1985 - The Company was Incorporated on 13th August as Magnificient
Leasing and Investments Ltd. and obtained the Certificate for
Commencement of Business on 18th October. It was promoted by
R.N. Gupta of the Lloyds Group of Companies.
- The Company's object is engaged in the business of leasing,
purchase, merchant banking, equity research, corporate
portfolio management, forex and other advisory services.
1990 - In April, the Company started bill discounting and
inter-corporate deposit placement.
1991 - In August, the Company further diversified its business
by adding merchant banking, securities finance, equity
portfolio management etc. To reflect Group Identity the name
the Company was changed to Lloyds Finance Ltd.
- Effective 1st April, four other companies belonging to the
viz. Avron Investments Ltd. Revlon Investments & Finance
Mukesh Properties Pvt. Ltd. and Magnetic Steels International
with interest in investment, export, trading and real estate
merged with the company. The Scheme of the said amalgamation
received approval from the High Court of Mumbai vide their
1993 - The Company launched Inno Advisor a comprehensive package
involving key specialist functions such as portfolio
counselling and restructuring.
- 7 No. of equity shares subscribed for by signatories to the
Memorandum of Association. 9,99,993 No. of equity shares of
Rs.10 each issued through a prospectus of 9th Jan. 1986 as
- (i) 3,99,993 shares reserved for allotment on a firm basis to
public. Balance 6,00,000 shares issued to the public.
- Additional 2,50,000 shares allotted to retain over
(one lakhs to promoters and 1,50,000 shares to public).
57,00,000 shares allotted to amalgamating companies of these
18,81,760 shares were cancelled because of cross holdings by
companies which also includes 5,98,560 shares of Lloyds Fin.
During January, the Company 25,55,000 Rights equity shares
3:4 prem. of Rs.55 per share). 47,95,000 No. of equity
were simultaneously issued through prospectus, at a prem. of
55 per share as follows: on preferential allotment basis:
- (i) 25,00,000 shares to shareholders of Lloyd Steel
- (ii) 95,000 shares to Lloyds and Group companies (only 900
- Balance 22,00,000 shares along with 94,100 shares not taken
employees issued to the public.
1994 - The Auto finance division introduced two new products viz.,
Sec H for financing secondhand cars and Auto Soft a
finance scheme for clients with prompt repayment record.
- During December, the company set up the said unit offering
entrepreneurs turnkey services encompassing
studies, conception of project. In addition also provides
merchant appraisal assignment wherein it offers services in
bought out deals, mergers and acquisition.
1995 - The Company issued through the prospectus 100,00,000
of Rs.190 each with warrants as follows:
- On firm allotment basis: (i) 1,15,000 debentures to Indian
- (ii) 4,02,500 debentures to Indian Financial
- (iii) 1,44,800 debentures to FIIs/NRIs/OCBs.
- Of the remaining, the following were - for allotment on
- (i) 18,85,000 debentures to Indian Mutual Funds,
- (ii) 15,97,500 debentures to Indian Institutions/Banks,
- (iii) 22,55,200 debentures to FIIs/NRIs/OCBs,
- (iv) 42,500 debentures to employees,
- (v) 10,00,000 debentures to Indian shareholders of group
companies. Balance 25,57,500 debentures to public. Part A
Rs.70 of each debenture was to be converted into one equity
of Rs.10 each at a prem. of Rs.60 per share at the end of 6
months from the date of allotment of debentures.
- Part B of Rs.120 was to be converted into one equity share at
end of 18 months from the date of allotment at a price of 50%
the average market price at BSE for the previous six months
to such conversion, subject to a max. of Rs.120 and min. of
It conversion price is below Rs.120, the surplus amount shall
refunded. OR, the shareholders have the option to redeem the
`B' part in 3 equal instalments at the end of 36, 42, 48
from the date of allotment.
- One detachable freely tradeable equity warrant was to be
for every 10 debentures. Warrant was to be converted into 1
equity share of Rs.10 each by paying Rs.10 per warrant at the
of 12 months from the date of allotment.
- 74,93,240 bonus equity shares allotted in prop. 1:2.
1996 - 92,23,100 shares allotted on conversion of part `A' of
fully convertible debentures. 7,95,600 shares allotted on
conversion of warrants.
-The Registered Office shifted to 2nd Floor, Viraj Impex
house,47,P.D'Mello Road, Masjid(East),Mumbai-400009
-The Company have designated a separate e-mail ID as
-The Company appointed Shri Pankaj R. Desai as Managing Director of