First Leasing Company of India Ltd. Company History and Annual Growth Details

YEAR EVENTS
1973 - The Company was Incorporated on 10th September, and the
Certificate of Commencement of Business was obtained on 3rd
November. It was jointly promoted by Shri. A.C. Muthiah and Shri
Farouk Irani.

- The Company's object is Leasing of movable and immovable
properties and financing.

- The Company floated an affiliate leasing company, viz.,
Responsive Leasing Singapore Pvt. Ltd. in Singapore.

1980 - The Company privately placed with ICICI 5,00,000 - 13.5%
convertible debentures of Rs.100 each with an option to convert
20% of their holdings into equity shares of the company at par in
2 equal instalments.

1981 - All shares held by promoters, their friends, relatives and
associates. In 1977, 2,50,000 'Rights' equity shares issued in
the prop. 1:1.

1983 - 19,347 shares allotted at par on conversion on convertible
debentures.

1984 - 29,628 shares allotted at par on conversion of convertible
debentures.

1985 - The Company decelerated its activites as the Singapore economy
was in a state of recession.

- During January-February, the Company offered 1,50,000 - 15%
secured non-convertible debentures (IInd series) of Rs.100 each
for cash at par on rights basis in the proportion 1 deb : 9
equity shares. These were to be redeemed in full on the expiry
of 7th year from the date of allotment at a prem. of Rs.5 per
debenture.

- On 30th July, the Company allotted another 75,000 - 15% debenture
to retain oversubscription.

- During October, the Company offered 3,00,000 - 15% (IIIrd series)
secured non-convertible debentures of Rs.100 each on rights basis
in the prop. 1 deb : 4 equity shares.

- Another 1,21,500 - 15% debentures were allotted to retain
oversubscription. These debentures are redeemable at a prem. of
Rs.5 per debenture at the end of the 7th year, from the date of
allotment.

- Responsive Hire Purchase and Credit, Ltd. is a subsidiary of the
Company.

- The Company offered equity shares to the public to augment long-
term resources and to get its shares listed on the Chennai Stock
Exchange.

- 19,77,373 rights equity shares issued (prem. Rs.9 per share;
prop. 3:2). 4,94,343 additional shares allotted to retain
oversubscription. Another 8,983 No. of equity shares allotted
to employees' (prem. Rs.9 per share) under Stock Option Scheme.
60 more equity shares allotted in conversion of debentures.

1986 - During September, the Company offered 4,00,000 - 15% secured
convertible debentures of Rs.150 each for cash at par of which
the following were reserved for preferential allotment:

- (i) 1,20,000 debentures to shareholders,

- (ii) 40,000 debentures to debenture holders,

- (iii) 20,000 debentures to employees of the company and associate
companies (including Indian working directors) (only 370
debentures were taken up),

- (iv) 80,000 debentures to deposit holders,

- (v) 8,000 debentures to business associates (only 2,070 debenture
taken up),

- (vi) 32,000 debentures to non-resident Indians (none were taken
up). The remaining 1,00,000 debentures were offered to the
public. 1,00,000 additional debentures were allotted to retain
oversubscription - (i) 150 to shareholders, (ii) 16,160 to
deposit holders, (iii) 10,000 to debenture holders and
(iv) 73,690 to the public.

- The convertible portion of Rs.75 of each debenture was converted
into 5 equity shares of Rs.10 each at a prem. of Rs.5 per share
on the expiry of 1 year from the date of allotment of debentures.
The non-convertible portion of Rs.75 of each debenture was to be
redeemed at par in 3 equal annual instalments at the end of 7th,
8th and 9th year from the date of allotment.

- 25,000 shares allotted at par in conversion of debentures.

1987 - 25,00,000 No. of equity shares allotted (prem. Rs.5 per share) in
part conversion of debentures.

1989 - Authorised capital increased, 1,50,000 redeemable pref. shares
allotted on 28th June. These are redeemable at par at the end of
five years from allotment.

1991 - 20,64,000 shares allotted on conversion of partly convertible
debentures.

1994 - 50,00,000 No. of equity shares issued against warrants, 10,00,000
No. of equity shares allotted on conversion of convertible
cumulative pref. shares.

1995 - 51,97,652 No. of equity shares of Rs.10 each at a prem. of Rs.10
per share allotted on rights basis in prop. 1:3 and 12,29,946
No. of equity shares of Rs.10 each at a prem. of Rs.83.50 per
share allotted to Commonwealth Development Corporation, London on
private placement basis.

2005

-Delist equity shares from The Stock Exchange, Ahmedabad (ASE) with effect from January 28, 2005.

2006

-First Leasing Company of India Ltd has re-elected Dr A C Muthiah, as a Director of the Company and whose period of Office shall liable to be determined by retirement by rotation.

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