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Lloyds Finance
BSE: 507870|NSE: LLOYDFIN|ISIN: INE174A01015|SECTOR: Finance - Leasing & Hire Purchase
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Company History - Lloyds Finance
YEAR                       EVENTS
 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,
 hire
        purchase, merchant banking, equity research, corporate
 finance,
        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
 profile
        by adding merchant banking, securities finance, equity
 research,
        portfolio management etc.  To reflect Group Identity the name
 of 
        the Company was changed to Lloyds Finance Ltd.
 
      - Effective 1st April, four other companies belonging to the
 group
        viz. Avron Investments Ltd. Revlon Investments & Finance
 Ltd.,
        Mukesh Properties Pvt. Ltd. and Magnetic Steels International
 Ltd
        with interest in investment, export, trading and real estate
 were
        merged with the company.  The Scheme of the said amalgamation
        received approval from the High Court of Mumbai vide their
 order
        dated 18.03.1992.
 
 1993 - The Company launched Inno Advisor a comprehensive package 
        involving key specialist functions such as portfolio
 broadbasing
        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 
        follows:
 
      - (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
 subscription
        (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.
 Ltd.
        During January, the Company 25,55,000 Rights equity shares
 (prop.
        3:4 prem. of Rs.55 per share).  47,95,000 No. of equity
 shares
        were simultaneously issued through prospectus, at a prem. of
 Rs.
        55 per share as follows: on preferential allotment basis:
 
      - (i) 25,00,000 shares to shareholders of Lloyd Steel
 Industries
        Ltd.
 
      - (ii) 95,000 shares to Lloyds and Group companies (only 900
 shares
        taken up).
 
      - Balance 22,00,000 shares along with 94,100 shares not taken
 by
        employees issued to the public.
 
 1994 - The Auto finance division introduced two new products viz.,
 Auto
        Sec H for financing secondhand cars and Auto Soft a
 concessional
        finance scheme for clients with prompt repayment record.
 
      - During December, the company set up the said unit offering
 its
        entrepreneurs turnkey services encompassing
 techno-feasibility
        studies, conception of project.  In addition also provides
 for
        merchant appraisal assignment wherein it offers services in
        bought out deals, mergers and acquisition.
 
 1995 - The Company issued through the prospectus 100,00,000
 debentures 
        of Rs.190 each with warrants as follows:
 
      - On firm allotment basis: (i) 1,15,000 debentures to Indian
        Mutual Funds.
 
      - (ii) 4,02,500 debentures to Indian Financial
 Institutions/Banks.
 
      - (iii) 1,44,800 debentures to FIIs/NRIs/OCBs.
 
      - Of the remaining, the following were - for allotment on 
        preferential basis:
 
      - (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
 of
        Rs.70 of each debenture was to be converted into one equity
 share
        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
 the
        end of 18 months from the date of allotment at a price of 50%
 of
        the average market price at BSE for the previous six months
 prior
        to such conversion, subject to a max. of Rs.120 and min. of
 Rs.10
        It conversion price is below Rs.120, the surplus amount shall
 be
        refunded.  OR, the shareholders have the option to redeem the
        `B' part in 3 equal instalments at the end of 36, 42, 48
 months
        from the date of allotment.
 
      - One detachable freely tradeable equity warrant was to be
 allotted
        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
 end
        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
 optionally
        fully convertible debentures.  7,95,600 shares allotted on
        conversion of warrants.
 
 2004
 
 -The Registered Office shifted to 2nd Floor, Viraj Impex
 house,47,P.D'Mello Road, Masjid(East),Mumbai-400009
 
 2008
 
 -The Company have designated a separate e-mail ID as
 lflinvestors@yahoo.co.in
 
 2011
 
 -The Company appointed Shri Pankaj R. Desai as Managing Director of
 the Company.
Source : Dion Global Solutions Limited
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