $ 0*>-;
V!$' -! $ 3* 6!!' * I$3!, * !* :-!* *. T-' &6!$#, $:$ % 3* '56'$3'
*'"'& !'* !933*3$ 3$ *-' 6!*, !66'!% * ' %'!# * 6!# *6 ""!% % ! !* %:3$ &3"'
6'%!*% 3$ $' *-' !*'* %:3$ '"" 6-$' &!%'* 3$ *-' :%". A&6*3$ &!%'*
%:*- %!*' &!# -!' * ' %'3' 3 %%'$* '*3&!*' '$&3 %:*- %!*' &!# $* '
%'!"3
8/11/2019 financial services in m&a activity
27/37
Financial Services In Mergers & AcquisitionsActivity
T-' "!%'* '"" !%%3'%, B-!%*3 A3%*'", -! ! &!%'* !6 Q 3""3$, !$ R'"3!$' C&&$3!*3$
3 !"' !* Q22 3""3$. T-' %%'$* V!$' '!" !"' H*- E!% !* ! %-"# Q>00 6'%
%3'%, 3&3"!% * :-!* &!%'* !"' % *-'% '"" !%%3'% &6!$3'. B* *-'$ &!%'* !&'
*-!* %%'$* %3'% %:*- %!*' ?0 :3"" $*3$' % &!$# #'!% * &'.
I *-' %3'% !' 3$%'!' $"# $ -'!6'% * '%3' !$ 3$$!*3' 6%3' 6"!$, *-'$ *-'
%%'$* !&6*3$ %''$' %:*- &!# ' 33"* * !**!3$. F*%' %3'% %:*- 3 "3'"# *
&' %& &!""'% *:$ !$ %%!" !%'! *-!* !%' $* "3'"# * 6!# &%' *-!$ Q0 6'% #'!% % *-'
*'"'& '%3' !$ !%' 3$ * '&!$ -!$'* *-!* &!# * "' *-!$ Q10. O %', *-'%' 3
&!%'* !* *-' **& '$ *-' 3$*%#, * 3 3* ! 6%3*!"' ! !* *-' *6 '$
P%'3 6%'3*3$ *-' "! 6%3*!3"3*# 3$ *-' '"""!% 3$' 3$ '&'%3$ &!%'*, - !
I$3! !$ C-3$!, -!' $* 6%'$ * ' %%'*. C-3$! $: -! ?0 &3""3$ %3'%, !$ I$3! -!
1?0 &3""3$. H:''%, &%' *-!$ ?0 &3""3$ *-'' %3'% 3$ I$3! :'%' !' 3$ *-' "!*
*:'"' &$*- !$ *-'3% '-!3% !$ "#!"*# 3 *3"" $6%'3*!"'.
E/):-;: M0?),7 R0,-;0>
C'"""!% !%%3'% !%$ *-' '&'%3$ &!%'* -!' $ 3* 33"* * *3# *-' 6%-!' 6%3'!' *-%'' *3&' *%!3"3$ %''$', * *-'$ *-'%' !%' '%# ': &!%'* %:3$ ! !* ! &!%'* 3$
I$3!. I *%' %:*- 3 :-!* 3 "3'"# * -'"6 *-' %%'$* !"!*3$, *-'$ 3$'*% -!' * ! *:
&%' 9'*3$. ;-!* 3 3$ * %3' *-3 *%' %:*- !$ :-!* :3"" *'& *-' '"3$' 3$ !'%!'
%''$' 6'% %3'%
SWOT ANALYSIS
S,);:,7
D3'%33' '%!6-3!" 6%*"3 :3*- *%$ &3"' *'"'&&$3!*3$ 6'%!*3$ 3$ E%6',
*-' M3"' E!*, A%3!, A3! P!33 !$ A*%!"!3!
