Lloyds Finance (LFL), promoted by R N Gupta was established in 1985 as Magnificent Leasing & Investment, got its present name in Sep.'91. Its activities include leasing, hire purchase, corporate finance, consumer finance, merchant banking, investment banking, project finance, portfolio management, equity research, and forex advisory services. It also provides services like stock broking, factoring, housing finance, registrar to issues and share transfer agency, through subsidiaries and affiliates. In Apr.'90 it diversified into corporate finance and made a success of it. In 1991, four group companies -- Avron Investments, Revlon Investments and Finance, Mukesh Properties Pvt Ltd and Magnetic Steels International -- were merged with LFL. Lloyds Finance recently floated a new company called Lloyds Housing Finance, to finance housing schemes. LFL has planned a mutual fund scheme, and an asset management company for which it is currently seeking foreign equity from an investment banking group of the US. The company was awarded SEBI registration in Apr.'92 as catagory-I merchant banker. It has plans for international tie-ups in asset management, merchant banking and stock broking. In Feb.'96, the company came out with a public issue of secured OFCDs to part-finance the proposed expansion programmes; to strengthen its existing networth and conform to higher capital adequacy standards. The merchant banking activity was carved into a separate wholly owned subsidiary company known as Lloyds Capital Management Ltd, networth of Rs.5 crores, which became functional in October' 1998.