| YEAR EVENTS
1985 - The Company was Incorporated on 2nd April, as a Private Limited
in the name of Devi Forging Pvt. Ltd. and it was changed to Devi
Stone Craft Pvt. Ltd. on 24th April 1987. The controlling
interest of M/s. Devi Stone Craft Pvt. Ltd. was acquired by Steel
Tubes of India Group on 23rd November 1991. The name of the
Company was changed to STI Granite India Ltd. The company
received a fresh certificate of incorporation on 7th May, 1992.
The Company was previously engaged in the business of forging.
However, it was decided to diversify and implement the project
for processing of rough blocks to granite slabs and tiles.
- The Company's objects is to manufacture of granite slabs and
tiles.
- The Company undertook to set up a 100% EOU Unit for manufacture
of 1,55,000 sq. mtrs. of granite slabs and tiles at Anthrasana
Ralli Village, Tumkur District, Karnataka.
- 2,00,000 No. of equity shares issued, subscribed and paid-up.
58,00,000 No. of equity shares were issued through a prospectus
in 1993 of which 38,00,000 shares and 15,00,000 shares were
reserved and allotted on a firm basis to promoters, their friends
and European Economic Community (EC) through ABN Amro bank.
Amsterdam respectively. Another 5,00,000 No. of equity shares
were allotted on a firm basis to UTI. 40,00,000 No. of equity
shares allotted in conversion of debentures.
1993 - The Company issued 4,00,000 - 17% partly convertible debentures
of Rs.200 each through a prospectus of which the following were
reserved for allotment on a preferential basis:
- (i) 40,000 debentures to Indian Mutual Funds (only 20,000
debentures taken up).
- (ii) 1,00,000 debentures to NRIs (only 92,000 debentures taken
up).
- Balance 2,60,000 debentures along with 1,20,000 debentures not
taken up under preferential quota issued to the public (all were
taken up).
- Part `A' of Rs.100 of the face value of each debenture was
converted into ten equity shares of Rs.10 each on the date of
allotment of debentures. Accordingly 40,00,000 No. of equity
shares allotted.
- Part `B' of Rs.100 of the face value of each debentures was to be
redeemed in 3 annual instalments of Rs.33, Rs.33 and Rs.34
respectively at the end of 6th, 7th, 8th year from the date of
allotment of debentures.
1996 - The operations of the Company were affected due to non
availability of good quality rough granite blocks for processing
and value added exports.
2011
-Registered Office of the Company has been shifted From 22-24, Antharasanahalli Industrial Area, Bangalore - Pune Highway, Tumkur - 572 106 to No.62, AG's Layout New BEL Road, Bangalore - 560054.
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