Download as PPTX, PDF, TXT or read online from Scribd Investment Banking By Pratap G Subramanyam TATA McGraw Hill Latest edit Investment. Mon, 15 Oct GMT pratap subramanyam investment banking pdf - subramanyam pdf What is the difference between the. 32bit vs 64bit Office MTG. Investment Banking is an American synonym of Merchant Banking. .. Pratap G Subramanyam (): Investment Banking –An Odyssey in High Finance. 8.
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publishes research.. Related PDF. Pratap Subramanyam Investment Banking Ebook Pratap Subramanyam Investment Banking, Book Pratap Subramanyam. free download here - pdfsdocuments2 - subramanyam, pratap g. investment banking leveraged buyouts, and mergers & acquisitions in pdf format, then you have pratap giri subramanyam, investment banking: concepts, analysis and cases. Source: Subramanyam, Pratap. (). Investment Banking - An Odyssey in High Finance. Tata. McGraw Hill Education Private Limited. From this diagram, it.
There are shows in a table as: This Weekly Technical Analysis brings you a complete round up of the week gone by - recommendations, major supports and resistances, what to look forward to and more. The main reason may be for making each division as a profit centered organisaton to make head of the division to account for profitability. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Investment Bankingcan take and arrange appropriate investment. Therefore an Acquisition ofshare in a company only means that a person becomes the owner in suchshare. Kotak Securities Research Advantage:
Qualified Institutional Placement — A separate channel for listed companiesto raise equity capital other than through public offer exclusively from QLBsunder the QIP guidelines.
Investment BankingPreferential allotment — Allotment made to strategic investor, businesscollaborators and joint venture partners wherein the primary motive is notfund raising for the company but to facilitate the entry of investor ofinvestors with business objectives. More specifically arrangement can bebroken down into the following components: It perform comprehensive due diligence services for the purpose of reviewing and investigating investment opportunities.
It works closely with company management to develop actionable strategic business plans. It provide develop full financial projections for emerging businesses, including income statements, balance sheets, and cash flow statements. Investment Banking It performs strategic market research to assess and validate market opportunities. It create marketing plans, branding strategies, customer acquisition strategies, and implement integrated internet marketing consulting services to accelerate business growth.
It assists portfolio companies with the development of realistic paths to liquidity events for company management and investors.
PIPE is a term used when a privateinvestment or mutual fund buys common stock for a company at a discountto the current market value per share. Other Definitions: Investment Banking [PIPE is when] a private investment firms, mutual funds or otherqualified investors purchase of stock in a company at a discount to thecurrent market value per share for the purpose of raising capital. There aretwo main types of PIPEs - traditional and structured. A traditional PIPE isone in which stock, either common or preferred, is issued at a set price toraise capital for the issuer.
A structured PIPE, on the other hand, issuesconvertible debt common or preferred shares. Chapter 5. Buybacks 5. In this sense it is the reverse of an issue of  So theonly exit option for the common investor was to sell through the secondarymarket.
With the amendments to the companies Act, companies wereallowed to buy back their share subject to a lot of statutory restrictions. Thebasic framework of a share repurchase mechanism in India is to allow it asa step to be implemented from time to time by companies.
Sharerepurchase can be used to meet strategic objectives including distributionof capital to shareholder but not for treasury operations Buyback are discussed in the context of investmentbanking since statutory regulations provide that appointment of a merchantbanker as a manager to the offer is mandatory for listed companiesintending to make a buyback offer to their shareholders.
In such offers, themerchant banker plays a very significant role not only in pricing but inensuring compliance with law and in advising the company at every stage. Investment Bankingo The buy back by the company has to be financed out of free reserves or securities premium account or from proceeds earlier issue of dissimilar share or other securities. Chapter 6.
Corporate Re-Organisation  Investment Banking6. These are done from time to time in response tobusiness environment and changing business dynamics. As it may beappreciated, preservation and enhancement of shareholder value is theprimary driver for corporate performance and therefore, companies arefrequently in the process of re-organising their business structure to growand enhance value.
Types of Corporate Re-Organisations  Corporate restructuring is necessary when a company needs toimprove its efficiency and profitability and it requires expert corporate  Investment Bankingmanagement. A corporate restructuring strategy involves the dismantlingand rebuilding of areas within an organization that need special attentionfrom the management.
Most corporate restructuring takes place as a last resort when allother attempts to manage the business have failed. In short corporaterestructuring can usually be avoided if a company is well managed by astrategically aware management team. However, there may be exceptionshere where such a company sees opportunities to profitably conductmerger and acquisition through re-organisation of otherbusinesses.
