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Murudeshwar Ceramics Ltd. Company History and Annual Growth Details

YEAR EVENTS
1983 - The Company was incorporated on 29th June, in Karnataka. The
Company was promoted by R.N. Shetty and his associates and
Karnataka State Industrial Investment & Development Corporation
Ltd. (KSIIDC) in the joint sector. The Main Object of the
Company is to Manufacture ceramic floor and wall tiles.

- The Company entered into a technical and financial collaboration
agreement with M/s. Klingenberg Dekoramik, GmbH, W. Germany for
technical know-how, ceramic technical documentation, assistance
in machinery selection, establishing production and training
Indian technicians in Germany.

1987 - 25 equity shares subscribed for by signatories to the Memorandum
of Association. 44,99,975 No. of equity shares then issued at
par of which the following shares were reserved for allotment on
a firm basis: (i) 16,19,979 shares to promoters, directors their
friends etc.; (ii) 9,99,996 shares to KSIIDC and (iii) 2,30,000
shares to Klingenberg Dekoramik, GmbH, West Germany.

- Of the remaining 16,50,000 No. of equity shares, the following
shares were reserved for allotment on a preferenial basis: (i)
5,00,000 shares to NRIs on repatriation basis (only 29,300 shares
taken up); and (ii) 2,25,000 shares to employees, etc. (none
were taken up). The balance 9,25,000 shares, along with 6,95,700
shares not taken up under preferential quota, offered to the
public in January 1988.

1988 - The Company was the first to introduce whispering and linen weave
effect tiles in the market.

- The Company proposed to double the installed capacity to 25,000
TPA involving a capital outlay of Rs 700 lakhs.

1990 - During February-March, the Company offered 90,000-14% fully
convertible debentures of Rs 150 each on Rights basis in the
proportion 2 debentures: 100 equity shares held. Additional
13,379 debentures were allotted to retain oversubscription.

- Simultaneously, 4,500-14% convertible debentures were offered to
employees (including Indian Working Directors)/workers of the
Company on an equitable basis. (Only 870 debentures taken up).
The unsubscribed portion of 3,630 debenture were to be allotted
to mutual funds/financial institutions etc.

- Rs 50 of the face value of each debenture was to be compulsorily
and automatically converted into 5 No. of equity shares of Rs 10
each at par on the expiry of 6 months from the date of allotment
of debentures.

- Rs 100 of the face value of each debenture was to be compulsorily
and automatically converted into such number of equity shares and
at such premium as may be decided by the CCI, after completion of
24 months from the date of allotment of debentures.

- 2,100 shares forfeited. 5,21,245 shares allotted at par in
conversion of debentures.

1992 - The Company introduced `Plaza', `Galaxy' and Symphony Series of
Ceramic tiles which were well received in the market. Also,
tiles in sizes viz. 25cm x 20cm and 20cm x 15cm were introduced.

- 2,59,177 shares allotted (prem. Rs 30 per share) in conversion
Part `B' of debentures.

1993 - During the year Tiles in may new designs and colours were
introduced.

- During April-May, the company issued 26,60,000 No. of equity
shares of Rs 10 each for cash at a premium of Rs 50 per share on
Rights basis in proportion 1:2. Only 24,82,310 shares were taken
up.

- Another 1,00,000 No. of equity shares of Rs 10 each were offered
at a premium of Rs 50 per share to employees' on an equitable
basis. (Details of allotment not know).

- Simultaneous to the above issue, the Company also issued through
a prospectus 9,00,000-16% secured redeemable partly convertible
debentures of Rs 180 each on Rights basis in prop. 1 debenture: 6
equity shares held. Only 8,77,886 debentures were taken up (of
these 33,303 debentures each devolved on Canara Bank & Vijaya
Bank. Devolvement to the extent of 22,114 debs. on Bank of
Baroda awaited).

- Part A of Rs 60 of the face value of each debenture was to be
converted into one equity shares of Rs 10 each at a premium of
Rs 50 per share at the end of 6 months from the date of allotment
of debentures.

- Part B of Rs 120 of the face value of each debenture was to be
redeemed at the end of the 6th, 7th and 8th year respectively
from the date of allotment of debentures.

1994 - 1,77,690 right shares not taken up were allotted. 2,042 shares
forfeited.

2004

-Shri K Jairaj has been appointed as an Additional Director of the company.

-Murudeshwar Ceramics have recommended dividend at Re 1 per share of nominal face value of Rs 10 each.

2005

-Shri I. M. Vittala Murthy has been appointed as a Director of the company.

-Shri. Sadanand V. Nadig has been inducted as an Additional Director of the company.

2006

-Murudeshwar Ceramics commences commercial production of Glazed Ceramic Tiles

-Shri K Sundar Naik has been appointed as Additional Director of the company.

2007

-Murudeshwar Ceramics has recommended Dividend @ 20%

2008

-Dr. S S Hiremath has been appointed as an Additional Director on the Board of the Company

-Murudeshwar Ceramics has recommended dividend at 12%

2009

-Murudeshwar Ceramics has recommended dividend of Re 0.60

2010

-Murudeshwar Ceramics Ltd Issues Rights in the Ratio of 1:1

2011

-Mr. Annappayya Kundapur has been appointed as an Additional Director on the Board of the Company.

2012
-Murudeshwar Ceramics Appointed Mr. Keremane Sankappa Shetty as Additional Director of the Company.

2014
-Murudeshwar Ceramics appointed Mrs. Sarvani Alva as Additional Director on the Board of this Company.
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