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History of Dewan Housing Finance Corporation Ltd.

YEAR EVENTS 1984 - The Comp. was incorporated in the State of Maharashtra on 11th April, in the name of Dewan Housing Finance and Leasing Co. Ltd., & obtained the Certificate for Commencement of Business on 26th April, 1984. The name of Comp. was changed to Dewan Housing Development Finance Ltd., & a fresh certificate was obtained on 26th September.

- The Comp. undertook provision of housing finance to individuals, cooperative societies, corporate bodies or their nominated employees, groups of persons, etc., & leasing of commercial & residential premisses to reputed companies.

- 700 No. of equity shares subscribed for by signatories to the Memorandum of Association. 24,99,300 No. of equity shares then issued at par of which 9,99,300 shares were reserved & allotted on a firm basis. The remaining 15,00,000 shares were offered for public subscription during December 1984 [all were taken ups]. 77,900 No. of equity shares forfeited.

1990 - 5,00,000 No. of equity shares of Rs 10 India on private placement basis. 50,000 shares out of forfeited shares issued to Union Bank of India. 1991 - 60,42,425 Shares issued.

1994 - The Comp. allotted 90,33,125 Rights equity shares of Rs 10 each for cash at a premium of Rs 5 aggregating Rs 1354.96 lakhs on Right basis in prop. 1:1. The Comp. also preferentially placed 40,00,000 No. of equity shares at a premium Rs 5 per share with the promoters & 60,00,000 shares at a premium of Rs 25 and Bodies Corporate.

- The Comp. has conducted in-house training programmes in diverse fields for all its employees to keep them up-to-date with the sweeping changes taking place in the economic scenario.

1995 - The Comp. has opened an additional branch at Nagpur, taking its total branches & offices all over the country to 28.

- The Comp. has been awarded a 'CARE-AA [FDs]' rating for the Fixed Deposit Schemes by Credit Analysis & Research Ltd. [CAREs], which is a rating offered for High Investment Grade Securities.

- The Comp. has introduced various welfare measures including an `Educational Loan Scheme' for reimbursing employees who wish to go in for higher education; `Concessional Housing Loan Scheme' for those employees who want to acquire a house.

1996 - The performance of Comp. was adversely affected due to the tight liquidy scenario & the general decline in the demand for real estate.

1997 - Dewan Housing Finance Corporation Ltd [DHFCLs] is the largest family owned housing finance Comp. & is a part of Wadhvani group which has diverse interests, including real estate development.

- Dewan Housing Finance Corporation Ltd [DDHFLs] is coming out with a private placement of fully-secured redeemable non-convertible debentures for raising Rs.50 crore. Of this, Rs.10 crore is open for retail investors while the remaining is for institutional investors & the Government.

- The Comp. has introduced a novel scheme linking housing loans with a Double Protection Plan, which incorporates a free accident-risk cover & property insurance to the extent of the loan liability.

1998 - Dewan Housing Finance Corporation Ltd has introduced a new concept called home equity loan scheme.

- The Comp. also introduced home improvement loans for repairs & renovation & extension loans, though other housing finance companies already offer such schemes.

1999 - This Comp. is one of prominent players in the housing finance industry.

2000 - Dewan Housing Finance Corporation, second largest private sector housing finance Comp. in India, has developed its own brand image in the last 15 years through its 30 branches in medium sized cities like Baroda, Nagpur, Visakhapatnam, Shimoga, etc.

- The Comp. has also entered into an agreement with Aptech Ltd for software solutions to its existing housing finance business to streamline its customer services.

- Dewan Housing Finance Corporation has opened a new branch at Jayanagar, Bangalore, taking its presence in Karnataka to 28 locations.

- The Comp. has launched a rights issue of Rs 16.80 crore in the ratio 1:3 in order to fund asset growth & augmentation of the capital base.

- The Comp. has entered into an agreement with indiaproperties.com to promote its home finance services on its site.

- The Comp. has appointed Aptech limited for providing the software solution for enabling the Comp. to be web-enabled in its business approach. - The Comp. in a bid to expand laterally & change its focus from housing finance, will be venturisng into consumer finance.

- Dewan Housing Finance Corporation limited is diversifying into finance for consumer durables, vehicles & personal loans.

- Dewan Housing Finance Corpn. has launched Home Loans Plus a new Scheme whereby finance would be provided for consumer durables, vehicles personal loans.

- Mr. Rajesh Wadhawan, Chairman of company, & one of pioneers of the housing finance industry died after a prolonged illness on 30th September.

- The Comp. appointed Rakesh Wadhawan as their new chairman and Kapil Wadhawan as the Managing Director.

2001 - The Comp. has entered into an agreement with the National Insurance Company for providing `earthquake insurance cover'.

2003-Shri S. D. Khosla & Abdul Hasib, Directors have resigned from the Board of Company.

2004

-Dewan Housing Finance Corporation Ltd has informed that pursuant to the application made to The Ahmedabad Stock Exchange [ASEs] & The Delhi Stock Exchange [DSEs] for delisting of securities of company, the Comp. has received an intimation from The Ahmedabad Stock Exchange that the share/securities of Comp. will be delisted from ASE with effect from January 16, 2004.

-Dewan Housing Finance Corporation Ltd has informed that the Comp. has signed the Loan Agreement with Asian Development Bank [ADBs], Philippines for availing a Term Loan assistance of US$ 20 million

2008

- Dewan Housing Finance Corporation Ltd [DHFLs] opened two more branch offices at Nellore & Kadapa in Andhra Pradesh. Now, DHFL has a network of 72 branches & 116 service centres across the country.