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Pennar Industries Ltd. Company History and Annual Growth Details

YEAR EVENTS
1975 - The Company was incorporated on 8th August, at Hyderabad. The
company was promoted in the joint sector by J Naresh Kumar in
association with Andhra Pradesh Industrial Development
Corporation, Ltd. (APIDC).

- The main object of the company is to manufacture cold rolled
steel strips, steel tubes, pipes, etc.

- The company entered into agreement with Metallurgical and
Engineering Consultants India Ltd. (MECON) to manufacture,
supply, erection and commission the cold rolling mill. The
Company also provided for civil and structural designs and
drawings, designs of utilities & services. MECON also assisted
the Company during civil construction, erection and commissioning
of equipment and trial runs.

1986 - 11,43,080 shares taken up by Indian promoters, directors, etc.
1,18,000 shares taken up by NRI promoters on repatriation basis.
4,97,500 shares taken up by APIDC.

1987 - Two generating sets of a total capacity of 880 KVA were
installed.

- 18,50,020 shares issued of which the following shares were
reserved and allotted:

- (i) 2,47,220 shares to promoters, directors, their friends &
relations;

- (ii) 2,82,000 shares to NRI promoters on repatriation basis and

- (iii) 800 shares to APIDC. Out of the remaining 13,20,000
shares, 1,80,400 shares were reserved for allotment on a
preferential basis to employees, but none were taken up. The
balance 11,39,600 shares along with 1,80,400 shares not taken up
by the employees were offered for public subscription during May
1988. The public issue was undersubscribed. The number of
shares devolved on the underwriters are not known.

1989 - The Company received a letter of intent for expansion of capacity
to 50,000 TPA from the existing 12,000 TPA.

1990 - 75,000-14% secured non-convertible redeemable debentures of the
face value of Rs.100 each were issued by private placement to SBI
Mutual Fund. These debentures are redeemable at a premium of 5%
after the expiry of 7 years from the date of allotment.

1991 - The Company incorporated Thomas & Beffs Pennar Ltd. in
collaboration with Thomas & Beffs Corporation, U.S.A.

- During September-October, the Company issued 12,02,867 No. of
equity shares at par to shareholders on rights basis in
proportion 1:3 (all were taken up).

- Another 60,143 No. of equity shares were offered at par to the
employees (including Indian working directors/workers of the
Company) on an equitable basis (all were taken up).

- Additional 1,80,417 shares allotted to retain oversubscription.

- 14,43,427 No. of rights equity shares issued in prop. 1:3.

1993 - 25,85,814 rights equity shares issued (prem. Rs. 30 per share) in
prop. 1:2.

1994 - Various measures were undertaken by the Company to meet the
additional demand for the Company's products from the domestic
and Industrial appliances and Automotive industries.

- A 3 MW wind energy farm was installed at Coimbatore.


2006

- Pennar Industries Ltd has informed that the Board of Directors of the Company at its meeting held on October 31, 2006, inter alia, has considered and approved the appointment of Dr G Vivekanand as additional director on the Board with effect from October 31, 2006. He is the Promoter and Managing Director of Visakha Industries Ltd.

2008

-Pennar Industries Ltd has appointed Shri Aditya Narsing Rao as Additional Director designated as Director (Projects).

-Pennar Industries Ltd has appointed Shri. A Krishna Rao as the Chairman of the Company by the Board of Directors at its meeting held on July 16, 2008.
 
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