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History of Orissa Extrusions Ltd.

YEAR EVENTS 1986 - The Comp. was incorporated on 29th January, & Obtained the Certificate of Commencement of Business on 6th February. It was promoted in the joint sector by Industrial Promotion and Investment Corporation of Orissa limited [IPICOLs] & Indian Aluminium Company limited [INDALs]. It main objects and Activities include the manufacture of aluminium extrusions.

- The Comp. had undertaken to set up its project for the manufacture of aluminium extrusions both mill finished and anodised at Balasore Orissa, with a facility to convert past of its production in the form of value added architectural & transport set and Systems.

1988 - As per the agreements entered into in March, INDAL was to provide technical parameters pertaining to extrusion manufacture as also in anodising & system fabrication. In addition to providing standard operating manuals, they were also to help selection of plant & equipment etc.

1989 - 7 No. of equity shares subscribed for by signatories to the Memorandum of Association. 59,49,993 No. of equity shares then issued at par of which the following shares were reserved and allotted on a firm basis:

- [is] 15,45,996 No. of equity shares to IPICOL &

- [iis] 14,87,497 shares of INDAL limited

- Of the remaining 29,15,500 No. of equity shares the following shares were reserved for allotment on a preferential basis:

- [is] 2,97,500 shares to employees including Indian working directors/workers of Comp. & employees of IPICOL & INDAL [only 2,42,900 shares taken ups];

- [iis] 11,28,000 No. of equity shares to NRIs on repatriation basis [only 83,400 shares taken ups] &

- [iiis] 3,00,000 shares to SBI Mutual Fund [all were taken ups].

- The remaining 11,90,000 shares alongwith 10,99,200 shares not taken up under the preferential quote were offered for public subscription during Feb.

1990 - 9,52,000 Rights shares offered at par in prop. 4:25 [all were taken ups]. Simultaneously another 47,600 share issued at par to employees' [only 1,300 shares taken ups]. The balance 46,300 shares allotted to Mutual Funds [9,424 shares to UTI, 6,024 shares to Canbank Mutual Fund & 30,852 shares to SBI Mutual Funds].