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Vardhman Textiles

BSE: 502986|NSE: VTL|ISIN: INE825A01012|SECTOR: Textiles - Spinning - Cotton Blended
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Company History - Vardhman Textiles
YEAR                       EVENTS
 1973 - The Company was incorporated on 8th October.  The Company was
        promoted by Vardhman Spinning and General Mills Ltd.  The
 main
        objective of the Company is manufacturing and spinning of
 cotton
        yarn, polyester yarn, staple yarn, acrylic yarn, acetate yarn
        and sewing thread.
 
 1975 - In Dec., 14,99,989 No. of Equity shares and 19,990-11% Pref.
        shares issued: 5,99,989 No. of Equity shares reserved and
        allotted to Vardhman Spinning & General Mills, Ltd, and
        9,00,000 No. of Equity shares and 19,990 Pref. shares offered
        to the public. Pref. shares redeemable as follows: 1 share
        during 22-10-1985/88, 9 shares during 31-3-1987/90 and 19,990
        shares during 2-1-1988/91.
 
 1978 - The Company undertook to set up another textile mill with a
        capacity of 25,000 spindles at Malarkotla in Sangrur
 district,
        another backward area in Punjab.
 
 1980 - 7,50,000 Right Equity shares issued at par in prop. 1:2.
        4,10,000 No. of Equity shares allotted to financial
 institutions
        on conversion of loans.
 
 1982 - The installed capacity of textile mill in Malarkotla Unit rose
 to
        22,768 spindles by the end of the year.  The balance 2,232
        spindles were installed.
 
      - 10,64,00 Bonus Equity shares issued in prop. 2:5.
 
 1983 - 7,22,400 No. of equity shares issued to financial
 institutions
        on conversion of loans.
 
 1984 - The Company entered into an agreement with Punjab State
        Industrial Development Corporation Ltd. (PSIDC), for setting 
        up a joint sector project to manufacture printing and writing
        paper with a capacity of 100 tonnes per day.  A new company
        was to be promoted jointly by the Company and PSIDC for
        this purpose.
 
      - The Company issued 15% non-convertible debentures for Rs. 250
        lakhs as rights to both equity and preference shareholders
 for
        augmenting long term working capital requirements.
 
      - 2,00,800 No. of equity shares issued to financial
 institutions
        on conversion of loan (including 80,320 bonus shares).
 
 1985 - The Company formulated a modernisation scheme with a view to
        equip the mill with the latest technology.
 
 1986 - The Memorandum of Understanding/Agreement was entered into
        between the Company and PSIDC for setting up a project in a
 joint
        sector for the manufacture of 12,000 tonnes per annum of
        polypropylene/filament yarn.
 
      - With a view to providing a complete package of sewing thread,
        the company entered into a joint venture with M/s. Barbour
        Campbell Group Ltd., Ireland, in the name of Barbour Vardhman
        Threads Pvt. Ltd. Industrial synthetic thread, the product of
 the
        joint venture to be manufactured at Baddi, H.P. finds special
        application for shoe industry and leather garments.  The
 Company
        has secured rights to market the products in countries like
        Nepal, Bangladesh, Pakistan etc.
 
      - A letter of intent was received for setting up a weaving unit
        with a capacity of 300 looms in the State of Madhya Pradesh.
        Viability of this unit was being examined.
 
      - Mohta Industries Ltd. (MIL), a sick unit registered with BIFR
        under `Sick Industrial Companies (Sp. Provisions) Act, 1985,
        submitted a proposal to the Company for its merger.  The
        Company responded positively in principle, provided a viable
        scheme for MIL is framed and approved by financial
 institutions.
    
 1987 - A new sewing thread introduced in the market under the brand
        name of `TORA' was well received.
 
 1988 - A letter of intent was obtained for setting up an export
 oriented
        spinning unit with a capacity of 25,000 spindles.  The
 proposal
        of modernisation and expansion for steel unit was under
        implementation.
 
      - The Company undertook to set up a unit at Hoshiarpur for the
        manufacture of sewing thread.
 
      - By virtue of the Scheme Amalgamation approved by the Board
 for
        Industrial and Financial Reconstruction (BIFR) 8,25,006 No.
 of
        Equity shares of Rs. 10 each of Punjab Mohta Polytex, Ltd.
 held
        by erstwhile Mohta Industries, Ltd. became the property of
 the
        Company.
 
      - By virtue of order dated 28.11.1988 of BIFR, the entire
 assets,
        liabilities and obligations of every kind as on 1st April, of
        Mohta Industries, Ltd. as per the Scheme of Amalgamations
 moved
        by both the companies, were taken over by the Company.  In
        Consideration of the above, one fully paid equity share of Rs.
 10
        each of the Company was allotted against ten fully paid
 equity
        shares of Rs. 10 each of Mohta Industries, Ltd.
 
      - On 20.10.88, 1 - 11% Pref. share was redeemed.  1,35,916
 shares
        were issued.
 
 1990 - The Company undertook to set up another unit with a capacity
 of 6
        MT per day at Baddi (H.P.).
 
      - All Pref. shares redeemed in 1989-90.  19,45,374 bonus shares
        issued in prop. 2:5 in 1990/91.
 
 1992 - The Expansion & Diversification unit was commissioned.
 
      - The 40,000 tpa rolling mill was commissioned in September
 1993.
 
      - The company also undertook modernisation of SMS division of
        Vardhman Special Steels.
 
