|
|
Conference Program
Below is the Conference Program as of June 23rd 2010. Download a PDF version of the program here.
Day 1 Schedule | Day 2 Schedule
|
Wednesday, June 23, Taj Mahal Hotel |
|
8:00 a.m.–5:30 p.m. |
Registration |
|
9:00–9:45 a.m. |
Opening Plenary
Welcome & Brief Remarks from the Organizers
Victoria White, Vice President & Director, India Programs, ACCION International
Sanjay Sinha, Managing Director, M-CRIL
Setting the Scene
Robert Annibale, Global Head of Microfinance, Citi
|
|
9:45–11:15 a.m.
|
Panel I: Focus on Equity: The Hottest Deals
The equity capital markets activity in South Asian microfinance has been booming. In the last 18 months, close to US$ 200 million in private equity was invested in Indian MFIs. This panel will focus on several intriguing equity deals that took place in recent months and discuss their implications for future microfinance investment.
Moderator: Ravi Kapoor, Managing Director, Head Investment Banking, Citi India
Panelists:
• James Kaddaras, Partner, Developing World Markets
• Avnish Bajaj, Managing Director, Matrix Partners India
• Sandeep Farias, Founder & Managing Director, Elevar Equity
• Aditya Bhandari, Private Equity Expert, Incofin Investment
|
|
11:15–11:45 a.m. |
Tea/Coffee Break |
|
11:45 a.m.–1:00 p.m. |
Panel II: Focus on Equity: The Valuation Question
Recent research as well as discussions in the media point to the high valuations of Indian MFIs as a real barrier to entry of additional equity capital. How widespread is this perception? Are valuations of 5-6 times book value a true deterrant in a high growth business? What methods are being used to determine valuations and where is the market headed? In reality, is there too much equity chasing too few good MFIs in India? This probing discussion includes representatives from several large Indian equity funds who have been closely following the valuation discussion.
Moderator: Royston Braganza, CEO, Grameen Capital India
Discussants:
• Alok Mittal, Managing Director, Canaan Partners India
• Padmaja Reddy, Managing Director, Spandana Sphoorty Financial LimitedFund Manager, BlackRock Asset Management
•S. Viswanatha Prasad, Managing Director, Caspian Advisors Private Ltd.
• Christian Bannò, CEO, MicroVentures India |
|
1:00–2:15 p.m. |
Buffet Lunch |
|
2:15–3:45 p.m. |
Panel III: Focus on Debt: Alternative Financing Structures
This panel will focus on recent, innovative debt financing deals for microfinance institutions in South Asia and explore interesting new paths to foreign debt funding via non-convertible debentures (NCDs). The panelists will dissect several deals and discuss what these mean for the participating MFIs and the industry.
Moderator: Eric Savage, Managing Director, Unitus Capital
Panelists:
• Gouri Sankar, Head–Microfinance, Standard Chartered Bank
• Meenal Madhukar, Head-Investor Relations, IFMR Capital
• Shams Zaman, Senior Vice President, Global Markets, Citi Bangladesh
|
|
3:45-4:15 p.m. |
Tea/Coffee Break |
|
4:15-5:15 p.m. |
Panel IV: Focus on Debt: Future Strutures, Future Players
This panel will examine the various structures for raising debt (e.g. securitization, syndication, NCDs, and bond issues) likely to be employed as the industry continues its growth trajectory. Panelists will look at the market for and regulatory challenges of various structures, and explore the posible range of buyers, both institutional and private.
Moderator: Jean-Pierre Klumpp, CEO, BlueOrchard Finance S.A.
Discussants:
• Jaydeep Chakraboty, Vice President, Arohan Financial Services
• Vikram Gopalakrishnan, Director, Head-Investments, Citi Private Bank, India
• Kaushik Modak, Managing Director, Corporate Banking & Corporate Advisory, Rabo India Finance Ltd.
• Ajit Jain, AVP – Global Social Funds, Deutsche Bank
|
|
5:15–6:00 p.m. |
Day 1 Closing Conversation: Perspective from the Marketplace
Leading international investors will share thier views on the future involvement of worldwide equities in Indian microfinance in a moderated discussion.
Moderator: Paul Beckett, South Asia Bureau Chief, The Wall Street Journal
Discussants:
• Mohit Bhatnagar, Managing Director, Sequoia India
• Monica Brand, Managing Director, Frontier Investments, ACCION International
• Ashish Lakhanpal, Founder & Managing Director, Kismet Capital, LLC |
|
7:00–9:00 p.m. |
Conference Drinks Reception |
|
|
End of Day One |
|
Thursday, June 24, Taj Mahal Hotel |
| 8:30–10:30 a.m. |
Registration |
| 9:00 a.m. |
Day Two Welcome:
Victoria White, Vice President & Director, India Programs, ACCION International
Alok Prasad, Country Manager-Microfinance, Citi India
|
|
9:00–9:30 a.m. |
Opening Discussion |
|
View from an Institutional Investor
A. Balasubramaniam, CEO, Birla Sun Life Asset Management Co. Ltd. |
| 9:30 a.m. |
Inauguration of the Investment Marketplace |
|
9:30–11:00 a.m. |
Panel V: Exploring the Risks
This panel – a moderated discussion - will explore the enormously complex range of risks facing investors in microfinance – both real and perceived – and look at where these risks are holding back capital markets penetration into microfinance in India. Key risks to be considered are potential changes in regulatory statutes, portfolio dependence on a single product offering, political challenges to profitability, and a key concentration risk, the near total dependence by Indian MFIs on local banks for debt capital due to priority sector lending requirements. If the priority sector ending requirements ceased to exist, what would happen?
Moderator: Dr. Kshama Fernandes, Chief Risk Officer, IFMR Capital
Discussants:
• Sanjay Sinha, Managing Director, M-CRIL
• Vishal Mehta, Managing Director, Lok Capital
• Rajender Sehgal, Senior Executive Vice President & Head for Microfinance & Government, HDFC Bank
• Erik Geurts, Senior Equity Investment Officer, Triple Jump
|
|
11:00-11:30 a.m. |
Tea/Coffee Break |
| 11:30-12:30 p.m. |
Closing Conversation: Examining the Deal Pipeline
Much attention is being paid to the top 5-6 Indian MFIs in India, but who is out there looking for - and building - the top MFIs five or ten years from now? Are there enough MFIs to satisfy the current investment appetite? Is the equity action only in India or are there opportunities in other South Asian countries? Are those opportunities viable for strictly social investors or will private equity funds come in even more strongly? In this engaging discussion the panelists will share their vision and predicitions of the the investment landscape in the next two to five years.
Moderator: Vineet Rai, CEO, Aavishkaar
Discussants:
• Bejul Somaia, Managing Director, Lightspeed Advisory Services India Private Ltd.
• Richard Weingarten, Managing Director, Norwegian Microfinance Initiative Frontier Fund
• Geeta Goel, Portfolio Director-Microfinance, Michael & Susan Dell Foundation
• Shubhankar Sengupta, Managing Director, Arohan Financial Services Ltd.
|
|
12:30-1:00 p.m. |
Closing Discussion: Key Takeaways |
|
• Monica Brand, Managing Director, Frontier Investments, ACCION International
• Robert Annibale, Global Head of Microfinance, Citi
• Royston Braganza, CEO, Grameen Capital India |
|
End of conference |
1:00-2:15 p.m.
|
Buffet lunch |
| 2:15-4:30 p.m. |
Investment Marketplace continues |
| 4:30-5:00 p.m. |
Tea/Coffee Break |
|