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IFCI > Company History > Finance - Term Lending Institutions > Company History of IFCI - BSE: 500106, NSE: IFCI
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IFCI

BSE: 500106|NSE: IFCI|ISIN: INE039A01010|SECTOR: Finance - Term Lending Institutions
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Company History - IFCI
1948
 
 - The Company was Incorporated on 1st July, at New Delhi.  The
 Corporation provides medium and long-term credits to industrial
 concerns in India.  Any public limited company or co-operative
 society
 incorporated and registered in India which is engaged, or proposes
 to
 engage itself, in the manufacture, preservation or processing of
 goods,
 or in the shipping, mining or hotel industry or in the generation or
 of
 distribution of electricity or any other form of power, is eligible
 for
 financial assistance.
 
 1962
 
 - 4,000 shares issued for cash.
 
 1970
 
 - In consultation with other all-India financial institutions, viz.,
 the IDBI, the LIC and ICICI, the Corporation announced on 23rd July,
 certain concessions to eligible industrial concerns that may be
 located
 in the notified districts in the less developed States/areas.
  
 - The Corporation also received instructions from Government that it
 could entertain applications for financial assistance from public
 sector undertakings on the same basis as applications from private
 sector concerns.
 
 1972
 
 - The Industrial Financial corporation Act, 1948 was amended to
 enable
 private limited companies to seek financial assistance from the
 Corporation.
 
 - The important terms and conditions on which loans are sanctioned
 are:- (i) Security: First charge of all the fixed assets such as
 land,
 buildings, plant and machinery and fixtures.  Raw materials,
 stock-in-process and finished good will not be mortgaged.  (ii)
 Margin:
 Generally 50% of the value of total assets including those to be
 acquired with the loan.  This may be to 35% in special cases with
 prior
 approval of the Central Government.  (iii) Period: will be spread
 over
 up 35 years to suit borrower's convenience.
 
 1975
 
 - The Risk Capital Foundation was sponsored by IFCI, for offering
 service to first generation of new entrepreneurs by providing their
 interest-free personal loans, more or less in the form of venture
 capital assistance.
 
 1985
 
 - 20,000 shares issued.
 
 1986
 
 - 25,000 shares issued.
 
 1987
 
 - The Company was converted into a company known as Risk Capital &
 Technology Finance Corporation, Ltd.  The other subsidiaries are
 IFCI
 Financial Services Ltd., IFCI Investors Services Ltd.  and IFCI
 Custodial Services Ltd.
 
 - 25,000 shares issued.
 
 1988
 
 - 25,000 shares issued.
 
 1989
 
 - 25,000 partly paid up shares fully called up.  50,000 shares
 issued
 (paid up Rs 2,500).
 
 1990
 
 - Partly paid up shares fully called up.  50,000 shares issued (paid
 up
 Rs 3,750).
 
 1992
 
 - 1,20,000 shares issued.
 
 1993
 
 - 2025,00,000 No. of equity shares of Rs 10 each were allotted
 during
 the year without payment being received in cash in exchange for
 shares
 of erstwhile IFCI.
 
 1996
 
 - The Corporation handled 79 merchant banking assignments, of which
 25
 related to Issue Management, 32 Project Counselling Appraisal and 22
 Debenture Trusteeship.
 
 - With a view to competitive repositioning of IFCI, the Corporation,
 undertook to harness organisational strength by concentrating on
 continuous improvement of core competence.  It was proposed to make
 entry into new business areas such as stock broking, asset
 management,
 investor services, insurance etc.
 
 - The Corporation raised Rupee resources including a public issue of
 family bonds which were offered in five categories viz.  millionaire
 bond, growing income bond, education bond, Gift bond and retirement
 bond for an aggregate amount of Rs 800 crores.
 
 1997
 
 - 100,000 cumulative redeemable Pref. shares issued (redeemable at
 par
 on 2.8.2002).
 
 1998
 
 - Shri K.D. Agrawal, Chairman & Managing Director, upon completion
 of
 his term, demitted office on 15th July.  In his place, Shri P.V.
 Narasimham was appointed as an Additional Director and Chairman &
 Managing Director of the Corporation with effect from 16th July.
 
 1999
 
 - The name of the Company has been changed from The Industrial
 Finance
 Corporation of India Ltd. to IFCI Ltd. w.e.f. 27th October.
 
