YEAR EVENTS 1991 - The Comp. was Incorporated on 4th June, in the state of Andhra Pradesh & obtained the Certificate of Commencement of Business on 22nd July. It was promoted by N.V. Rallaiah, N. Harihara Prasad, N. Bhanu Prasad & N.S.R. Chandrasekar Rao.
- The Company objects is to manufacture of polished granite slabs.
- The Comp. undertook to set up a 100% Export Oriented Unit [EOUs] at Narasapur, Village, Medak District, Andhra Pradesh. Land admeasuring 11 acres was acquired for factory. The company was in possession of 4 Govt. leased quarries spread over about 25 acres in Nalgonda, Warangal & Anantpur districts. Quarrying equipments for scientific exploitation was acquired. Modern automatic quarrying machines were procured from Italy for granite processing along with special efficiency boosting gadgets
- The Comp. finalised detailed plant lay-out in Consultation with BRA Officine Meccaniche S.p.a., Italy. The arrangement includes supply of equipments, drawing, foundation details, erection, commissioning & training services.
- The Comp. entered into a buy-back arrangement with M/s. Stone-Age Inc. USA for a period of 7 years to sell its polished granite slabs, tiles & other related granite products.
1993 - 70 No. of equity shares subscribed for by signatories to the Memorandum of Association 103,50,000 No. of equity shares of Rs.10 each then issued through a prospectus in November 1993 of which 27,50,000 shares & 25,00,000 shares reserved & allotted on a firm basis to NRI promoters & to Indian promoters, directors, their friends etc. Of the remaining, the following were reserved for allotment on a preferential basis:
- [is] 19,600 shares to employees [none were taken ups],
- [iis] 10,00,000 shares to NRIs on repatriation basis [114,500 shares taken ups]
- [iiis] 10,00,000 shares issued to Mutual Funds [none were taken ups] Balance 30,80,400 shares along with 19,05,100 shares not taken up & under preferential quota issued to the public [all were takens].