The company was incorporated on 28th October,1985 at Mumbai. The main
objects of the company Equipment financing to professionals,off-shore
rig ticket leasing, financial services in the areas of merchant
banking, leasing and hire and technology transfer through joint
venture, etc., and arrangement and participation vendor sales-aid
programmes. It also exports cut and polished diamonds.
1986 - 70 Shares subscribed for by the signatories to the Memorandum
Association. 9,99,930 shares then issued at par out of which
3,99,930 shares were reserved and allotted to promoters,
- Out of the remaining a (6,00,000 shares, 3,00,000 shares were
reserved and allotted to non-resident Indians and the balance
offered for public subscription during February.
- 2,50,000 additional shares allotted to retain
(1,50,000 shares to the public and 1,00,000 shares to
1988 - In view of the change in the principal business of the
from leasing and hire purchase finance to export of cut and
polished diamonds, the name of the company was changed from
Professional Equipment Finance Company Ltd., to Professional
- 7,50,000 Rights equity shares issued at par in prop. 3:5.
1994 - The company, with a view to furthering its exports proposed
concentrate on the USA and the South East Asia.
1995 - During the year excess supply of rough diamonds caused
expectation of price depreciation resulting in reduced