 2000
 
 - The Voluntary Retirement scheme offered by Industrial Finance
 Corporation of India has evoked lukewarm response with only 50
 employees taking the option.
 
 - ICRA Ltd. downgraded the long-term and medium-term ratings of its
 principal promoter IFCI Ltd. by two notches to `LAA-' and `MAA-',
 from
 the earlier `LAA+' and `MAA+'.
 
 - The North Eastern Office of the company will launch the IFCI
 Family
 Deposits Scheme on August 14.
 
 - Financial Institution IFCI Ltd and the Dubai-based Mashreq Ba-nk
 Group have signed an agreement for the first tranche of a 
 million
 syndicated loan.
 
 - IFCI has launched a private placement of non-convertible
 debentures
 to raise at least Rs 100 crore a merchant banker to the issue.
 
 2001
 
 - Mr. Y.P. Gupta has resigned from the board of directors.
 
 2002
 
 -IFCI Ltd has informed  that they have executed a negotiated deal on
 April 1, 2002 with Yield Securities & Credits Pvt Ltd for sale of
 16,46,579 equity shares of Indorama Synthetics India Ltd (IRSL)
 (being 0.99% of the paid up capital) and with Virgin Securities &
 Credits Pvt Ltd for the sale of 16,46,580 equity shares of Indorama
 Synthetics India Ltd (being 0.99% of the paid up capital) at Rs
 12.0445 per share, in terms of the share purchase agreement dated
 March 26, 2001 between IFCI & Shri OP Lohia, promoter of IRSL.
 
 -The shareholders approved the appointment of Indian Institute of
 Management's I M Pandey as a new director on the board, while
 clearing the reappointment of Ashok Lahiri, director National
 Institute of Public Finance and Policy. They also ratified the
 appointments of VP Singh as chairman and managing director IFCI and
 chartered accountant S Ravi as a director on the board.
 
 -IFCI Ltd has informed BSE that Dr Ashok Lahiri has resigned from the
 board with effect from October 17, 2002.
 
 -IFCI Ltd has informed that Ministry of finance, Department of
 Economic Affairs (Banking Division) Government of India, vide its
 letter dated November 18, 2002 has nominated Shri Vinod Rai Joint
 Secretary (Banking Division) as the Government Director on the Board
 of IFCI Ltd in place of Shri U K Sinha.
 
 2003
 
 -Jindal Strips Limited has informed the that IFCI Ltd. has withdrawn
 the nomination of Sh. S. Lahiri from the BOD of the company w.e.f.
 June 05, 2003.
 
 -IFCI Limited has informed  that a meeting of the Bondholders holding
 Millionaire Bonds was held on June 25, 2003 and the following
 resolutions were passed. 
 
 1) Resolved that pursuant to the provisions of the Prospectus dated
 July 03, 1996 for issue of Unsecured Redeemable Bonds in the nature
 of Promissory Notes and subject to such approval, if any, as may be
 necessary and such conditions as may be prescribed by any authorities
 in granting such approval, the consent of the bondholders be and is
 hereby accorded for the variation in the terms and conditions
 contained in the prospectus, to provide that, the company shall, in
 addition to the options already provided in the prospectus, have the
 authority, to exercise the call option/ right to redeem the
 Millionaire Bonds in whole or part of parts thereof as and when
 decided by the Board of Directors of the company, after giving two
 months' notice and in that event, the deemed face value of the bond
 immediately before the date of redemption as indicated in the
 prospectus along with accrued interest till the date of redemption so
 notified by the company (deemed date of redemption) at the implicit
 rate of interest will be paid to the bondholders. 
 
 2) Resolved further that on exercise of such right of early
 redemption at any time and on payment of redemption amount as above,
 the bond shall stand fully discharged and the company shall not be
 liable to pay any further interest,damage, compensation after such
 deemed date of redemption. 3) Resolved further that for the purpose
 of giving effect to these resolutions, the Board be and is hereby
 authorized to do all such acts, deeds, matters and things, as it may
 in its absolute discretion, deem necessary, proper or desirable and
 to settle any question, difficulty or doubt that may arise in regard
 to varying the terms of the issue and redemption of the bonds
 pursuant to such right of early redemption
 
 -Dr.Amit Mitra gave his resignation from the board of directors of
 the company due to his
 pre-occupation.
 
 -IFCI takes over Arihant Industries Export Oriented Unit(EOU) under
 the securitisation Act.
 
