CIFCO Finance Ltd. Company History and Annual Growth Details

YEAR EVENTS
The Company was incorporated on 16th February 1984, as a Public Limited Co. in Maharashtra. It obtained the Certificate of commencement of Business on 18th February. It was promoted by Champaklal Investment & Finance Consultancy Ltd. and its associates. Its objects and activities constitute business in leasing and hire-purchase, dealing in short-term money market instruments, business of underwriting placement & investments etc.

The Company entered into business of bill discounting and rediscounting, trading in shares, placing intercorporate deposits and venture finance.

1985 - 7 No. of equity shares were subscribed for by the signatories of
Memorandum and Articles of Association. 39,99,993 shares were
then issued at par of which 15,99,993 shares were reserved and
allotted to promoters, directors, their friends and relatives.

- Out of the remaining 24,00,000 shares, the following shares were
reserved for preferential allotment: (i) 2,00,000 shares to
employees of the company and those of the associate companies
(only 9,000 shares taken up). (ii) 7,50,000 shares to NRIs on
non-repatriation basis (all were taken up).

- The balance 14,50,000 shares, alongwith the unsubscribed 1,91,000
shares of the employees quota were offered for public
subscription during October. Additional 8,00,000 shares were
allotted to retain oversubscription (3,20,000 shares to
promoters, directors, etc. 77,000 shares to NRIs and 4,03,000
shares to public).

1989 - The Company Booked hire-purchased business and lease business.
As a measure of diversification, it entered into the business of
financing consumer durables and completed business on this
account till 31st March.

- A major operational centre with a safe deposit vault was opened
at Pune during early months of the year, incorporating safe
deposit vault with 900 lockers.

- The Company started the bill discounting activity at Ahmedabad.

1990 - The Company opened branches at Ahmedabad and Navsari.

1991 - The Company proposed to promote a new asset management Company
namely `Cifco Asset Management Ltd.,' and subscribe upto Rs 2
crores initially in the equity capital of this company.

1992 - Due to unfavourable conditions in the Capital market, the Company
suffered freeze on bank limit.

1994 - The Company commenced sub-underwriting primary market issues on
selection basis.

- Two investment companies namely, Kumkiar investments & Trading
Co. Pvt. Ltd., and Kesuda Investments & Trading Pvt. Ltd. became
subsidiaries of the Company.

- The Company issued 29,791 Unsecured Non-Convertible Debentures of
Rs 100 each on private placement basis to selective individuals
and organisations.

2006

-The Registered Office of the Company was changed from Nariman Point, Mumbai to Fort, Mumbai.

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