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History of Lakshmi Auto Components Ltd.

YEAR EVENTS 1987 - The Comp. was incorporated as a public limited Comp. on 2nd December. The main objects of Comp. is to manufacture of automotive components used in powered two-wheelers. The Company was promoted by TVS-Suzuki limited [TSLs].

1988 - 70 No. of equity shares were subscribed for by signatories to the Memorandum, friends & relatives of directors. 39,20,000 shares were then issued at par & were allotted to TVS-Suzuki, limited 20,79,930 shares were then issued at par of which the following shares were reserved for preferential allotment:

- [is] 2,00,000 shares to employees [including Indian working Directorss]/workers of Comp. & those of TVS-Suzuki, Ltd. [only 3,300 shares taken ups] and

- [iis] 2,00,000 shares to the shareholders of TVS-Suzuki, limited [All were taken ups]. The balance 15,79,930 shares along with 2,96,700 shares not taken up by employees were offered for public subscription during April. Only 12,05,100 shares were taken up.

- The balance 6,71,530 shares were devolved on under writers [2,10,000 shares on LIC, 1,20,000 shares each on IFCI & ICICI & 2,21,530 shares on IDBIs].

1990 - With effect from 28th February, the Comp. was under lock out for a period of 3 months due to labour unrest.

- The Comp. undertook to meet the requirements of TVS-Suzuki Ltd., in respect of Crankshafts, connecting rods & gears and shafts for entire range of motorcycles & connecting rods & certain others for motorcycles of Escorts Ltd.

1991 - 3,000 forfeited equity shares reissued.

1994 - The Comp. proposed to increase the capacity from 75,00,000 components to 1,12,50,000 components per annum to meet the growing demand.

- The Comp. proposed to issue equity shares in the ratio of 1:2 to the existing shareholders on right basis at a premium of Rs 10 per share.

1996 - 30,00,000 rights shares allotted [prem. Rs 10 per shares] prop. 1:2.

1998 - The Comp. took over the business of M/s. Harita Rubber Productions Limited & M/s Sundaram Plastics Limited with effect from 1st October.

- 47,54,600 rights shares of Rs. 10 each at a premium of Rs. 10 per share issued.

- Lakshmi Auto Components Ltd [LACs], manufacturers of critical engine components to TVS-Suzuki Ltd for their motorcycles, mopeds & scooterette, is proposing to issue rights shares to its shareholders in the ratio of one share for every two held.

- Lakshmi Auto Components, the only subsidiary of TVS Suzuki, is in for a major upside along with its parent.

- LAC supplies critical engine components to TVS Suzuki [TSLs] for its motorcycles, mopeds & scooties.

- The Comp. has taken over the business of Harita Rubber Products & Sundaram Plastics with effect from 1st October.

1999 - The Comp. has enhanced its capacity to supply engine components from 65,000 two-wheelers to 1,00,000 two-wheelers per month. The Comp. is also planning to supply components for new four stroke motorcycle, which the holding company, M/s.TVS- Suzuki is planning to introduce in the market shortly.

- The rights issue was offered in the ratio of one share for every two equity shares held by shareholders as on 12th February at a premium of Rs. 10/- per share. The issue was over subscribed & the shares were allotted on 24th April. With the allotment of these shares, the paid up capital of company, now stands at Rs.1350 Lakhs & the share premium at Rs.750 Lakhs.

2003

-Board approves for declaration of interim dividend of Rs.2 per equity share of Comp. & also for scheme of amalgamation of Sundaram Auto components Ltd with Lakshmi Auto components ltd.

-Engine components Division of Lakshmi Auto Component [LACs] merged with TVS Motor Comp. Ltd., a group company