Warner Multimedia Ltd was incorporated under the name of Classic Global Securities in Jun.'93 as a result of amalgamation of two companies -- Ambika Commercial Company and Kennex Commercial. WML was promoted by J P Purohit, the managing director.
The company came out with a public issue of 40 lac equity shares at a premium of Rs 5, aggregating Rs 6 cr in Dec.'94, to part-finance the setting up of wind power generation plants at Kayathar, Tamilnadu. Total project cost was estimated at Rs 16.5 cr.
WML is engaged in both fund-based and non-fund-based activities in the areas of capital restructuring, mergers, amalgamations, taxation, legal matters, etc. It also undertakes appraisal of project reports of its clients and assists them in preparing technically and financially viable projects. It has also added a host of new activities to its services list such as investment banking, management, advisory services, market studies, capital restructuring, etc.
In 1995-96, the company obtained CARE rating for its fixed deposit programme. This implies sufficient safety towards timely payment of interest as well as principal. The company promoted Classic share Dealers (CSDL), which has a dealership of the OTCEI. The company was conferred the status of category-I merchant banker by the SEBI, in Jun.'96.