Vijaya Commercial Credit Ltd.

YEAR                       EVENTS
 1931 - The company is originally established in the name and style of
                 
        Vijaya Bank Ltd.  After nationalisation of the banking
 business
        of the company by an Ordinance on 15th April, 1980, the name
 of
        the Company was changed to Vijaya Commercial Credit Ltd.  The
        Company carries on the business of leasing, hire-purchasing
 and
        factoring.
 
 1963 - The Company took over the Devanga Bank Ltd., Bangalore with
 its
        two offices at Bangalore city and Doddbellarpur as from 21st
        October, under a Scheme of Amalgamation sanctioned by the
 Reserve
        Bank Ltd., till the end of August 1985.
 
 1970 - 14,617 No. of equity shares allotted.  (out of 1968 issue).
        80,000 No. of equity shares of Rs 25 each offered for public
        subscription.
 
 1982 - 137 No. of equity shares of Rs 10 each allotted in exchange
 of
        share capital of Devanga Bank.
 
 1984 - The Company acquired a sick industrial unit viz., Kashyap
        Engineering & Metallurgicals Pvt. Ltd., as a wholly owned
        subsidiary, Kashyap Engineering & Metallurgicals Pvt. Ltd.,
        ceased to be a subsidiary of the company during 1986-87.
 
 1985 - With the public issue of equity shares during December, the
        Company offered 1,00,000-13.5% secured redeemable convertible
        debentures of Rs 130 each of which 10,000 debentures were
        reserved for promoters, directors etc., 2,000 debentures for
        business associates, 10,000 debentures for the employees of
 the
        Company.
 
      - The balance 78,000 debentures were offered for public
        subscription.  A portion of Rs 30 out of each debenture of Rs
        130 is compulsorily and automatically convertible into 3
 equity
        shares of Rs 10 each at par on or before 1st January, 1987.
 
      - The non-convertible portion of Rs 100 of each debenture would
 be
        redeemed at par in 3 annual instalments of Rs 40, Rs 30 and Rs
 30
        on the expiry of the 7th, 8th and 9th year respectively from
 the
        date of allotment.
 
 1986 - 20 more equity shares of Rs 25 each were allotted in exhange
 of
        share capital of Devanga Bank.  Subsequently to this,
 authorised
        capital was reclassified by sub-dividing and categorising all
        equity shares as one class of equity shares of Rs 10 each.
        During December 1985, 3,62,389 No. of equity shares issued at 
      
        premium of Rs 3 per share of which 42389 shares reserved for
        allotment to promoters, directors, etc., 7,200 shares to
 business
        associates and 18,100 shares to the employees of the company.
 
        The balance of 2,94,700 shares offered for public
 subscription.
 
      - 3,00,000 No. of equity shares allotted at par in conversion
 of
        debentures.
 
 1992 - 9,48,922 rights equity shares allotted (prop. 1:2).  All were
        taken up.  Of these 38,497 shares were kept in abeyance. 
 47,446
        shares issued to employees (only 17,300 shares were taken
 up).
 
 1993 - The Company offered 4 equity shares of Rs 10 each at par in
 lieu
        of redemption at par of Rs 30 of 13.5% NCD.  Accordingly
 2,58,936
        shares were allotted.
 
 1994 - 15,00,000 shares allotted at a premium of Rs 4 per share to
        directors and relatives on preferential basis.  1,84,542
 shares
        issued.