MEGA FIN (INDIA) Share price

The Company was incorporated in the state of Maharashtra on19th May 1982 as a Private Limited Company in the name ofBlue Yellow Investments and Finance Pvt. Ltd. Mittals oneof the leading real estate developers and industrialists inthe country acquired the Company in June 1982 before thecommencement of any business activity of the Company. TheCompany is presently under the control and management ofMr. Ajay Mittal the Main Promoter.During the first few years of operations the Company wasengaged in investment activities. With the liberalizationand financial sector reforms the name of the Company waschanged to MEGA FIN (INDIA) LIMITED on 13th October 1992to reflect the broad basing of the activities frominvestments to a whole gamut of financial services.The Board of Directors of the Company comprises of eminentindustrialists and professionals from fields as diverse asconstruction manufacturing insurance and banking. Themanagement team of the Company includes highly qualifiedpeople from various financial and related disciplines suchas capital markets funds management project funding andappraisal banking and accountancy.PRESENT BUSINESS ACTIVITIESThe Company was engaged in investment activities upto 1990and from the year 1991 onwards also undertook leasing andhire purchase of industrial machinery office equipmentscomputers and consumer durable. As on 31st March 1996 theCompany''s lease and hire purchase portfolio stands at Rs.186.36 lacs & 133.55 lacs respectively.The Company obtained Category I Merchant Banker status fromthe Securities and Exchange Board of India on the 16th May1994 and has since undertaken underwriting of the public /rights offers syndication of finance project appraisalsand issue management activities. The Company has sincelead managed 8 public issues and 3 rights offers andCo-Managed 1 public issue raising Rs. 4529.05 lacs fromthe capital markets and has in hand 18 mandates for leadmanaging public / rights offers aggregating approx. Rs.7000.00 lacs.The Company extended underwriting commitments aggregatingto Rs. 937.44 lacs upto 31st March 1996. There are nooutstanding underwriting commitments as on 31st March1996. The Company has placed Equity aggregating to approx.Rs 350 lacs with NRIs/ FIIs and Mutual Funds includingplacement in the issues lead managed by others.The Company had obtained membership of Bhubaneshwar StockExchange Ltd. through an auction which now standstransferred to the subsidiary company MEGA CAPITAL BROKINGPVT. LTD. A writ petition challenging the cancellation ofthe card of the earlier card holder has been filed by thesaid cardholder in the Bhubaneshwar High court againstBhubaneshwar Stock Exchange and along with SEBI and Unionof India Mega Fin has been made a party to the samepetition. In the opinion of Bhubaneshwar Stock Exchangethe auction of the card to Mega Fin is absolute and valid.The case was listed for hearing several times but has notbeen heard. The Company does nut have any direct liabilityon account of the writ petition.The Company has opened a full fledged brand office atAhmedabad and is undertaking merchant banking assignmentsat the Branch at present.