India Securities Ltd Merged Company Summary

India Securities Ltd Merged Summary

India Securities Ltd is engaged in the business of financing, investing and provides consultancy services. The company has three segments namely, consultancy services, financing activities and investment activities. The company is based in Mumbai.India Securities Ltd was incorporated on July 20, 1984 with the name Dear Leasing and Finance. The company obtained the certificate of commencement of business on July 27, 1984. In May 1, 1987, the company changed their name to India Factors Ltd. In May 23, 1996, they again changed their name to India Securities Ltd.In March 2009, as per the scheme of arrangement, the company de-merged the investment business of the company and transferred it to the Essar Securities Ltd.During the year 2010-11, the company pursuant to the agreement entered with Frontier Leasing and Finance Ltd transferred their Finance Division on slump sale basis with effect from September 1, 2010 for Rs.48.50 crore.In May 6, 2011, as per the scheme of amalgamation, Essar Telecommunications Holdings Pvt Ltd was amalgamated with the company with effect from April 1, 2010. ETHL Communications Holdings Ltd became a subsidiary of the company pursuant to amalgamation of Essar Telecommunications Holdings Pvt Ltd with the company.In July 1, 2011, the companys subsidiary ETHL Communications Holding Ltd entered into definitive agreements to sell their 10.97% stake in Vodafone Essar Ltd to Vodafone Group or their nominees for USD 1.26 billion. Subsequently, the sale of 5.485% stake is effected to the nominee of Vodafone for Rs 2800 crore. In February 2012, ETHL Communications Holdings Ltd, a wholly owned subsidiary of the company, completed the sale of balance stake ie 5.485% in the equity capital of Vodafone India Ltd (formerly Vodafone Essar Ltd) to Piramal Healthcare Ltd, in terms of agreement entered with Vodafone Group.In February 2012, as per the scheme of amalgamation, ETHL Communications Holdings Ltd, a wholly owned subsidiary merged with the company.