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Manipal Finance Corporation Ltd. Company History and Annual Growth Details

1984 - The company is incorporated on 29th March. The Company obtained
the Certificate for Commencement of Business on 24th April. It
was promoted by the Pais of Manipal engaged in the business of
hire purchase, finance and leasing of industrial and commercial
goods and vehicles, general finance, agency, guarantee and

1985 - 2,00,000 shares subscribed by promoters etc.

1986 - 8,00,000 shares issued at par of which 2,00,000 shares were
reserved and allotted to promoters, directors, etc. and business
associates. Another 40,00,000 shares were reserved and allotted
on a preferential basis to employees of the Company. The
remaining 5,60,000 shares offered to the public in July.

1989 - The Company transacted hire purchase business to the extent of
Rs 10.19 crores.

1990 - 2,700 forfeited shares either reissued or forfeiture on them
annulled. 5,00,000 rights shares issued at par in prop. 1:2 (all
were taken up). Simultaneously another 25,000 shares issued at
par to employees of the company (only 17,080 shares taken up).

1992 - During January, the Company issued 10,11,387 Rights equity shares
of Rs 10 each for cash at a premium of Rs 5 per share in
proportion 2:3 (all were taken up). Additional 1,51,708 shares
were allotted to retain oversubscription.

- Another 50,569 No. of equity shares of Rs 10 each at a premium of
of Rs 5 per share were offered to the employees on an equitable
basis (only 26,159 shares taken up). Unsubscribed portion of
24,410 shares was allowed to lapse.

1994 - 13,53,167 No. of equity shares allotted as rights at a premium of
Rs 5 per share in prop. 1:2.

1995 - The Company allotted 26 lakhs warrants of Rs 19 each on
preferential basis to promoters and their associates. These are
convertible into equity shares of Rs 10 each at a premium of Rs 9
per share.

- The Company allotted 5,00,000-17% cumulative redeemable
preference shares of Rs 10 each on private placement basis.
These are redeemable at par after 12 months but not later than 5
years from the date of allotment at the option of the holder.


-Manipal Finance Corporation Ltd has informed that the company has informed that at the Annual General Meeting held on December, 30 2003 approved delisting its equity shares from Mangalore and Bangalore Stock Exchanges.
Oct 21, 12:00 am
Oct 21, 4:14 pm
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