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History of Nagarjuna Finance Ltd.

YEAR EVENTS 1982 - The Comp. was Incorporated on 24th March. It was promoted by K.V.K. Raju & K.S. Raju.

- The Company object is to provide lease finance, hirepurchase finance, investment finance & management services.

1983 - 6,00,000 No. of equity shares subscribed for by promoters etc. 9,00,000 No. of equity shares offered at par for public subscription during May 1983.

1984 - The Comp. made an equity linked debenture issue for 7,50,000 No. of equity shares of Rs.10 each & 2,40,000 - 15% secured redeemable debentures of Rs.100 each both for cash at par to the existing shareholders on a rights basis. The Comp. also had an option to retain upto 25% of issue against oversubscription. A part of this issue was offered to the Company debenture and deposit holders. This issue was fully subscribed & the shares & debentures allotted under this offer became effective from 1st October, 1985. Additional 1,87,500 No. of equity shares and 60,000 debentures were allotted to retain over subscription.

- 7,50,000 No. of equity shares offered to the equity shareholders on a right basis in the prop. 1:2, linked with debentures.

1985 - Allotment of equity shares completed in Oct. 1985. 1,87,500 additional shares issued to retain over subscription.

1990 - The Comp. entered the field of property development & had some projects on hand for execution. Authorisation was received from the Securities & Exchange Board of India [SEBIs] for carrying out Merchant Banking activities & with this, a separate Merchant Banking division was set up for issue management, portfolio management etc.

- New branches were set up in Salem & Cochin.

- During May-June, the Comp. offered 36,56,250 No. of equity shares of Rs.10 each for cash at par on Rights basis in the prop. 3:2 [all were taken ups]. Additional 5,48,420 No. of equity shares were allotted to retain oversubscription.

- Simultaneously another 1,82,812 No. of equity shares were issued to the employees under the Employees Stock Option Scheme [only 30,000 shares taken ups]. The unsubscribed portion of 1,52,812 shares was allowed to lapse.

- Authorised capital increased & reclassified 42,34,670 No. of equity shares allotted: 42,04,670 shares as Rights & 30,000 shares to employees.

1991 - A joint venture under the name Nagarjuna Securities limited was floated with Prudential Capital Markets limited with an initial capital of Rs.1 crores. The Capital was being raised to Rs.3 crores.

- The Comp. proposed to set up a 100% Export-Oriented-Mushroom growing & processing unit with an installed capacity of 2,000 tonnes per annum. The technology was being arranged & the Comp. also proposed to enter into a marketing tie-up with leading importers in Europe & U.S.A.

1992 - Right equity shares issued in ratio of 1:1.

1994 - 1,94,805 No. of equity shares forfeited.

1995 - 12,00,000 No. of equity shares allotted on conversion of warrants at a prem. of Rs.24 per share to the promoters group.