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Raasi Refractories Ltd. Company History and Annual Growth Details

YEAR EVENTS
1981 - The Company was Incorporated on 24th December, at Hyderabad.

- The Company's object is to manufacture high alumina and high grog
refractories and mortars and insulation and acid proof bricks and
mortars.

- The Company was promoted by B.V. Raju, K.S.N. Raju and Dr. R.V.
Raju along with their friends, relatives and associates.

- The operations, however, resulted in a loss mainly due to
teething troubles of the plant and lower sales realisation.

1984 - 6,22,500 shares subscribed for by promoters, etc. and 2,77,500
shares allotted to APIDC. 9,50,000 shares offered at par for
public subscription during Feb./Mar.

1986 - Raasi Finance and Investment Ltd., had lent an amount of 34,20
lakhs to Raasi Refractories Ltd. as interest free loan.
Accordingly 3,42,000 No. of equity shares of Rs.10 each were
allotted at par to Raasi Finance and Investment Ltd. on 23rd
December 1993.

1989 - The Company made a reference to the Board of Industrial and
Financial Reconstruction (BIFR) as per requirements of the
Sick Industrial Companies (Sp. Provisions) Act. 1985.

1990 - IFCI was appointed as an operating agency to recommend a suitable
rehabilitation package.

1991 - The draft rehabilitation package was finalised by IFCI, and was
awaiting the approval from BIFR.

1992 - The BIFR at its hearing held on 23rd December, sanctioned the
rehabilitation package for the company as submitted by IFCI.

- Subject to necessary approvals being obtained, Telangana Paper
Mills Ltd, was proposed to be merged with the Company.

- Subject to necessary approvals being obtained, the Company
proposed to raise an amount of Rs.75 lakhs (being the amount
permitted by BIFR for the company's rehabilitation) by way of
rights issue.

1993 - 3,42,000 No. of equity shares issued at par on conversion of
unsecured loans to Raasi Finance and Investment Ltd.

1994 - 7,50,000 No. of equity shares issued at par on conversion of
interest free unsecured loans to promoters.

2002-Raasi Refractories Ltd has informed that the appointments were made at the Board meeting.M Ravindra Varma Chairman & Managing Director ,A K Singh Executive Director (Operations) and M L Vijaya Rama Raju Whole-Time-Director.

2004

-Two of the Rourkela-based industrialists (Mr Ashok Agarwal and Mr Sanjay Agarwal) specialising in iron and steel business acquire over 59 per cent stake in Raasi Refractories Ltd (RRL)
 
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