India Lease Development (ILDL) was incorporated on 19 Oct.'84. However, the company commenced actual operations from Nov.'87. ILDL is promoted by Ved Prakash Gupta, Satya Narain Gupta and others. Ved Prakash Gupta is the chairman of the company. Other associate companies of ILDL include MGF India, Goodwill India, Jayabharat Credit, etc. The company came out with a public issue at a premium of Rs 20 in Jun.'94, aggregating Rs 7.88 cr, to part-finance the projected demand for financial assistance of Rs 51.82 cr. ILDL mainly provides hire-purchase and lease finance. The company provides vehicles, machinery and other assets on lease and hire-purchase to the transport, industrial and construction sectors. It has diversified into other activities in the money market and provides finance through bill discounting. The International Finance Corporation (IFC), Washington, and the Punjab National Bank have participated in the equity of the company. The company forfeited 16200 shares after complying with the listing requirements, alloted under Rights cum Public Equity Issue of the Company. Also during the year 1999-2000, the board of directors approved an interim dividend of 15%. ILDL plans to tap the potential available in the intermediate market with the privatisation of the insurance sector ie acting as corporate agents, brokers and third party administrators.