ILandFS Investment Managers

YEAR                                     EVENTS
 1989 - Creditcapital Venture Fund (India) Ltd. (CVF) established in
 the year,  the first 
              private sector Venture Capital Company  in India.   It
 was set up as a joint 
              venture by Creditcapital  Finance Corporation Ltd (CFC)
 and Bank of India (BOI) 
              with  equity participation from Asian Development Bank,
 Manila  (ADB); 
              Commonwealth Development Corporation, London (CDC).  
 
            - Subsequently, the International Finance Corporation 
 (Washington) subscribed 
               to 12,50,000 equity shares of  Rs. 10/- each at a
 premium of Rs.1/- aggregating 
               Rs. 137.50  lacs.   CVF has technical assistance and
 collaboration with  Lazard 
               Ventures, an associate of Lazard Bros. & Co., London. 
 Lazard Ventures is one
               of the largest Venture Capital  Companies in U.K.
 
 1990 - The Company made a public issue of  34,00,000 No. of Equity
 Shares of Rs.10/-
              each at par aggregating  Rs. 3.40 crores which was
 oversubscribed 12.09 times.
 
 1991 - The company is proposing to set up a Fund of about Rs.10
 crores, dedicated for 
              providing the much needed venture capital in the field
 of Information Technology.  
 
 1993 - The company has received a very heartening response from the
 international 
              financial institutions to render their support in
 setting up of new funds.  
 
 1995 - The company has launched the second industry specific venture
 capital fund of the 
               country sponsored and managed by the company with
 participation from IFCI, SIDBI,
               UCO Bank, LIC, GIC and several leading private sector
 players. 
 
 1996 - The Company and its institutional shareholders propose to
 enter into a Management 
              Agreement with IL&FS, for support services for
 management of the Company.
 
             - Mr. S.M. Datta, former Chairman of Unilever group in
 India, was appointed as the 
               Chairman of the Company and Mr. Hetal Gandhi had been
 appointed as the Chief 
               Executive Officer.
 
             - The Company successfully completed the syndication of
 two Regional Funds. Uttar 
               Pradesh and Orissa, within the overall framework of the
 SARA Fund. A Memorandum of 
               Understanding has also been signed with the Madhya
 Pradesh State Industrial 
               Development Corporation Limited (MPSIDC) for setting up
 an Equity Fund in Madhya 
               Pradesh.  
 
 1998 -  Mr. Hetal Gandhi was also appointed as Managing Director of
 the Company for a term 
               of five years from 9th November.
 
 1999 - The Tamilnadu Infotech Fund (TITF) was set up as a niche fund
 with an initial cotpus of 
              INR 250 million (US $ 6 million).  the objective of TITF
 was clearly to strengthen the skills
              of the management team in early stage investments in
 technology companies. 
 
 2000 - The Company is to launch its iCapital Fund in collaboration
 with Invesco, the private 
              equity arm of US-based Amvescap.
 
           - The Company has signed an MoU with INVESCO Private
 Capital group.
 
           - The Company has signed agreement with CDSL & NSDL for
 dematerialisation.
 
           - The Shareholders of the Company have approved the issue
 of 660,000 convertible 
              warrants, convertible into one equity share, the option
 being exercisable between 19th
             July  2000 and 18th July, 2003.
 
 2002-  IL&FS Venture Corporation Ltd has informed that the Board of
 Directors  has appointed Mr              S A Bhat as a Director of
 the Company in place of Mr N S Nayak and Mr V V             
 Subramanian has resigned from the Board of Directors of the Company.
 
 2002-IL&FS Venture Corporation Ltd has informed  that Mr Shahzaad
 Dalal has been appointed as the Executive Vice Chairman of the
 Company and Mr Muneesh Chawla will be the new Managing Director of
 the Company.
 
 2003
 
 -Infuses  mn in Secova eServices, a private startup firm
 
 -IL&FS Investment Managers Ltd has informed that Mr. Muneesh Chawla,
 Managing Director of the Company has tendered his resignation from
 the services of the company and from the Board of Directors of the
 company. The BoD has accepted his resignation w.e.f. January 15,
 2004.
 
 2004
 
 -IL&FS Investment Managers Ltd has informed that the BoD at their
 meeting held on January 27, 2004 designated Mr Shahzaad Dalal as the
 Vice Chairman and Managing Director of the Company.
 
 2006
 
 -IL&FS Investment Managers Ltd has informed that Mr. Narendra Prasad
 has been appointed as Nominee Director of Bank of India on the Board
 of the Company in place of Mr. S Hariharan.