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The Investment Trust of India Ltd. Company History and Annual Growth Details

FORTUNE FINANCIAL SERVICES (INDIA) PVT LTD was incorporated on 14th June, 1991 as a Private Limited Company at Bombay, with its Registered Office at K.K. Chambers, (Navsari Chambers), 2nd Floor, Sir. P.T. Marg, Fort, Bombay-400 001 and was subsequently converted into a Public Limited Company by passing a Special Resolution in AGM held on 8.8.94 and obtained a fresh Certificate of change of name on 20.10.94 from Registrar of Companies, Bombay on conversion.

PRESENT ACTIVITIES OF THE COMPANY

Fortune has been set up as a financial services Company engaged in diverse fields such as Merchant Banking, Placements with Non Resident Indians/Foreign Institutional Investors/Financial Institutions/Mutual Funds, Corporate Finance, Money Market Operations, Loan Syndication, Placement of Commercial Paper, Capital Market Operations, Project Counselling, and Corporate Advisory Services.

a) MERCHANT BANKING:

Fortune was accredited as a Category I Merchant Banker by the Securities and Exchange Board of India (SEBI) in April 1993. The Company has since commenced full fledged Merchant Banking activities and in a short span the Company has successfully handled 15 public/rights issues as Lead Managers Co-Manager and Advisors as the case may be mobilising in aggregate capital of Rs.142 crores.

The Issues handled by Fortune to name a few are : Pan Electronics Ltd, Pidilite Industries Ltd, United Phosphorus Ltd, Marg Securities Ltd, Moira Re-rolling Mills Ltd, Maximaa Systems Ltd, Vishal Chairs Ltd, Trident Steels Ltd, Spearhead Metal & Alloys Ltd, Vijay Growth Financial Services Ltd, Vamotivala Chemical Industries Ltd, Keystone Industries Ltd, Salguti Plastics Ltd, Enarai Finance Ltd, and Unified Agro Industries (India) Ltd.

Fortune was involved in handling four issues for mobilising funds aggregating Rs.1,153 lakhs in the capacity of pre-issue Lead Manager. Further it was associated in four issues as post issue lead manager wherein the total funds mobilised were Rs.1,198.98 lakhs. In the capacity of Co-managers/Advisors it was involved in seven issues which mobilised Rs.11,828.6O lakhs. This far, only one issue managed by Fortune aggregating Rs.284 lakhs was not fully subscribed thereby resulting in a devolvement on underwriters.

Fortune has recognised the liberalised economic policy of the Government and the opening of investment opportunities to the Non-Resident Indians. In order to channelise the Non-Resident Indian Investment into the country it has established extensive marketing network through its associates in U.A.E, Europe and U.S.A through high networth investors and clients. This facilitates marketing of issues approaching the capital market in India with NRI Reservations. The Company specializes in placement of shares to NRI's thereby offering the Non-residents
an opportunity to invest in the country.

Fortune has in addition several mandates in hand and the Companies are slated to tap the capital market in the coming months. The Company is well placed to offer a complete package in issue management including capital structuring and instrument designing and marketing of issues to local and NRI clients. In addition to issue management the Company also acts as underwriter to various Public/Rights issues. The Company has so
far underwritten 85 Issues aggregating Rs.23 crores.

b) MONEY MARKET OPERATIONS:

Money market operations include within its purview direct funding for intercorporate deposit requirements, discounting of bills (both clean or L/C) and intermediation for such requirements of the corporates. Further placement of commercial paper is also included within its fold. The following are a few of the prestigious clients of the Company:

McDowell & Co Ltd. Transelectra Domestic Products Ltd.

Western India Group Herbertsons Ltd.

Mirc Electronics Ltd. Pidilite Industries Ltd.

United Phosphorous Ltd. United Breweries Ltd.

REPL Engeering Ltd. Alok Textiles Ltd.

Blue Blends (I) Ltd. Electrex (India) Ltd.

Fortune, since its inception has been actively involved in Money Market Operation and Corporate Finance activities by bridging the demand and supply gap of funds for its corporate clients.

Fortune's presence in this field is visible by the increase in the funds syndicated by it since 1991-92. In the first six months of operations the total amount mobilised was Rs.8 Crores thereafter growing to Rs.20 Crores in 1992-93 and to Rs.80 crores in 1993-94.

c) LEASING & HIRE PURCHASE

The Company's lease and Hire Purchase portfolio at present is Rs.210 lakhs. At present the Company is concentrating on its existing clientele from its Merchant Banking and Money market departments, to tap this market.

The Company provides Lease and Hire Purchase finance for the acquisition of plant & machinery, equipments, vehicles, computers and consumer durables. The tenure and structure are tailor made to suit the client requirements.

d) INVESTMENTS

The Company undertakes investment in shares of fundamentally sound companies after thorough evaluation of the performance of the Company. The basic guiding factor in all such decisions is to enhance returns by managing risks. Some of the criteria taken into consideration while making investment decision are:

1. Company analysis including leverage, margins, EPS, etc.

2. Industry/Company sensitivity to market factors.

3. Historical price movement of the particular scrip.

4. Market capitalisation vis-a-vis similar companies.

5. Market information.

6. Liquidity of the scrip.

a) EQUITY RESEARCH

At present the equity research team carries on industry reviews and research activities on individual companies which are made available to its clients in the form of a monthly newsletter titled FORTUNE NEWS CAP. FORTUNE NEWS CAP contains information on latest developments in the capital market and also detailed analysis of equity offers that are being made to the public.

2002

-Muthiah Ganapathy appointed as Company Secretary of Fortune Financial Services.

2006

-Fortune Financial Services (India) Ltd has given the Bonus in the Ratio of 1:1

2009

- Fortune Financial Services India Ltd has appointed Mr. Sanjay Kothari as an Additional Director w.e.f. September 25, 2009, through a Board Resolution passed by circulation.

2010

- The appointment of Mr. Devesh Kumar as the Joint Managing Director and Group CEO.

2012

- A new subsidiary Company viz. Fortune Integrated Home Finance Limited has been incorporated to carry on the business of Home Loans.

- Mr. Chintan Valia has been appointed as an Additional Director of the Company.

- a new subsidiary company viz. Fortune Integrated Assets Finance Limited has been incorporated to carry on the business of Vehicle & other assets Loans.

2013

-Its subsidiary entered into Memorandum of Understanding for acquisition of 100% stake of Antique Stock Broking Limited.

2014

-An agreement has been entered in to between Fortune Credit Capital Ltd and M/s. Fortune Integrated Assets Finance Ltd (subsidiaries of the Company) on September 29, 2014 for transfer of Vehicle Finance business by Fortune Credit Capital Ltd to M/s. Fortune Integrated Assets Finance Ltd on the terms and conditions as mutually agreed between the subsidiaries.

2016
-Fortune Financial Services India Ltd has Acquired shares of Kohinoor India Reinsurance Company Limited and United Petro Finance Limited.

2018
-Company name has changed to The Investment Trust of India Ltd. from Fortune Financial Services (India) Ltd.

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