 -IFCI takes over the control of the Rewari unit of East India Syntex
 under the Securitisation
 & Financial Assets &Enforcement of Security Interest Act 
 
 -IFCI Ltd Board appoints four member panel to appoint new MD and
 Chairman for its
 Delhi-based firm.
 
 2004
 
 -IFCI merger with PNB's would help each other
 
 -IFCI to merge with PSU bank by April 1
 
 2007
 
 -IFCI Ltd has approved the appointment of Shri Atul Kumar Rai, as
 Whole time Director.
 
 2008
 
 -IFCI Limited has informed that Consequent upon change in the posting
 of Shri. S. P. Arora, Company Secretary of IFCI, to another
 department, Ms. Rupa Sarkar, Asstt. General Manager, has been
 designated Company Secretary & Compliance Officer of the company with
 effect from March 3, 2008.
 
 - Ifci Ltd  has informed that Shri K.V.Eapen, Joint Secretary,
 Ministry of Finance, Department of Financial Services, New Delhi has
 been appointed as the second Government Director on the Board of the
 Company w.e.f. September 12, 2008. Further, Shri. R.K.Kapoor,
 Director has retired from the Board of the Company w.e.f. September
 12, 2008.
 
 - IFCI Ltd has informed that Shri. Prakash P Mallya, Shri. Tejinder
 Singh Laschar, Shri.
 K Raghuraman, Shri. K Narasimha Murthy and Shri. S Shabbeer Pasha
 have been appointed as Independent Directors on the Board of IFCI Ltd
 w.e.f. October 14, 2008.
 
 - IFCI Ltd has appointed Shri. Sujit K Mandal as Whole Time Director
 on the Board of IFCI Ltd w.e.f. November 01, 2008.
 
 -IFCI Ltd. forays into Factoring Business
 
 2009
 
 -IFCI Ltd has informed BSE that the Company has acquired 5% stake in
 the present equity share capital of MCX Stock Exchange Ltd (MCX-SX)
 from Financial Technologies (India) Ltd (FTIL) at Rs 35/- per equity
 share, subject to the terms & conditions of the Agreement, entered
 between the Company & FTIL.
 
 2010
 
 - Industrial Finance Corporation of India (IFCI) is eyeing to invest
 Rs. 1,000 crore to establish a base in the proposed global financial
 district in Bangalore.
 
 - IFCI Ltd has informed BSE that Mr. Rakesh Bharti Mittal has been
 appointed as an Additional Director on the Board of the Company
 w.e.f. October 27, 2010.
 
 - IFCI Ltd has announced the pact with the Mumbai-based Core
 Infrapower Ltd (CIPL), a CORE Group company, for joint development of
 a 1,320-MW power project at Ratnagiri district in Maharashtra. 
 
 2011
 
 - IFCI and SycamoreVentures to launch Infrastructure Fund.
 
 - Launch (IFCI)-Partners with Sycamore Ventures.
 
 2012
 
 - IFCI Ltd has informed BSE that the Board of Directors of the
 Company has re-appointed Shri Atul Kumar Rai, as Chief Executive
 Officer & Managing Director of the Company for a further period of
 five years w.e.f. June 01, 2012.
 
 - The capital market regulator has cleared the government’s
 proposal to buy a majority stake in IFCI Ltd through conversion of
 debentures and also exempted it from making an open offer to minority
 investors, which has been mandatory otherwise. As per the regulations,
 any acquirer of 25 per cent or more has to make an open offer for a
 further 26 per cent stake from the public shareholders.
 
 - IFCI Financial City : IIDL brings India`s first Financial City to
 Bengaluru.
 
 2013
 
 -IFCI Ltd has appointed Shri Malay Mulcherjee as CEO & MD of the
 Company.
 
 2014
 
 -IFCI Ltd. acquired IDBI Banks Ltds equity shares in Stock Holding
 Corporation of India Ltd.
 
 2015
 -IFCI now better equipped for Make In India programme
 -Signing of Memorandum of Understanding (MoU) between Institute of
 Leadership Development and IFCI Limited and the Government of
 Rajasthan
 -Press Coverage of inauguration function of Vijayawada Regional
 Office, Andhra Pradesh
 
 2016
 -Inauguration of News Office Premises of IFCI Bhubaneswar
 
Source : Dion Global Solutions Limited
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