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IFB Industries
BSE: 505726|NSE: IFBIND|ISIN: INE559A01017|SECTOR: Consumer Goods - White Goods
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Company History - IFB Industries
YEAR                       EVENTS
 1974 - The Company was incorporated on 12th September, in West
 Bengal.
 
      - The Company's object is to manufacture fine blanking tools,
 press
        tools and fine blanked components used in a wide range of
        precision engineering industries.
 
      - The Company was promoted by Bijon Nag, an engineer by
 profession.
 
      - The Company entered into a technical-cum-financial
 collaboration
        agreement with Heinrich Schmid, Rapperswill Switzerland. 
 Under
        this agreement, the collaborators were to furnish technical
 know
        how, lay-out, design engineering services, drawings, etc. for
 the
        company's plant.  The collaboration also agreed to participate
 in
        the equity share capital of the company to the extent of
 Rs.2.80
        lakhs (10% of the subscribed and paid-up capital).
 
      - Allotted 64,000 shares to promoters, directors etc.  28,000 
        shares to Heinrich Schmid, Switzerland and 25,300 shares to
        WBIDC.  1,12,700 No. of equity shares and 5,000 pref. shares
        offered at par to the public in August, 1976.
 
 1982 - 1,25,668 No. of equity shares issued at par.
 
 1984 - 71,332 No. of equity shares issued at par to foreign 
        collaborators, 3,03,000 No. of equity shares then issued at
 par
        as rights to resident Indian sharehodlers in prop. 32:25. 
 500
        No. of equity shares forfeited.
 
 1985 - About 4.84 acres of land were taken on lease at Gangarampur
 in
        South Parganas District in West Bengal for the manufacture of
        high technology machines as well as for future
        expansion-cum-diversification programmes.  A letter of intent
 was
        obtained during the year to set up a cold rolling mill.
 
 1986 - The Company proposed to modernise its existing plant.
 
 1987 - The Company undertook to set up a second blanking unit at 
        Bangalore.
 
      - Forfeiture on 50 equity shares annulled.
 
 1988 - The Company set up a new division, viz., `Project and 
        Construction' division to take up projects abroad as well as
 in
        India.
 
      - From the 1st July, the Company took on lease two tea estates
 in
        Dooars, West Bengal.  Expansion plans of tea gardens were
 being
        implemented.
 
      - The Company set up a joint venture company in India called
 RHW
        India Pvt. Ltd., with P.A.  Rentrop, Hubert and Wagner GmbH &
 Co.
        KG, West Germany, for the manufacutre of automatic seat 
        adjustment mechanism.  The Company participated to the extent
 of 
        60% and RHW 40% in the equity capital of this new company.
 
      - The company proposed to set-up another joint venture in USA
 with
        a paid-up capital of US $ 100,000 to intensify sales of the
        company's products mainly machine tools in USA and Canada.
 
      - The Company was one of the promoters of IFB Agro Industries
 Ltd.,
        IFB Securities Ltd. and IFB Leasing and Finance, Ltd.
 
      - 7,30,000 rights equity shares issued (prem. Rs.39 per share; 
        prop. 1:1).  (All were taken up).  Another 36,500 No. of
 equity
        shares (prem. Rs.39 per share) issued to employees under
        Employees Stock Option Scheme (all were taken up).
     
 1989 - The Company entered into a collaboration agreement with
        Bosch-Siemens Hausgerate GmbH, W. Germany, for production of
        fully automatic washing machines and for the manufacture of
 the
        state-of-the-art domestic appliances.
 
      - The Company proposed to acquire a new shed admeasuring 64,000
 sq.
        ft. at Verna, Goa.  When ready, it was proposed to shift the
        facilities available in Bangalore for washing machines
        sub-assembly and the assembly of the other set up in Corlim,
 Goa
        to the above said shed in Verna, Goa.
 
      - RHW India Pvt. Ltd. became subsidiary of the Company and the
 name
        was consequently changed to RHW India Ltd. 
 
      - RHW India Ltd., has entered in a joint venture agreement with
        Electrolux Autoliv AB (Sweden) for setting up a joint venture
        company, for the manufacture, sale and export of automotive 
        safety belts and accessories.  The new company would be a 
        subsidiary of RHW India, Ltd.
 
      - The Company has set up a company called European Fine Blanking
 
        Ltd., at Wrexham in North Wales, U.K. with its European
 partners
        for the manufacture of fine blanking tools and components for
 the
        UK and other European markets.  The company participated to
 the
        extent of 71% and its European partners 29% in the equity
 capital
        of this subsidiary company.
 
      - During October, the company offered 11,22,375 - 12.5% secured
        fully convertible debentures of Rs.80 each on rights basis in
        prop. 1 debentures : 2 equity shares held (all were taken
 up).
        Additional 1,68,356 debentures were allotted to retain over
        subscription.
 
      - Another 56,120 - 12.5% debentures were issued to employees 
        (including Indian working directors)/workers of the Company on
 an
        equitable basis (all were taken up).  Additional 8,418
 debentures
        were allotted to retain oversubscription.
 
      - These debentures were converted into one equity share of Rs.10
 
        each at a prem. of Rs.70 per share at the end of six months
 from
        date of allotment of debentures.  Accordingly 13,55,269 shares
 
        were allotted.
 
