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History of Rajinder Steels Ltd.

YEAR EVENTS 1984 - The Comp. was incorporated as a private limited Co. on 11th Sept., for manufacture of ERW Steel Pipes & Tubes. It was converted into a Public limited Co. on 23rd Aug., 1986. The main objects of Comp. is to manufacture ERW pipes of 15mm to 100 mm in all series - light, medium & heavy both black and galvanised.

1988 - 6,80,000 No. of Equity shares allotted to directors & their associates. 10,20,000 No. of equity shares then issued [prem. Rs 7 per shares] of which the following shares were reserved for allotment on preferential basis: [is] 51,000 shares to the employees [including Indian working directorss]/workers of the Comp. [only 5,200 shares taken ups] & [iis] 1,02,000 No. of equity shares to BOB Fiscal Services limited [only 9,000 shares taken ups].

- The remaining 8,67,000 shares along with 1,38,800 shares not taken up under preferential quota were offered for public subscription during January 1989. Additional 1,53,000 No. of equity shares were allotted to retain oversubscription.

1989 - During March, the Comp. issued 90,000-14% convertible debentures of Rs 134 each for cash at par on private placement basis to BOB Fiscal Services Ltd./Mutual Funds for an aggregate amount of Rs 1,20,60,000.

- Rs 34 of face value of each debenture was to be converted into two equity shares of Rs 10 each at a premium of Rs 7 per share at the expiry of six months from the date of allotment of debentures. Accordingly 1,80,000 shares were allotted on 16.9.89.

- The remaining Rs 100 of face value of each debenture was to be redeemed at par in annual instalments from 1994 to 1996.

1990 - The Comp. undertook a diversification programme for the manufacture of cold rolled products & precision tubes.

- The Comp. issued 3,25,000-14% Non-convertible debentures of Rs 100 each to Indian Bank Mutual Fund & Canbank Mutual Fund on private placement basis. These were to be redeemed in three equal instalments of Rs 35 each [including redemption premium of Rs 5 per debentures] at the end of 6th, 7th & 8th years from the date of allotment of debentures.

- 8,13,200 bonus shares issued in the prop. 2:5.

1991 - During October-November, the Comp. issued 28,46,200 No. of equity shares of Rs 10 each at a premium of Rs 10 per share as rights in the prop. 1:1. Additional 4,26,930 shares were allotted to retain oversubscription.

- Another 1,42,310 No. of equity shares of Rs 10 each at a premium of Rs 10 per share were offered to the employees of Company on an equitable basis [All were taken ups].

1992 - With effect from 6th January, the name of Comp. changed from Rajinder Tubes, Ltd., to Rajinder Steels, Ltd.

- 32,73,130 Right shares allotted in prop. 1:1. Another 1,42,310 shares issued to the employees.

1993 - During April, the Comp. issued 31,30,820 - 17% convertible debentures of Rs 175 each on Rights basis to the existing shareholders in the propn. of 1 debenture for every 2 existing equity shares held.

- Part A of Rs 70 each was to be converted into 2 equity shares of Rs 10 each at a premium of Rs 25 per share on the expiry of six months from the date of allotment.

- Part B of Rs 105 each was to be converted into 3 equity share of Rs 10 each at a premium of Rs 25 per share on the expiry of 18 months from the date of allotment.

1994 - The Comp. issued 22,00,000-16% secured FCDs of Rs 300 each through a public issue; of which 2,00,000 FCDs were allotted to the promoters, 57,560 FCDs to NRIs; 3,60,000 FCDs to Mutual Funds, 2,60,000 FCDs to Financial Institutions, 1,33,830 FCDs to Group Shareholders & the balance 11,88,610 FCDs were allotted to the public.

- The Comp. allotted 110,00,000 No. of equity shares on conversion of part of 22,00,000-16% FCDs. Another 1,56,54,100 No. of equity shares were allotted on 18th March, 1995 on conversion of Part B of 31,30,820 - 17% FCDs.

1995 - During December, 110,00,000 No. of equity shares were allotted on conversion of Part B of 22,00,000-16% FCDs.

1996 - The Backward integration of HR Coil Project at Raipur, based on the recommendations of world renowned technology consultants resulted in a Hot Strip Mill with state-of-the-art technology with inherent capacity of one million tonne per annum of Hot Rolled coils.

- The Comp. proposed to set up a new project for manufacture of seamless pipes & tubes & other upstream/downstream products. A Memorandum of Understanding was signed with PICUP for setting up a plant in the joint sector.