Lakshmi Finance & Industrial Corporation Ltd

Lakshmi Finance & Industrial Corporation Limited, formerly known as The Andhra Bank Limited was incorporated as Public Limited Company in November, 1993. Consequent to nationalization of the Andhra Bank on 15.04.1980, the Company's name was changed to Lakshmi Finance & Industrial Corporation Limited and since then the Company got involved in Financial activities. Leasing, Hire Purchase, Bill discounting, Corporate Finance etc., and during the period i.e. 1988 to 2002 in the manufacturing field Manufacturers of PET containers and Injection Moulded Components. Since market conditions became less attractive and also there were no suitable borrowers for money lending for NBFC activities from 1995 onwards, because of various scams that shocked the financial markets and consequent regulatory requirements affected the Company's NBFC operations, on account of which the market environment was not conducive for NBFC activities. Hence, for the past few years, the Company was mainly carrying on the business of investments in equity shares, mutual funds and other securities. Further, the major portion of the funds were in the nature of investments either in the shares or mutual funds. With regard to NBFC Registration, the Reserve Bank of India in exercise of the powers conferred on it by Section 451A of the Reserve Bank of India Act 1934 has granted a Certificate of Registration on 9th December, 1998 as 'Non-Banking Financial Institution'. Later, in 2002 the Company repaid entire deposits and further based on the Company's financial position, Reserve Bank of India, issued a Certificate of Registration dated 26th February, 2002 to carry on the business of Non-Banking Financial Institution without accepting public deposits. The Company is a dividend paying Company since 1982 and issued Bonus shares in 1992, 1996 and 2009 and was listed on Hyderabad Stock Exchange till year 2006. Later, as Hyderabad Stock Exchange was derecognised and the Company continued the listing at Madras Stock Exchange. Thereafter, SEBI sought voluntary surrender of recognition of Madras Stock Exchange based on the then guidelines and exited before the deadline of 30th May, 2014. At the same time, the Company made an application to National Stock Exchange of India (NSE) for listing of the Company Shares. After complying with the Listing requirements of NSE, the Company shares got listed on NSE effective from 15.04.2015.