Gujarat Lease Financing Ltd

(GLFL)

Gujarat Lease Financing GLFL was formed in Jul.83 as a whollyowned subsidiary of the Gujarat Industrial Investment Corporation GIIC to provide financial services for allround development of industries in and around Gujarat. The company commenced operations in 1985 and went public in 1990 reducing GIICs stake to 51. In 1994 GIIC entered into a jointsector agreement with the Torrent group and reduced its stake to 26 with the Torrent group holding 25.GLFL also undertakes investment banking and securitiesrelated credit. With a plan to diversify during 199192 the merchant banking division became operational and the company was registered as a categoryI merchant banker with the SEBI. GLFL has also entered housing finance with the launch of GLFL Housing Finance in Mar.93 and got it recognised by the National Housing Board. GLFL Securities a fullyowned subsidiary of GLFL has the corporate membership of the BSE and the NSE in the debt as well as capital market segments and also trades on the Ahmedabad Stock Exchange. To venture into real estate development GLFL Realities was incorporated in 1995. GLFL International was also established in the same year to set up branches in Singapore and Dubai. In 199596 the retail finance division started a scheme for financing commercial vehicles.During the year 200405 the Scheme of Compromise and Arrangement to discharge the liability of the banks was sanctioned by the Honble High Court of Gujarat. The Company released payment as per the Court order. As per the Courts order the income received pertaining to assigned assets after July 2004 was transferred to the Consortium of Banks. Subsequent to the Courts order GLFL recovered Rs.344 lacs till date from the charged assets and deposited with the member banks. As a result of this the Company had no external debts at the end of the year. During the year 201819 three wholly owned subsidiary companies GLFL Housing Finance Ltd. GLFL Securities Ltd and GLFL International Ltd. were amalgamated with the Company through the Scheme of Amalgamation effective from 1st April 2017. As per the Scheme all the business undertakings of three subsidiary Companies got transferred in the Holding Company..

Share Price: ₹6.90 per share as on 21 Nov, 2024 04:01 PM
Market Capitalisation: ₹18.72Cr as of today
Listing date: 05 Dec, 1994
Chairperson Name: Animesh Mehta