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History of Him Ispat Ltd.

YEAR EVENTS 1982 - The Comp. was incorporated on 11th January, at Kandrori, Himachal Pradesh. The Comp. was promoted by Pradeep Chandra in collaboration with the Himachal Pradesh Mineral & Industrial Development Corporation limited [HPMIDCs].

- The main object of Comp. is to Manufacture cold rolled strips.

- The plant for manufacture of 5,000 tonnes per annum of cold rolled steel strips of various types was set up at village Kandrori, Dist., Kangra in Himachal Pradesh. A 20 High Sendzimir Mill was imported from U.K. & the erection & commissioning of the plant was left to the supervisor & the technicians of Senzimer of France. The implementation of project was given on a turnkey basis to the consultants, Singh & Association of Delhi.

1985 - Allotted 1,45,000 shares to HPMIDC & 4,40,000 shares to promoters, directors, etc. 8,00,000 shares were then issued at par out of which the following shares were reserved for preferential allotment:

- [is] 3,20,000 shares to NRIs on repatriation basis [only 47,300 shares taken ups];

- [iis] 40,000 shares to employees of Comp. including Indian working directors [none were taken ups] and

- [iiis] 16,000 shares to business associates of Comp. [none were taken ups]. The balance 4,24,000 shares along with the unsubscribed portion of 3,28,700 shares out of preferential quota were offered for public subscription during December 1984. Only 4,25,350 shares taken up. The balance 3,27,350 shares devolved on the underwriters [1,22,750 shares on IFC, 1,39,150 shares on IDBI & 65,450 shares on ICICIs].

1988 - The Comp. obtained permission to undertake a modernisation-cum-expansion scheme to increase the plant capacity to 50,000 tonnes per annum.

- Due to delay in completion of expansion scheme, there was an escalation in its cost. Financial institutions agreed to sanction additional loan of Rs.84 lakhs to meet part of the escalation in cost.

- 59,350 forfeited shares re-issued at par.

1989 - 15,06,156 shares allotted [prem. Rs.5 per sharess].

- The Comp. offered 13,85,000 No. of rights equity shares at a premium of Rs.5 per share in prop. 1:1. All were taken up. Additional 1,19,456 shares were allotted to retain oversubscription.

- Another 69,250 No. of equity shares were offered at a premium of Rs.5 per share to employees [including Indian working directorss] on an equitable basis. Only 1,700 shares were taken up. The balance 67,550 shares were allowed to lapse.

1992 - The Comp. issued 14,45,578 No. of equity shares of Rs.10 each at a premium of Rs.5 per share on rights basis in the proportion 1:2. Additional 2,16,836 shares were allotted to retain oversubscription.

- Another 72,278 No. of equity shares of Rs.10 each at a premium of Rs.5 per share were offered to the employees, etc., on an equitable basis. Only 43,900 shares were taken up. The balance 28,378 shares were to lapse.

1994 - 17,06,314 Right equity shares issued in the prop. 1:2 at a premium of Rs.5 per shares.