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Apple Credit Corporation Ltd.

BSE: 511339 Sector: Financials
NSE: APPLECREDT ISIN Code: INE212A01013
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
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Apple Credit Corporation Ltd. (APPLECREDT) - Company History

Apple Credit Corporation (ACCL) was incorporated on 28 Sep.'88 as Apple Credits Corporation, a public limited company, in Madras. The name was changed to Apple Credit Corporation from 1 Jun.'89. ACCL was promoted by Apple Industries (formerly known as Apple Leasing and Industries). It is engaged in hire purchase, leasing and other financial services. The company has already set up a branch/representative office network with adequate infrastructure to achieve business targets and to tap the public deposit market. T N Padmanabhan is the chairman of the company. ACCL came out with a public issue of 60 lac equity shares at a premium of Rs 20, aggregating Rs 18 cr, in Nov.'92, for its long-term fund requirements (Rs 32.32 cr). To widen the scope of its services, it has set up a project consultancy cell managed by experienced professionals in banking and institutional finance. ACCL has established a position of leadership in car finance and made significant progress in heavy vehicle finance, in addition to corporate finance and trade finance. During the year 2000-01,considerable effort was taken to find a strategic partner which has resulted in the chennai based Shriram Group confirming their interest in a merger with one of their group companies, after the restructuring plan is approved by the lenders to the company.