Home  »  Company  »  Addi Industries Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

Addi Industries Ltd. Company History and Annual Growth Details

1985 - The Company was incorporated as a private limited company in
1980. It was converted into a public limited company on 25th
September. The company has a well equipped manufacturing
facility at Ludhiana in Punjab. The company undertook to set up
another factory at NOIDA, about 20 kms. from Delhi to meet the
increasing demand for its products. Commercial production
commenced on 1st November, 1986.

- