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History of Herman Milkfoods Ltd.

YEAR EVENTS 1992 - The Comp. was incorporated on 16th January, & it obtained the Certificate for Commencement of Business on 24th January. It was promoted by PSIDC with Virsa Singh Sindu, Sukhjeet Singh and Rajesh Kumar. The main object of Comp. is Processing of Milk & Milk products.

- The Comp. undertook to set up a project to process 3 lakh litres of milk per day. Land admeasuring 11.5 acres was acquired at village Retgarh, Tehsil Samana, Dist. Patiala, Punjab. Plant & machinery, comprising evaporator, spray dryer, milk/cream Pasteurizer etc. were procured indigenously.

- The Comp. entered into an agreement with M/s. Span Engineers for technical consultancy & for implementation of project.

1994 - 70 equity shares of Rs.10 each subscribed for by signatories to the Memorandum of Association, 86,19,930 No. of equity shares of Rs.10 each then issued at par of which 22,70,000 shares & 21,79,930 shares were allotted to Punjab State Industrial Development Corporation limited & to promoters, directors etc. Of the balance, the following were reserved for allotment on a preferential basis:

- [is] 10,000 shares to employees only [9,800 shares taken ups],

- [iis] 10,00,000 shares to NRIs FIIs on repatriation basis [3,11,200 shares taken ups] and

- [iiis] 6,00,000 shares to Indian Mutual Funds. [all were taken ups] The remaining 25,60,000 shares along with unsubscribed portion of [6,89,000 shares not taken up under preferential quota was issued to the public. Additional 2,000 sahres allotted to retain oversubscription.