YEAR                       EVENTS
 1969 - The Shri Ishar Alloys Steel Limited was incorporated in
 September
        and was promoted by Hardial Singh and his family members. 
 The
        Company a member of Indore Steel Group of Companies consists
 of a 
        billet castings (continuous plant) and a rolling mill.
 
      - The main aim of the Company is to manufacture billets, wire
        rods, rounds, wire and structurals in almost all grades and
        sizes.
 
 1975 - The Company added 2 more arc furnaces of 10/12 tonnes capacity
 to 
        its existing 8 tonnes furnace.
 
 1977 - One more rolling mill was added for manufacture of high
 carbon
        rounds and structurals.
 
 1979 - The Company incorporated 2 strand continuous casting
 machines.
 
      - The Company obtained the know-how from Greaves Zoseco, U.K.,
 for
        the operation of cold Tundish system in continuous casting.
 
 1982 - The Company entered into technical collaboration agreement
 with 
        Ovako, Finland for import of a ladle injection station for 
        widening its technological base and for augmenting its
 capacity.
 
 1985 - The Company entered into a collaboration with Inteco, Austria
 for 
        obtaining drawings and designs and for conversion of an
 electric 
        arc furance to ladle furnace.
 
      - The Company installed a captive oxygen gas plant of 65M2/hr 
        capacity.
 
      - Equity shares subdivided.  2,74,880 shares issued as rights.
 
 1986 - The collaboration programme with Ovako reached final stage and
 
        most of the grades included in the scope of transfer of 
        technology were developed.
 
      - The Company undertook to set up a steel making unit of 1.15
 lakh 
        tonnes per annum capacity on the land adjacent to the existing
 
        plant in Indore.
 
      - The plant was to incorporate the state-of-the-art technology
 by 
        incorporating a 30 ton ultra high power furnace secondary 
        refining furnace and a three-stand continuous casting
 machine.
        This would enable the Company to widen its range of product
 mix 
        comprising high/low carbon wire, rod, grades, forging quality
 
        steel, etc., as well as a wide variety of alloy and stainless
 
        steel.
 
 1988 - 16,00,000 No. of equity shares of Rs.10 each then issued at a
 
        premium of Rs.12 per share of which the following were
 reserved 
        and allotted on a firm basis:
 
      - (i) 2,04,600 shares to NRI associates of repatriation basis
 and
 
      - (ii) 2,50,000 shares to resident Indian promoters, directors,
 
        their friends etc.  Of the balance of 2,10,000 shares, the 
        following were reserved for allotment on a preferential
 basis:
 
      - (i) 80,000 shares to employees/workers of the Company (only
 5,300 
        shares) and
 
      - (iii) 1,30,000 shares to NRI on repatriation basis (only
 93,400 
        shares taken up).  The remaining 9,35,400 shares along with
 the 
        unsubscribed portion of 1,10,300 shares from preferential
 quota
        were offered for public subscription during April.  Another 
        1,60,000 shares were allotted to retain oversubscription. 
 After 
        the date of opening public subscription 17,50,000 bonus
 shares
        were allotted in the proportion 7:2 to the holders of equity
        shares prior to the public issue.
 
 1989 - The Company received a letter of intent for increasing its
 plant 
        capacity further to 1,50,000 TPA.
 
      - The Company allotted 2,50,000-14% non-convertible debentures
 of 
        Rs.100 each on private placement basis to SBI Mutual Fund
        (1,00,000 debentures) UTI (75,000 debentures) and LIC (75,000
 
        debentures).  These debentures are redeemable after 7 years at
 a 
        premium of Rs.5 per debenture.
 
 1990 - The Company offered 10,02,500 No. of equity shares of Rs.10
 each
        at a premium of Rs.15 per share on `Rights basis' in prop.
 1:4
        (all were taken up).  Additional 1,50,375 shares were allotted
 to 
        retain oversubscription.
 
      - The Company also issued another 50,125 No. of equity shares of
 
        Rs.10 each at a premium of Rs.15 per share to the employees of
 
        the Company under the Employees' Stock Option Scheme (only
 3,600 
        shares taken up).  The unsubscribed portion of 46,525 shares
 was 
        allowed to lapse.
 
      - 11,56,475 No. of equity shares allotted on right basis.
 
 1993 - The Company promoted an overseas venture at Dubai to
 manufacture 
        stainless steel bright bars.
 
 1994 - The Company offered 52,92,875-15% secured redeemable partly 
        convertible debentures (PCDs) of Rs.40 each on right basis to
 the 
        existing shareholders in the ratio of 1 PCDs : 1 Equity share.
  
        Of which 1,26,400 debentures were offered to the employees and
 
        51,61,350 debentures allotted to the shareholders.  5,125 
        debentures were kept in abeyance).  Simultaneously, the
 Company
        offered and allotted 12,91,619 debentures to the financial 
        institutions and group companies.
 
      - Part-A (convertible) of Rs.22 per debenture was to be
 converted 
        into 1 equity share of Rs.10 each at a permium of Rs.12 per
 share
        on allotment.
 
      - Part-B (non-convertible) of Rs.18 was to be redeemed at par in
 
        equal installments on the expiry of 6th, 7th and 8th year from
 
        the date of allotment.