Corporate Restructuring two types1. Internal to a company is without a change in its legal entity. There are shows in a table as: Types of Corporate restructuring  Debt Debt swap, bail-out, etc or ii. Investment Banking Internal restructuring consists of Financial restructuring, Operational restructuring and Divisionalisation. Financial restructuring: Financial restructuring entails a change in the capital structure of a company. The might be required from time to time to increase the efficiency of the capital base to reduce leverage and financial cost to rationalize equity base and deal with over or under-capitalization.
Financial restructuring divide in to two part a Debt b Equity. Equity restructuring Can again the looked at as involving capital reduction and not capital reduction. Those that involve capital reduction need to go through an elaborate process prescribed under law since they affect the interest of shareholders in particular.
Operational restructuring: Operational restructuring is either a technical exercise such as a business process re — engineering or a managerial initiative such as a change in the organizational structure. Therefore the Operational restructuring change in the organization and process. Investment Banking Divisionalisations refer to setting up separate division within the same company for better operational control and accountability. This is achieved through split-ups of the balance sheet of the company using several methods.
This choice of a particular method would depend upon the fact of a given case, statutory provision, tax considerations and strategic objective underlying the split-up. Management Buyout: In a management buyout the managers or directors purchase all or part of the business from its owners. The management team will take substantial controlling interest from the existing owners who are having control over the affairs of the company. The management team may consist of one or more directors one or more employees with a external associates.
It is a method of setting up a business by the management team itself. Investment Banking In a strategic planning process a company can take decision to concentrate on core business activities by selling off the non core business division.
A sell —off is a sale of part of the organisation to a third party in the following circumstances: For strategic reason a business firm is spitted into two or more independent separate bodies and asset are transferred to such bodies.
A demerger is the opposite of a merger. By spin- off a corporate body splits in to two or more corporate bodies with separation of management to make accountability. The main reason may be for making each division as a profit centered organisaton to make head of the division to account for profitability. An all stock deal occurs when all of the owners of theoutstanding stock of either company get the same amount in value ofstock in the new combined company. Acquisition and Takeover are two mechanisms by whichcompanies change hands and through transfer of ownership of share ortransfer of control.
Which both these word are used almost interchangeablythere is a subtle distinction between the two. Acquisition means thepurchase of or getting access to significant stake in a company, oftenmaking such acquirer a major shareholder in the company. The worldAcquisition has not been defined under any Act.
Therefore an Acquisition ofshare in a company only means that a person becomes the owner in suchshare. An acquisition of un-equals, one large buying one small caninvolve a cash and debt combination, or just cash, or a combination of cashand stock of the purchasing entity, or just stock.
In addition, the acquisition  Investment Banking can take the form of a purchase of the stock or other equity interests of the target entity, or the acquisition of all or substantially of its assets.
It provides a Regulation procedure for substantial acquisitions and takeover with respect to listed companies. However the takeover code does not apply to unlisted companies that continue to be Regulation by the provision of the companies Act.
Unlisted companies have to look for protection under the companies Act with regard to takeovers. Investment Banking 6. The stock exchange shall put such information under public display immediately.
The company also has a responsibility to report such information to the stock exchange.
No acquirer shall gain control of a target without making a public offer unless such control has been vested through a special resolution passed by the members voting through a postal ballot. A Vertical Merger: Thusin a vertical merger there is a merging of companies engaged at a differentstages of the production cycle within the same industry. For example themerger of Reliance Petrochemicals with Reliance Industries Limited is anexample of vertical merger with backward linkage as far as RelianceIndustries Limited is concerned.
Similarly, if a cement manufacturingcompany acquires a company engaged in civil construction it will be a caseof vertical takeover with forward linkage. B Horizontal Merger: Both the companies havesimilar products. A TV manufacturing company taking over a companymanufacturing washing machines will also be horizontal takeover becauseboth the companies are in the market for consumer durables. Investment Banking D Conglomerate Merger: Theseare done basically with the intention of diversifying and de-risking theexpansion and growth of a corporate empire.
However, Conglomeratemerger are also seen in companies with related product line or in differentgeographical market Daimler Benz-Chrysler. If the company wants to merge with another, itmust attain a fair market value for its shares to be swapped which wouldinvolve an investment bank. If it wants to buy the other company withborrowed money, it would most likely borrow directly from investors in theform of bonds through a private placement, engineered by the investmentbank.
Thus, Investment Banks position themselves to act as advisors onmergers and acquisitions and usually charge large fees for doing so. Investment Banking Chapter 7. Allied Business Investment Banking provides a host of services provide a host of service and are also present in a range of business that are allied to core investment banking.
