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Can Fin Homes Ltd. Company History and Annual Growth Details

YEAR EVENTS
1987 - The Company was incorporated on 29th October. The company has
been promoted by Canara Bank, one of the Nationalised Banks in
India, jointly with Canbank Financial Services Ltd., UTI, HDFC,
and ICICI. The Company was incorporated in Bangalore with the
primary object to provide housing finance.

- The Company provides long-term housing loans to individuals or
corporate bodies for construction or acquiring houses/flats.

- 34,50,070 No. of equity shares allotted for cash at par to
promoters.

1988 - The Company had 14 branches with 7 branches in Karnataka, 3 in
Tamil Nadu, 2 in Andhra Pradesh and 1 each in Delhi and
Pondicherry.

1989 - 64,49,930 No. of equity shares then issued at par of which the
following shares were reserved and allotted on a firm basis:

- (i) 14,99,970 shares to Canara Bank;

- (ii) 1,99,990 shares to Canbank Financial Services Ltd.,

- (iii) 6,24,980 shares to HDFC and

- (iv) 6,24,990 shares to UTI. Of the remaining 36,00,000
shares, the following shares were reserved for allotment on
preferential basis:

- (i) 5,00,000 shares to employees/workers of the Company and
promoter companies (only 4,41,500 shares taken up) and

- (ii) 10,00,000 shares to Asian Development Bank, Manila,
Philipines (ADB) (all were taken up). The balance 21,00,000
shares along with 58,500 shares not taken up by employees were
offered for public subscription during Febraury 1989 (all were
taken up).

1990 - The National housing Bank (NHB) extended its Home Loan Account
Scheme (HLAS) to the customers of the Company. Under the scheme,
a depositor is entitled for a loan from the Company after the
minimum period of deposit of 3/5 years.

- The Company had 23 branches spread over in 8 States and 2 Union
Territories.

1992 - During the year CFHL has issued 10,50,000 15% Secured Redeemable
Partly Convertible Debentures (I Series) of Rs.250 each
aggregating Rs.26.25 crores.

- Of the aforesaid debentures 10,00,000 Debentures were offered to
the shareholders of the Company on Right Basis in the ratio of
one Debenture for every 10 equity shares held and the balance
50,000 Debentures were offered to the employees of the Company.

- The Rights offer was well received and was more than fully
subscribed. The Debentures comprise of Convertible Part A of
Rs.150 and Non-Convertible Part B of Rs.100.

- The Part A shall be converted to 10 fully paid equity shares of
Rs.10 each at a premium of Rs.5 per share on September 30, 1992.
On conversion equity capital of the Company would be more than
doubled to Rs.20.5 crores.

- During the year CFHL has opened a branch at Bhubaneshwar in the
state of Orissa, raising the network of branches to 24.

- During the year computers have been installed at almost all
branches of the Company. Proper computerisation has ensured
upto-date information, speed in data retrieval and enhanced
customer service.

1993 - During the year CFHL has opened a branch at Lucknow in the state
of Uttar Pradesh raising the net work of branches to 25. To date
CFHL has branches in 10 States and 2 Union Territories.


- During the year CFHL has introduced scheme called 'In-Principle
Sanction'.

1996 - The Company proposed to undertake leasing and hire purchase of
all types of industrial and other plants, construction equipments
and machinery, computers, electrical data processors etc.

- The Company intends to undertake the new branch of Activity in
due course of time.

1997 - During Feb./March, the Company issued 10,50,000-15% secured
redeemable partly convertible debentures of Rs 250 each on Rights
basis in proportion 1 deb: 10 equity shares held (all were taken
up).

- Part A of Rs 150 would be converted into 10 Equity shares of Rs
10 each for cash at a premium of Rs 5 per share. Part B of Rs
100 would redeemed at the end of 7th year from date of allotment
i.e. 31.3.1992.

- During the year the company had to effect changes in the interest
rates offered on its deposit schemes from time to time and had
continued to accept deposits at a maximum interest of 15% per
annum.

- During the year the Company opened new branches at Ahmedabad,
Chandigarh, Cochin and Patna and has planned to open a branch at
Baroda.

1998 - The Recurring Deposit Scheme was introduced during the period.

- The deposits schemes of the company has the reaffirmed rating of
'MAA' by M/s. ICRA Ltd., for 1997-98, indicating High Safety with
regard to timely servicing of principal and interest.

1999 - During the year, a new deposit scheme called 'Abhivridhi Deposit
scheme' was introduced wherein the deposit amount gets doubled in
65 months.

- The Company has been selected by National Housing Bank as one of
the participants in the pilot issue of mobilisation of resources
through Mortgage Backed Securities (MBS).

- During the year the Company launched an Interactive Website,
www.canfinhomes.com providing relevant information to the
aspirants to own a Home, apart from details of deposit schemes of
the Company etc.

2000 - Canfin Homes, a unit of Canara Bank, proposed to disburse Rs 360
crore as housing loans throughout the country.

- Mr. R.J. Kamath, Chairman & Managing Director and Mr. N. Venugopala
Reddy were appointed as Directors. Mr. R.V.S. Rao was reappointed as
Director on the board.


2001-The National Housing Bank (NHB) has signed a pact with Canfin Homes Ltd and LIC Housing Finance Ltd (LICHFL) for its second round of securitisation for housing loans worth Rs 137.63 crore

--Canfin Homes Ltd has reduced its interest rates on housing loans to 13.25 per cent.



2002-Can Fin Homes Ltd has informed the Exchange that Mr. G Umesh Shenoy, Managing Director of the company has tendered resignation and the same was accepted by Board. Mr. Peter D F Cardozo has been inducted as an Additional Director and also appointed as the Managing Director of the company w.e.f. September 18, 2002. Further, Mr. K V Hegde has been appointed as an Additional Director u/s 260 of the companies act, 1956.



2003


-Can Fin Homes unveils Can Fin Home Loan Fair in Kerala

-Can Fin Homes has unveils all-India campaign from November 14 to December 31

-Mr. S Doreswamy has been appointed as an Additional Director of the Company ,
Mr. V K Badami, Deputy General Manager, National Housing Bank has been nominated as a Director of the Company in place of Mr. R V Verma, Executive Director by the National Housing Bank from September 16, 2003. Further, Mr. N Venugopala Reddy, Director has resignede

- 1) Mr. S Doreswamy has been elected as Chairman of the Company.
- 2) Mr. K V Hegde, Chairman & Director of the Company had tendered resignation.
- 3) Mr. K Annappayya has been appointed as an Additional Director.


2004

-Can Fin Homes has launched a new product, Personal Loan Scheme, for existing borrowers.

2005

-CanFin sets up new branch office in Hyd

2007

-Can Fin Homes Ltd has informed that Dr. Ashok K Mittal, Educationist, New Delhi has been inducted to the Board as an Additional Director of the Company pursuant to Section 260 and all the applicable provisions of the Act, if any, of the Companies Act, 1956 ('the Act') on September 03, 2007.

2008

-Can Fin Homes Ltd has appointed Mr. Ashok K Mittil as Director liable to retire by rotation and Mr. S Doreswamy was re-appointed as Director at the 2lst Annual General Meeting of the Company held on September 24, 2008.
 
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