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Incorporated in Jan.'94, Nettlinx Ltd., formerly known as Northeast Securities is promoted by Saranya Loka Reddy, P Kalpana Reddy and their associates. The company came out with a public issue of 12 lac equity shares of Rs 10 each for cash at par aggregating Rs 120 lacs in Dec.'94 to augment its working capital requirements. The company is into financial services of leasing, hire-purchase, short-term lending, bill discounting and stock market operations. It plans to focus on portfolio management activity also. It proposes to expand its existing activities and enter into new areas of merchant banking. In 1995-96, the company was given the category-II merchant banker status by the SEBI. During the same year, net profit of the company increased to Rs 1.15 cr as against Rs 0.27 cr in 1994-95. During 1996-97, the company opened a branch office at Nizamabad which is engaged in the areas of Hire Purchase and mobilisation of fixed deposits. The company has obtained from RBI a full fledged money changer's licence to undertake the business of money changing. It also applied to Securities and Exchange Board of India (SEBI) for registration as registrars to an issue/ share transfer agent. |
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