Incorporated on 10 May '90, Onida Finance (OFL) was promoted by L G Mirchandani and his two sons as a private limited company and it commenced business on 15 May '90. Onida Finance has been actively engaged in merchant banking which includes management of public/rights issues in different capacities like lead manager, co-manager and advisor. It is also engaged in other financial activities like leasing, hire-purchase, consumer finance, inter-corporate deposits, bill discounting and investments. Apart from this, it undertakes other services like project counselling and consultancy, project appraisal, loan syndication, placement of commercial paper, etc. Onida came out with a public issue in Aug.'94 of 19.50 lac equity shares at a premium of Rs 40, aggregating Rs 9.75 cr, to strengthen its equity capital base and augment its working capital. The company was accorded the category-I merchant banker status on 23 Jan.'92 by SEBI. It has launched a fixed deposit scheme for mobilisation of resources. It has also set up an equity research group to facilitate portfolio management services. OFL has formulated a new scheme called Lease Folio under which the credit rating of individuals is done before extending any lease / hire-purchase scheme to them. The company has obtained the membership of the OTC Exchange of India. It has received in-principle membership of the NSE. It has set up full-fledged branches in Bombay, Madras, Ludhiana and Kanpur. The other group companies of OFL are Monica Electronics, Mirc Electronics, Onida Savak, Onida Saka and Onida Credit Rating Agency of India. The company has managed 26 issues, including 16 issues as lead managers, in 1994-95. It established a new subsidiary, OFL Equity Services, on 18 May '95 for OTCEI activities.