NBI Industrial Finance Company Ltd

N.B.I Industrial Finance Company Limited was originally incorporated on December, 21, 1936 in the name of 'The New Bank Limited' under the Companies Act, 1913. The name of the company was subsequently changed to 'The New Bank of India Limited' with effect from 4th November, 1941. The Company was carrying on banking business at that time. The banking business of the Company was taken over by the Govt. of India in the year 1980. After nationalization of the banking business the Company changed this name to N.B.I. Industrial Finance Co. Limited with effect from May 26, 1981 & since then the company has been carrying on business as a Non Banking Financial Company (NBFC). The company is registered with Reserve Bank of India as NBFC. The company is presently engaged mainly in investment in shares in securities & financial activity. The Company has only one class of shares - equity shares of par value Rs.10/- each. In FY 2017, the Board has proposed subject to members approval to sub-divide each Equity Share of nominal value of Rs 10/- each in the Capital of the Company fully paid-up, into 2 Equity Shares of Rs.5/- each fully paid-up and all the Equity Shares of Rs 10/- each fully paid would then stand converted into equity shares of Rs.5/- each on approval of the members at the ensuing Annual General Meeting by way of Special Resolution with consequential amendment to Capital Clause of Memorandum of Association of the Company as proposed. In FY 2017, The Venktesh Co. Ltd. and The Laxmi Salt Co. Ltd. ceased to be the associates of the Company. In 2022-23, through the Scheme of Arrangement for Amalgamation, Western India Commercial Company Limited has been merged with the Company effective on April 1, 2022.