Varun Shipping Company Ltd.

YEAR                                                            
 EVENTS
 1971 - The Company was Incorporated as a private limited company on
 29th
        January, and was converted into a public limited company on
 18th
        February, 1972.  It was a subsidiary of Khatau Industries
 Ltd.
 
      - The Company's object is Owning and operating ships.
 
 1987 - The Company acquired its seventh ship m.t. `Vijaydoot' in
 January
        which was also employed for movement of chemicals and
 vegetable
        oils.  
 
      - In August, the Company acquired a product tanker
 m.t.`Vishwadoot'
        (DWT 29,999).
 
      - In November, the company negotiated the purchase of two more 
        tankers.  They were expected to be delivered in April 1988. 
 The
        Company disposed of three of its old ships.
 
 1988 - During July, the Company issued 55,21,811 No. of equity shares
 of
        Rs.10 each for cash at par.
 
 1989 - The company drew up a plan for a major expansion of its fleet
 
        with an investment of about Rs.200 crores.
 
      - With a view to further expanding its fleet, the Company
 proposed
        to raise amounts not exceeding to Rs.200 crores either by way
 of
        equity shares or by such other instruments at such price and
 at
        such time on receipt of necessary approvals.
 
 1991 - The Company issued 13,30,770 fully convertible debentures of 
        Rs.200 to the shareholders on rights basis in the ratio of 15
 
        FCDs for every 100 No. of equity shares held (all were taken
 up).
        Additional 1,99,616 debentures were allotted to retain 
        oversubscription.
 
      - Another 9,35,384 fully convertible debentures were offered 
        through prospectus of which 
 
      - (i) 1,75,000 debentures reserved for preferential allotment
 of
        IFC (all were taken up);
 
      - (ii) 29,384 debentures to the shareholders of Carona, Ltd.,
 Cable
        Corporation of India Ltd., Khatau Junker Ltd., Indokem Ltd.
 and
        Varun Shipping Co., Ltd. (all were taken up);
 
      - (iii) 1,50,000 debentures to NRIs (only 32,270 debentures
 were
        taken up);
 
      - (iv) 1,13,308 debentures to the employees (only 2,320
 debentures
        taken up).  The balance 4,67,692 debentures together with the
        subscription (all were taken up).  Additional 1,40,308 
        debentures were allotted to the group companies and general
        public to retain oversubscription.
 
      - Each debenture consists of two parts namely Part `A' and Part
 `B'
        Part `A' of the debenture of the face value of Rs.100 will be
        converted into 5 equity shares of Rs.10 each at a prem. of
 Rs.10
        per equity share on 1-8-1991 or six months from the date of 
        allotment of debentures.
 
      - Part `B' of the debenture of the face value of Rs.100 will be
 
        converted into 5 equity shares of Rs.100 each at a prem. of
 Rs.10
        per equity share on 1.6.1992 but not later than 18 months
 from
        the date of allotment of the debentures.
 
 1992 - Two additional vessels viz., MT Jala Doot of 37,243 DWT and
 MV.
        Surya Kripa of 42,628 DWT were acquired.
 
      - 130,30,390 No. of equity shares allotted (prem. Rs.10 per
 share)
        in conversion of Part `B' of debs.
 
      - During the previous year, the company came out with
        rights-cum-public issue of convertible debentures amounting
 to
        Rs. 52.12 crores.
 
 1993 - The Company could improved its profit from shipping
 operations
        substantially mainly due to the enlargement and
 diversification
        of the company's fleet and profitable deployment of the ships
 
        both for the movement of national cargo as also for
 international
        cross trading.  The third ship M.V. Matru Kripa, a bulk
 carrier
        of 42,605 DWT was acquired.
 
      - 13,29,000 No. of equity shares on conversion of loans from
 SCICI
        Ltd.
 
      - During the year, the Company acquired two additional vessels.
 
