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IFGL Refractories Ltd. Company History and Annual Growth Details

YEAR EVENTS
1989 - The Company was Incorporated on 22nd November, at Calcutta and
obtained the Certificate of Commencement of Business on 2nd
February, 1990. The registered office of the Company was
transferred to the State of Orissa with effect from 18th November
1991. It was promoted by Indo Flogates Ltd. and Bajorias.

- The Company's object is to manufacture continuous casting
refractories.

- The Company undertook to set up a plant for the manufacture of
specialised refractories with an installed capacity of 1920
tonnes per annum at Kalunga Industrial Estate in Sundargarh
District of Orissa. The isostatic press and most of the other
equipments were commissioned and trial runs were conducted. The
tunnel kiln and tunnel dryer was expected to be commissioned very
soon.

- The Company had entered into technical collaboration agreement
with Harina Ceramic Co. Ltd., Japan, for transfer of know-how
for the manufacture of continuous casting refractories,
assistance in supervising erection and commissioning of the plant
and machinery as well as training the Company's personnel at
Harina's plant.

1991 - The Company issued 20% secured redeemable non-convertible
debentures of Rs.100 each for Rs.281 lakhs on private placement
basis to LIC Mutual Fund and GIC Mutual Fund. These debentures
are to be redeemed at a prem. of 5% in three equal instalments
at the end of 6th, 7th and 8th years from the date of allotment
of debentures.

1992 - 70 shares subscribed for by signatories to the Memorandum of
Association. 87,19,930 shares then issued at par out of which
the following share were reserved and allotted on a firm basis:

- (i) 22,99,930 shares to promoters companies (Indo Flogates Ltd.),
promoters, resident Indian directors etc:

- (ii) 1,74,400 shares to Harima Ceramic Co. Ltd. Japan;

- (iii) 6,97,600 shares to Nissho Iwai Corporation, Japan;

- (iv) 2,18,000 shares to Flogates Ltd. U.K.;

- (v) 5,00,000 shares to UTI jointly with the Technology
Development and Information Co. of India Ltd. (TDCI);

- (vi) 5,00,000 shares to IPICOL (Industrial Promotion and
Investment Corporation of Orissa);

- (vii) 5,00,000 shares to second India Investment Fund BV;

- (viii) 1,80,000 shares to LIC Mutual Fund and

- (ix) 1,50,000 shares to GIC Mutual Fund. Another 4,36,000 shares
to employees/workers etc. of the Company and those of promoter
companies and 13,08,000 shares to IFC Washington were reserved
and allotted on a pref. basis. The balance 17,56,000 shares were
offered to the public in February. 13,08,000 additional shares
allotted to retain oversubscription. (2,63,500 shares to the
public, 7,50,300 shares to promoters, directors etc. 1,96,200
shares to IFC Washington; 65,300 shares to employees, etc. and
32,700 shares to Flogates Ltd. U.K.

1993 - The Company entered into agreement with the collaborators, Harina
Ceramic, to manufacture Magnesice Carbon Tap hole Sleeves and
Ladle Fillers.

- The Company issued 100,28,000 No. of equity shares of Rs.10 each
for cash at par in the ratio of 1:1 to the existing shareholders
of the company.

1995 - The Company had set up a project to manufacture Magnesia Carbon
Tap-hole sleeves in technical collaboration with Harima Ceramic
Co. Ltd. Japan.


2005

- Delists equity shares from the Calcutta Stock Exchange Association Ltd (CSE) with effect from March 30, 2005.
 
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