Bank of baroda

Any downgrading of India’s debt rating by an international rating agency could have a negative impact on our
business.
Any adverse revisions to India’s credit ratings for domestic and international debt by international rating agencies may
adversely impact our ability to raise additional financing and the interest rates and other commercial terms at which
such additional financing is available. This could have a material adverse effect on our business and future financial
performance, our ability to obtain financing for capital expenditures, and the price of our Equity Shares.

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xxiv
BANK OF BARODA
Notes to Risk Factors:
RBI conducts regular inspections of banking companies under the provisions of the Banking Regulation Act. The
reports of RBI are strictly confidential. We are in discussions with RBI in respect of observations made by RBI in
their reports for prior periods. RBI does not permit disclosure of its inspection report.
Public issue of up to 71 million Equity Shares for cash at a price of Rs. [
] per Equity Share aggregating Rs. [
]
million. The Issue comprises Net Issue to the public of 63.90 million Equity Shares and a reservation for Eligible
Employees of up to 7.1 million Equity Shares.
Net worth of our Bank as of September 30, 2005 was Rs. 57,577.38 million.
The book value per Equity Share as of September 30, 2005, was Rs. 196.33 per Equity Share (on a stand-alone
basis).
Refer to the notes to our financial statements relating to related party transactions in the section titled “Related
Party Transactions” on page 155 of this Red Herring Prospectus.
There are certain approvals and registrations for which we have made applications for grants/renewals. For details
see “Government Approvals” on page 327 of this Red Herring Prospectus.
Investors may contact the BRLMs for any complaints, information or clarifications pertaining to the Issue.
Investors are advised to refer to the section titled “Basis for Issue Price” on page 26 of this Red Herring Prospec-
tus, before making an investment.
Investors should note that in case of oversubscription in the Issue, allotment would be made on a proportionate
basis to Qualified Institutional Bidders, Retail Individual Bidders, Eligible Employees and Non–Institutional Bid-
ders. Please refer to the section titled “Issue Information–Other Instructions–Basis of Allotment” on page 367 of
this Red Herring Prospectus.
All information shall be made available by the BRLMs and us to the public and investors at large and no selective
or additional information would be available for a section of the investors in any manner whatsoever.
None of our Directors are interested in any advances/facilities that have been provided by us. For details of the
same, please refer to the section titled “Our Management–Interests of Directors” on page 127 of this Red Herring
Prospectus.

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1
SUMMARY
The financial figures used in this section, unless otherwise stated, have been derived from our restated, stand-alone
financial statements included in the Red Herring Prospectus, stand-alone Audit Reports for the relevant years and our
reporting to RBI.