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Khaitan Electricals
BSE: 504269|NSE: KHAITANELE|ISIN: INE761A01019|SECTOR: Domestic Appliances
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Company History - Khaitan Electricals
YEAR                                          EVENTS
 1975 - The Company was Incorporated on 27th October, as a private
        limited company and then converted into public limited company
 on
        14th August, 1982.  The Company was promoted by Shri S.K.
        Khaitan, the chairman of the Khaitan group of companies.
 
      - The Company's object is to manufacture electric fans,
 industrial
        and ventilating fans, electrical household appliances
 electric
        motors, cables, electric lamps, electrical meters etc.
 
      - The Company entered into an agreement with Khaitan Fans Pvt.
 Ltd.
        for obtaining technical know-how for the manufacture of 
        electric fans and regulators and for using their trade mark
        Khaitan.  Since then the Company is engaged in the
        manufacture of various types of elctric fans and regulators.
 
      - The Company started its first plant at Faridabad to
 manufacture a
        wide range of ceiling, exhaust, portable, industrial and 
        ventilating fans, FHP motor and power driven pumps.  To cater
 to 
        the growing demand in Western India and overseas markets, a 
        second plant was started at Tarapur near Mumbai in January
 1983
        to manufacutre ceiling and portable fans.  The first plant was
 
        set up at the Company's own land at Faridabad while an
 industrial
        plant was acquired on lease at Tarapur for the setting up of
 the
        second project.  A third plant was set up at Noida in 1985.
 
 1981 - 3,70,000 No. of equity and 3,000 pref. shares taken up by 
        promoters, etc.  In November, 1983, 8,80,000 No. of equity
 shares
        issued of which 1,30,000 shares were allotted to promoters,
 etc.
        The balance 7,50,000 shares offered to the public.
 
 1983 - The Company undertook to set up a new unit at Faridabad to 
        manufacture a wider range of F.H.P motors and electrical 
        household appliances.  The necessary technical know-how and
 R&D
        facilities were available with the Company and the prototypes
 
        were under development.  Negotiations were at an advanced
 stage
        for procuring plant and machinery needed for the project. 
 The
        plant went on stream during 1984.
 
      - The object of the public issue of capital during March, was
 to
        augment the Company's working capital and to provide funds
 for
        normal capital expenditure other than for substantial
 expansion
        and diversification.
 
      - The Company undertook an expansion and diversification
 programme.
        A second plant was put up at Bachepalli in the Medak district
 of
        Andhra Pradesh to manufacture a wide range of portable and
 other
        fans and household electrical appliances.
 
      - 1,77,500 shares issued at par of which 27,500 shares reserved
 and
        allotted to promoters, directors, etc.  The balance 1,50,000
        shares offered to the public in March.
 
 1984 - Pref. dividend raised to 15% from 1.1.1985.  12,50,000 rights
 
        equity shares offered at par (linked to 15% debentures) in the
 
        ratio 1:1 in Oct. 1985.  Additional 3,12,500 No. of equity
 shares
        allotted to retain oversubscription.  62,500 No. of equity
 shares
        also offered at par to employees (only 2,200 shares taken
 up).
 
      - In Sept., 12,60,000 shares issued (prem. Rs 1 per share) of
 which
        5,04,000 shares reserved and allotted to promoters,
 directors,
        etc.  The balance 7,56,000 shares offered to the public.
 
 1985 - A new factory was set up at NOIDA, Expansion of the Tarapur
        factory was undertaken.
 
      - M/s. Khaitan Lefin Ltd., is a subsidiary of the Company.  It 
        ceased to be a subsidiary to the Company during 1994-95.
 
      - In October, in order to part finance the expansion programme
 and
        to augment long-term resources, the Company made a rights
 issue
        of 12,50,000 No. of equity shares of Rs.10 each, both at par,
 in
        the ratio 1 equity share for every equity share held and 1 
        debenture for every 10 equity shares held.  Each debenture 
        offered was linked to 10 equity shares.
 
      - In Feb./Mar., 15,00,000 right shares offered (prem. Re. 1 per
        share; prop. 1:1).  3,75,000 additional shares allotted to
 retain
        oversubscription.  75,000 shares were also offered (prem. Re.
 1
        per share) to the employees of the Company.  Only 15,700
 shares
        taken up.  The remaining 59,300 shares allowed to lapse.
 
 1987 - The oscillating type air circulators was launched during the
        period and washing machines were under final stage of
        development.
 
      - Jhunjhunu Holdings Limited became a wholly owned subsidiary
 of
        the Company during the year.
 
 1991 - The Window type air cooler was launched during the year and
 the
        company had decided to manufacture both floor and window type
        coolers in a big way.
 
      - Lock-out at the Faridabad plant for 71 days and reduced 
        activities at Noida and Tarapur plants led to the poor 
        performance.
 
 1992 - For better utilisation of resources, the operations of Noida
        works were closed and its machinery shifted and commissioned
 at
        Faridabad factory.
 
 1993 - The company proposed to diversify into sugar/agro based
 industry.
 
      - 16,95,350 rights shares issued (prem. Rs 20 per share; prop.
 1:2)
        only 9,82,956 share taken up.  Another 6,76,344 shares
 devolved
        on the underwriters.  The balance 36,050 shares remained
        unsubscribed.
 
      - 2,000 preference shares are redeemable during 31st March,
        1993/96, 500 preference shares are redeemable during 29th
 March
        1995/98 and 500 preference shares are redeemable during 23rd
 May
        1995/98.
 
 1994 - With effect from 1st April, Khaitan Fans (I) Ltd. amalgamated
        with the Company.
 
      - 1000 pref. shares redeemed.  30,00,000 shares issued as fully
 
        paid up to the shareholders of Khaitan Fan India Ltd. (KFIL) 
        without payment being received in cash and 14,700 No. of
 equity
        shares of Rs.10 each of the company held by KFIL were
 cancelled.
 
 1995 - 96,500 preference shares are redeemable during 29th March.
 
 1996 - 1,56,470 secured non-convertible debentures of Rs.100 each
 were
        issued to be redeemable at par in three equal annual
 instalments
        commencing from 21st April.  As per the scheme of arrangement
        Rs 2.45 lakhs of NCD were received and redeemed during the
 year,
        making to date redemption of Rs 56.82 lakhs.
 
 2001 - The Company equity shareholders is proposed to be held on
 March 10 to consider 
              the scheme of arrangement of amalgamation between
 Jhunjhunu Electricals & 
              Finance Ltd and Khaitan Electricals Ltd.
 
 2005
 
 -Dlist from The Hyderabad stock Exchange Ltd(HSE) with effect from
 January 19, 2005.
 
 2009
 
 - Khaitan Electricals Limited has informed that a meeting of the
 Board of Directors has been held on January 30, 2009 and discuss the
 following agenda : 
 1) Resignation of Sri O. Swaminatha Reddy as a Independent Director.
 
 2) Resignation of Sri P. R. Agarwala as a Independent Director. 
 3) Appointment of Mr. A. K. Bhattacharya as Additional Director
 (Independent Director).
 
 2010
 
 - Khaitan Electricals Ltd has appointed Sri Biswajit Choudhary as
 Additional Director (Independent Director) from December 31, 2009 to
 the date of ensuing Annual General Meeting of the Company.
 
 2011
 
 -Khaitan Electricals Ltd has recommended dividend payment for the
 year ended March 31, 2011, @15%.
 
Source : Dion Global Solutions Limited
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