YEAR EVENTS
1988 - The Comp. was incorporated as a Private Limited Comp. on 20th
January, & was converted into Public Limited Comp. on 12th
May, 1992. The Comp. was promoted by O. Krishna Reddy, K.A.
Naidu & Associates. The main objective of Comp. is to
manufacture polished granite panels.
- The Comp. was engaged in the manufacture of polished granite
panels with an installed capacity of 18,000 sq. Mtrs. to 90,000
Sq. Mtrs. P.A. of polished granite tiles & panels.
1994 - The Comp. went in for a public issue of Rs.600 lacs to finance
its proposal for expanding the capacity from 18,000 Sq.mtrs to
90,000 Sq.mtrs.
1995 - 5,00,000 shares issued & subscribed. 91,80,000 shares were
issued of which 31,80,000 shares were reserved for promoters,
directors & their friends. Another 60,00,000 shares of Rs. 10
each were offered on preferential basis through prospectus out
of which 27,000 shares to employees, 24,00,000 shares to NRIs,
6,00,000 shares to Mutual Funds. The remaining 29,73,000 shares
along with the unsubscribed portion of employees quota were
offered to the Indian Public [all were taken ups].
1996 - The operations of Comp. was affected mainly due to mining
policy not finalised by Government. The lease renewals of
the quarry operations were held up. The problem of
non-availability of raw materials & shortage of working capital
funds caused the unit to restrict the production.
1997 - The operations during the year under review were affected mainly
due to mining policy not finalised by Andhra Pradesh State
Government.
1998 - The operations during the year under review were affected
adversely due to threats from NEXALS & partly due to mining
policy not finalised by ANDHRA PRADESH State Government.
2000 - The Comp. proposed to enter into Software Business & the ROC,
Hyderabad granted to the Comp. the new name of Nagarjuna
Institute of Software Technology Ltd.