L'!3$ 6%''$' 3$ '&'%3$ &!%'*
S*%!*'3 !""3!$' :3*- A66"' 3P-$'
27
8/11/2019 financial services in m&a activity
28/37
Financial Services In Mergers & AcquisitionsActivity
I$%'!3$ *-' %!$' 6%* :' !$ '% * *&'%, 3$ 6!%*3"!% 3$ '$*'%6%3', !$
6%33$ :3*- *-' !3"3*# * &6'*' :3*- 3$*'%!*' &6'*3*%
V!"' % &$'# 201 3$ *-' 6!* *-%'' #'!% :'201=' %'' * &%' *-!$ 3'
*3&', :-3- '9!*' * !3$ !%$ ?0 % % *&'%.
O==,+;-,-)7
F $ * %'*3$ 3&6%3$ %'*%$
M!%3*# *!' 3$ &3"' '*% 3$ N': '!"!$
R''!%- !$ ''"6&'$* $': *'-$"3'
F $ ''"63$ 35' "!$"3$' !$ %!!$ &!%'*.
R'3$ *-' 3&6!* "!" :!%&3$ # %'3$ *-'3% !%$ * 6%3$*
T)0,7
O$3$ 6%3' %'*3$ ' * &6'*3*3' 6%'%'
N': '$*%!$* G%:3$ %!$' 6%3'% $'%' 35' !$ &3"' '%3'
E56!$3$ 6%''$' &3"' 3%*!" $'*:% 6'%!*%
W)0?;)77)7
T*!" T'"'&&$3!*3$ $* $'!%"# ! *%$ ! T'"'&.
;-"'!"3$ *-' "3$' *-%- T'"'& *-'%'# !3$3$ "' 6%3*.
L! #*'& !$ *" * !6 *-' $': 6%''.
L! 3""' '&6"#'' (T'-$33!$, '$3$''%, !$*!$*) !!3"!3"3*# 3$ N': '!"!$
M!%'*.
2. H-;80>*N)>-79 # ->>-;
A"&3$3& !$ 66'% &!% H3$!" I$*%3', *-' &!% M!$!"!& B3%"!"' A3*#! B3%"!G%6 "!-36, !93%' C!$!3!$ &6!$# N'"3 I$ 3$ ! Q3""3$, !""!- '!" 3$ F'%!%#
2007.T3"" !*', 3* 3 I$3!+ %*"!%'* M8A '!". T-' !933*3$ :" &!' H3$!" *-' "!"
"'!'% 3$ !"&3$& %""' 6%* !$ $' *-' "!%'* !"&3$& 6%'% 3$ A3!. ;3*- 6*
!933*3$ &3$' %''$' 3$ '5' Q10 3""3$, H3$!" :" '$*'% *-' F%*$'?00
"3*3$ :%"+ "!%'* &6!$3' # !"' %''$'.
28
8/11/2019 financial services in m&a activity
29/37
Financial Services In Mergers & AcquisitionsActivity
C/=0; )-)
&INDALCO INDUSTRIES LIMITED
H3$!" I$*%3' L3&3*', ! "!-36 &6!$# *-' A3*#! B3%"! G%6, 3 *%*%' 3$* *:
*%!*'3 3$'' !"&3$& !$ 66'% :3*- !$$!" %''$' US Q14 3""3$ !$ ! &!%'*
!63*!"3, H3$!" &&33$' 3*
!"&3$& !3"3*# !* R'$* 3$ '!*'%$ U.P. 3$ 1=2 !$ -! *!# %:$ * '&' *-' $*%#+
"!%'* 3$*'%!*' !"&3$& 6%'% !$ %!$ !&$ *-' *6 9!%*3"' ": * 6%'% 3$ *-'
:%". T-' !"&3$& 333$+ 6%* %!$' 3$"' !"&3$! -'&3!", 6%3&!%# !"&3$&
3$*, 3""'*, :3%' %, %""' 6%*, '5*%3$, 3" !$ !""# :-''". I* '$# ! &'*3
&!%'* -!%' 42 6'% '$* 3$ 6%3&!%# !"&3$&, 6'% '$* 3$ %""' 6%*, 20 6'% '$* 3$
'5*%3$, 44 6'% '$* 3$ 3" !$ 1 6'% '$* 3$ :-''".
