SOBHA Share price

Our Company was incorporated as Sobha Developers Private Limited on August 7 1995 by our PromoterMr. P.N.C. Menon.Our first residential project in Bangalore was launched in September 1997 and was completed in two yearsby September 1999. Thereafter we began constructing our first contractual project the Corporate Block forInfosys Technologies Limited Bangalore that was completed in September 2000 which took ten months tocomplete. Till date we have developed and constructed 21 residential projects in Bangalore aggregating1552 apartments and covering approximately 2.98 million sq. ft.of super built up area; and constructed 75contractual projects in the eight states of India covering approximately 8.42 million sq. ft.of super built uparea and two commercial projects in Bangalore aggregating 0.11 million sq. ft.of super built up area.AwardsOur Company has been awarded the ?Brick and Mortar Award? for the south zone in the ?a+d & SpectrumFoundation Architecture Awards 2005?. The Project completed in Mysore for Infosys by us was declaredby the Builders? Association of India Mysore Center as the ?Project of the Year? for the year 2005.We have also received a memento from Infosys Technologies Limited in November 2000 in respect of ourefforts in relation to the construction of the corporate maiden block. Further on February 12 2005 we havereceived further recognition again from Infosys Technologies Limited in relation to the Mysore Campus ofInfosys Technologies Limited.Sobha Space Private Limited a company forming part of our Promoter group a company forming part ofour Promoter group has also been awarded ?Project of the Year? for the year 2005 by the Builders?Association of India ? Birla Super Well built Structures 2005-2006 for its Infosys Pune Project.Change of Status and Registered OfficeOur registered office was shifted from E - 106 Sunrise Chambers 22 Ulsoor Road Bangalore 560042India to 43 2nd Floor Dickenson Road Bangalore 560 042 with effect from December 31 2004 by aresolution of our Board and again from 43 2nd Floor Dickenson Road Bangalore 560 042 to E ? 106Sunrise Chambers 22 Ulsoor Road Bangalore 560 042 with effect from February 10 2005 by a resolutionof our Board.We were initially incorporated as a private limited company on August 7 1995. The status of our Companywas subsequently changed to a public limited company by a special resolution of the members passed at anextraordinary general meeting held on May 8 2006. The fresh certificate of incorporation consequent onchange of name was granted to our Company on June 2 2006 by the Registrar of Companies Karnataka.Recent RestructuringOur Company has by means of three memoranda of sale all dated April 3 2006 with Sobha InteriorsPrivate Limited Sobha Space Private Limited and Sobha Glazing and Metal Works Private Limitedrespectively all of which are companies in which our Promoters hold a significant stake purchased certainselected assets and liabilities for a consideration of Rs. 126742716 Rs. 56838405 and Rs. 132082024respectively which have been paid by our Company.The said assets and liabilities which are enlisted in the schedules to the said agreements include assets inthe nature of stock of raw material work in progress fixed assets plant and machinery. The liabilitieswhich have been purchased by our Company include Bank liabilities in the nature of term loans billdiscounting liabilities and cash credits and dues to employees in the nature of salaries leave encashmentand gratuity.Further under the terms of the above memoranda our Company has agreed to retain and take over theservices of the employees of the vendor companies as of the date of the memoranda of sale subject tocontracts of employment entered into with such employees the human resources policy of the ourCompany and the provisions of labour law governing the employment of such employees. Under theagreement our Company has undertaken not to terminate the services of such employees and to treat themas if they were appointed by our Company.Under the agreements the companies selling the aforementioned assets and liabilities to our Company haveundertaken to not carry out their present principal business either alone or in partnership with others or useor allow their name to be used in connection with any such business. They have further undertaken tosurrender all the licenses approvals or such regulatory approvals to the concerned statutory authoritiesrequired for the purpose of carrying on their principal business so as to ensure the discontinuance of theprincipal line of business.Key Events and MilestonesSeptember 1997 : Launch of our first residential project Sobha Sapphire in BangaloreSeptember 1997 : Launch of our first plot development ?Harisree Garden? in CoimbatoreJuly 1998 : Our Company obtains ISO 9001 (1994 series) certificationSeptember 1999 : Our first residential project Sobha Sapphire in Bangalore is completed and handed overDecember 1999 : Commencement of construction of our first contractual project the Corporate Block forInfosys Technologies Limited BangaloreSeptember 2000 :Completion and handover of the Corporate Block for Infosys Technologies LimitedBangaloreNovember 2000 : Commencement of construction of our first contractual project outside Bangalore for InfosysTechnologies Limited MysoreSeptember 2001 : Completion and handover of our first contractual project outside Bangalore at Mysore forInfosys Technologies LimitedOctober 2003 : Sobha Construction Academy and Sobha Research and Development Center commencefunctioningApril 2004 : Our Company obtains ISO 9001 (2000 series) certificationOctober 2005 : Commercial operation of fully automated concrete product division commencesApril 2006 : Corporate restructuring by means of purchase of selected assets and liabilities from SobhaInteriors Private Limited Sobha Glazing and Metal Works Private Limited and Sobha SpacePrivate LimitedMay 2006 : Certificate of DA 1 rating by CRISIL*June 2006 : Change of status from private to publicSeptember 2006 : Certificate of PR 1 rating by CARE