Maha Rashtra Apex Corporation Ltd

Maha Rashtra Apex Corporation Limited (MACL) was incorporated as a banking company in April, 1943 in the name of Maharashtra Apex Bank Limited. It changed the name to 'Maha Rashtra Apex Corporation Limited', in 1955, following the transfer of its banking branches to Canara Industrial and Banking Syndicate. The Company was converted into a hire-purchase company and was promoted by the late Upendra Anantha Pai. Presently, the Company discontinued the operation and concentrated on recovery of Hire Purchase and Leasing Business.

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