H3$!" -! "!$-' ''%!" %!$ 3$ %''$* #'!%, $!&'"# A%! % !""# :-''", F%'-:%!66 %
3*-'$ 3" !$ ''% "!* % %3$ -''*. T-' 66'% 6"!$* 6%' 66'% !*-', $*3$
!* 66'% % !$ 6%'3 &'*!" "3' ", 3"'% !$ 6"!*3$& %6 &'*!" &35. S"6-%3 !3,
6-6-%3 !3, 3!&&$3& 6-6-!*', *-'% 6-6-!*3 '%*3"3
8/11/2019 financial services in m&a activity
30/37
Financial Services In Mergers & AcquisitionsActivity
-3-'*9!"3*# !"&3$& -''* !$ 3" 6%* % *&'% 3$ -3- !"' &!%'* 3$"3$
!*&*3', *%!$6%*!*3$, 6!!3$, $*%*3$ !$ 6%3$*3$. O% *&'% 3$"' &!%
%!$ - ! A! G'!'%*, A"!$, A$-''%B-, B!"", C!C"!, C%:$ C% 8 S'!",
D!-3$ H"3$, F%, G'$'%!" M*%, L**' A"&3$3&, !, P!*3, R'5!&, R#'%$ T"",
T'*%! P!, T-#'$%66 !$ *-'%. N'"3 %'6%''$* ! $39' &3$!*3$ *-' $': !$ *-'
". N'"3 3 ! $': &6!$#, %&' 3$ !$!%# 200?, :3*- ! $': '"3*#, ! $': 6-3"6-# !$ !
$': !**3*'. B* N'"3 3 !" ! 63$ %& A"!$ !$, ! -, %!: $ ! %3- =0#'!% -3*%#
3$ *-' !"&3$& %""' 6%* &!%'*6"!'. N'"3 -! ! 3'%33' 6%* 6%*"3, :-3-
'%' * *-' 3'%'$* '* 3$*%3' 33 3* -! ! '%# *%$ '%!6-3!" 6%''$' 3$ %
$*3$'$*.
N'"3 :! !":!# ! 6%"'& -3". I* :! %$ 3$ '!%"# 200? ! ! %'"* ! %' 63$ %&
3* 6!%'$*, *-' Q 2.3""3$ !"&3$& 3!$* !$ C!$!!!' A"!$. I$ 200, A"!$ :$ ! -*3"'
'% * :' F%'$- !"&3$& &6!$# P'-3$'#. B* *-' &!%%3!' 6%' !$ $:!$*' -3"
N'"3. B*- A"!$ !$ P'-3$'# -! !53*' &3$', !3"3*3' * 6%' 6%3&!%# !"&3$&, !$
%""3$ &3"" * *%$ *-' %!: &'*!" 3$* 6%* - ! * % P'63 !$ C' !$ !$
!*&*3' 6!%*. B* *-' US !$ E%6'!$ !$*3*%* 6%''3$ %"' *-!* *-' %""' 6%*
3$' '3*-'% A"!$ % P'-3$'# -! * ' 3'*' %& *-' &'%' '$*3*#. A"!$ !* * 3*
%""' 6%* 3$' * %& N'"3. I* 3 $: *-' :%" "'!3$ 6%'% !"&3$&%""'
6%* :3*- ! 1= 6'% '$* "!" &!%'* -!%'. B* 3$ *-' 63$ 6%', N'"3 '$' 6
3$-'%3*3$ ! '* &$*!3$ !"&* Q2.= 3""3$ $ ! !63*!" !' "' *-!$ Q?00 &3""3$. T-!*
:! * *-' '3$$3$ 3* *%"'. T-' 3*!*3$ 3 :%' $:. T-- 3* &!%3$!""# %'' '*,
3* &!' &' "' *. O$ ! $'* :%*- Q22 &3""3$, N'"3 -! ! '* Q2. 3""3$ (&*
3* -3- *). T-!* ! '*'93*# %!*3 7.21
STRATEGIC RATIONALE FOR ACQUISITION
T-3 !933*3$ :! ! '%# *%!*'3 &' %& H3$!". H3$!" :3"" ' !"' * -36 6%3&!%#
!"&3$& %& I$3! !$ &!' !"'!' 6%*.++ T-' &3$!*3$ H3$!" !$ N'"3
'*!"3-' !$ 3$*'%!*' 6%'% :3*- ":* !"&3$! !$ !"&3$& !3"3*3' &3$' :3*- -3-
'$ %""3$ !6!3"3*3' !$ ! "!" *6%3$*. H3$!" %!*3$!"' % *-' !933*3$ 3 3$%'!3$ !"'
