History of Asian Tea Exports Ltd.

YEAR EVENTS 1987 - Asian Tea and Exports limited [ATELs] was incorporated on 11th February, in the name of 'Sita Plantations Private Limited'. The Comp. was converted into a public limited Comp. on 9th March, 1994. The Comp. has been promoted by Hari Ram Garg & R N Bansal. The main objects of Comp. is Tea Plantation and Tea Manufactures.

1993 - The Company plantation area was increased to 100 hectares from 35 hectares. Besides plantation, the Comp. also maintains nurseries for raising leaf cuttings through clonal planting and shade trees of different varieties.

1994 - The name of Comp. was changed to Asian Tea & Exports Limited & a fresh certificate of incorporation was obtained on 11th April.

- The Comp. entered into a Deed of agreement for acquiring balance 204 hectares to be registered in the name of company.

- The Comp. undertook to set up a processing unit for manufacture of 11 lakhs kgs. of made tea per annum. The plant was to be set up on turnkey basis by Trademen Corporation, Calcutta.

1995 - 17,00,000 No. of Equity shares issued for cash at par to promoters. During September, the Comp. issued 53,20,000 No. of equity shares of Rs 10 each through a Prospectus of which 11,15,000 shares reserved & allotted to promoters, associates, friends & relatives etc. Of the remaining the following: [1s] 2,00,000 shares to 20th Century Mutual Fund; [2s] 6,37,000 shares to Ind. Mutual Funds. Balance 33,48,000 shares issued to the public.