1984 - The Company was incorporated on 23rd January, as Pioneer Growth
Fund of India Ltd. The Company was mainly engaged in Lease, Hire
Purchase, portfolio investment, etc. The Company was also
engaged in Bill Discounting and other financial activities. The
company was promoted by Ajit Sanghvi and Associates.
1985 - The name of the Company was changed to Pioneer Leasing (India)
Ltd. on 4th December. The name was subsequently changed to
Pioneer Investcorp Ltd. on July 13, 1994.
- The Company proposed to expand its reach by establishing an
elaborate distribution network to market various financial
products like shares, debentures, bonds, fixed deposits and
- 3,00,000 No. of equity shares subscribed for by the subscribersto
the Memorandum, Promoters, Directors, etc. 7,00,000 No. of
equity shares issued at par of which 1,00,000 shares reserved for
allotment to the Promoters, Directors, etc. and 30,000 shares
reserved for preferential allotment to the employees. The
balance of 5,70,000 No. of equity shares offered for public
subscription. 1,50,000 more shares allotted to the Indian Public
to retain oversubscription. Allotment of 1,00,000 shares by way
of retention in respect of the quota for promoters, directors,
etc. was pending.
1989 - Pioneer Credit Ltd. became a subsidiary of the Company.
1991 - 8,05,000 Rights equity shares of Rs 10 each issued for cash at
par in prop. 7:10.
1995 - On 24th April, the Company issued 23,00,000 No.of equity shares
of Rs 10 each for cash at a premium of Rs 50 per share of which
3,00,000 shares were reserved for promoters of the Company.
Another 2,50,000 shares were reserved for NRIs (only 24,700 were
taken up). Of the remaining 17,50,000 shares along with the
unsubscribed portion of the above were offered to public
(19,88,400 shares were taken up).
- Simultaneously, the Company offered 13,50,000 fully convertible
zero interest debentures of Rs 40 each issued on Rights basis
convertible into 13,50,000 No. of equity shares of Rs 10 each at
a premium of Rs 30 per share on 29th of December.
- With a view to entering stock broking activity the company
promoted the Pioneer Intermediaries Ltd.
- members approved delisting from Delhi Stock Exchange