You are here : About Us > History & Milestones

HISTORY & MILESTONES

About Fortune History & Milestones Board Of Directors Senior Management The Fortune Advantage Newsroom

2006

Shareholders of Fortune approved the issuance of bonus shares in the ratio of 1:1

Allotment of bonus shares was completed on March 31, 2006

Commenced DP Services

2005

Fortune declared an interim dividend of 10% and final dividend of 5% during FY 2004-2005 after gap of six years due to carry-forward losses

Fortune was associated with ECB/FCCB overseas fund raising for its Indian mid-sized corporate clients in excess of US$ 250 million

Fortune was involved with varied domestic assignments - follow on issues, buyback program, open offers and IPOs for Indian mid-sized corporate clients

Fortune proposes to increase its capital base by making a bonus issue during FY 2005-2006

Opened a branch office in Goa

Commenced F&O operations on the National Stock Exchange (NSE)

2004

Fortune empanelled with seventeen institutional clients for its secondary market business

Fortune was appointed as merchant bankers to manage an open offer by Zircon Traders Ltd.

Successfully completed the FCCB issues for Alok Industries Limited and United Phosphorus Limited raising approximately US$ 110 million

Opened its branch at Hyderabad to promote stock broking activities

Fortune's shares are voluntarily de-listed from Delhi Stock Exchange

Subsidiary company started mutual fund distribution during FY 2003-04

2003

Managed open offers of Gujarat JHM Hotels Ltd., Punjab Chemicals and Pharmaceuticals Ltd.

Fortune's equity shares are voluntarily de-listed from Ahmedabad Stock Exchange Ltd

Fortune empanelled with three institutions for secondary market business

2002

Fortune commenced its full fledged broking operation by empanelling with leading FIs / MFs / Banks

Fortune completed a major take over offer of Noble Explochem

Reserve Bank of India de-registered Fortune as a NBFC

Fortune's equity shares are voluntarily de-listed from Madras Stock Exchange

top

2001

Fortune completed the private placement of equity shares of Popular Entertainment Network Limited and clickforcotton.com, India's first cotton exchange portal

Managed few IPOs, take over offers and right issue despite adverse market conditions

Fortune also made a secondary market placement of equity shares for Goldstone Technologies Ltd., and Mirc Electronics Limited

2000

Acquired Corporate Membership of Bombay Stock Exchange Limited (BSE)

In addition to Investment Banking and Corporate Advisory Services, Fortune launched its stock broking activities

Fortune concluded two major deals involving a FMCG company and a well know media Company's private placement of equity shares

1999

Fortune Financial became the 1st Indian company to go in for a buyback of its shares, subsequent to the guidelines for Buyback of shares coming into effect from Jan 1999

Fortune offered to buyback 25% of its paid-up capital of Rs.549 lacs at an offer price of Rs.10/- each per share as against the average quoted market price of Rs.5.65 per share. An amount of Rs.114 lacs was reduced from the share capital consequent to the buyback

Successfully completed the second buyback and reduced Rs. 47 lacs from the share capital

Fortune prepaid / repaid all its fixed deposit outstanding along with interest

1998

Due to a downturn in the market conditions, Fortune's senior management decided to suspend the NBFC activities effective from April 1998

The fixed deposit scheme of Fortune was rated "FA" by CRISIL on account of its timely repayment of interest, repayment of the principal and the safety of the deposits

Fortune stopped accepting / renewing fixed deposits since April 1998

Fortune declared dividend @15%

1997

In order to broaden its base in consumer finance, Fortune took up office equipment finance in addition to car financing

Fortune extended its focus to External Commercial Borrowings, private placement of Non-Convertible Debentures and Preference Shares for mobilizing funds for its corporate clients

Opened offices at Chennai and Chandigargh to promote consumer finance and corporate financing activities

Fortune declared dividend @22%

top

1996

Fortune launched its consumer finance division with a primary focus on car financing. Opened offices in Pune and Mangalore

Fortune handled 9 Investment Banking assignments in its capacity as Lead Managers/ Co-Managers/ Advisors aggregating to Rs.176 crores. This included the issue of Search Chem Industries Limited, a group company of United Phosphorus Limited

Fortune set up its in-house equity research division with a view to provide equity research to corporate clients and support its corporate finance and investment banking activities

Fortune started accepting fixed deposits from public. The fixed deposit schemes of the Company is rated "FA" by CRISIL

Besides having a fixed deposit center in Mumbai, Fortune opened centers in Madras, Bangalore and New Delhi

Fortune declared dividend @20%

1995

Authorized Capital of Fortune was increased to Rs.600 lacs

Fortune made an Initial Public Offering (IPO) of 25 lac equity shares of Rs.10/- each at a premium of Rs. 20/- per share aggregating to Rs.750 lacs. The issue was over subscribed by 2.52 times

Fortune was listed on the Bombay Stock Exchange, Delhi Stock Exchange, Ahmedabad Stock Exchange and Madras Stock Exchange

Fortune opened a branch office in Bangalore

Fortune was associated with 10 issues aggregating to Rs.115 crores as Lead / Co-managers

Fortune was involved with underwriting 113 issues for an aggregate amount of Rs. 26 crores

Company received membership of National Stock Exchange (NSE). Fortune promoted a separate company called Good Fortune Advisory Services Pvt. Ltd., to operate this activity and invested Rs.10 lacs towards share capital

Fortune declared dividend @16%

1994

In anticipation of a potential IPO, the name of the Company was changed to Fortune Financial Services (India) Ltd.

Opened an office in New Delhi to increase the scope of activities

Fortune declared dividend @15%

1993

Fortune became a SEBI registered Category - I Merchant Banker

Fortune declared dividend @12.5%

1992

Fortune declared dividend @10%

1991

Mr. J.T. Poonja and Mr. Nimish C. Shah incorporated Fortune Financial Services (India) Private Limited as a Non-Banking Financial Company (NBFC). Besides core investment banking and corporate advisory services, Fortune's also focused on fund based activities such as lease, hire purchase, bill discounting and inter-corporate loans

top
Backoffice  
Trade  

Market Watch Market Watch Community is a free service you discover, organize and share Market stories with readers. Learn More