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History of 20th Century Finance Corporation Ltd.

YEAR EVENTS 1979 - The Comp. was incorporated on 31st August, as a private limited Comp. at Mumbai & converted into a public Limited Comp. on 19th December, 1981. The Comp. carries on leasing of all types of industrial & office plant, equipment, machinery, vehicles, buildings & real estate required for manufacturing, processing, transportation & trading business & other commercial & services business. The Comp. was promoted by D. Ahuja, V.S. Srinivasan, R. Parthasarathy & S.S. Kulkarni.

1982 - 2,80,000 shares subscribed for by promoters, etc. 4,20,000 shares issued at par; 29,400 shares reserved & allotted to employees & business associates of Comp. & 3,90,600 shares offered for public subscription during February/March 1982.

1983 - 6,00,000 shares of Rs 10 each issued [prem. of Rs 6 per shares] of which 40,000 shares reserved & allotted to employees and business associates of Company. The balance 5,60,000 shares offered was rights in prop. 4:5.

1985 - The Comp. issued 3,00,000-13.5% non-convertible debentures of Rs 10 each at a premium of Rs 8 per share. Out of the issue, 36,400 debentures & 72,800 No. of equity shares were reserved for preferential allotment to the shareholders of the Comp. in the proportion of 1 debenture for every 50 No. of equity shares held & 40,000 debentures & 80,000 No. of equity shares were reserved for preferential allotment to the holders of 15% non-convertible debentures in the ratio of 1 debenture for every 5 debentures held. The balance 2,23,600 debentures and 4,47,200 No. of equity shares were offered for public subscription during July-August.

- 5,20,000 bonus shares issued in prop. 2:5 in July. 4,40,000 No. of equity shares then issued [prem. Rs 8 per shares] of which 55,200 shares to employees including Indian working directors and 20,800 shares to business associates were reserved & allotted. The balance 3,64,000 shares were offered as rights in prop. 1:5. 6,00,000 No. of equity shares then issued at a premium of Rs 8 per share linked to debentures.

1986 - During September 5,72,325 - 13.5% debentures of face value of Rs 100 each, linked to 11,44,650 No. of equity shares in the proportion of two equity shares for every one debenture applied. These debentures are redeemable at the end of 5th, 6th, 7th, 8th & 9th year from the date of allotment. Out of these, 20,000 debentures linked to 40,000 shares were reserved for preferential allotment to the 1st series debentures holders of 20th Century Orient Leasing & another 20,000 debentures linked to 40,000 shares were reserved for fixed deposit holders. The remaining 5,32,325 debentures linked to 10,64,650 shares were offered to the public.

- The name of Comp. was changed from 20th Century Leasing Ltd., to 20th Century Finance Corporation Ltd., with effect from 5th March.

1987 - 25,36,000 bonus equity shares issued in prop. 2:5 during November 1988.

1988 - A Autoplan Scheme was launched in April. A separate division for consumer durable financing was established. The Comp. proposed to finance office equipments such as computers, EPABX and photocopiers, etc., in the near future.

1990 - A joint venture Comp. with equity participation from Kinetic Group of Pune under the name '20th Century Kinetic Finance Ltd.' had been incorporated mainly for financing of two wheelers.

- Another venture capital Comp. under the name '20th Century Venture Capital Corporation Ltd.' was incorporated. The Company proposed to have equity participation from Asian Development Bank, ICICI & Bank of Baroda. Another Joint Venture with Batlivala and Karani under the name `Finesse Capital Services Pvt. Ltd.' had also commenced operations during the year.

1993 - 46,38,210 bonus equity shares issued in prop. 1:2 during July 1994.

1995 - The Comp. had executed lease & industrial hire purchase contracts of Rs 21.63 crores. Also, fresh lease & industrial hire purchase contracts of Rs 11.40 crores were executed.

- The Comp. had identified financing of passenger & goods transportation sector as key areas for expansion supplemented by consumer durable & medical equipment financing.

- The Comp. entered into area of renewable energy generation as well as infrastructure development costs.

- 20th Century Orient Leasing limited [TCOLs], was amalgamated with 20th Century Leasing limited [TCLs], with effect from 1st January, 1985. Pursuant to the Scheme of Amalgamation, the shareholders, of TCOL were allotted without payment in cash 13,50,000 No. of equity shares of TCL in the ratio of 1 equity share of TCL for every 2 equity share of TCOL held.

- 20th Century Capital Corporation Ltd [TCCCs] was amalgamated with the Comp. with effect from 29th September 1994, to the scheme of amalgamation, 35,55,561 No. of equity shares of Rs 10 each were allotted by Comp. to erstwhile TCCC in the ratio of 1 equity share of TCL for every 9 equity shares of TCCC.

- The Comp. allotted 20,00,000 warrants to promoters' association.

- 97,50,000 Pref. CR issued.

1996 - During October, the Comp. has signed an MOU with Canada Life Insurance Comp. of Toronto, Canada for setting up a 50:50 joint venture to write life insurance policies.

1997 - The Comp. undertook to promote a leasing joint venture in collaboration with International Finance Corporation, Washington [IFCWs] & Bank of India [BOIs]. As a result, a new Comp. under the name & style of `The Leasing Corporation of India Ltd.' [ILCIs] was incorporated as a wholly owned subsidiary of the Company.

- The Comp. has set up a joint venture auto finance Comp. named GMAC - 20th Century Finance Corporation limited based on agreement with General Motors Acceptance Corporation Detroit, USA.

1998 - The rating assigned to the fixed Deposit programme of 20th Century Finance Corporation Ltd [TCFCs] has been downgraded to 'FAA+' [pronounced `F double A plus's] from 'FAAA' [pronounced `F triple A's].

- TCFC entered into a joint venture arrangement with General Motors Acceptance Corporation [GMACs], US, for car financing.

- GMAC Financial Services, a 100 per cent subsidiary of General Motors, has entered into a 51:49 per cent. Joint venture with 20th Century Finance Corporation Ltd, one of India non-banking finance companies, to provide financial & leasing for motor vehicles in India.

- CRISIL has downgraded the rating assigned to the Rs.57.7 million Non-Convertible Debenture issue of Orient Finance Limited [OFLs] from BB to D. The rating agency has also assigned a triple-A rating to a fresh Rs.250 crore NCD plan of company. A P1+ rating has been assigned to its Rs.650 crore CP programme.

1999 - 20th Century Finance Corporation Ltd [TCFCs], has launched a finance scheme, `Fast Track', to cater exclusively to credit card holders.

- HERO Honda Motors Ltd [HHMLs] & 20th Century Finance Corporation Ltd have signed a memorandum of understanding [MoUs] for financing of Hero Honda motorcycles.