Company History - Jayant Vitamins
YEAR EVENTS
1971 - The Company was incorporated on 15th January, in Madhya
Pradesh.
The Company is the manufacturer of Vitamin C Sodium
ascorbate,
calcium ascarbate, sorbitol 100%, sorbitol 60% and other
drugs,
pharmaceuticals & chemicals.
1973 - The name of the Company was originally Suneeta Vitamins &
Chemicals, Ltd. It was changed to Jayant Vitamins, Ltd., on
28th
November.
1975 - Steps were taken in December, to double the capacity of
Vitamin
`C' from 142.5 tonnes to 300 tonnes per annum.
1977 - 3,60,000 No. of Equity shares taken up by promoters, etc.
20,000
Pref. and 5,40,000 No. of equity shares offered at par to the
public in October 1973.
1978 - 4,50,000 Rights Equity shares issued at par in prop. 1:2
during
1978-79.
1985 - The Company commissioned a glucose plant with a capacity of
33,000 tonnes on 27th March. The Company's new division
pharmaceutical `Jwalin Pharmaceuticals' successfully initiated
production and distribution of certain pharmaceutical
formulations.
- Necessary approvals were received to increase the licensed
capacity of vitamin `C' from 770 tonnes to 10,770 tonnes per
annum and that of sorbitol from 8,000 tonnes to 26,000 tonnes
per annum.
- Licences for other chemicals, bulk drugs such as glucose,
vitamin
`E', Mannitol, salbutamol and various formulations were also
received.
1986 - The company introduced Mannitol IP as an import substitution
product. The Capacity of the glucose plant was increased to
16,500 TPA.
- During the year, the Company increased Mannitol's capacity to
180
TPA and that of the tableting section to 56 million tablets
per
annum.
- 13,50,00 Rights equity shares issued at par in prop. 1:1.
Another 67,500 No. of equity shares issued at par to employees
of
the Company (all were taken up).
1987 - The Company issued 2,00,000-14% non-convertible debentures of
Rs
100 each on private placement basis to UTI, LIC, GIC and its
subsidiaries. These debentures are redeemable at 5% premium
after 7 years from the date of allotment i.e. on 29.6.1995.
- Part `B' if Rs 15 of the face value of each debenture was to
be
redeemed at par in three equal annual instalments at the end
of
6th, 7th and 8th year respectively from the date of allotment
of
debentures.
- 11,07,000 bonus equity shares issued in prop. 2:5.
1988 - 9.5% Pref. shares redeemed on 22.1.1989. 50,000-14% Pref.
shares
issued. These Pref. shares redeemable during 15.6.1996/99.
1989 - During August-September, the Company offered 3,87,450-12.5%
secured redeemable Convertible debentures of Rs 100 each on
Rights basis in propn. 1 debenture : 10 equity shares held.
(All
were taken up) Additional 13,573 debentures were allotted to
retain oversubscription.
- Simultaneously another 19,370 - 12.5% debentures were issued
to
employees (including Indian working directors)/workers of the
company on an equitable basis (none were taken up) 19,000
debentures out of the employees quota were allotted to SBI
Mutual
Fund.
- Consent of the Controller of Capital issues was also received
to
issue privately 2,00,000-12.5% partly convertible debentures
of
Rs 100 to ICICI/UTI/SBI Mutual Fund. Out of this 1,44,000
debentures were allotted till the end of November.
- Rs 20 of the face value of each debenture was automatically
and
compulsorily converted into one equity share of Rs 10 each at
a
premium of Rs 10 per share on the expiry of 6 months from the
date of allotment of debentures.
- Rs 30 of the face value of each debenture was to be
automatically
and compulsorily converted into one equity shares of Rs 10
each
at a premium of Rs 20 per share on the expiry of one year
from
the date of allotment of debentures.
- The remaining Rs 50 of the face value of each debenture was to
be
redeemed at par at the end of 7th, 8th and 9th year from the
date
of allotment of debentures.
- 5,64,023 No. of Equity shares allotted in part conversion of
debentures (4,20,023 on 26.04.1990. 1,25,000 shares on
17.5.1990
and 19,000 shares on 31.5.1990).
1990 - 5,65,034 No. of equity shares allotted in part conversion of
debentures.
1991 - Production was severely hampered due to the fact that Vitamins
A
and C were brought once again under the purview of Drugs
(Prices
Control) Order.
- The delays and related aspects that arise in getting Govt.'s
sanction to get its selling prices commensurate withcosts, led
to
severe working capital strains resulting in frequent and
prolonged closures.
- 17,23,037 No. of equity shares allotted (prem. Rs 5 per share)
in
part conversion of debs.
1992 - During March-April, the Company issued 15,00,000-15% secured
partly convertible debentures of Rs 30 each on Rights basis
in
the proportion 3 debentures : 10 equity shares held (all were
taken up). Additional 2,25,000 debentures were allotted to
retain oversubscription. Of these, 1026 debentures are yet to
be
allotted.
- Another 75,000-15% partly convertible debentures of Rs 30
each
were offered to the employees' on an equitable basis (details
of
allotment not known).
- Part `A' of Rs 15 of the face value of each debenture was to
be
converted into one equity shares of Rs 10 each at a premium of
Rs
5 per share on the expiry of six months from the date of
allotment of debentures.
1993 - 26,797 Shares out of above issue allotted.
1994 - 10,00,000 shares allotted to promoters and associates on
private
placement basis.
2001 - Crisil has revised its rating in respect of the company's NCDs
from `D' to
`NM' (not meaningful).
