History of Jain Granites and Projects India Ltd.

YEAR EVENTS 1993 - The Comp. was incorporated as a public limited Comp. on 29th October, at Chennai. It was promoted by R. Dilip Bafna, R. Sunil Bafna & their associates. The main objective of the Comp. is to manufacture polished, multi colour granite slabs.

- The Comp. proposed to set up a project at Chennai, Tamilnadu for manufacture of polished, multi colour granite slabs, random granite related items catering to the construction industry mainly to undertake projects for multistoryed building both in India & abroad. The Comp. couldn't proceed with implementation of project due to lease finance not materialising owing to adverse market conditions & Lira conversion rate became adverse causing hike in cost of imported plant & machinery.

- As an alternative the Comp. had invested in M/s. Tulshan Granites Pvt. Ltd., 100% EOU a Granite Unit already in operation having an installed capacity of 50,000 sq. mtr. per annum.

1995 - During May/June the Comp. offered 72,50,000 No. of equity shares of Rs. 10 each for cash at par of which 22,50,000 shares were offered to the Promoters, Directors, their friends and relatives. 10,00,000 shares were offered to the NRIs, OCBs, 5,00,000 shares were offered to the Banks, Financial Institutions, 5,00,000 shares were offered to the Mutual Funds & the remaining 30,00,000 share were offered to the public.