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History of HB Leasing and Finance Co Ltd.

YEAR EVENTS 1982 - The Comp. was incorporated on 30th March, & the certificate of commencement of business was obtained on 26th June, 1983.

- The main object of Comp. is to provide Integrated Financial Services such as Lease Financing, Hire Purchase Financing, Venture Capital Financing & Portfolio Investment.

- 70 No. of equity shares subscribed for by signatories to the memorandum & 2,09,930 shares allotted to promoters, directors, their friends etc. In Feb. 1984, 14,40,000 share issued of which 4,40,000 shares reserved for allotment to promoters, directors, etc. & 5,50,000 shares reserved for preferential allotment to Non-Residents of Indian origin/nationality on non-repatriation basis. The balance 4,50,000 shares offered to the public subcription through a prospectus.

1985 - The Comp. issued 16,50,000 No. of equity shares of Rs 10 each at par linked with 3,30,000-15% secured non-convertible debentures of Rs 100 each on a rights basis & 82,500 No. of equity shares to the employees including working directors.

- Allotments were made in respect of 13,86,550 No. of equity shares [including 82,500 shares to the employeess] & 2,60,810 debentures. Efforts were being made to dispose of the unsubscribed portion through private placement.

- The debentures are redeemable in four equal annual instalments of Rs 25 each commencing from 24.04.1993. The debentureholders were given three option [is] redemption of NCDs in one full instalment [iis] Exchange of NCDs with zero interest fully convertible debentures, [iiis] Retain the NCDs on Original term of issue.

1987 - Newer leasing areas entered into by Comp. were leasing contract for imported equipments, vendor leasing hire purchase financing, & hi-tech industry.

1989 - The Comp. entered into institutional financing of consumer durables. The performance of operational lease division was adversely affected due to detention of its vehicles at various loading & unloading points.

1990 - 2,25,000 shares allotted from unsubscribed portion of Rights issue made in 1985/86.

1992 - During December, the Comp. simultaneously offered right and public issue of 6,52,296 & 16,47,704 zero interest fully convertible debentures of Rs 100 each respectively for cash at par. Right issue was offered to the existing shareholders in the ratio of 1 debenture : 5 Equity shares [All were taken ups].

- Out of public issue, 1,60,000 debentures were offered to the equity shareholders of HB Portfolio Leasing limited [All were taken up. Allowed to lapses]. 14,85,856 debentures were offered to the public [All were taken ups].

- Part `A' of Rs 25 was to be converted into one equity share of Rs 10 each at a premium of Rs 15 per share at the end of six months from the date of allotment. Part `B' of Rs 75 was to be converted into two equity share of Rs 10 each at a premium of Rs 27.50 per share at the end of 12 months from the date of allotment.

1993 - 68,94,456 No. of Equity shares allotted on conversion of part A & B of Zero Interest returned fully convertible debentures.

1994 - 9,06,795 No. of Equity shares allotted on conversion of part `A' & `B' of Zero Interest Secured fully convertible debentures.