Adhunik Synthetics Ltd. వార్షిక వృద్ధి వివరాలు ఆధారంగా కంపెనీ చరిత్ర

YEAR EVENTS

1982 - The Company was Incorporated as a private limited company on 21st
January, and was converted into a public limited company on 6th
September.

- The Company was originally promoted by Radheshyam Poddar,
Gourishankar Poddar, Satyanarayan Jalan, Ramdas Jalan and their
associates to set up a textile division at MIDC, Murbad of
Maharashtra with an installed capacity of 84 Automatic looms for
manufacturing 16.56 lakh mts. per annum.

- In order to diversify, the Company had set up another unit at
MIDC, Jalgaon, Maharashtra, for manufacturing 960 tonnes per
annum of texturised yarn, 120 tonnes per annum of twisted yarn
and 300 tonnes per annum of dyed yarn.

1984 - All shares taken up by promoters etc.

1986 - 8,50,000 No. of equity shares issued at par out of which 2,50,000
shares were reserved and allotted on a firm basis to promoters,
directors etc. and business associates. Out of the remaining
6,00,000 shares, the following shares were reserved and allotted
on a preferential basis:

- (i) 2,40,000 shares to NRIs with repatriation rights;

- (ii) 42,500 shares to employees and

- (iii) 12,000 shares to business associates. The balance 3,05,000
shares offered to the public in Dec. 1986. 2,12,500 shares
allotted to retain oversubscription (1,17,200 shares to the
public, 19,200 shares to NRIs on repatriation basis, 13,600
shares to employees and business associates and 62,500 shares to
promoters, directors etc.) 3,11,000 bonus equity shares allotted
on 13.1.1987 in prop. 1:1 to shareholders prior to the public
issue.

1989 - Subsequent to the change in the management, Satyanarayan Jalan,
Ramdas Jalan and Anand Jalan resigned from the directorships of
the Company. Since then, the company was being controlled by the
Poddars and their associates.

- In order to reduce the cost of production, 4 TFO machines for
twisting of yarn and one cone winder for rewinding of dyed yarn
were installed.

- Further expansion at Dhule was undertaken. All the 24 Ruti 'C'
looms were installed at the plant site.

1991 - The installation of one texturising machine of 216 spindles at
Palod was completed.

- At Umergaon only 8 looms were installed out of 20 looms of Laxmi
Rapier.

- The Company further proposed to install 24 looms of Cimmco make
C.F.R. 92 at Umergaon.

1992 - Modernisation of the unit at Murbad was undertaken. The existing
84 nos. Cimmco looms were being replaced by 23 nos. Darnier
looms imported secondhand and 2 nos. indigenous Cimmco Dornier
looms. The Company further, proposed to install 18 nos.

- Dornier Looms to be imported secondhand and also expansion of
texturising machines to be imported secondhand.

- The Company offered 3,36,900 - 14% secured fully convertible
debentures of Rs.125 each on rights basis in the prop. 20
debentures : 100 shares held. Additional 50,535 debentures were
allotted to retain oversubscription.

- Simultaneous to the rights issue, the Company offered 1,63,100
- 14% Secured fully convertible debentures of Rs.125 each through
prospectus of which 25,000 debentures were offered to the
employees (only 3,460 debentures taken up). The remaining
1,38,100 debentures along with the 21,540 debentures not taken by
the employees were offered to the public. Additional 24,460
debentures were allotted to retain oversubscription.

- Each debenture of Rs.125 was to be converted into five equity
shares of Rs.10 each at a prem. of Rs.15 per share on the expiry
of 12 months from the date of allotment of the debentures.
Accordingly 28,74,975 No. of equity shares were issued.

- The Company issued 2,50,000 - 18% non-convertible debentures of
Rs.100 each to Canbank Mutual Fund on private placement basis.
These debentures would be redeemed at a prem. of 5% in three
equal instalments of Rs.35 per share at the end of 5th, 6th, and
7th years from the date of allotment.

1993 - Modernisation of the unit at Murbad was implemented, by
installing 26 of Dornier looms. The weaving capacity was further
expanded by installation of 30 nos. and 8 nos. of imported second
hand Dornir Loms at Murbad and Dhule units respectively.

- 28,74,975 No. of equity shares of Rs.10 each issued at a prem. of
Rs.15 per share on conversion 14% secured fully convertible
debentures. 35,035 shares forfeited.

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