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IFB Industries Ltd. Company History and Annual Growth Details

YEAR EVENTS
1974 - The Company was incorporated on 12th September, in West Bengal.

- The Company's object is to manufacture fine blanking tools, press
tools and fine blanked components used in a wide range of
precision engineering industries.

- The Company was promoted by Bijon Nag, an engineer by profession.

- The Company entered into a technical-cum-financial collaboration
agreement with Heinrich Schmid, Rapperswill Switzerland. Under
this agreement, the collaborators were to furnish technical know
how, lay-out, design engineering services, drawings, etc. for the
company's plant. The collaboration also agreed to participate in
the equity share capital of the company to the extent of Rs.2.80
lakhs (10% of the subscribed and paid-up capital).

- Allotted 64,000 shares to promoters, directors etc. 28,000
shares to Heinrich Schmid, Switzerland and 25,300 shares to
WBIDC. 1,12,700 No. of equity shares and 5,000 pref. shares
offered at par to the public in August, 1976.

1982 - 1,25,668 No. of equity shares issued at par.

1984 - 71,332 No. of equity shares issued at par to foreign
collaborators, 3,03,000 No. of equity shares then issued at par
as rights to resident Indian sharehodlers in prop. 32:25. 500
No. of equity shares forfeited.

1985 - About 4.84 acres of land were taken on lease at Gangarampur in
South Parganas District in West Bengal for the manufacture of
high technology machines as well as for future
expansion-cum-diversification programmes. A letter of intent was
obtained during the year to set up a cold rolling mill.

1986 - The Company proposed to modernise its existing plant.

1987 - The Company undertook to set up a second blanking unit at
Bangalore.

- Forfeiture on 50 equity shares annulled.

1988 - The Company set up a new division, viz., 'Project and
Construction' division to take up projects abroad as well as in
India.

- From the 1st July, the Company took on lease two tea estates in
Dooars, West Bengal. Expansion plans of tea gardens were being
implemented.

- The Company set up a joint venture company in India called RHW
India Pvt. Ltd., with P.A. Rentrop, Hubert and Wagner GmbH & Co.
KG, West Germany, for the manufacutre of automatic seat
adjustment mechanism. The Company participated to the extent of
60% and RHW 40% in the equity capital of this new company.

- The company proposed to set-up another joint venture in USA with
a paid-up capital of US $ 100,000 to intensify sales of the
company's products mainly machine tools in USA and Canada.

- The Company was one of the promoters of IFB Agro Industries Ltd.,
IFB Securities Ltd. and IFB Leasing and Finance, Ltd.

- 7,30,000 rights equity shares issued (prem. Rs.39 per share;
prop. 1:1). (All were taken up). Another 36,500 No. of equity
shares (prem. Rs.39 per share) issued to employees under
Employees Stock Option Scheme (all were taken up).

1989 - The Company entered into a collaboration agreement with
Bosch-Siemens Hausgerate GmbH, W. Germany, for production of
fully automatic washing machines and for the manufacture of the
state-of-the-art domestic appliances.

- The Company proposed to acquire a new shed admeasuring 64,000 sq.
ft. at Verna, Goa. When ready, it was proposed to shift the
facilities available in Bangalore for washing machines
sub-assembly and the assembly of the other set up in Corlim, Goa
to the above said shed in Verna, Goa.

- RHW India Pvt. Ltd. became subsidiary of the Company and the name
was consequently changed to RHW India Ltd.

- RHW India Ltd., has entered in a joint venture agreement with
Electrolux Autoliv AB (Sweden) for setting up a joint venture
company, for the manufacture, sale and export of automotive
safety belts and accessories. The new company would be a
subsidiary of RHW India, Ltd.

- The Company has set up a company called European Fine Blanking
Ltd., at Wrexham in North Wales, U.K. with its European partners
for the manufacture of fine blanking tools and components for the
UK and other European markets. The company participated to the
extent of 71% and its European partners 29% in the equity capital
of this subsidiary company.

- During October, the company offered 11,22,375 - 12.5% secured
fully convertible debentures of Rs.80 each on rights basis in
prop. 1 debentures : 2 equity shares held (all were taken up).
Additional 1,68,356 debentures were allotted to retain over
subscription.

- Another 56,120 - 12.5% debentures were issued to employees
(including Indian working directors)/workers of the Company on an
equitable basis (all were taken up). Additional 8,418 debentures
were allotted to retain oversubscription.

- These debentures were converted into one equity share of Rs.10
each at a prem. of Rs.70 per share at the end of six months from
date of allotment of debentures. Accordingly 13,55,269 shares
were allotted.

