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History of Raasi Refractories Ltd.

YEAR EVENTS 1981 - The Comp. was Incorporated on 24th December, at Hyderabad.

- The Company object is to manufacture high alumina & high grog refractories & mortars & insulation & acid proof bricks and mortars.

- The Comp. was promoted by B.V. Raju, K.S.N. Raju & Dr. R.V. Raju along with their friends, relatives & associates.

- The operations, however, resulted in a loss mainly due to teething troubles of plant & lower sales realisation.

1984 - 6,22,500 shares subscribed for by promoters, etc. & 2,77,500 shares allotted to APIDC. 9,50,000 shares offered at par for public subscription during Feb./Mar.

1986 - Raasi Finance & Investment Ltd., had lent an amount of 34,20 lakhs to Raasi Refractories limited as interest free loan. Accordingly 3,42,000 No. of equity shares of Rs.10 each were allotted at par to Raasi Finance & Investment limited on 23rd December 1993.

1989 - The Comp. made a reference to the Board of Industrial and Financial Reconstruction [BIFRs] as per requirements of Sick Industrial Companies [Sp. Provisionss] Act. 1985.

1990 - IFCI was appointed as an operating agency to recommend a suitable rehabilitation package.

1991 - The draft rehabilitation package was finalised by IFCI, & was awaiting the approval from BIFR.

1992 - The BIFR at its hearing held on 23rd December, sanctioned the rehabilitation package for Comp. as submitted by IFCI.

- Subject to necessary approvals being obtained, Telangana Paper Mills Ltd, was proposed to be merged with the Company.

- Subject to necessary approvals being obtained, the Comp. proposed to raise an amount of Rs.75 lakhs [being the amount permitted by BIFR for company rehabilitations] by way of rights issue.

1993 - 3,42,000 No. of equity shares issued at par on conversion of unsecured loans to Raasi Finance & Investment Ltd.

1994 - 7,50,000 No. of equity shares issued at par on conversion of interest free unsecured loans to promoters.

2002-Raasi Refractories Ltd has informed that the appointments were made at the Board meeting.M Ravindra Varma Chairman and Managing Director ,A K Singh Executive Director [Operationss] & M L Vijaya Rama Raju Whole-Time-Director.

2004

-Two of Rourkela-based industrialists [Mr Ashok Agarwal & Mr Sanjay Agarwals] specialising in iron & steel business acquire over 59 per cent stake in Raasi Refractories Ltd [RRLs]