6'%!*3$, '$*%# 3$* -3-'$ :$*%'!& &!%'* !$ '$-!$3$ "!" 6%''$'. N'"3 3 *-'
"!" "'!'% (3$ *'%& "&') 3$ %""' 6%* :3*- !$$!" 6%*3$ !6!3*# 2.> &3""3$
*$' !$ ! &!%'* -!%' 1= 6'% '$*. I* -! 6%''$' 3$ 11 $*%3' !$ 6%3' -''* !$ 3" *
3
8/11/2019 financial services in m&a activity
31/37
Financial Services In Mergers & AcquisitionsActivity
!*&*3' !$ *%!$6%*!*3$, ''%!' !$ 6!!3$, $*%*3$ !$ 3$*%3!", !$ 6%3$*3$
&!%'*. H3$!" %!*3$!"' % *-' !933*3$ 3 3$%'!3$ !"' 6'%!*3$, '$*%# 3$* -3-'$
:$*%'!& &!%'* !$ '$-!$3$ "!" 6%''$'. N'"3 3 *-' "!" "'!'% (3$ *'%& "&') 3$
%""' 6%* :3*- !$$!" 6%*3$ !6!3*# 2.> &3""3$ *$' !$ ! &!%'* -!%' 1= 6'% '$*. I*
-! 6%''$' 3$ 11 $*%3' !$ 6%3' -''* !$ 3" * !*&*3' !$ *%!$6%*!*3$, ''%!'
!$ 6!!3$, $*%*3$ !$ 3$*%3!", !$ 6%3$*3$ &!%'*. A93%3$ N'"3 :3"" 6%3'
A3*#! B3%"! G%6+ H3$!" :3*- !' * *&'% - ! G'$'%!" M*% C%6. !$ C!C"!
C. I$3!$ &6!$3', '"' # !'"'%!*3$ &'*3 %:*-, !%' ''3$ !933*3$ '%'! * !
6%*3$ !6!3*# !$ 3$ &!%'* % *-'3% 6%*. T!*! S*''" L*. 6'$* US Q12 3""3$ "!* &$*-
* # U.. *''"&!'% C% G%6 P". N'"3 -! !6!3*# * 6%' &3""3$ *$$' "!* %""'
6%*, :-3"' H3$!" -! 220,000 *$' ..
WWT-3 !933*3$ 3' H3$!" !' * -3-'%'$ 6%* * !" * 6'%3% *'-$"#,++
H3$!" 6"!$ * *%36"' !"&3$& *6* * 1.? &3""3$ &'*%3 *$' # 2012 * '&' $' *-'
:%"+ 3' "!%'* 6%'%. T-' &6!$#, :-3- !" -! 3$*'%'* 3$ *'"'&&$3!*3$,
'&'$*, &'*!", *'5*3"' !$ 3$!$3!" '%3', 3 *-' :%"+ 1*-"!%'* !"&3$& &!'%. A*'% *-'
'!" :! 3$' % *-' !933*3$ N'"3, H3$!"+ &!$!'&'$* 3' 6%' %'"'!'
