Apple Credit Corporation Ltd

Apple Credit Corporation Ltd

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 2000-01considerable 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.