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History of Hybrid Financial Services Ltd.

YEAR EVENTS 1986 - MFCL is an Arvind Mafatlal group Company, promoted by Mafatlal Industries Ltd., which has also promoted NOCIL, PIL, Mafatlal Fine Spg. and Mfg. Co. limited & Gujarat Gas Co. limited The Comp. was originally incorporated on 20th October, in the State of Maharashtra as a Private Limited Company. Subsequently, the Comp. became a Deemed Public Comp. under section 43A of Act, on 11th September 1987 by virtue of holding of its shares by another Public Company.

1992 - By a Special Resolution passed on 3rd July the Comp. was converted into a Public Limited Company. MFCL is an existing profit making & dividend paying Comp. & is engaged in setting up a comprehensive one roof financial supermarket. It offers a wide range of financial services in the areas of leasing, hire purchase, bill discounting, merchant banking, corporate advisory services & investments.

- MFCL [through its wholly owned subsidiary-Mafatlal Securities Ltd.s] is also a Member of National Stock Exchange for wholesale debt instruments as well as equities. It is also a member of OTCEI & a registered Category i Merchant Banker.

- MFCL commenced leasing & hire-purchase financing activities in September.

1993 - MFCL has received authorisation from SEBI to act as Category i Merchant Banker with effect from February.

1995 - Consumer Finance Division was set up towards the end of financial year. It became active with the booking of Maruti 800 and Cielo cars.

- The credit rating for Public Deposits of Comp. has been ungraded from FA to FAA[-s] indicating the shift from 'adequate' to 'high safety'.

- The Comp. had issued 60,00,000 No. of equity shares of Rs.10/- each for cash at a premium of Rs. 20/- per share on Rights basis to the existing shareholders, which were fully subscribed & paid up as of 31st March.

- The Comp. also issued on preferential basis 68,50,000 No. of equity shares of Rs. 10/- each for cash at a premium [on 49,50,000 shares Rs. 20/- per share & on 19,00,000 shares Rs. 40/- per shares] to M/s. Ensen Holding Limited, a Promoter Group Company.

- During the year under review the Comp. went to Public, offering 80,00,000 No. of equity shares of Rs. 10/- each for cash at a premium of Rs. 40 per share aggregating to Rs. 4000 lakhs. The Comp. had made allotment of 80,47,300 No. of equity shares to the Public on 24.12.1994. The additional 47,300 No. of equity shares were considered for allotment in order to help rounding off as per the scheme of allotment approved by Bombay Stock Exchange.

- The Comp. had also reserved 11,50,000 equity shares of Rs. 10/- per share, to Promoters' Group in the prospectus issued by Company.

1996 - The Comp. will be entering into Mutual Fund sector.

1997 - The Comp. came out with a Public Issue of NCDs aggregating Rs.3000 lacs which was subscribed.

1998 - During the year under review, the Comp. issued & allotted 8,20,700 - 14.5% Redeemable Cumulative Preference shares of Rs. 10/- each, fully paid up, aggregating to Rs. 82.07 lacs, on private placement basis.

- Shri N. K. Parikh, Managing Director of Comp. has retired on 21st June on the expiry of his 5 year term.

1999 - The Comp. has created a separate division to strengthen collections & to deal with the legal issues arising thereof. Collections division has been responsible for keeping the receivables under control inspite of sharp deterioration in the financial health of number of small & mid-size companies.

2000 - The shareholders of Mafatlal Finance Comp. have approved the allotment of 22,31,700 shares of Comp. to ICICI at Rs 10 each, 25 lakh shares to ICICI Banking Corporation at Rs 10 each & 1.5 lakh shares to Dhanalaxmi Bank at Rs 10 each.