Allied business are classify into two broad services. Asset Management. Securities Business. Asset Management — Investment bank share synergies with institutional investing by Mutual Funds, Portfolio management, Private Equity funds and Venture capital Funds 2. Securities Business - Stock broking, trading and secondary market operations, marketing and distribution of securities, research activity and investment advisory service in equities, Derivatives are included in Securities business.
Investment Banking7. The combined holdings the mutual fund owns areknown as its portfolio. Each share represents an investors proportionateownership of the funds holdings and the income those holdings generate.
As it represent below the diagram. Investment Banking One can define a mutual fund as a trust that pools in the savingand funds for a large number of investors who have a common financialgoal. Mutual funds issues units to investors, which represent equitablerights in the assets of the mutual fund. Mutual fund by its nature is diversified i. Investments in the mutual fund may be in theform of stocks, bonds or money market securities or combination of these.
Hence, a mutual fund is nothing but a form of collective investment. In India, a mutual fund is constituted as Trust and the investor subscribesto the units issued by the fund. Index 1. Gilt edge Fund 1. Sector 2. MMF 2. Opportunity 3. Liquid Fund  Investment bank provided portfolio management service to theirclients. Today the investor is very prudent. Every investor is interested insafety, liquidity and profitability of his investment.
But investor cannot studyand choose the appropriate securities. They need expert guidance. Investment bankers have role to play in this regard. They have to conductregular market and economic surveys to know: The investment bankers have to analyses the surveys and helpthe prospective investor in choosing the shares.
The portfolio managersgenerally will have to classify the investors based on capacity and risk they  Investment Bankingcan take and arrange appropriate investment. Thus portfolio managementplans successful investment strategies for investors. Investment bank value added advisory and consulting services to maximize the profit from the sale of a business.
Bank business valuation services include: Investment bank offers professional evaluations of a company to determine whether a merger, acquisition, buyback, spin- off, or buyout is a fair and viable option for that company. These services include valuation analysis of a target company, evaluation of  Investment Banking business rationale of a transaction, and opinion as to the legal fairness of the proposed transaction.
Bank provides consulting services to private equity and venture capital firms who are planning investments or are seeking to improve the performance of portfolio companies. Investment Banking products that would suit their risk profile should be identified.
The clients will also feel at home while dealing with a product specialist. Legal knowledge is also important for structuring such deals, which will help identify the constraints associated with proposed solution.
Apart from the knowledge of the inland laws, foreign laws also have to be considered. Any regulation by the foreign government can make an otherwise desirable deal, unviable. Any changes in the capital market regulations affect the brokerage side of the business, along with the trade clearing and settlement houses. The trading personnel should be conversant with the regulations, guidelines, procedural formalities and actual trade execution processes involved in capital market.
Trading system involves a lot of additional skills than online trading. He has to be conversant with the codes, symbols and conventions followed by the market. Quick signaling and accurate interpretation are of utmost significance. Any mistake in these would lead to faulty execution of orders and might entail additional costs to the firm in correcting the errors.
Investment Banking involved. A thorough knowledge of all such bodies is absolutely essential to perform extraordinarily.
The requirement for global perspective and international exposure is becoming increasingly important. The firm should offer services across the national borders to the corporate clients and informed services are possible only when the employee is well- equipped with international business information. Marketing, brokerage, research and capital mobilization have all undergone sweeping changes owing to technology.
The technology helps management and other departmental professionals and even the clients to disseminate such data in negligible time. Asset managers have now complicated tools for scientific and in-depth valuation of portfolios. Comp frameworks can be solved with minimum effort using technology.
However, the audiences vary extensively, and hence, the requisite communication skills also differ widely. Institutional clients have to be convinced about the prospects of the investments that are solicited by the firm. Investors in syndicated debt must be satisfied with the payment streams and interest rate terms.
Even a friendly transaction would be difficult if not for patient and mutually negotiations. The common issues that pertain to negotiation are — terms of offer, offer price, post merger integration, organization and reporting structure, business lines to be developed above all dealing with the overlapping functions. Creativity is an important feature. It comes in use while handling prospectus, 25 It is essential when solutions are to be identified for complex problem.
One of the important marketing skill would be relationship management. Unlike most other industries where relationship plays a facilitating role in conducting business, it is fundamental issue in the investment banking industry. They include interactions with superiors, subordinates, colleagues, clients, competitors, team members and even politicians and public office bearers. Inter-personal skills come to the fore during team exercises where diplomacy and manners become essential.
Team exercises can also include dealing with members from other departments or even with other firms. Such situations call for greater application of team skills and an element of mutual respect towards each other. Some of the special attributes required to develop networking abilities would include: Investors are the persons who generate savings.
The investors who generate savings will definitely like to earn something out of it rather keeping the funds idol. So the question of investment arises and with the investment risks arises. So for proper and safe deployment of funds investment bankers help them in the process of investing their funds. The investment bankers act as an intermediary between the investors and capital market which consists of primary market and secondary market.
