1986 - Raymond Synthetics was incorporated as a Public Limited
on 8th December, and obtained the Certificate of commencement
business on March 7, 1989. The Company has been promoted by
Raymond Woollen Mills Limited. One of the objects of the
is to manufacture Polyester Filament Yarn such as count,
trilobal, thick & thin, cationic dyeable, etc.
- The company has a technology and license agreement with Toray
industries Inc. of Japan (Toray) pursuant to which it has
received technical data and technical know-how relating to
manufacture of Polyester Filament yarn including speciality
- The Company was setting up a project with an annual installed
capacity of 15,000 tonnes of PFY in UPSIDC Industrial Estate
Allahabad in U.P. Apart from manufacturing partially
yarn, the plant was also to manufacture speciality yarns such
high count, trilobal, thick & thin, cationic dyeable,
bi-shrinkage and yox.
- The Company was installing four DG set of 2270 KVA each to
any exigency. The Company also proposed to increase the
in due course to 25,000 TPA.
1990 - To the public issue of equity shares in August, the Company
issued 33,90,000-14% secured redeemable non-convertible
debentures of Rs 100 each to the Indian public. Only 87,230
debentures were taken up. The balance 33,02,770 debentures
devolved on underwriters.
- As per the terms of issue, these debentures are redeemable in
three equal annual instalment of Rs 35 each beginning at the
of 6th year from the date of allotment at a premium of 5%
included in the second instalment.
- 70 No. of equity shares taken up by the signatories to the
Memorandum of Association. 719,99,930 No. of Equity shares
issued at par as follows:
- (A) Reserved for allotment :- (i) 331,99,930 shares to
directors, etc. and The Raymond Woollen Mills Ltd., (ii)
30,00,000 shares to Itoman & Co. Ltd., and Toray Engineering
Ltd., of Japan, and (iii) 70,00,000 shares to the shareholders
Raymond Woollen Mills Ltd. (Preferential offer) and;
- (B) Preferential Offer :- (i) 12,00,000 shares Mutual Funds,
(ii) 36,00,000 shares to employees of the Company and the
promoter company and (iii) 70,00,000 shares to NRIs on
repatriation basis. The Balance 170,00,000 shares offered to
public during August. Including retention of
827,99,930 shares allotted as follows:
- (i) 4,16,29,930 shares to promoters, directors, etc. and (ii)
80,50,000 shares to shareholders of Raymond Woollen Mills
B (i) 55,20,000 shares to Mutual Funds and employees of the
company and promoter company, (ii) 80,50,000 shares to NRIs
repatriation basis and (iii) 195,50,000 shares to public.
1992 - The Company achieved all parameters of the technical
collaborators for all varieties of Yarn including number of
speciality yarns during trial period.
1993 - The Company increased the spinning capacity by additional
tonnes per annum by intallation of balancing equipments.
- On 2nd April, the Company offered 4,14,00,000 No. of Equity
shares of Rs 10 each to the shareholders on Rights basis in
propn. of one equity share for every two equity shares held.
were taken up).
- Simultaneously, another 2,24,000 No. of equity shares of Rs
each offered on an equitable basis to the employees (only
shares were taken up).
1994 - Performance of the Company was below expectation due to strike
the texturisers, disruption of normal life due to plague in
Surat and steep increase in the cost of raw materials.
- The Company undertook the expansion of installed capacity by
additional 42,000 tonnes per annum.
- The company has already increased its spinning capacity by
metric tonnes per annum by installation of balancing
1997 - The Company has now become the third largest producer of
Polyester Filament Yarn (PFY) in the country with the
commencement of production in April at its new PFY plant at
- The company expanded its PFY capacity from 24,000 tonnes to
1998 - The company was awarded the National Safety Award for the
1994 by the Government of India, Ministry of Labour.
1999 - The Company was granted the ISO 9002 certification for its
quality systems, by DNV, Netherlands.
- The promoter of the company, Raymond Ltd, has agreed to
its entire shareholding of 4,48,54,337 equity shares of Rs.10
each in the share capital of Raymond Synthetics Ltd (RSL) in
favour of Silvassa Yarn and Inv. Ltd., subject to necessary
2000 - The name of the company has been changed to Recron Syntheics
effect from 22nd March.
- The Company has been registered as a Sick Industrial Company
under the provisions of Sick Industrial Companies Act, 1985.
-Board for Industrial and Financial Reconstruction sactions for the
scheme of rehabilitation of the company.
-Members approve for the delisting of shares from 5 stock exchanges
(Ahmedabad, Delhi, Kolkota, Kanpur and Indore).