Company History: YEAR EVENTS1983 - The Company was incorporated on 13th January. It was promoted by R. K. Khanna Anoop Kumar Khanna and Anil Kumar Khanna. The main object of the company is to carry on the business of leasing of all types of industrial and office use plant equipment machinery vehicles and hire purchase finance business. - 2 00 000 shares taken up by promoters directors etc. 3 00 000 shares offered at par to the public in July.
1984 - The Company entered into specialised vendor leasing business.
1985 - In September in order to augment long-term resources the Company issued 5 00 000 No. of equity shares of Rs 10 each at par linked to 1 00 000-15% secured non-convertible debentures of Rs 100 each at par.
- Of these 30 000 debentures and 1 50 000 No. of equity shares were reserved and allotted on rights basis to equity shareholders in the ratio of 3 debentures and 15 equity shares for every 50 shares held.
- The remaining 70 000 debentures and 3 50 000 No. of equity shares were offered to the public on the basis of 50 equity shares linked to 10 debentures. The company additionally allotted 7 500 debentures and 37 500 No. of equity shares to existing shareholders and 17 500 debentures and 87 500 No. of equity shares to the public in order to retain over subscription. These non-convertible debentures were to be redeemed on 27th November 1992.
1991 - The Company proposed to extend the date of redemption for a period of 5 years to 27th November 1997 with an increased interest rate of 18% payable annually on 31st December. The interest accrued upto and inclusive of 27th November 1992 and 5% premium will be paid on the original due date of maturity i.e. on 27th November 1992 whether the holder agree or not to the extension of the date of redemption of the said debentures.
- 21 990 forfeited shares reissued.
1992 - The Company has received category-I Certificate for acting as Merchant Banker from SEBI.
- The Company proposed to diversify into the fields of Merchant banking and Bill Discounting etc.
- During April the Company issued 11 25 000 No. of equity shares of Rs 10 each at par on Rights basis in the propn. of 1:1. All were taken up. Additional 1 36 600 shares were allotted to retain over subscription.
- Another 56 250 No. of equity shares of Rs 10 each at par were offered to the employees. Only 26 900 shares taken up. The remaining 29 350 shares were allowed to lapse.
- Simultaneously the Company issued 5 10 000 No. of equity shares of Rs 10 each at par to the public of which 25 500 shares were reserved for preferential allotment to employees. Only 13 750 shares not taken up by employees were offered to the public. Additional 62 750 shares were allotted to retain over subscription.
1995 - The Company has promoted Telecom Finance (India) Ltd. jointly with Fujitsu Limited and Itochu Corporation of Japan and Virgo Marketing (P) Ltd. of India.
