The Investment Trust of India Ltd Company Summary

The Investment Trust of India Ltd Summary

The Investment Trust of India Limited (Erstwhile Fortune Financial Services (India) Limited) was incorporated on June 14, 1991 as a Private Limited Company. It was subsequently converted into a Public Limited Company on October 20, 1994. The Company made an Initial Public Offer in February, 1995 and got listed on BSE Limited and National Stock Exchange of India Limited.The Company is into the business of financial advisory and consultancy services and engaged in goods trading activities. Apart from these, the Group business consists of equity and commodity broking, mutual fund , financial services, lending business, investment banking and third party distribution activities which are carried out by separate subsidiaries and associate of the Company.In Feb.95, Fortune came out with a Rs 7.5-cr public issue at a premium of Rs 20 to augment long-term working capital requirements, expand fund-based activities, finance diversification and to set up infrastructural facilities at Madras, Bangalore and Pune. Total requirement of funds was estimated at Rs 18.74 cr. The Company is engaged in corporate finance, money market operations, loan-syndication, capital market operations, corporate advisory services, etc. The company is also accredited as a category-I merchant banker by SEBI. Some of the issues handled by Fortunes merchant banking division include that of United Phosphorus, Pidilite, Pan Electronics, Trident Steels, etc. Fortune also has a equity research team which carries out research activities and publishes a monthly news letter titled Fortune News Cap. Fortune has also floated a subsidiary called Hazel Finvest Pvt Ltd but the company has not yet commenced operations. It now intends to expand fee based activities like Merchant Banking, Mergers and Acquistions and in private equity placements.FFSL became the first company in India to go for buy-back of its shares consequent to the buy-back guidelines becoming effective in January 1999.During the year 2001 the company has become a Corporate Member of The Stock Exchange,Bombay and commenced its Stock Market Operations. Private Placement to Popular Entertainment Network Limited was one the landmark achieved by the company and the same has been done to clickforcotton.com also.Second placement was also done by the company during the year to Goldstone Technologies and Mirc Electronic Limited.During the year 2001-02, Company commenced its full fledged broking operations with a leading US based Mutual Fund. As a part of regular Issue Management activity, the Company managed one IPO, two Takeover offers and one Rights Issue. In 2002-03, the major landmark during the course of the year was managing the Buy back offer of Gujarat JHM Hotels. As a part of regular Issue Management activity, the Company managed some Takeover offers and Rights Issue. Apart from Gujarat JHM Hotels, another prestigious take over offer managed by the Company was takeover offer of Alpha Drugs by Punjab Chemicals and Pharmaceuticals.During the year 2003-04, Company was appointed as Merchant Bankers to manage an Open Offer by M/s. Zircon Traders Ltd. (completed in February 2004), M/s. ADF Foods Ltd. (kept on hold by SEBI) and by M/s. Hardcastle & Waud Manufacturing Co. Ltd. (withdrawn by the acquirer). It then embarked for raising equity funds from overseas markets. It opened first Branch in Hyderabad in March, 2004. Company made a bonus issue in the ratio of 1:1 on March 31st, 2006.During 2007-08, the Company expanded to 51 business locations across seven states on pan-India basis; it launched new services like Portfolio Management Services, On-line Distribution of application, distribution of insurance, NBFC activities. It strengthened Investment Banking Division to increased demand in all segments of capital market. Thereafter, the Investment Banking Division undertook 4 FCCB Issues, 1 Initial Public Offering, 1 Rights Issue, 2 Syndicated Foreign Currency Term Loans, 1 ECB syndication and 1 Private Equity Placement aggregating Rs.1,396.80 Crores equivalent to US$ 349.20.During year 2007- 08, the Company formed two wholly owned subsidiary companies viz. Fortune Credit Capital Limited and Fortune Insurance Advisory Services (India) Limited. Also, it acquired remaining shares of Fortune Equity Brokers (India) Limited & Fortune Commodities & Derivatives (India) Limited from the shareholders and thereby these two subsidiaries became wholly owned subsidiaries of the Company.During year 2011-12, Company issued 6,00,000 equity shares of Rs.10 each fully paid at a premium of Rs.70 per equity share on conversion of 6,00,000 equity warrants of Rs.10/- each which were issued on February 5, 2010. On issue of these shares, the paid up Capital of the Company increased from to Rs. 12.88 Crores. The Company acquired 100% equity shares of Antique Stock Broking Limited, whereby it became a subsidiary of the Company effective from 31st March, 2014.During 2013-14, the then existing promoters with Sharyans Resources Limited, Fine Estates Private Limited, Neostar Developers LLP and Aditya InfoTech Private Limited disposed their shares in the Company through the Share Purchase Agreements, by virtue of which the transaction completed in April, 2014 and onwards, the existing promoters ceased to be the promoters of the Company and the Acquirers along with Persons Acting in Concert (PACs) acquired control over the Company and also became its New Promoters. The Company acquired 47,68,022 equity shares of Rs. 10/- each fully paid up of Inga Capital Private Limited, representing 68.19% of the paid up capital of the investee Company, whereby it became a subsidiary of the Company effective from 26th February, 2015.During the year 2015-16, the Company acquired 22,23,788 equity shares as investment of Inga Capital Private Limited and Inga Capital Private Limited became wholly owned subsidiary of the Company effective from 29th July, 2015. It acquired 22,70,000 equity shares of ITI Wealth Management Private Limited whereby ITI Wealth Management Private Limited became subsidiary of the Company effective from 23rd October, 2015. It acquired 80,000 equity shares of Kohinoor India Reinsurance Co Limited and effective from 30th March, 2016 it became a subsidiary of the Company. 5,00,000 equity shares of United Petro Finance Limited and it became an associate of the Company effective from 30th March, 2016. 1,00,000 equity shares of Distress Asset Specialist Private Limited, whereby it became the wholly owned subsidiary of the Company effective from 1st September, 2015. Further, the Company invested a sum of Rs.16.20 Crores in equity shares of Fortune Credit Capital Limited by subscribing to 54, 00,000 equity shares of Rs. 10/- each fully paid at a premium of Rs. 20 per equity share. On 21st April, 2016 the Company subscribed 51,00,000 equity shares of Rs. 10/- each at par aggregating to Rs. 5.1 Crores of Crest Debt Capital Markets Limited. on acquiring these shares, Crest Debt Capital Markets Limited was made a subsidiary of the Company.During the year 2016-17, a new subsidiary in the name of ITI Mutual Fund Trustee Private Limited was incorporated. Similarly, Antique Stock Broking (IFSC) Private Limited incorporated as a new Subsidiary during the same period. The Company commenced the business in trading of textile items in 2016-17.