"!3&3$ *-!* *-' !933*3$ :" %*-'% 3$*'%$!*3$!"3
8/11/2019 financial services in m&a activity
32/37
Financial Services In Mergers & AcquisitionsActivity
N'"3 -! ! '%# *%$ *'-$"# % !"' !' 6%* !$ 3* "!*'* *'-$"# N'"3
F3$ 3 '%# $39' $'.
I* :" -!' *!'$ ! &3$3&& >10 #'!% * H3$!" % 3"3$ *-'' !3"3*3', 3 H3$!" *!'
%!$3!""# %*'.
SWOT ANALYSIS OF 8)0>
S,);:,7
I* :3"" 3' C* !!$*!' * *-' $': &6!$#
I* :3"" -'"6 3$ &&$3!*3$ ''*3'"# 3$ !%3 % %'% 3$'
I* :3"" %!3' *-' R8D 8 -'$' &%' 3$$!*3$ :3"" ' !66"3'
I* :3"" 3$%'!' 3* L#!" *&'% 8 -'$' :3"" -!' &!%'* "'!'%-36
S*%$ &!$!'&'$* *'!& :3"" -'"6 3$ &!3$ S*%$ %!$ '93*# 8 S*%$ 3$!$3!" 63*3$
T-' S66"# -!3$ 3 6'%'* % 6'%%&3$ !%3 .
W)0?;)77)7
B! &&$3!*3$
D3'$&3' * !"'
O'% "''%!' 3$!$3!" 63*3$
L: R8D L: &!%'* -!%'
N $"3$' 6%''$'
N* 3$$!*3'
N* 3'%33'
P% 66"# -!3$
;'! &!$!'&'$* *'!&
;'! %'!" '*!*'
;'!, !&!' %!$
U393*3'%#, 6%*, '%3'
O==,+;-,-)7
A933*3$
32
8/11/2019 financial services in m&a activity
33/37
Financial Services In Mergers & AcquisitionsActivity
A'* "''%!'
F3$!$3!" &!%'* (%!3' &$'# *-%- '*, '*)
E&'%3$ &!%'* !$ '56!$3$ !%!
I$$!*3$
O$"3$'
P%* !$ '%3' '56!$3$
T!''%
T)0,7
C&6'*3*3$
C-'!6'% *'-$"#
E$&3 "::$
E5*'%$!" -!$' ('%$&'$*, 6"3*3, *!5', '*)
E5-!$' %!*' "*!*3$
L:'% * &6'*3*% % 3&6%*
M!*%3$ !*'%3', 6%*, % '%3'
P%3' :!%
P%* *3**3$
. HDFCB0;?C);,+-; B0;? 6 P+;09 2.4 ->>-;
HDFC B!$ !66%' *-' !933*3$ C'$*%3$ B!$ P$! % R =,?10 %%' (Q2.4 3""3$)
3$ $' *-' "!%'* &'%'% 3$ *-' 3$!$3!" '*% 3$ I$3! 3$ F'%!%#, 200>.
CBP -!%'-"'% * $' -!%' HDFC B!$ % ''%# 2= -!%' -'" # *-'&. P*!933*3$,
HDFC B!$ '!&' *-' '$"!%'* 6%3!*' '*% !$ 3$ I$3!.
T-' !933*3$ :! !" I$3!+ >*- "!%'* ''%.
33
8/11/2019 financial services in m&a activity
34/37
Financial Services In Mergers & AcquisitionsActivity
HDFC B!$ B!% $ 2?*- F'%!%# 200> !66%' *-' !933*3$ C'$*%3$ B!$ P$!
(CBP) % R =,?10 %%' 3$ $' *-' "!%'* &'%'% 3$ *-' 3$!$3!" '*% 3$ I$3!. CBP
-!%'-"'% :3"" '* $' -!%' HDFC B!$ % ''%# 2= -!%' -'" # *-'&.
