Incorporated in 1991 as a private limited company, Shell Securities became public in 1994. The Bombay (Maharashtra) based company is promoted by N S Bhargava and Mrs Dipti N Bhargava. It is being headed over by N S Bhargava as the chairman. The company at present provides various non-fund based services like loan syndication, underwriting etc.. It also carries out fund-based activities like leasing, share investment, bill discounting and brought out deals. In order to expand its financial services, the company came out with a public issue of 25,00,000 equity shares of Rs 10 each for cash at a premium Rs 10 per share aggregating to Rs 5 cr in Mar 96. The company has a wholly owned subsidiary company, Shell Share Brokers Ltd. The name of the company has been changed to "Shell Mercantile Corporation Limited" during the year 1998-99.