Company History - Gujarat Lease Financing
- The Company was incorporated as a Public Limited Company on July
13, as a wholly owned subsidiary of Gujarat Industrial Investment
Corporation Limited (GIIC); a Government of Gujarat undertaking, to
provide complementary financial services. It received the
Certificate of Commencement of Business on October 28. The Company
undertake business of leasing and hire purchase, provision of
merchant banking service and complementary financial
- The Company's Merchant Banking Division managed 10 issues as lead
manager and 6 issues as co-manager.
- 35,00,105 No. of equity shares of Rs 10 each issued to GIIC.
35,00,000 No. of equity shares of Rs 10 each issued at a premium of
Rs 5 per share in October 1990 as follows: on firm allotment;
(i) 2,00,000 shares to Canbank Mutual Fund; (ii) 3,00,000 shares to
UTI. Of the remaining 1,75,000 shares reserved on preferential
allotment basis to employees of the Company, holding company, GIIC
Ltd. (all were taken up). Balance 28,25,000 shares issued to the
public. Additional 5,25,000 shares issued to retain oversubscription
(75,000 shares to UTI, 9,100 shares to employees and 4,40,900 shares
1993 - The MBD underwrote issues worth Rs 67.14 crores and managed 26
issues aggregating Rs 458.93 crores despite luke warm market
conditions. During the year, the Company commenced short term funds
deployment activities and deployed a sum of Rs 125.14
- The Consumer finance division proposed to commence activities like
odd lot trading, share shoppe etc.
- The Company proposed to launch its mutual fund through its asset
- GLFL Housing Finance Ltd. and FLFL Securities are subsidiaries of
- During December 1993-February 1994, Torrent Investments Pvt. Ltd.,
a company of Torrent Group, Ahmedabad acquired 33,00,000 No. of
equity shares of Rs 10 each representing 15.17% of the voting capital
of the Company from GIIC at a negotiated price of Rs 105 per share.
- 37,62,552 bonus equity shares issued in prop. 1:2. During
Oct.-Nov. 1992, 112,87,657 rights equity shares of Rs 10 each issued
at a prem. of Rs 70 per share in prop. 1:1. Another 32,000 shares
offered at a prem. of Rs 70 per share to employees on a equitable
basis. 104,71,557 shares taken up of the rights issue.
- The investment banking division marketed a new product `Bought Out
Deals'. The retail finance division proposed to enter the field of
commercial vehicles finance.
- During the year, the Company started a full fledged division under
the name of Securities Related Operation to provide various services
for the small investors. It launched a Secondary market finance
scheme which received good response.
- The retail finance division introduced a scheme for financing
- 54,39,803 bonus shares issued in proportion 1:4.
- Gujarat Lease - E-mail ID for Investor Complaints is