T-3 :3"" ' HDFC B!$ '$ !933*3$ !*'% T3&' B!$. HDFC B!$ :3"" &6 * *-' 7*-
63*3$ !&$ &&'%3!" !$ %& 10*- !*'% *-' &'%'%. H:''%, *-' &'%' '$*3*# :"
'&' '$ "!%'* 6%3!*' '*% !$.
T-' &'%'% :3"" *%'$*-'$ HDFC B!$+ 3*%3*3$ $'*:% 3$ *-' $%*-'%$ !$ *-' *-'%$
%'3$. CBP -! "' * 170 %!$-' 3$ *-' $%*- !$ !%$ 140 %!$-' 3$ *-' *-. CBP
-! ! $'$*%!*' 6%''$' 3$ *-' 3$ *-' I$3!$ *!*' P$! !$ '%!"!. T-' &3$' '$*3*#
:3"" -!' ! $'*:% 114> %!$-'. HDFC :3"" !" !93%' ! *%$ SME (&!"" !$ &'3&
'$*'%6%3') 6%*"3 %& CBP. T-'%' 3 $* &- '%"!663$ HDFC B!$ !$ CBP*&'%.
T-' '$*3%' 6%' *-' &'%'% :" *!' !* % &$*- % &6"'*3$. T-' &'%' '$*3*#
:3"" ' $:$ ! HDFC B!$. R!$! T!":!%+ S!%' C!63*!" :" -" "' *-!$ 1 6'% '$* *!' 3$
*-' &'%' '$*3*# %& .4> 3$ CBP, :-3"' B!$ M!*+ -"3$ :3"" '"3$' * "' *-!$ 4 6'%
'$* %& '% 14 6'% '$* 3$ CBP. HDFC -!%'-"3$ !"" * :3"" !"" %& 2.2> 6'% '$* *
!%$ 1= 6'% '$* 3$ *-' &'%' '$*3*#
M%. R!$! T!":!%, C-!3%&!$ C'$*%3$ B!$, -! ''$ '%' ! '!* $ *-' B!% ! $$
'5'*3' 3%'*% !$ M%. S-!3"'$%! B-!$!%3, M!$!3$ D3%'*%, C'$*%3$ B!$, -! ''$
3$3*' * 3$ ! *-' E5'*3' D3%'*% $ *-' !% 6* &'%'%.
A%3$ * HDFC B!$ M!$!3$ D3%'*% !$ C-3' E5'*3' O3'% A3*#! P%3, I$*'%!*3$
:3"" ' &*- ! *-'%' 3 $ '%"!6. I$ !$ 3$*'%3':, -' &'$*3$' *-!* !* 40 %:*- %!*' *-'%'
:3"" ' $ "!#. T-' 3$*'%!*3$ *-' '$ %$ 33!" -" ' &*- ! *-'%' 3 -!%"#
!$# '%"!6.
T-' !% *-' *: !$ :3"" &''* !!3$ $ F'%!%# 2> * $3'% *-' %!* -'&'
!&!"!&!*3$, :-3- :3"" ' '* * %'"!*%# !66%!". HDFC B!$ :3"" $3'% &!3$ !
6%''%'$*3!" '% * 3* 6!%'$* H3$ D''"6&'$* F3$!$' C%6 L* (HDFC). T-' &' :"
!"": HDFC * &!3$*!3$ *-' !&' "''" -!%'-"3$ 3$ *-' !$
C/=0; =6->)
34
8/11/2019 financial services in m&a activity
35/37
Financial Services In Mergers & AcquisitionsActivity
H3$ D''"6&'$* F3$!$' C%6%!*3$ L3&3*', &%' 66"!%"# $:$ ! HDFC B!$ L*,
:! '*!"3-' 3$ *-' #'!% 1==4, ! ! 6!%* *-' "3'%!"3
!$+ %!$- $'*:% !$ A*&!*' T'""'% M!-3$' (ATM) !"": &"*3%!$- !' * %'*!3"
"3'$*. T-' !$ &!' ' 3* 6*!*' *'-$"#, !"$ :3*- &!%'* 63*3$ !$ '56'%*3',
* %'!*' ! &6'*3*3' !!$*!' !$ 3" &!%'* -!%'.
