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History of Nahar Industrial Enterprises Ltd.

YEAR EVENTS 1983 - The Comp. was incorporated on 27th September 1983 at New Delhi. The main object of Comp. is to manufacture rice bran oil, fatty steric acid, distilled gycerine and pitch, oxygen gas & toilet soaps. The Comp. was promoted by Oswal Wollen Mills Ltd the flagship Comp. of Oswal Group of industries.

- The Comp. installed a fatty acid plant at Jalaldiwal near Raikot in Sangrur district of Punjab with an installed capacity of 30 tonnes per day which was commissioned in the month of February 1985.

1987 - An industrial oxygen gas plant & a solvent extraction plant were set up at Raikot in Sangrur district of Punjab.

1988 - The Comp. undertook a project to expand the capacity of its fatty acid plant from 30 tonnes per day to 100 tonnes per day and to set up a toilet soap plant with an installed capacity of 50 tonnes per day. The entire project was commissioned by end of January 1989.

- The Comp. proposed to issue 16,00,000 bonus equity shares in the proportion 2:5.

1989 - During February, the Comp. made a public issue of 6,00,000-14% secured fully convertible debentures of Rs 120 each of which 30,000 debentures were reserved for preferential allotment to employees/workers of Comp. with an option to offer the unsubscribed portion to the public. The employees took up 14,300 debentures & the remaining 5,85,700 debentures were allotted to the public.

- Part A of each debenture of face value of Rs 50 was automatically & compulsorily converted into 2 equity shares of Rs 10 each at a premium of Rs 15 per share simultaneously with the allotment of debentures.

- Part B of each debenture of face value of Rs 70 was converted automatically & compulsorily into 2 equity shares of Rs 10 each at a premium of Rs 25 per share at the end of 12 months from the date of allotment.

- Accordingly, the Comp. issued 12,00,000 No. of equity shares of Rs 10 each on 28th March, 1989 & another 12,00,000 shares on 27th March, 1990.

1991 - The Comp. proposed to set up a writing & printing paper manufacturing unit with annual capacity of 29,120 tonnes and vanaspati manufacturing unit with annual capacity of 19,800 tonnes at village Shahi, Pilibhit district of U.P.

- To part finance the Comp. made a rights cum public issue, comprising 40,00,000 No. of equity shares at premium of Rs 90 per share on rights basis & 47,50,000 No. of equity shares at a premium of Rs 110 per share through public issue.

1992 - 15,99,360 bonus shares issued in prop. 2:5.

1993 - During February, the Comp. issued 40,00,000 No. of equity shares of Rs 10 each at a premium of Rs 90 per share in the proportion of 1:1. All were taken up. Allotment of 15,200 shares was kept in abeyance.

- The Comp. issued 47,50,000 No. of equity shares of Rs 10 each at a premium of Rs 110 per share through prospectus. Out of which the following shares were reserved for allotment: [is] 7,92,500 shares to NRIs [only 3,31,700 shares taken ups], [iis] 4,57,500 shares to Indian Mutual Funds [only 4,50,000 shares taken ups], [iiis] 1,40,000 shares to employees on a preferential basis [none were taken ups]. The remaining 33,60,000 shares, along with 6,08,300 shares not taken by NRIs, Mutual Funds and employees were offered to the public. All were taken up.

- With the public issue, the Comp. also issued 7,50,000-17.5% secured redeemable non-convertible debentures of Rs 100 each with detachable warrants to promoters & their associates on private placement basis. These debentures are redeemable in three instalments of Rs 35, Rs 35 & Rs 30 at the expiry of 6th, 7th & 8th years from the date of allotment of debentures.

- 87,34,800 shares issued.

1994 - With effect from 21st October, the name of Comp. was changed from `Oswal Fats and Oils Ltd', to `Nahar Industrial Enterprises Ltd.

1995 - The Comp. had set up a 100% EOU spinning unit with a capacity of 25,000 spindles at village Jalalpur, Lalru, Punjab.

- The Comp. had set up a 100% EOU spinning unit with a capacity of 25,000 spindles at Mundian Kalan, Ludhiana.

- 15,01,900 No. of equity shares issued against warrants.

1996 - Company spinning unit at Mundian Kalan at Ludhiana was under implementation.

1997 - Nahar Fabrics Ltd., was amalgamated with the Comp. with effect from 1st October. Accordingly, 29,33,280 No. of equity shares of Rs 10 each were issued to the shareholders of erstwhile Nahar Fabrics limited 7,100 No. of equity shares kept in abeyance issued.

2004

- Delists equity shares Delhi Stock Exchange [DSEs] with effect from September 2, 2004