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History of Lloyds Finance Ltd.

YEAR EVENTS 1985 - The Comp. was Incorporated on 13th August as Magnificient Leasing & Investments limited & obtained the Certificate for Commencement of Business on 18th October. It was promoted by R.N. Gupta of Lloyds Group of Companies.

- The Company object is engaged in the business of leasing, hire purchase, merchant banking, equity research, corporate finance, portfolio management, forex & other advisory services.

1990 - In April, the Comp. started bill discounting and inter-corporate deposit placement.

1991 - In August, the Comp. further diversified its business profile by adding merchant banking, securities finance, equity research, portfolio management etc. To reflect Group Identity the name of the Comp. was changed to Lloyds Finance Ltd.

- Effective 1st April, four other companies belonging to the group viz. Avron Investments limited Revlon Investments and Finance Ltd., Mukesh Properties Pvt. limited & Magnetic Steels International Ltd with interest in investment, export, trading & real estate were merged with the company. The Scheme of said amalgamation received approval from the High Court of Mumbai vide their order dated 18.03.1992.

1993 - The Comp. launched 'Inno Advisor' a comprehensive package involving key specialist functions such as portfolio broadbasing counselling & restructuring.

- 7 No. of equity shares subscribed for by signatories to the Memorandum of Association. 9,99,993 No. of equity shares of Rs.10 each issued through a prospectus of 9th Jan. 1986 as follows:

- [is] 3,99,993 shares reserved for allotment on a firm basis to public. Balance 6,00,000 shares issued to the public.

- Additional 2,50,000 shares allotted to retain over subscription [one lakhs to promoters & 1,50,000 shares to publics]. 57,00,000 shares allotted to amalgamating companies of these 18,81,760 shares were cancelled because of cross holdings by companies which also includes 5,98,560 shares of Lloyds Fin. Ltd. During January, the Comp. 25,55,000 Rights equity shares [prop. 3:4 prem. of Rs.55 per shares]. 47,95,000 No. of equity shares were simultaneously issued through prospectus, at a prem. of Rs. 55 per share as follows: on preferential allotment basis:

- [is] 25,00,000 shares to shareholders of Lloyd Steel Industries Ltd.

- [iis] 95,000 shares to Lloyds & Group companies [only 900 shares taken ups].

- Balance 22,00,000 shares along with 94,100 shares not taken by employees issued to the public.

1994 - The Auto finance division introduced two new products viz., Auto Sec H for financing secondhand cars & Auto Soft a concessional finance scheme for clients with prompt repayment record.

- During December, the Comp. set up the said unit offering its entrepreneurs turnkey services encompassing techno-feasibility studies, conception of project. In addition also provides for merchant appraisal assignment wherein it offers services in bought out deals, mergers & acquisition.

1995 - The Comp. issued through the prospectus 100,00,000 debentures of Rs.190 each with warrants as follows:

- On firm allotment basis: [is] 1,15,000 debentures to Indian Mutual Funds.

- [iis] 4,02,500 debentures to Indian Financial Institutions/Banks.

- [iiis] 1,44,800 debentures to FIIs/NRIs/OCBs.

- Of the remaining, the following were - for allotment on preferential basis:

- [is] 18,85,000 debentures to Indian Mutual Funds,

- [iis] 15,97,500 debentures to Indian Institutions/Banks,

- [iiis] 22,55,200 debentures to FIIs/NRIs/OCBs,

- [ivs] 42,500 debentures to employees,

- [vs] 10,00,000 debentures to Indian shareholders of group companies. Balance 25,57,500 debentures to public. Part A of Rs.70 of each debenture was to be converted into one equity share of Rs.10 each at a prem. of Rs.60 per share at the end of 6 months from the date of allotment of debentures.

- Part B of Rs.120 was to be converted into one equity share at the end of 18 months from the date of allotment at a price of 50% of the average market price at BSE for previous six months prior to such conversion, subject to a max. of Rs.120 & min. of Rs.10 It conversion price is below Rs.120, the surplus amount shall be refunded. OR, the shareholders have the option to redeem the `B' part in 3 equal instalments at the end of 36, 42, 48 months from the date of allotment.

- One detachable freely tradeable equity warrant was to be allotted for every 10 debentures. Warrant was to be converted into 1 equity share of Rs.10 each by paying Rs.10 per warrant at the end of 12 months from the date of allotment.

- 74,93,240 bonus equity shares allotted in prop. 1:2.

1996 - 92,23,100 shares allotted on conversion of part `A' of optionally fully convertible debentures. 7,95,600 shares allotted on conversion of warrants.