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Maha Rashtra Apex Corporation Ltd.

BSE: 523384 Sector: Financials
NSE: MAHAPEXLTD ISIN Code: INE843B01013
BSE 00:00 | 15 Oct 79.00 -3.95
(-4.76%)
OPEN

79.00

HIGH

79.00

LOW

79.00

NSE 00:00 | 14 Oct 84.40 0
(0.00%)
OPEN

78.20

HIGH

86.25

LOW

78.20

OPEN 79.00
PREVIOUS CLOSE 82.95
VOLUME 18
52-Week high 144.90
52-Week low 70.35
P/E 86.81
Mkt Cap.(Rs cr) 112
Buy Price 79.00
Buy Qty 160.00
Sell Price 83.00
Sell Qty 100.00
OPEN 79.00
CLOSE 82.95
VOLUME 18
52-Week high 144.90
52-Week low 70.35
P/E 86.81
Mkt Cap.(Rs cr) 112
Buy Price 79.00
Buy Qty 160.00
Sell Price 83.00
Sell Qty 100.00

Maha Rashtra Apex Corporation Ltd. (MAHAPEXLTD) - Company History

Maha Rashtra Apex Corporation (MACL) was incorporated as a banking company in Apr.'43 in the name of Maharashtra Apex Bank. Later in 1955, the branches were transferred to Canara Industrial and Banking Syndicate. The company was converted into a hire-purchase company and changed its name to the present one. It was promoted by the late Upendra Anantha Pai. T Ramesh U Pai is the Chairman of MACL and T Sudhakar Pai is the Managing Director. The group companies are ICDS, Manipal Finance Corporation, Canara Steel and Karnataka Consumer Products. The company came out with a rights issue of 42.55 shares -- at a premium of Rs 5/- with detachable warrants, to consolidate its capital base and further augment its long-term resources and to broadbase and expand public holdings. The main activities of the company are lease and hire purchase, automobile financing, bill discounting, corporate finance, etc. The company plans to diversify into merchant banking, OTCEI dealership, stock exchange membership, money changing business, mutual funds, etc. With respect to diversification and expansion, MACL has promoted Manipal Home Finance for housing finance, Manipal Share and Stock Brokers and Manipal Motors. It is also diversifying into telecom and cellular telephone services. In 1971, a company called General Investments Trusts was amalgamated with the company. In 1995-96, the company issued 32,14,260 warrants to the promoters of the company on preferential basis. These warrants were converted into equity shares and allotted in Nov.'95. Its subsidiary Karnataka Consumer Products changed its name to Kurlon, during the year. During the year 1999-2000, the company diversified its activities and taking up the retail sale of almost all top mutual funds and has a strong network of around 100 branches. The company also took-up the agency of Western Union, a reputed US Company which specialises in offering quick and efficient Money Transfer Service from abroad. It has tied-up with M/s Citicorp Finance (India) Ltd for doing business in Light and Heavy Commercial Vehicles and also with leading Amercian NBFC "Associates" to canvass business for them on commission basis. With a move to diversify the company had taken up the Marketing of Mutual Funds of reputed brands and also ventured into retail marketing of gold coins.