      - Simultaneous to the rights issue, the company issued through
 the
        prospectus 3,50,000 - 12.5% secured fully convertible
 debentures  
        of Rs.180 each of which the following were reserved for
 allotment
        on a preferential basis:
 
      - (i) 17,500 debentures to employees (including Indian working 
        directors)/workers of the company (all were taken up) and
 
      - (ii) 52,500 debentures to mutual funds/financial
        institutions/subsidiaries of commercial banks (all were taken
        up).
 
      - The remaining 2,80,000 debentures were offered for public
        subscription during October.  Additional 52,500 debentures
 were
        allotted to retain oversubscription (7,875 debentures to
 mutual
        funds, 2,625 debentures to employees and 42,400 debentures to
        public).
 
      - Rs.80 (Part-A), of the face value of each debenture was
 converted
        into one equity share of Rs.10 each at a prem. of Rs.70 per
        share at the end of months from the date of allotment of 
        debentures.  Accordingly 4,02,500 No. of equity shares were
        allotted.
 
      - A part of Rs.75 of the remaining `B' portion of Rs.100 of
 each
        debenture issued through prospectus was converted into one
 equity
        share of Rs.10 each at a prem. of Rs.65 per share. 
 Accordingly
        4,02,500 No. of equity shares were allotted on 9th December,
 1991
 
      - The company privately placed with financial institutions
        non-convertible debentures of Rs.150 lakhs.  These debentures
 are
        redeemable in 5 equal annual instalments commencing from 20th
 
        June 1994 with a prem. 5% being paid with the third
 instalment.
 
      - The Company proposed to issue 14% non-convertible debentures
 of
        Rs.425 lakhs to financial institution by private placement.
 
      - With effect from 19th July, the name of the company was
 changed
        from Indian Fine Blank, Ltd. to IFB Industries, Ltd.
 
      - 7,48,250 bonus equity shares issued in prop. 1:2.  17,57,769
 No.
        of equity shares allotted in conversion of 12.5% debentures.
 
 1992 - During September-October, the company offered 39,64,518 zero
        interest debentures of Rs.110 each on rights basis in the
        proportion 3 debentures : 5 equity shares held (all were taken
 
        up).
 
      - Simultaneously another 1,98,226 - zero interest debentures
 were
        issued to the employees on an equitable basis (only 1,76,400 
        debentures taken up).  Unsubscribed portion of 21,826
 debentures
        was allowed to lapse.  These are to be converted into 1
 equity
        share of Rs.10 each at a prem. of Rs.100 per share on the
 expiry
        of 12 months the date of allotment of debentures.
 
      - 5,000 - 11% pref. shares redeemed on 9th November, 1991.     
        4,02,500 No. of equity shares allotted in conversion of
 remaining
        portion of Part-B of 12.5% debentures issued through
 prospectus.
 
 1993 - The end in view necessary changes in the Memorandum and
 Articles
        of Association of the company, the company proposed for
 takeover
        and acquisition of suitable units.  Proposals are also being
        considered to optimise the operating units of the company by
        forming joint ventures with international players.
 
      - 22,02,510 bonus shares issued in prop. 1:2.  41,40,918 shares
 of
        Rs.10 each at a prem. of Rs.100 per share allotted in
 conversion
        of zero interest debs.  18,96,000 No. of equity shares of
 Rs.10
        each at a prem. of Rs.265 per share to Foreign Industrial 
        Investors.  Also 64,000 No. of equity shares at a prem. of
 Rs.265
        shares to be allotted to Jardine Fleming India Schemes Pvt.
 Ltd.
 
 1996 - Balance Rs.25 of `B' portion of debenture was to be redeemed
 at 
        par on 9th December.
 
 2000 - IFB has launched its new fully automatic washing machine,
        Senator, in the Kerala market.
 
 2002-IFB Industries Ltd has informed that the Board of Directors of
 the Company at their meeting held on June 20, 2002 have approved the
 Scheme of reduction in the Share Capital of the Company subject to
 the approval of the Shareholders at the ensuing Annual General
 Meeting and confirmation by the Hon'ble High Court at Kolkata and
 permissions and sanctions of any other authority if necessary.
 
 -IFB Industries Ltd has informed that in its AGM special resolutions
 were passed by the members: 1) Rights Issue of equity shares of
 Rs.10/- each at par in ratio of one equity share for every four
 equity shares held by such members on the record date as maybe
 determined by the Board. 2) Preferential Issue of 25,00,000 equity
 shares of Rs.10/- each at par to the promoters group.3) Preferential
 issue of 49,90,000 equity shares of Rs.10/- each to IDBI and
 12,50,000 equity shares of Rs.10/- each to ICICI Bank Ltd in lieu of
 and against conversion of part of the rupee loans taken by the
 company. 4) Capital Reduction and writing off accumulated loss.
 
 2008
 
 - Ifb Industries ltd has informed that the Baord of Directors of the
 Company at its meeting held on October 31, 2008 has inducted Mr.
 Bikranjit Nag in the Board and appointed him as Joint Executive
 Chairman and Managing Director of the Company.
 
 2009
 
 - IFB Industries allotted 68,00,000 equity shares of Rs 10/- (at par)
 to IFB Automotive Pvt. Ltd, a promoter group Company. 
 
 2012
 
 -  IFB Industries Ltd  Preferential Allotment of 50,00,000 Equity
 Share.
 
Source : Dion Global Solutions Limited
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