Incorporated in 1991, The Investment Trust of India Limited is one of the largest Financial Services conglomerate offering a range of products and services from Lending, Equities and Derivatives trading, Equity Research, Commodities Trading, Portfolio Management Services, Distribution of Mutual Funds, IPO & Insurance products and Investment Banking Services. At the core, lies our belief of fostering entrepreneurial led development across India by empowering our customers in taking better decisions through trust. We are present in 120+ locations with a staff strength of over 2200. With a young, dynamic and experienced management team heading our businesses, we are constantly embedding innovation and design thinking in our processes, products and services. Our insightful solutions create intrinsic value for all our stakeholders and our business acumen gives us the ability to understand the levers that affect business drivers through smart decisions.
ITI has come a long way since its inception in 1991, overcoming numerous obstacles in the evolution from a fledging start-up to India's leading partner in Finance. Here is a chronicle of our organization right from early beginnings till today, providing a historic perspective of the inception of ITI, our various Group Companies and our achievements.
ITI received licensing for
- ITI investment in ITI reinsurance was Rs. 164 crores
ITI acquired
- Total investment in subsidiaries was around Rs. 9 crores
- Rights issued worth Rs. 204 crores
ITI acquired
-Total investment in subsidiaries was around Rs. 91 crores
ITI acquired:
- Total investment in subsidiaries was around Rs. 12 crores
ITI acquired by Mr. Sudhir Valia
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
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)
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
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
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
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
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
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
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%
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%
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%
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%
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%
Fortune became a SEBI registered Category - I Merchant Banker
Fortune declared dividend 12.5%
Fortune declared dividend 10%
Mr. J.T. Poonja and Mr. Nimish C. Shah incorporated The Investment Trust of India 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
