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Precot Meridian
BSE: 521184|NSE: PRECOT|ISIN: INE283A01014|SECTOR: Textiles - Spinning - Cotton Blended
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Precot Meridian is not traded in the last 30 days
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NSE
Oct 22, 16:15
69.70
-0.55 (-0.78%)
VOLUME 1,381
Company History - Precot Meridian
YEAR                       EVENTS
 1962 - The Company was incorporated in Palakad, Kerala in the name
 of
        Premier Cotton Spinning Mills Ltd. for production of Cotton
 yarn
        with an installed capacity of 12,096 spindles.  It was
 promoted
        by Late N. Damodaran, V. N. Ramachandran and L.G.
 Balakrishnan.
        Production of cotton yarn commenced in 1964.
 
 1981 - The installed capacity was increased in a phased manner, and
        reached 50,628 spindles.
 
 1985 - The name of the Company was changed to Precot Mills Ltd.
 
 1991 - A second mill i.e. `B' Unit was set up at Kodigenahalli in
        Hindupur Taluk of Andhra Pradesh with an initial capacity of
        28,800 spindles which was expanded to 51,840 spindles.
 
 1992 - The Company set up an 100% EOU i.e. Unit `C' at Walayar,
        Palghat District in Kerala with an installed capacity of
 10,080
        spindles and 384 rotors.  The main objective of the company is
 to
        manufacture of cotton yarn.
 
      - The Company set up its 100% EOU at Walayar, Kerala with the
        installation of 10,080 spindles and 384 rotors.
 
      - 30,00,000 No. of equity shares issued, subscribed and
 paid-up.
        (Of these 26,25,000 shares were allotted as bonus shares).
 
 1993 - During the Company undertook a modernisation-cum-expansion
        programme involving an outlay.  During the year, the Company
        undertook to set up a open End project i.e. `D' Unit with
        1152 rotors.
 
 1994 - During the Company issued 5 lakh shares of Rs. 10 each at a
        premium of Rs. 430 per share with Indian and foreign
 financial
        institutions.  Also, the warrants of Rs. 2 lakh each was
 issued
        to promoters which would entail them 10,000 equity shares of
 Rs.
        10 each at a premium of Rs. 10 each on their exercise on
        28.6.1999.
 
      - 10,00,000 No. of equity shares allotted in lieu of warrants
 on
        2.8.94.  Another 5,00,000 shares issued to Foreign
 Institutional
        Investors.
 
 1995 - The Company's open end unit i.e. `D' was commissioned in
        September and it reached its full capacity in December.
 
      - 15,00,000 Rights Equity shares issued in March.  (Propn. 1:3
 -
        Prem. Rs. 10).
 
 1996 - Unfortunately a fire accident destroyed the cotton and yarn
        godown in January though no damage was reported to man or
        machinery.
 
 2004
 
 -Precot Mills recommended a dividend of 35%.
 
 2006
 
 -Increase the authorised Share Capital of the Company to 9 Crores
 
 -Company name has been changed from Precot Mills Ltd to Precot
 Meridian Ltd.
 
 2007
 
 -The company has designated E-mail ID for Investor Complaints:
 secretary@precot.com 
 
 2010
 
 -The company have recommended a Dividend 50%
 
 2011
 
 --The company have recommended a Dividend 100%
Source : Dion Global Solutions Limited
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