Onelife Capital Advisors Share price and Fundamental Analysis

Company History

Onelife Capital Advisors Ltd and its subsidiaries are engaged in the business of advisory services, commodity broking and other related ancillary services.

Onelife Capital Advisors Ltd was incorporated on August 31, 2007 as a private limited company with the name Onelife Corporate Advisory Services Private Limited. The company was established by Thiruvidaimarudur Krishna Prabhakar Naig and Pandoo Prabhakar Naig. In November 7, 2009, the company changed their name from Onelife Corporate Advisory Services Pvt Ltd to Onelife Capital Advisors Pvt Ltd.

In February 10, 2010, the company commenced Investment Banking activities and registered themselves with SEBI as 'Category 1 Merchant Banker' and thereafter as an 'underwriter' under the Securities and Exchange Board of India (Underwriting) Regulations, 1993. In September 24, 2010, they received the Bombay Stock Exchange Membership and license for Trading and Clearing.

In December 13, 2010, the company was converted into public limited company and the name was changed to Onelife Capital Advisors Ltd. In December 21, 2010, they received Portfolio Management Services License as defined under Securities and Exchange Board of India (Portfolio Managers) Rules, 1993.

The company has signed nine mandates for fund raising through IPO, and two mandates for joint venture. They raised Rs 45.83 crore for Paramount Printpackaging Ltd through an Initial Public Offering which closed on April 25, 2011. This offering was subscribed by 3.91 times of the issue size.

Onelife Capital Advisors Limited (OCAL) raised Rs 36.85 crore through an Initial Public Offer (IPO) in September-October 2011 by issuing 33,50,000 equity shares of Rs 10 face value per share at an issue price of Rs 110 each on book building basis. The Public issue was oversubscribed by 1.51 times of which Retail Individual Investors (RIIs) was oversubscribed by 2.32 times, Non- Institutional Investors (NIIs) by 0.93 times and Qualified Institutional Buyers (QIBs) by 1.02 times.

The financial performance of Onelife Capital Advisors for the year ended 31 March 2013 was adversely impacted mainly due to Ex-parte ad- interim order passed by SEBI against the company on December 28, 2011 and the clarificatory order dated February 15, 2012.

Onelife Capital Advisors (OCAL) was restrained and prohibited by SEBI vide final order dated 30 August, 2013. As per SEBI final order, Onelife Capital Advisors Ltd and its Managing Director Mr. Pandoo P. Naig shall, jointly and severally, bring Rs. 35.25 crore i.e. the diverted IPO proceeds into the company from Fincare Financial & Consultancy Services Private Limited, Precise Consulting & Engineering Private Limited and M/s KPT Infotech Private Limited within six months from the date of the said order. The Board of Directors of OCAL shall ensure compliance of above direction and submit a monthly progress report in the above regard to SEBI. Further the Board of Directors shall also furnish to SEBI a Compliance Report duly certified by a SEBI registered Merchant Banker within two weeks of compliance of the above direction. Further, Onelife Capital Advisors Ltd and its managing director Mr. Pandoo P. Naig shall be remain restrained and prohibited from accessing the securities market and also prohibited from buying, selling and otherwise dealing in securities market, directly or indirectly, in whatsoever manner, for a period of 3 years from the date of the interim order i.e 28th December, 2011. Other non-executive/independent directors of OCAL namely Mr. T. K. P. Naig, Mr. D. C. Parikh, Mr. A. P. Shukla, Mr. T. S. Raghavan and Mr. T. Shirdharani shall not take up any assignments as directors in any company for a period of one year from the date of this order.

SEBI issued Show Cause Notice (SCN) dated 25 October, 2013 under Rule 4 of SEBI (Procedures for Holding Inquiry and imposing penalties by Adjudicating Officer) Rules 1995 & Rule 4 of Securities Contracts (Regulation) (Procedure for holding inquiry and imposing penalties by Adjudicating Officer) Rules, 2005 in the matter of IPO of Onelife Capital Advisors Limited. The company filed consent application on 13 December, 2013 without prejudice to its rights to defend the same.

The company had issued notice of postal ballot to pass a special resolution for altering the objects for which amount was raised through IPO. The special resolution has been passed with requisite majority and the resolution was announced on 23rd January 2014. As per the resolution the objects of IPO/issue of Purchase of Corporate office Rs. 700 lacks, Development of Portfolio Management Services Rs.1157.80 lacks and Brand Building Rs. 770 lacks, aggregating to Rs.2627.80 lacks, stand deleted and substituted by the following objects: - i) Acquisition of Corporate Office/land/buildings/immovable property(ies), office premises or any combination thereof and at such cost and expenses as the Board may decide provided however that from out of the unutilized IPO proceeds, a sum not exceeding Rs.2627.80 lacks shall be utilized for these purposes and ii) General Corporate purposes of Rs. 897.60 lacks.

Due to SEBI order dated 28 December, 2011 and final order dated 30 August, 2013 the company is restrained to do business of Merchant banking, PMS and Broking. In view of the above the Board of Directors in its meeting held on 29 January 2014 decided that the company should not send the application for renewal of Merchant Banking and PMS Licenses and surrender the Broking License. The company has sent an application to BSE for surrender of certificate of registration as Stock Broking Cash & F& O license of Bombay Stock Exchange.

The Board of Directors of Onelife Capital Advisors Limited (OCAL) at its meeting held on 6 August, 2015 approved the Related Party Transaction for acquiring premises at a price of Rs. 900 Lakh by way of acquisition of 100% Equity shareholding of M/s. Eyelid Infrastructure Private Limited for its Registered Office or any other purpose as the Board of Directors may think fit in its absolute discretion.

The Board of Directors of the company at its Board Meeting held on 10 September, 2015 decided to acquire 1400000 fully paid up Equity shares of Rs. 10 each (i.e. 100% Equity shares) of Purple India Holding Limited (PIHL) for a consideration of Rs 1,40,03,000 and has further in process of acquiring the shares of the Destimoney Group Companies through its wholly owned subsidiary i.e. PIHL.

During the financial year ended 31 March 2017, the company acquired M/s. Destimoney Commodities Private Limited (DCPL) through its wholly owned subsidiary company i.e. M/s. Purple India Holdings Limited (PIHL) by acquiring 1100000 fully paid up Equity shares of Rs. 10 each (i.e. 100% Equity shares) for a consideration of Rs. 525 Lakhs and thereby making DCPL as step down subsidiary of the company.

The company's Board of Directors at its meeting held on 11 August, 2017 proposed to acquire the 100% shareholding of Leadline Software and Trading Private Limited and Onelife Ecopower & Engineering Limited subject to approvals of shareholders.