| The Company was incorporated on 13th January 1983. 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.
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