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History of RayBan Sun Optics India Ltd.

YEAR EVENTS 1990 - The Comp. was incorporated on 28th May, as a private Limited Comp. & it was converted into a public limited Comp. with effect from 25th March 1991. It was promoted by Montari Industries limited in a joint venture with Bausch and Lomb Incorporated, USA.

- The Comp. undertook to set up a project for manufacture of soft contact lenses, cleaning solution, deprotension tablets, metallic frames for sun glass. The Comp. entered into an arrangement with Bausch and Lomb USA, for technical assistance, know-how, identification of equipment supplies, project implementation etc.

1991 - During November, the Comp. issued through a prospectus 3,64,520 - 14% secured redeemable partly convertible debentures of Rs 100 each for cash at par of which 18,226 debentures were issued to the employees & balance 346,294 debentures to the public.

- Part-A of Rs 50 of each debenture was converted into five equity shares of Rs 10 each on allotment of debentures. Accordingly 18,22,600 shares were allotted. Part-B of Rs 50 of each debenture was to be redeemed at par in three instalments in the 6th, 7th and 8th year from the date of allotment of debentures.

- During November, the Comp. issued 9,26,360-17% secured redeemable non-convertible debentures of Rs 100 each for cash at par to the public. These debentures are to be redeemed at a premium of 5% in 3 equal instalments at the end of 6th, 7th and 8th year from allotment with the premium being paid with the third instalment.

1992 - The Comp. has recently launched its products in the major metros, Delhi, Bangalore & Mumbai based on marginal imports of semi-finished piece parts assembled & finished locally.

1995 - 205 No. of equity shares issued, subscribed & paid-up. 72,00,000 No. of equity shares were issued at par through prospectus in November 1991 of which the following were reserved & allotted on a firm basis:

- [is] 2,00,000 shares to directors, their friends etc.

- [iis] 22,00,000 to Montari Industries Ltd.

- [iiis] 50,000 shares to Ranbaxy Laboratories Ltd.

- [ivs] 3,80,000 shares to Montari Agrochem Investment Ltd.

- [vs] 3,80,000 shares to Chanel Investment and Trading Co. Ltd.

- [vis] 3,90,000 shares to Montari Chencare Investment Ltd.

- [viis] 36,00,000 shares to Bausch and Lomb S.A. Incorporated USA. Additional 10,80,000 shares allotted to entair oversubscribers. 20,95,695 No. of equity shares allotted as part conversion of 14% debentures. 51,87,950 rights shares issued [prop. 1:2 prem. Rs 35s].

- Another 50,000 shares issued to employees [only 14,250 shares taken ups]. Another 259,390 shares issued to business associates. 35,750 shares unsubscribed by employees & 259,390 shares not taken up by business associates were allowed to lapse.

1996 - The Comp. received ISO 9002 Certification. The Company introduced 30 day monthly disposable contact lenses, toric contact lenses & cosmetic contact lenses [coloureds].

1997 - The Comp. launched several new Ray-Ban ranges like Air boss, Mondo Metals, Asphalt, cross walk & Rituals.

- The Comp. launched the second premium sunglass brand `Killer Loop' world leader in 'Youth Fashion' market.

1998 - The Comp. issued 89,07,771 rights shares in proportion 4:7 and at a premium of Rs 30 per share. Of these 8,61,430 shares were taken up and 40,341 shares were kept in abeyance.

- The Comp. today launched the first & only bottle lens care solution in the world which also removes proteins.

- The Comp. has set itself a target of wiping out accumulated losses & achieve net profitability within the next three years.

- The joint venture was set up in 1991 between Bausch and Lomb and MIL, with both the promoters having an equity stake of 39.9 per cent each.

- The Comp. has set up a manufacturing unit in Alwar, Rajasthan. Currently, it is a subsidiary of Bausch and Lomb Inc, US, which bought out the stake of co-promoter, Montari Industries in 1996-97.

- Bausch and Lomb India is setting up an international school of optometry in the country. The school is being set up in association with the Hyderabad-based LV Prasad Eye Institute with an investment of $1 million.

- The Comp. acquired 3D eyewinding technology, 9 Base lens manufacturing know-how, Matte finishing technology & developed the Prescription sunglass manufacturing process.

- The New `Suntamers' range of Ray-Ban sunglasses was launched with many new styles & finishes.

- 88,61,430 No. of equity shares of Rs 10 each [prem. Rs 30 per shares] issued on rights basis [prop. 4:7s], 39,657 No. of equity shares kept in abeyance allotted.

1999 - Bausch and Lomb India [BLIs] will hive off its vision-care business to a Comp. that will be set up by its present parent Bausch and Lomb Inc after obtaining the requisite approval from the Foreign Investment Promotion Board [FIPBs].

- Bausch & Lomb Incorporated had entered into an agreement with Luxottica Group in April.

- The Comp. introduced its first set of brand new models -- Oval, Fugitive, Classic 3 & 4, & Club Master.

- Bausch and Lomb India [BLIs] is desperately seeking a collaboration agreement with Italian eyewear giant Luxottica to ensure its survival in its present form in India.

2000 - Eye Care major, Bausch and Lomb is setting up a wholly owned subsidiary in India by acquiring assets of its Indian joint venture Comp. for Rs. 43 crore.

- The Comp. introduced the PureVision, a revolutionary product that will change the way we define a contact lens.

- Bausch and Lomb India, the Indian subsidiary of global vision care major Bausch and Lomb Inc will handover the reins of its eyewear business to Italy Luxottica by October.

- Bausch and Lomb has launched SofLens Comfort based on a new technology called UniFit, which reputedly integrates a number of design aspects that combine to make the lens superior in both comfort & fit.

- The Comp. has modified its distribution structure for eyewear business to make it more effective & robust to meet newmarket challenges.

- Bausch and Lomb India Holdings, Inc. - the Comp. that is holding 44 per cent equity shares of BLI has been merged into a wholly-owned US subsidiary of Luxottica Group SpA.

- Bausch and Lomb has launched the Healthy Eyes CD in India.

2001 - The Board has approved to change its name from Baush and Lomb India limited to Ray Ban Sun Optics India Ltd.

2002

-Appoints Enrico Mistron as the Additional Director on the Board of company.

-Cricketers Harbhajan & Laxman the promoters of company brands like Ray Ban & Killer Loop.

-Launches eye care awareness program 'Confidence, Contact and Me' in Chennai.

-Luigi Francavilla, elected as the Chairman on the Board of company.

2004

-Bausch and Lomb launches latest vision correction device

2007

-Rayban Sun Optics India Ltd has appointed Mr. Kewal K Khanna as Additional Director of Company.