Proper deployment of funds will help the investors to earn good returns with safety of their initial invested funds. All these investments from the investors will lead to business activity in different sectors.
The funds deployed by the investors will be utilized by the users of the deployed funds will lead production of goods and services in the economy.
The investors will not only earn returns, capital appreciation etc but also they will utilize the goods and services produced by the users of the deployed funds. Investment Banking profits for the user of the funds because of utilization of goods and services.
This will be a win-win factor and also will develop the economy as a whole.
Kotak Securities Ltd. The accolades that Kotak Securities has been graced which include: Kotak Securities Ltd is also a depository participant with National Securities Depository Limited NSDL and Central Depository Services Limited CDSL , providing dual benefit services wherein the investors can use the brokerage services of the company for executing the transactions and the depository services for settling them.
Kotak Securities has branches servicing more than 1, 70, customers and coverage of cities. Investment Banking. The portfolio Management Services provide top class service, catering to the high end of the market. Portfolio Management from Kotak Securities comes as an answer to those who would like to grow exponentially on the crest of the stock market, with the backing of an expert.
It caters to the needs of foreign and Indian institutional investors in Indian equities both local shares and GDRs. The division also incorporates a comprehensive research cell with sectoral analysts who cover all the major areas of the Indian economy. The investment product range at PCS is among the widest in the country and covers debt and equity, mutual funds and specialised structured investment products.
Its expertise in research and stock broking gives the Company the right perspective from which to provide its clients with investment advisory services. Investment Banking Kotak Securities has a comprehensive retail distribution network, comprising approximately agents, 13 branches and over 20 franchisees across India. This network is used for the distribution and placement of a range of financial products that includes company fixed deposits, mutual funds, Initial Public Offerings, secondary debt and equity and small savings schemes.
Since it is also in the broking business, investors who use its depository services get a dual benefit. They are able to use its brokerage services to execute transactions and its depository services to settle these. Easy Equity: Want your capital to appreciate fast? Invest in Easy Equity.
The higher your risk, the greater the returns on your investments. Invest early for greater returns. Investment Banking Easy Mutual Fund: Looking to diversify your risk? Invest in Easy Mutual Fund. Whether you are a beginner or an expert trader, they have different accounts to suit your needs: Kotak Gateway Account: If you are new to trading, Kotak Securities opens the gateway to a world of investing opportunities for you - online and on-phone.
Their in-depth research will guide you in making smart investment decisions. Open the Kotak Securities Gateway Account and get started.
Your Benefits: How to activate? This can be in form of cash deposit or the value of the shares you buy. Open your account: Step 1: To open your account, simply download and print an application form, fill it in and post it along with the essential documents to the address as mentioned in the form.
You can call them and they will have their representative meet you and help you open the account You can also email them at gateway kotaksecurities. Their representative will get in touch with you. Step 2: Investment Banking Kotak Value Account: Becoming a wise investor requires a good deal of research and education.
You must learn not only how stocks and mutual funds work, but also to make your own investment decisions. The Kotak Securities Value Account is specially equipped to make investing simpler for you. Your benefits: T Desktop - specialised financial software that makes trading easier.
You can activate Kotak Securities Value with any amount between Rs. This can be in form of cash deposit or the value of the shares you would have currently. At Kotak Securities, they make sure you get to enjoy premier and top-line trading services - with Kotak Securities Privilege Circle Your benefits: For daily traders, they have the Kotak Securities High Trader exposure - an account specially designed for intra-day traders.
This is an Auto Square Off product where you can enjoy the benefits of intra-day trading. All open orders will be automatically squared off at 3. Investment Banking How to activate? Kotak Freeway Account: Trading unlimited! Kotak Securities Freeway enables you to trade as many times as you like - at a fixed brokerage. Just pay a fixed brokerage of Rs. When it comes to important life goals it is important to develop a financial roadmap to move your goals forward and to help you make the most of life's changes.
You need to plan to protect yourself and your family against financial risks. Sure, no financial planner can protect you from the risks you face in life.
But good financial planning can protect you from suffering the financial loss that may result when any of those risks become reality. Sound financial planning can help you chart a clear course to your retirement goals. So no matter whether you're just starting out or approaching the end of your career, Kotak Securities provides you with comprehensive planning and support.
Plan taxes as ongoing process and not a one-time event. Good planning will increase your after-tax cash flows, and may mean greater savings during tax time. Step 3: Subscribe to view the full document. I cannot even describe how much Course Hero helped me this summer. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero. MMS Q Uploaded By profdattag. Reference Books 1 Pratap Giri S. Investment Banking Course Code: