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History of Ambuja Electrocastings Ltd.

YEAR EVENTS 1989 - The Abmbuja Electrocastings limited [AELs] was incorporated on 29th March & obtained the certificate of commencement of business on 31st day of March. It was promoted by Shri Durga Prasad Gupta.

- The Comp. is engaged in manufacture of alloys & special type of steel castings. - The Comp. set up a plant at Nasriganj near Patna in Bihar for the manufacture of alloys & special type of castings with an installed capacity of 10,000 tpa. Plant & machinery were acquired from the domestic suppliers.

1990 - 8,59,170 No. of Equity shares allotted to promoters, directors, etc. 42,10,000 shares were then issued for cash at par of which 8,24,830 shares reserved for firm allotment to directors, their friends, relatives, etc. Out of remaining 25,26,000 shares, 7,10,500 reserved for preferential allotment as follows:

- [is] 2,10,500 shares to employees/workers of Comp. [only 27,000 shares taken ups] and

- [iis] 5,00,000 shares to Mutual Funds, viz, BOI Mutual Funds, & Canbank Mutual Fund [all were taken ups]. The remaining 18,15,500 shares along with 1,83,500 shares not taken up by employees, etc were offered for public subscription during February 1991. Additional 6,31,500 shares allotted to retain oversubscription.

1991 - The Comp. undertook an expansion project by adding two more 5 tonne furnaces, ladle refining continuous casting & a fully automatic modern re-rolling mill to its existing plant for manufacture of billets, structurals, M.S. rods & rounds and torsteel etc, with a capacity of 50,000 TPA. The project was commissioned during 1993-94.

- Subject to necessary approvals being obtained, the Company proposed to offer 45,99,425 No. of equity shares of Rs.10 each at a premium of Rs.12 per share on an equitable basis.

- Simultaneous to the public issue, it was also proposed to issue 48,41,500 No. of Right equity shares of Rs.10 each at a premium of Rs.10 per share in the proporation 1:1 to the shareholders of the Company.

1992 - The expanded capacity was to be commissioned by February.

1993 - The Comp. promoted Ambuja Electrocasting [Nepals] Ltd., in Nepal which subsequently became subsidiary of Company.

1994 - During November/December, the Comp. offered 96,83,000 No.of equity shares to the existing shareholders at a premium of Rs.8 per share in ratio of 2:1, 96,59,800 No. of equity shares were allotted. 23,200 share were kept in abeyance.

- 96,59,800 No. of right equity shares allotted.