 1993 - The year the steel division undertook to manufacture special
        alloy steels in rolled products.
 
      - The company undertook to set up a gassed and mercerized yarn
        project at Hoshiarpur with an installed capacity of 3.5
 tonnes
        per day.  The company entered into technical collaboration
        agreement with a Korean company for the said project.
 
      - The company issued 51,16,167-14% secured redeemble partly
        convertible debentures of Rs. 220 each on Rights basis in the
        ratio of 2 debentures: 3 equity shares held.  Each debenture
 was
        converted into one equity share at a premium Rs. 100 per
 share.
 
      - The company issued 25,00,000 warrants entitling 25,00,000
 equity
        shares of Rs. 10 each with detachable 12% secured redeemable
 non
        convertible debentures of Rs 300 each to promoters on
        preferential basis.
 
      - 51,16,167 No. of equity shares issued (prem. Rs. 100 per
 share)
        on conversion of PCDs.
 
 1994 - The modernisation plan of steel division at Ludhiana was
        implemented by installing a modern energy efficient new
 furnace
        and continuous casting system to enable a production of 1.20
        lakhs tonnes of billets.
 
      - A portion of the 20,160 spindles at Malerkotla unit was
 converted
        into a 100% EOU to meet the increasing requirements of
        international markets.
 
      - The company entered into a joint venture agreement with M/s.
        Marubeni Corporation & Toho Rayon Co. Ltd., Japan for setting
 up
        a 100% EOU to manufacture cotton yarn with a capacity of
 25,000
        spindles at Baddi, HP.  In the joint venture to be known in
 the
        name of VMT Spinning Company Ltd.
 
      - The company signed a technical collaboration agreement with
 M/s.
        Kawasaki Heavy Industries Ltd. & Manubeni Corporation for the
        transfer of technical know-how for manufacture of acrylic
 fibre
        with a capacity of 30,000 TPA with two manufacturing lines.
 
      - 1,19,24,977 bonus shares allotted in prop. 1:1.
 
 1995 - The Company entered into a joint venture agreement with Japan
        Exlan Co. Ltd. and Marubeni Corporation of Japan for setting
 up
        an acrylic fibre project for manufacture of 16,500 TPA
 acrylic
        fibre.  The project was being implemented in Vardhman
 Acrylics
        Ltd.
 
      - The Company issued 14%-40,00,000 preference shares of Rs. 10
        each.  These are redeemble earliest by 30.6.1997.
 
      - 9,50,000 No. of equity shares issued (prem. Rs. 258 per
 share)
        to Warrant holders on conversion.  9,50,000 bonus shares
 issued
        to prop. 1:1 to the said Warrant holders.
 
      - 5,00,000 preference shares issued during the year.
 
 2003
 -Company law Board passes an order in the compromise proceedings in
 the matter of Enakshi Investments Pvt Ltd. and others Vs Vardhaman
 Polytex Ltd.
 -Decides to disinvest part of its equity holding in Vardhaman
 Acrylics.
 
 2004
 -Mahavir Spinning Mills Ltd. acquires 2,237,054 shares of Vardhman
 Acrylics Ltd. amounting to 2.06%, increases its stake in Vardhman
 Acrylics Ltd. to 38.85%
 
 2005
 -Mahavir Spinning has recommended Dividend of 45% on paid up equity
 share capital of the Company.
 -Vardhman Textiles has given the Bonus in the Ratio of 1:2
 -Company has changed its name from Mahavir Spinning Mills Ltd. to
 Vardhman Textiles Ltd.                                               
      
                                                
 2006
 -The Company has been changed from Mahavir Spinning Mills Ltd to
 Vardhman Textiles Ltd
 -The trading symbol of the company be changed from MAHAVIRSPG to VTL
 
 2007
 -Vardhman Textiles has declared an interim dividend of 40% on the
 paid up equity share capital of the Company.
 
 2008
 -Vardhman Textiles Ltd has informed that the Company holding
 44,175,423 equity shares (40.70%) of Vardhman Acrylics Ltd (VAL) has
 further acquired 11,700,000 (10.78%) and 3,300,000 (3.04%) equity
 shares of VAL from its Foreign Collaborators.
 -Vardhman Textile  has entered into Joint Venture Agreement on 24th
 March, 2008 with American & Efird Inc. (A&E), a subsidiary of Ruddick
 Corporation, USA,
 
 2009
 -Vardhman Textiles has recommended dividend of 20% on paid up equity
 share capital of the Company.
 
 2010
 -Vardhman Textiles has recommended dividend of Rs. 3/- per share on
 the paid up equity shares of the Company.
 
 2011
 -Vardhman Textiles has recommended a Dividend of Rs. 4.50/- per share
 on the paid up equity shares of the Company
 
 2012
 -Vardhman Textiles has recommended a dividend of Rs. 4.50 per share
 on the fully paid up equity share capital of the Company.
 
 2013
 -Vardhman Textiles Ltd has  recommended dividend of Rs. 6.00/- per
 share on the paid up equity shares of the Company.
 
 2014
 -Vardhman Group has over 24 manufacturing facilities in five states.
 -Mr. Suresh Khatanhar has been nominated as the Director of the
 Company by IDBI Bank Limited.
 -Vardhman Textiles Ltd has recommended a dividend of Rs. 6/- per
 share on fully paid up equity shares of the Company.
Source : Dion Global Solutions Limited
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