VLS Finance Ltd

History of VLS Finance Ltd

VLS Finance Limited, formerly known as Vardhman Leasing and Services Limited was incorporated in January, 1986 as a Public Limited Company, which subsequently changed its name to VLS Finance Limited in September, 1994. The Company voluntarily surrendered the Certificate of Registration (CoR) with RBI which has been accepted by the RBI effective from 29/01/2014. Thereafter, it applied for membership of Bombay Stock Exchange (BSE) and the same was approved by BSE vide letter dated 14/05/2014. The SEBI Registration Certificate in connection thereto received vide letter dated 01/10/2014 and thereafter the Company is, inter alia, carrying on business as stock broker and proprietary investments. Its activities include credit operations, which covers leasing, hire-purchase, ICDs, merchant banking, treasury, consultancy services, international finance, etc. It came out with its maiden public issue in Feb.'93. It came out with another public issue in Dec.'94 at a premium of Rs 390. The company formed VLS View Asset Management in 1994-95, to set up a mutual fund which has started its operations in collaboration with the VIEW (Venture Investors in the Emerging World) group of Boston, US. Another company, VLS Securities, was also formed to operate in the primary and secondary markets. For this, the company has acquired membership of the NSE and is considering joining other stock exchanges as well. In 1995-96, the company formed two wholly-owned subsidiary companies in Luxembo ...urg VLS International and VLS IRIS India Advisory. Funds to the extent of USD 1.25 mln have been invested in the equity of VLS International. It took up various activities like investment banking, distribution and marketing of Indian issues, project finance and debt syndication, venture advisory services and corporate advisory services, etc, in overseas markets. VLS IRIS India Advisory is the investment advisor of the IRIS India Fund, which primarily invests in the Indian sercurities. Company has also been granted certificate of Registration as Non banking Finance Company by RBI. Reserve Bank of India has remove the ceiling on bank credit in respect of all registered NBFCs engaged principally in Leasing, Hire-Purchase, Loan and Investment activities. Now Bank also provide finance as per loan policy & this will help to improve the outlook of business of viable and efficient NBFCs.