      - The Company will be acquired its third ship, a 42605 DWT bulk
 
        carrier before September at a price of US $ 17.00 million.
 
      - During the previous year, Government of India continued its 
        liberalisation policy by further relaxation of controls and 
        simplification of procedures.
 
      - It is proposed to increase the authorised capital of the
 Company
        from the present level of Rs.60 crores to Rs.120 crores
 increase 
        the borrowing powers of the Board of Director from the
 present
        level of Rs.400 crores to Rs.1000 crores and the power to 
        mortgage the Company's asset from 300 crores to Rs.1000
 crores.
 
 1994 - The Company undertook to further expansion of its fleet
 initially
        with an investment of Rs.200 crores and an additional
 investment
        of Rs.100 crores in the next stage.  The Company is also to
        acquire ships that would help in movement of special cargoes
 for
        Indian trade.
 
      - 13,29,000 shares of Rs.10 each allotted at a prem. of Rs.10
 per
        share to SCICI on conversion of loans.
 
      - The company completed its expansion programme by acquiring
 the
        third ship, m.v. Matru Kripa, a bulk carrier of 42,605 dwt at
 a
        price of US $ 17 million.
 
      - 1,329,000 No. of equity shares of Rs. 10 each were issued to
        SCICI Limited (SCICI) as fully paid up at a premium of Rs. 10
 per
        share by way of conversion of rupee term loans of Rs. 26.58
        million.
 
 1995 - The Company's working was affected due to dry docking of
 special
        survey of seven ships and higher financial and leasing costs.
        In addition, offhire of two of its OSVs added to the
 problems.
 
      - The Company acquired a LPG carrier M.V.Maharshivyas a
 specialised
        vessel for movement of LPG and other chemical gases.
 
      - The Company issued 8,00,000 preference shares of Rs.100 each
 on
        preferential allotment basis.  These are to be redeemed
 between
        3 to 5 years commencing from 9th February 1999.
 
      - The Company obtained in principle approval from Govt. for
 issue
        of currency convertible bonds upto US $33 million.  However,
 the
        financial approval was awaited.
 
      - The Company propose to establish a wholly owned subsidiary in
        Singapore with an investment of USD 3.50 million for the
        establishment of a Shipping business.
 
      - In order to diversify into other fields, and broaden the base
 of
        the Company's activities, the Company proposes to commence
        businesses covered by Clauses 37, 47 and 49 of the Objects
 Clause
        of the Company's Memorandum of Association.
 
      - Mrs. Rina Khatau, Dr. A.K. Bhattacharya and Mr. Praveen Singh
        were appointed as Directors of the Company.
 
 1996 - During the year, the Company sold two of its smaller ships to
 its 
        Singapore subsidiary and another product tanker to a finance
        Company. 
 
      - During the year, the company acquired an LPG carrier M.V.
        Maharshi Vyas, which is a specialized vessel for movement of
 LPG
        and other chemical gases.
 
 1997 - The Company invested an amount of Rs. 48 million in the
 capital
        of Tarun Shipping & Industries Limited by acquiring 4,800,000
        No. of equity shares of Rs. 10 each at par.
 
      - On 31st March, the Company has issued Redeemable Preference
        Shares of Rs. 2 crores on private placement basis.
 
 1998 - 12,00,000 Pref. shares of Rs 100 each issued.
 
      - The company also issued 200,000 fresh Redeemable Preference
        Shares aggregating to Rs. 20 million during the year.
 
      - The Company has already signed an MOA for the purchase of a
 third
        LPG carrier having a capacity of 52,604 cbm.
 
      - The Company plans to take delivery of the vessel in the month
 of
        July, and will be the largest LPG carrier in the Indian
 fleet.
 
 1999 - During the year Preference shares aggregating to Rs.36.67
 million
        were redeemed. The Company also issued fresh Redeemable
        Preference Shares amounting to Rs. 120 million during the
 year.
 
