Pioneer Investcorp Limited
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BSE Code:
507864
NSE Code:
PIONRINV
Business Profile
Business Profile
Pioneer Investcorp (PIONRINV), incorporated on Jan. 23, 1984, is engaged in rendering investment banking and financial advisory services. Earlier known as Pioneer Leasing (India), it got its present name on Feb. 24, 1995.
A registered merchant banker having Category-I registration from SEBI, the company offers formulating capital structure, raising capital, debt restructuring, project financing and other corporate advisory services like private placement of equities and other domestic and foreign securities. Its financial services cover investment banking; research for equity markets; broking for debt, equity and derivative markets; portfolio management services; insurance and risk management services; and commodities trading.
Pioneer Wealth Management Services, Pioneer Money Management, Pioneer Investment Advisory Services, Pioneer Commodity Intermediaries, Infinity.com Financial Securities, Marine Drive Investments and Trading Company, Pioneer Investcorp International in Dubai, and PINC Fund Advisors LLC in Mauritius are subsidiaries of the company. In FY08, the corporate finance and advisory business exhibited a 217% increase in revenues through a combination of high-value advisory services and finance structuring of mid-cap companies. The company and its subsidiaries now cover all areas of the financial sector other than foreign exchange services.
The registered office is located at 1218, Maker Chambers V, 12th Floor, Nariman Point, Mumbai-400021.
Financials
Pioneer Investcorp announced a steady growth in standalone net profit for the quarter ended September 2008. During the quarter, the profit of the company rose 18.88% to Rs 31.92 million from Rs 26.85 million in the same quarter last year.
Net sales for the quarter rose 2.3 times to Rs 101.88 million, while total income for the quarter jumped 61.52% to Rs 103.34 million when compared with the prior year period.
The company reported earnings of Rs 2.67 a share during the quarter ended September 2008.
Recent Developments
30-MAY-08
On May 30, 2008, the board of directors approved the following:
- Issued and allotted 1,086,333 equity shares to the promoters pursuant to a scheme of amalgamation approved by the High Court of Bombay vide its order dated Mar. 14, 2008 whereby Pioneer Tradestock has been amalgamated with the company.
- Redomiciling of Pioneer Investcorp International, a Dubai-based wholly owned subsidiary of the company, to Mauritius.
18-DEC-07
On Dec. 18, 2007, the shareholders approved the offer, issue and allotment of preferential basis upto 1.5 million warrants to Gaurang Gandhi, promoter and managing director of the company. Each warrant will be convertible at the sole option of the holder at any time, in one or more tranches, on or before the expiry of 18 months from the date of allotment into 1 (one) fully paid-up equity share of the company of face value Rs 10 each at an exercise price of Rs 630 per share including a premium of Rs 620, subject to necessary provisions and approvals.
19-NOV-07
On Nov. 17, 2007, the board of directors decided to raise a sum upto Rs 3.35 billion by way of issue of equity shares or warrants on preferential basis to promoters/other investors and also by way of issue of equity shares to qualified institutional buyers (QIBs) through qualified institutional placement. Further, the board decided to call an extraordinary general meeting of the company on Dec. 18, 2007 for seeking the members approval for the issue of securities on preferential basis. Earlier in September this year, the board of directors of the company allotted 3.3 million warrants convertible into one equity share of the face value of Rs 10 each to Gaurang Gandhi, promoter and director of the company, at a price of Rs 115 a warrant aggregating to Rs 379.5 million.