- Simultaneous to the rights issue, the company issued through the
prospectus 3,50,000 - 12.5% secured fully convertible debentures
of Rs.180 each of which the following were reserved for allotment
on a preferential basis:

- (i) 17,500 debentures to employees (including Indian working
directors)/workers of the company (all were taken up) and

- (ii) 52,500 debentures to mutual funds/financial
institutions/subsidiaries of commercial banks (all were taken
up).

- The remaining 2,80,000 debentures were offered for public
subscription during October. Additional 52,500 debentures were
allotted to retain oversubscription (7,875 debentures to mutual
funds, 2,625 debentures to employees and 42,400 debentures to
public).

- Rs.80 (Part-A), of the face value of each debenture was converted
into one equity share of Rs.10 each at a prem. of Rs.70 per
share at the end of months from the date of allotment of
debentures. Accordingly 4,02,500 No. of equity shares were
allotted.

- A part of Rs.75 of the remaining 'B' portion of Rs.100 of each
debenture issued through prospectus was converted into one equity
share of Rs.10 each at a prem. of Rs.65 per share. Accordingly
4,02,500 No. of equity shares were allotted on 9th December, 1991

- The company privately placed with financial institutions
non-convertible debentures of Rs.150 lakhs. These debentures are
redeemable in 5 equal annual instalments commencing from 20th
June 1994 with a prem. 5% being paid with the third instalment.

- The Company proposed to issue 14% non-convertible debentures of
Rs.425 lakhs to financial institution by private placement.

- With effect from 19th July, the name of the company was changed
from Indian Fine Blank, Ltd. to IFB Industries, Ltd.

- 7,48,250 bonus equity shares issued in prop. 1:2. 17,57,769 No.
of equity shares allotted in conversion of 12.5% debentures.

1992 - During September-October, the company offered 39,64,518 zero
interest debentures of Rs.110 each on rights basis in the
proportion 3 debentures : 5 equity shares held (all were taken
up).

- Simultaneously another 1,98,226 - zero interest debentures were
issued to the employees on an equitable basis (only 1,76,400
debentures taken up). Unsubscribed portion of 21,826 debentures
was allowed to lapse. These are to be converted into 1 equity
share of Rs.10 each at a prem. of Rs.100 per share on the expiry
of 12 months the date of allotment of debentures.

- 5,000 - 11% pref. shares redeemed on 9th November, 1991.
4,02,500 No. of equity shares allotted in conversion of remaining
portion of Part-B of 12.5% debentures issued through prospectus.

1993 - The end in view necessary changes in the Memorandum and Articles
of Association of the company, the company proposed for takeover
and acquisition of suitable units. Proposals are also being
considered to optimise the operating units of the company by
forming joint ventures with international players.

- 22,02,510 bonus shares issued in prop. 1:2. 41,40,918 shares of
Rs.10 each at a prem. of Rs.100 per share allotted in conversion
of zero interest debs. 18,96,000 No. of equity shares of Rs.10
each at a prem. of Rs.265 per share to Foreign Industrial
Investors. Also 64,000 No. of equity shares at a prem. of Rs.265
shares to be allotted to Jardine Fleming India Schemes Pvt. Ltd.

1996 - Balance Rs.25 of 'B' portion of debenture was to be redeemed at
par on 9th December.

2000 - IFB has launched its new fully automatic washing machine,
Senator, in the Kerala market.

2002-IFB Industries Ltd has informed that the Board of Directors of the Company at their meeting held on June 20, 2002 have approved the Scheme of reduction in the Share Capital of the Company subject to the approval of the Shareholders at the ensuing Annual General Meeting and confirmation by the Hon'ble High Court at Kolkata and permissions and sanctions of any other authority if necessary.

-IFB Industries Ltd has informed that in its AGM special resolutions were passed by the members: 1) Rights Issue of equity shares of Rs.10/- each at par in ratio of one equity share for every four equity shares held by such members on the record date as maybe determined by the Board. 2) Preferential Issue of 25,00,000 equity shares of Rs.10/- each at par to the promoters group.3) Preferential issue of 49,90,000 equity shares of Rs.10/- each to IDBI and 12,50,000 equity shares of Rs.10/- each to ICICI Bank Ltd in lieu of and against conversion of part of the rupee loans taken by the company. 4) Capital Reduction and writing off accumulated loss.

2008

- Ifb Industries ltd has informed that the Baord of Directors of the Company at its meeting held on October 31, 2008 has inducted Mr. Bikranjit Nag in the Board and appointed him as Joint Executive Chairman and Managing Director of the Company.
 
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