History of Atul Glass Industries Ltd.

YEAR EVENTS 1965 - The Comp. was incorporated as a private limited Comp. on 14th October & was converted into a public limited Comp. 24th October 1988. It was promoted by Atul Glass Group. Atul mirrors replaced imported mirrors within two years of introduction leading to savings in foreign exchange.

- The main objective of Comp. is to manufacture mirrors, and glasses of various types such as laminated safety glass, insulated double glazing glass, tempered glass, bevelled glass panels, bullet proof glass, lighting fixtures, etc.

- `Sunt-X' brand laminated safety glass was introduced in 1963 for automobile industry & in 1972 the Comp. pioneered manufacture of insulated double glazing glass units for use in air-conditioned building, refrigerator industry, etc. The Comp. also manufactures various types of items in processed glass including import substitutes like filter screen for TV, bullet proof glass, etc.

1986 - Till date 32,750 No. of equity shares issued as bonus shares: [is] 3,500 shares in Aug. 1975 [prop. 1:1s]; [iis] 7,250 shares in Dec. 1980 [prop. 1:1s] & [iiis] 22,000 shares in April 1987 [prop. 1:1s].

1987 - 1,500 No. of equity shares of Rs 100 each issued for cash at par during 1987-88. Equity shares subdivided on 4.10.1988. 7,50,000 No. of equity shares of Rs 10 each issued [prem. Rs 2.50 per shares] out of which 1,15,000 shares offered as rights in prop. 1:4.

- Out of remaining 6,35,000 shares, 37,700 shares reserved for pref. allotment to employees, etc. [only 16,000 shares taken ups]. The balance 5,97,300 shares along with 21,700 shares not taken up by employees were offered to the public in Feb. 1989. Additional 1,03,345 shares allotted to retain oversubscription [8,045 shares as rights & 95,300 shares to the publics].

1989 - The Comp. undertook a project for raising the installed capacity from 50,000 sq. ft. per annum to 1,50,000 sq. ft. per annum. A new tempered glass furnace, for manufacture of large size windscreens & backlites for automobiles industry was to be installed. Further, the Comp. also embarked upon a 100% export oriented project for manufacture of complete lighting fixtures with decorative, tinted, engraved, sandblasted, levelled panels, etc.

- Other products to be manufactured were the ceiling fan lamp kits, out-door lamps on brass, wall lamps, etc. Plant & machinery pertaining to the above said project were developed with in-house technical know-how.

- The Comp. planned to diversify into setting up of vegetable oil refinery with a capacity of 50 tonnes per day.

1990 - The Comp. modernised its mirror plant & installed another curved glass unit incorporating the most modern technology.

1992 - 3,700 shares reissued.

1993 - The Comp. has entered into collaboration with Saint Gobain Vitrage S.A. of France, the world leading glass manufacturers for upgrading its production technology.

- The Comp. proposed to issue equity shares of aggregate value of Rs. 300 lakhs as rights subject to necessary approvals.

1994 - Glass Division performed well, however directors have decided to suspend operations of Oil Division due to poor performance.

- Comp. has entered into joint venture with Sekurit Saint Gobain S.A. France, with 26% equity participation to set up a laminated Safety Windshield glazing project & to install new bending tempering furnace for manufacture of automotive glasses and to expand the existing facilities.

1995 - 13,84,336 No. of equity shares allotted to collaborators SEKURIT SAINT GOBAIN, FRANCE at a price of Rs. 52.26 per shares, as preferential basis.