LKP Finance Limited
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BSE Code:
507912
NSE Code:
LKPFIN
Business Profile
Business Profile
LKP Merchant Financing Limited originally incorporated as Elkaypee Merchant Financing Pvt. Ltd. was promoted by M/s L K Panday and Mr. Mahendra V Doshi. in 1984 and the certificate of change of name to LKP Merchant Financing Ltd was obtained on 13th February 1986.
The company is in the field of financial Services such as issue management, bill discounting, leasing and hire-purchase, full fledged money changing and has also started providing travel related Insurance Policy to bound passengers, etc. It is a SEBI-authorised category-I merchant banker and a sponsor member of the OTCEI. LKPMF`s select clients include MRF, HDFC, the House of Tatas, the Birlas, Godrej, Finolex and many others.
The companies two wholly owned subsidiaries LKP Forex Ltd. and LKP Securities Ltd. performed commendably during the year. The complete Money Changing business of the Company has been transferred to LKP Forex Ltd. - the Wholly Owned Subsidiary Company.
Recent Developments
LKP Merchant Financing Board has taken on record the Memorandum of Understanding and exclusivity agreement entered into with Travelex plc, a company incorporated in UK to acquire from the company initially a 51% shareholding in its wholly owned subsidiary Company, LKP Forex Ltd, which is in the money changing business. Such proposed acquisition will be done by Travelex plc and/or any of its associate/ subsidiary or group companies, and is subject to contract, due diligence and all necessary regulatory and other approvals.
During the year 2001-02 Gayatri Cement & Chemicals Industries Pvt. Ltd. and Doshi Holdings Pvt. Ltd. made preferential allotments of new equity shares whereby the company`s holding in the expanded capital of both these companies was reduced to less than 50%. Consequently, both these companies have ceased to be subsidiaries of your Company. LKP Forex has entered into a strategic tie-up with the Joint frequent flyer program of Air India and Indian Airlines.
Future Plans
LKP Forex Ltd. also expects to improve business by implementing its plan of appointing Franchisees and expanding the branch network.