Company History - IFB Industries
1974 - The Company was incorporated on 12th September, in West
- The Company's object is to manufacture fine blanking tools,
tools and fine blanked components used in a wide range of
precision engineering industries.
- The Company was promoted by Bijon Nag, an engineer by
- The Company entered into a technical-cum-financial
agreement with Heinrich Schmid, Rapperswill Switzerland.
this agreement, the collaborators were to furnish technical
how, lay-out, design engineering services, drawings, etc. for
company's plant. The collaboration also agreed to participate
the equity share capital of the company to the extent of
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
as rights to resident Indian sharehodlers in prop. 32:25.
No. of equity shares forfeited.
1985 - About 4.84 acres of land were taken on lease at Gangarampur
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
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
- 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
- From the 1st July, the Company took on lease two tea estates
Dooars, West Bengal. Expansion plans of tea gardens were
- The Company set up a joint venture company in India called
India Pvt. Ltd., with P.A. Rentrop, Hubert and Wagner GmbH &
KG, West Germany, for the manufacutre of automatic seat
adjustment mechanism. The Company participated to the extent
60% and RHW 40% in the equity capital of this new company.
- The company proposed to set-up another joint venture in USA
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
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
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
state-of-the-art domestic appliances.
- The Company proposed to acquire a new shed admeasuring 64,000
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,
to the above said shed in Verna, Goa.
- RHW India Pvt. Ltd. became subsidiary of the Company and the
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
for the manufacture of fine blanking tools and components for
UK and other European markets. The company participated to
extent of 71% and its European partners 29% in the equity
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
Additional 1,68,356 debentures were allotted to retain over
- Another 56,120 - 12.5% debentures were issued to employees
(including Indian working directors)/workers of the Company on
equitable basis (all were taken up). Additional 8,418
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
date of allotment of debentures. Accordingly 13,55,269 shares
- Simultaneous to the rights issue, the company issued through
prospectus 3,50,000 - 12.5% secured fully convertible
of Rs.180 each of which the following were reserved for
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
- The remaining 2,80,000 debentures were offered for public
subscription during October. Additional 52,500 debentures
allotted to retain oversubscription (7,875 debentures to
funds, 2,625 debentures to employees and 42,400 debentures to
- Rs.80 (Part-A), of the face value of each debenture was
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
- A part of Rs.75 of the remaining `B' portion of Rs.100 of
debenture issued through prospectus was converted into one
share of Rs.10 each at a prem. of Rs.65 per share.
4,02,500 No. of equity shares were allotted on 9th December,
- The company privately placed with financial institutions
non-convertible debentures of Rs.150 lakhs. These debentures
redeemable in 5 equal annual instalments commencing from 20th
June 1994 with a prem. 5% being paid with the third
- The Company proposed to issue 14% non-convertible debentures
Rs.425 lakhs to financial institution by private placement.
- With effect from 19th July, the name of the company was
from Indian Fine Blank, Ltd. to IFB Industries, Ltd.
- 7,48,250 bonus equity shares issued in prop. 1:2. 17,57,769
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
- Simultaneously another 1,98,226 - zero interest debentures
issued to the employees on an equitable basis (only 1,76,400
debentures taken up). Unsubscribed portion of 21,826
was allowed to lapse. These are to be converted into 1
share of Rs.10 each at a prem. of Rs.100 per share on the
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
portion of Part-B of 12.5% debentures issued through
1993 - The end in view necessary changes in the Memorandum and
of Association of the company, the company proposed for
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
Rs.10 each at a prem. of Rs.100 per share allotted in
of zero interest debs. 18,96,000 No. of equity shares of
each at a prem. of Rs.265 per share to Foreign Industrial
Investors. Also 64,000 No. of equity shares at a prem. of
shares to be allotted to Jardine Fleming India Schemes Pvt.
1996 - Balance Rs.25 of `B' portion of debenture was to be redeemed
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.
- 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.
- IFB Industries allotted 68,00,000 equity shares of Rs 10/- (at par)
to IFB Automotive Pvt. Ltd, a promoter group Company.
- IFB Industries Ltd Preferential Allotment of 50,00,000 Equity
-IFB Industries Ltd has informed that Mr. Prabir Chatterjee, Chief
Financial Officer of the Company has been inducted on the board of
the Company as Additional Director.
-Sudam Maitra has been inducted as Additional Director of the Company
also appointed as Deputy Managing Director of the Company.
-Mass Production of Top Loader Washing Machines
-IFB Industries starts production from Goa factory
- IFB Industries said has entered into an agreement with IFB
Automotive towards acquisition of Global Automotive & Appliances.