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Jai Mata Glass Ltd. Company History and Annual Growth Details

The company was incorporated as a Public Limited Company on 27th February 1981, and registered with the Registrar of Companies, Jallandhar. The certificate of Commencement of Business was obtained by the Company on 25th June. The promoters are Joginder Paul Marwah, Karnail Singh, Madan Lal Nayar, Balbir Singh Munjral and Bodh Raj Arora. JMGLÂs maiden initial public issue of its equity shares was launched in June 1986.

The main objective of the company is to manufacture figured and wired glasses.The plant site was chosen at village Tipra, Banotiwala in Tehsil Kasauli of Solan District of Himachal Pradesh, an industrially backward area.

1985 - 1,22,800 shares subscribed for by promoters, directors, etc.
12,27,200 shares were then issued at par out of which 5,27,200
shares were reserved and allotted to promoters, directors, etc.

- Out of the remaining 7,00,000 shares, 67,500 shares to employees
including Indian working directors of the Company and 14,000
shares to business associates of the Company were reserved for
preferential allotment.

- Only 43,100 shares were taken up out of this preferential quota.
The balance 6,18,500 shares along with the unsubscribed portion
of 38,400 shares out of the preferential quota, were offered for
public subscrition.

- Only 2,26,000 shares taken up by the public. The balance
4,30,000 shares devolved on the underwriters. (2,15,150 shares
on IDBI, 1,11,878 shares on IFCI and 1,03,272 shares on ICICI).

1990 - Shares fully paid-up.

1991 - During the year, the company introduced high value added products
viz., opthalmic, specially tinted figured wired glass and was
well accepted in the market.

- The production capacity was increased to 5.20 million sq. mtrs.
from 2.6 million sq. mtrs. and commercial production commenced
in March 1992.

1994 - The name of the Company was changed to Jai Mata Glass Ltd.

1995 - The company commissioned its 24% lead crystalware unit and
commenced commercial production in March, 1996.

1996 - The sale price of rolled, figured and wired glass remained
depressed on account of keen competition.

- On 16th March, the company allotted 13,50,000 No. of equity
shares in the ratio of 1:1 at a premium of Rs. 35 each to part
finance the 29% lead crystalware project of the company.

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