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YEAR EVENTS 1989 - The Company was incorporated on 10th March, as a private limited company and was converted into as a public limited company on 22nd March 1993. The main objects of the company is to Manufacture various kinds of maize starch and allied products and bye-product. - Karam Chand Thapar & Bros. Ltd. (KCT) a Thapar Group Company also the holding Company of Bharat Starch Industries Ltd., sold its starch unit as a going concern together with all assets and liabilities relating to the aforesaid unit to Satyam Pigments Ltd., its fully owned subsidiary effective April 1. - Satyam Pigments Ltd., changed its name to Bharat Starch Industries Ltd. on 3rd June. KCT was the holder of 40 equity shares of the company as on 5th March out of the 200 equity share of the Company. The Company made a Right issue of 2000 shares in March in the ratio of 1:10. KCT fully subscribed to the Rights shares whereas others did not. - Special efforts were made by the Company to promote maize cultivation in close co-ordination with various agencies involved in development of maize. - The Company undertook expansion and modernisation programme to rationalise the existing methods of production and bring them in line with the latest technological practice. The starch and allied products capacity was to be increased to 34,800 tpa, refined oil to 3,600 tpa and plant growth regulator to 240 tpa. It was proposed to import a primary centrifuge model B-30 machine at a cost of Rs.1 crore. Other machines were to be procured indigenously. - 24,80,917 No. of equity shares allotted to Imperial promoters. 58,30,000 No. of equity shares of Rs.10 each were issued through a prospectus in March 1994. Of which 21,30,000 shares and 11,20,000 shares were reserved and allotted on a firm basis to Associate Companies and Asian Finance and Investment Corporation Ltd. (AFIC) Singapore respectively. Of the remaining 5,00,000 shares were reserved for allotment on a preferential basis to NRIs/OCBs on repatriation basis. Additional 3,200 shares allotted. Balance 20,80,000 shares allotted to the public. 1994 - The Company undertook to set up a project for manufacture of citric acid at a cost of Rs.130 crores. 1995 - During March-April, the Company issued 180,13,900 Rights equity shares (prop. 13:6; prem. Rs.20 per share). 1997 - The Company allotted 81,09,900 No. of equity shares of Rs.10 each at a premium of Rs.9.25 per share on preferential basis by way of private placement of M/s. Staley Investments Inc. Mauritius.