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History of Namaste Exports Ltd.

YEAR EVENTS 1988 - The Comp. was incorporated on 21st March. The Comp. was promoted by Mr. K. Narayana Bhat & Mrs. Madhura N Bhat as a private limited Comp. in the year 1988 under the name 'Namaste Tanneries Pvt Ltd'. The Comp. was converted into public limited Comp. on 29th May, 1991 & changed its name to 'Namaste Exports Ltd' on 28th June, 1991. The main activity of this Comp. was to manufacture & export leather & leather garments & textile out wear.

- The other Group companies Viz., Leather Fashions [Ps] Ltd., Madhu Leather [Ps] Ltd., & SJS Leather Garments [Ps] Ltd., were engaged in manufacture & export of leather garments & textile outwear.

1992 - 120,00,000 No. of equity shares of Rs 10 each issued and subscribed by promoters, directors, relatives etc.

1993 - The Comp. received an award to footwear component export in the category of Rs 2.5 crores to Rs 5 crores.

- 30,00,000 No. of equity shares of Rs 10 each were issued at a premium of Rs 90 per share of which 1,50,000 shares reserved for employees on preferential allotment basis [only 4,300 shares taken ups]. Balance 28,50,000 shares along with 1,45,700 shares not taken up by employees were issued to the public.

1995 - The Comp. proposed to undertake major restructuring measures in term of concentration on core strengths, liquidation of inventory costs etc.

1997 - The Comp. undertook to expand its leather garment manufacturing capacity.