Tata Finance Ltd.

1984 
 
 - The Company was incorporated as a private limited company at
 Mumbai
 on 16th March 1984 and converted into a public company on 26th April
 1984.  It was promoted by Tata Industries Ltd. as a wholly owned
 subsidiary.  It was primarily engaged in providing hire purchase for
 commercial vehicles plant and Machinery, equipments two wheelers and
 consumers durables.
 
 - Transport and construction sectors are the major segments of the
 company's business activities the company also undertakes leasing of
 plant machinery to a limited extent mainly to corporate clients.
 
 1990
 
 - The Company proposed to diversify its activities by financing
 trade
 bills and engaging in money market operations.  A Trade Finance
 Department was established.
 
 - Authorised capital reclassified and equity shares subdivided.
 25,10,000 No. of equity shares of Rs 10 each and 5,00,000 cumulative
 convertible preference shares of Rs 100 each were then issued at par
 of
 which 15,10,000 No. of equity shares and 4,00,000 preference shares
 were reserved and allotted to promoters directors, their friends,
 etc.
 
 - Out of the balance 10,00,000 No. of equity shares and 1,00,000
 pref.
 shares, 1,25,500 No. of equity shares and 25,000 pref.  shares were
 offered to employees (including Indian working directors) of the
 Company (all were taken up).
 
 - The remaining 8,74,500 No. of equity shares and 75,000 preference
 shares were offered for public subscription during February 1991
 (all
 were taken up).  The equity shares were allotted on 30th March, 1991
 and the preference shares on 8th April, 1991.
 
 1991 
 
 - 19,20,000 No. of equity shares issued to the erstwhile Tata
 Industrial Finance Corporation.
 
 1992
 
 - The merger of Tata Industrial Finance Corporation Limited (TIFCO)
 with the Company become effective on January 1st.
  
 - The Directors propose to issue 1,25,16,000 No. of Equity Shares of
 Rs.10/- each at a premium of Rs.40/- per share, aggregating Rs.6,258
 lakhs on a Rights basis to the existing shareholders and others.
 
 - Apart from expanding its existing lines, the company proposes to
 diversify into newer areas of financial services and now has a
 network
 of branches throughout the country which it proposes to expand
 during
 the coming years.
 
 - The fixed deposit scheme of the Company was launched in August
 1991,
 and as at March 31, 1992, the Company held deposits aggregating
 Rs.72
 crores, inclusive of Rs.7.24 crores transferred from the erstwhile
 TIFCO.
 
 - 1,29,29,700 No. of equity shares offered to the existing
 shareholders
 (prem. Rs 40) in prop. 1:1.  5,85,615 shares were not taken up.
 Allowed to lapse.
 
 1993 
 
 - As an interest reduction exercise, the Company made an issue of
 Commercial Paper to the extent of Rs.10 crores, which was rated by
 CRISIL as P1 +, which is the best rating for a short-term
 instrument.
 The CRISIL rating of FAA signifying High Safety has been maintained
 during the year.
 
 1994 
 
 - Tata Finance Securities Ltd. was incorporated and later converted
 into a wholly owned subsidiary of the Company.
  
 - During the course of the year, the Company entered the field of
 finance for construction equipment and the Company proposes to
 expand
 into this field while keeping a close watch on the quality of its
 clients.
 
 - During the year, the Company issued commercial paper to the extent
 of
 Rs.50 crores with stand-by arrangements from its bankers.
 
 - The commercial paper was awarded a `P1+' rating by CRISIL which is
 the highest rating for short term instruments.
 
 - The CRISIL rating of the Company for fixed deposits improved from
 FAA
 to FAA+ during the year.
 
 - The Company also opened a number of computerised front offices
 where
 the depositor can be provided services across-the-counter.
 
 1995 
 
 - As per the terms of the issue, each preference share of Rs 100 was
 converted into 10 equity shares of Rs 10 each at par at the end of
 three years from the date of allotment of preference shares.
 
 - The Company established new branches in Chandigarh, Jaipur,
 Calcutta,
 Baroda, Vishakapatnam, Madurai, Vellore, Salem, Calicut and
 Cannanore
 and greatly improved its geographic coverage in the Northern,
 Western
 and Southern regions of the Country.
 
