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Chairman and Nimish C Shah, Vice Chairman and Managing Director. Fortune Group
which comprises the holding company Fortune Financial Services (India) Limited and its
wholly-owned subsidiaries, is engaged in providing a range of Financial Services right
from Equities and Derivatives trading, Equity Research, Commodities Trading, Portfolio
Management Services, Distribution of Mutual Funds, IPO & Insurance products and also
Investment banking services.
The main activities of the company are conducted through Fortune Financial Services
which is also the holding company & its wholly owned subsidiaries, it is engaged in
providing a range of Financial Services right from Equities and Derivatives trading, Equity
Research, Commodities Trading, Portfolio Management Services, Distribution of Mutual
Funds, IPO & Insurance products and also Investment banking services.
• Fortune Financial Services (I) Ltd. is listed on the Bombay Stock Exchange and is
SEBI registered Category I Merchant Banker. It has recently got approval from
SEBI to launch its Portfolio Management Services (PMS). FFSIL has four business
verticals viz. Fortune Equity Brokers (I) Limited, Fortune Commodities &
Derivatives (I) Ltd., Fortune Credit Capital (I) Ltd. and Fortune Insurance Advisory
Services (I) Ltd.
• Fortune Equity Brokers (India) Ltd. is 100% subsidiary company of M/s. Fortune
Financial Services (India) Ltd. It offers broking services in the Cash and Future &
Option Segments of the National Stock Exchange of India Ltd and Bombay Stock
Exchange Limited. It is also a Depository Participant of Central Depository
Services (India) Ltd.
• Fortune Credit Capital (India) Ltd. is 100% subsidiary company of M/s. Fortune
Financial Services (India) Ltd. It is formed for the purpose of financing, lending to
the clients. The Company has applied with RBI for NBFC license and the same is
expected shortly.
Milestones achieved
1991
1993
1994
1995
1996
• 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 crore. 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
1997
• 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.
1998
1999
• 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
2000
2001
2002
• 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
2003
• 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
2004
• 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 $ 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
2005
• Fortune was associated with ECB/FCCB overseas fund raising for its Indian mid-
sized corporate clients in excess of $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)
2006
• 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