SWOT 0;0>7-7
S,);:,7
1. HDFC 3 *-' *%$'* !$ &* '$'%!"' 6"!# $ I$3!$ &%*!' '% *-' "$ *'%&. T-'
&!$!'&'$* *-' !$ 3 *'%&' * ' $' *-' '* 3$ *-' $*%#.
2. HDFC -! 3'%'$*3!*' 3*'" %& 3* 6''% :3*- 3* 3'%33' $'*:% !$ %'!&6'
3*%3*3$ *%!*'#.
. HDFC -! ''$ -3-"# 6%!*3' 3$ 6!3$ $ *-' * !$ '$'3* * *&'%.
4. B'3' *-' %' 3$', HDFC 3$%!$', AMC, !$3$, BPO, !$ %'!" '*!*' 6%3!*' '93*#
3$'' !%' !" %:3$ !* ! %!63 6!' !$ *-' '*3&!*' !"' 3* 3$'*&'$*/33!%3'
W)0?;)77)7
1. H3- '6'$'$' $ 3$33!" "!$.
2. M!% *!' -'" # A&'%3!$ 3$!$3!" %6 :-3- !%' $'% *%' ' * '$&3 "::$.
O==,+;-,
1 3* -! !* 66%*$3*# 3$ !* %:3$ 3$%!$' 3$' 3$ *-' $*%#.
2. R%!" &!%'* !%' *3"" $*!66'.
35
8/11/2019 financial services in m&a activity
36/37
Financial Services In Mergers & AcquisitionsActivity
T)0,7
1. L &!%'* -!%' * &&'%3!" !$ !$ HFC
2. H3-'% *-!$ '56'*' 3$%'!' 3$ $3$ *
MERGERS AND ACQUISITIONS9 CONCLUSION
C$*%3' *-!* !%' ''3$ &'%'% 3$ I$3! % '$-!$3$ *-' *%!' '$!%3 !%' C!$!!, H""!$,
B'"3&, I*!"#, S:''$, N%:!#, P"!$, G'%&!$#, S6!3$ !$ *-' U$3*' 3$&. G"!"3
!$ &'%'% 3$ I$3! 3 !$ 3&6%*!$* *!$63$* !$# %6%!*' '5'*3' $ ''%# '*!3" &'%'%
!$ !933*3$ 3&6"'&'$*' !%$ *-' :%". M'%'% 3$ I$3! &!# 3$"' &'%'%, 3$*
'$*%', !933*3$, *!''%, !$ *-'% 3$ %%'% *%!$!*3$. T-' *%'$ !$ %:*-
&'%'% !$ !933*3$ '!"3$ -! "' * ! $*3'!"' 3$%'!' 3$ *-' "!"3
3$ I$3!.
O$' 3
1. M8A 3 ! %:*- *%!*'# 3$ $*'5* "!"3
'56'%3'$3$ ! %' 3$ *-' %''$' %:*- ' * % %'% &'%'% !$ *-' 3%' !%' $"# *
6 &%'.
2. M* I$3!$ &6!$3' -!' ! "'!% M8A *%!*'# *-' &!%'* *%!*'# 3 "'!%3$ % &*
%6%!*'. T-!* 3 :-# :-'$ 3$!"3
8/11/2019 financial services in m&a activity
37/37
Financial Services In Mergers & AcquisitionsActivity
T6 M8A &!%'* T-' *6 M8A &!%'* !%' US, I$3! !$ U
B->-:0=
.-?-=)8-0.*/
.::>).*/
.,0,0:+=.:
.806;).*/
.+,*-;)770.*/
http://www.wikipedia.com/http://www.tatagroup.org/http://www.vodafone.com/http://www.hutchinessar.com/http://www.wikipedia.com/http://www.tatagroup.org/http://www.vodafone.com/http://www.hutchinessar.com/