 - During the year, Tata Finance Securities Limited (TFSL) was
 incorporated and later converted into a wholly owned subsidiary of
 the
 Company.
 
 1996
 
 - The Company has been fully complying with Reserve Bank of India
 Directions and Rules regarding maintenance of liquid assets on its
 portfolio of deposits.
 
 1997 
 
 - Tata Finance is a non-banking financial company engaged in the
 business of hire purchase, leasing and other finance related
 activities
 and also accepts fixed deposits from the public under its various
 deposit schemes.
 
 - Six corporates, led by Tata Finance and Madras Cements, propose to
 access the commercial paper (CP) market to raise Rs 245 crore.  The
 Tata Finance will raise Rs 100 crore, Madras Cements Rs 56 crore.
 
 - Effective from March, Telco Dealers Leasing and Finance Company
 was
 merged with Tata Finance.
 
 1998
 
 - Tata Finance has privately placed redeemable preference shares for
 Rs
 45 crore with a tenure of three years and a coupon of 11 per cent.
 
 - The company also proposes to issue 59,21,000, 11 per cent CCPS of
 Rs
 100 each aggregating Rs 59.21 crore on a preferential basis to FIIs,
 financial institutions, banks, NRIs and corporates on a private
 placement basis.
 
 - Tata Engineering and Locomotive Company Ltd (Telco) announced a
 tie-up with Tata Finance Ltd and ANZ Grindlays Banks as the official
 financiers for its small car Indica to be launched in December.
 
 - Tata Finance's Rs 200 m and Rs 250 m NCD issues have been
 downgraded
 from AA+ to AA-'', and fixed deposit programme from FAA+'' to
 FAA'', while the rating of the Rs 1 bn commercial paper programme
 has
 been reaffirmed at P1''.
 
 1999 
 
 - Tata Finance Limited, a leading NBFC, promoted by the Tata
 Industries
 Limited is launching a rights issue of cumulative convertible
 performance shares (CCP) of Rs 100/- each in the ratio of 1 CCP for
 10
 equity shares.
 
 - Tata Finance, a Tata group company, has signed a memorandum of
 understanding (MoU) with the Director General of Resettlement (DGR)
 for
 extending financing schemes for commercial vehicles to
 ex-serviceman.
 
 - Tata Finance and American Express (Amex) are joining hands to set
 up
 a foreign exchange services company.  The joint venture will also
 have
 two other Tata group companies, Indian Hotels and Tata
 International,
 as partners.
 
 - Tata Mutual Fund also plans to launch two new schemes, Tata Life
 Sciences Sector Fund Tata Technology Sector Fund.  Both these funds
 are
 open ended.
 
 - Leading non-banking finance company Tata Finance Ltd and American
 Express, the world's largest travel related services company,
 announced
 plans to set up a joint venture company for money changing/foreign
 exchange services in India.  A letter of intent (LoI) for this
 purpose
 has been signed between the two companies.
 
 - Tata Finance Ltd is selling 49 per cent equity in its wholly owned
 subsidiary Tata Finance Securities Ltd to T D Waterhouse of Canada
 for
 Rs 67 crore.
 
 - American Express has formed a joint venture with Tata Finance
 Limited
 (TFL) to expand its foreign exchange operations in the Asia-Pacific
 countries.  The newly formed tie-up, to be known as Tata Finance
 American Express (TFL-Amex).
 
 - Tata Finance Ltd, the 2,600 crore financial services arm of the
 Tata
 group, has become the first non-banking finance company (NBFC) to
 enter
 badla financing in a focused manner.
 
 2000 
 
 - Tata Finance plans to unlock the hidden value in its fully-owned
 investment subsidiary, Niskalp Investments & Trading Company
 (Niskalp),
 either through an equity flotation to the public or merging it with
 itself.
 
 - Tata Finance is setting up a housing finance subsidiary Tata Home
 Finance in the first week of May.  It will also set up a credit card
 subsidiary.
 
 - Hero Honda Motors Ltd (HHML) and Tata Finance Ltd (TFL) have signed
 a
 national tie-up agreement, under which the latter will be the
 preferred
 financier for the complete range of Hero Honda motorcycles.
 