 2000 - The rights issue will comprise of 3.62 crore of fully
 convertible
              debentures (FCDs) and will be issued at par.
 
            - The company is eyeing the conventional debt equity ratio
 of
              70:30.  The equity part of Rs 30 crore will be generated
 from
              the proceeds of the rights issue.  Varun has already
 received
              letters of intent from ICICI and Bank of India for the
 balance
              debt portion.
 
           - Varun has also chalked out a plan to enter the
 transportation of
              liquefied natural gas (LNG).  It has already hired US
 based 
             merchant banker AMA to advise it on the issue.
 
          - Varun Shipping Company has tied up with Hhnajin of South
 Korea Essar Shipping
             has joined hands with Malaysia International Shipping
 Company to bag the bid.
 
 2001 
 
 -Launches a rights issue of Rs 36.26 crore to fund its $40-million
 fleet addition plan. The issue involves 3,62,61,591, 14 per cent
 unsecured fully convertible debentures of Rs 10 each for cash at par,
 aggregating Rs 36,26,15,910, in the ratio of one unsecured fully
 convertible debenture for every one equity share held on February 9,
 2001
 
 -Promoters increase stake in the company from 36% to 45%
 
 -Financial institutions increase stake in the company from 20% to
 25%
 
 2002
 
 -Buys a 1983-build tanker with a 7,335 dead weight tonnage (DWT) on
 bare-boat charter-cum demise (BBCD) basis.
 
 -Acquires its fourth LPG Carrier M V Maharshi Dattatreya. The new
 vessel has a cargo carrying capacity of 24130 m3 .
 
 2003
 
 -Unit Trust of India, Unit Scheme 19 sells 14,90,699 shares amounting
 to 2.06% of Varun Shipping Company Ltd., reduces its stake to
 25,20,000 shares amounting to 3.48% of the paid up capital of the
 Company
 
 2004
 
 -Varun Shipping Board approves forfeiture of Shares
 
 -Acquires its fifth LPG carrier (Maharshi Shivatreya) making it the
 owner of India's largest LPG fleet accounting for 65 per cent of the
 total LPG tonnage at present operating under the Indian flag
 
 2005
 
 -Varun Shipping acquires its eighth LPG Carrier, MAHARSHI DEVATREYA
 on April 25, 2005
 
 2006
 
 -The Company has entered into a Memorandum of Agreement (MOA) for
 acquiring its third modern double hull 2006 built Aframax crude oil
 tanker.
 
 -Varun Shipping Company Ltd has entered into a Memorandum of
 Agreement (MOA) for acquiring a Very Large Gas Carrier (VLGC) having
 a cargo carrying capacity of approximately 76,644 cbm.
 
 2007
 
 - Varun Shipping Company Ltd has informed that the Company has taken
 delivery of second 16000 BHP Anchor Handling and Towing Supply Vessel
 with Bollard Pull in excess of 180 Tons. 
 
 
 -Varun Shipping has bought a Very Large Crude Carrier (VLCC), which
 is claimed to be India's largest LPG carrier.
 
 2009
 
 - Varun Shipping Company Ltd has informed BSE that the Board of
 Directors of the Company at its meeting held on January 27, 2009,
 inter alia, Mr. Khurshed M Thanawalla was appointed as a Director on
 the Board of Directors of the Company with effect from January 27,
 2009.
 
 - Varun Shipping Company Ltd has acquired highly sophsticated AHTS
 Vessel.
 
 2010
 
 -Increase in LPG demand boosts Varun Shipping’s business
 
 2011
 
 -Varun Shipping Company Limited has signed contracts with Petrobras,
 Brazil
 
 2012
 
 -Mr. Yudhishthir D. Khatau has been appointed as Chairman & Managing
 Director of the Company
 
 -Varun Shipping Company Ltd has recommended a dividend of Rs. 0.50 (5
 per cent) per equity share