 - Crisil has assigned high safety (AA-) rating to the proposed
 Rs.150
 crore non-convertible debenture (NCD) issue of the company.
 
 - Nishkalp Investments and Trading Company Ltd, a subsidiary of Tata
 Finance Ltd, will acquire Tata Share Registry Ltd.
 
 - The Company has tied-up with the manufacturers like Tata
 Engineering,
 Ford, Maruti, Hyundai, Daewoo, etc.  Tata has organised Car-Mart, a
 one-stop shop for both Car and Finance, in Chennai.
 
 - The Company has entered into a MoU with Abbey National Plc., UK,
 (ANP) for an equity investment by Abbey National in Tata Homefinance
 Ltd. (THL), which is presently 100% subsidiary of the company.
 
 - Tata Homefinance Ltd., a subsidiary of Tata Finance has launched
 its
 operations from three locations in Mumbai.  The branches are located
 in
 Dadar, Vashi and Fort.
 
 - The Company has made the following issues on a private placement
 basis:
 
 - (i) 33,00,000 No. of equity shares at a price of Rs 86/- per
 share,
 aggregating Rs 28.38 crores.
 
 - (ii) 25,00,000 Cumulative Redeemable Preference Shares of Rs 100/-
 each aggregating Rs 25 crores.
 
 - (iii) 15,00,000 Cumulative Convertible Preference Shares of Rs
 100/-
 each, aggregating Rs 15 corres and these shares were subsequently
 converted into 13,63,637 No. of equity shares at a price of Rs 110/-
 each.
 
 - Tata Finance Ltd. and the American Express Bank launched the Tata
 Finance American Express Credit Card for India.
 
 - The Company proposes to expand its capital base by about Rs 200
 crore
 post-issue.
 
 2001 
 
 - The Company is to issue 35 lakh equity shares of Rs 10 each at a
 premium of Rs 65 per share.
 
 - Tata Homefinace Ltd. the housing finance subsidiary of Tata
 Finance
 Ltd., has tied up with Abbey National Plc, the UK's premier mortgage
 bank.
 
 -The foreign exchange services business of American Express in India
 has been acquired by Tata Finance AmEx Ltd in an all-cash deal for
 an
 undisclosed amount.
 
 - Tata Finance Securities Ltd, a primary dealer in Government
 securities has been renamed `Tata TD Waterhouse Securities Ltd'. The
 change in the name of the company is consequent to a change in its
 ownership pattern.
 
 - Tata Finance said that the services of five senior executives of
 the
 company have been terminated. They were involved in ``unauthorised
 financial transactions'' along with the former managing director, Mr
 Dilip S. Pendse.
 
 -2002
 
 -Tata Finance Ltd has informed BSE that at the Board meeting held on
 July 09, 2002 Mr K A Chaukar resigned as Vice Chairman & Director of
 the company with effect from July 09, 2002.
 
 -Tata Finance Ltd has informed BSE that at the Board meeting held on
 July 30, 2002, Mr Dinesh Vyas resigned as Director of the company.
 
 2003
 
 -Dilip S Pendse, former Managing Director of Tata Finance Ltd, has
 been arrested 
 for misappropriating Rs.2 cr from the company's funds.
 
 -Tata Finance Ltd has informed BSE that ICICI  Bank Ltd, has
 purchased their credit card portfolio of the company.
 
 -Trading in 9% Cummulative Convertible Preference Shares series Q1 of
 Tata Finance Ltd
 shall be suspended.
 
 -Tata Finance Ltd sells a building in Mumbai's Fort for Rs.46 cr to
 the Allana group.
 
 -CRISIL assigned AAA rating to three of Tata Finance Ltd's senior
 pass through certificates
 worth Rs.228.9cr.
 
 -Mr.N.A Soonawala has resigned from the board of the directors of the
 Tata Finance Ltd.
 
 -Tata Finance Ltd has executed a Share Purchase Agreement with IDBI
 for sale of its
 entire equity shake in Tata Home Finance Ltd.
 
 -ICRA has assigned LAA+ rating to the company's proposed Rs.125cr
 Non-convertible Debentures.
 
 -Tata Finance Ltd has completed the sale of its entire stake in Tata
 Home Finance Ltd
 to IDBI.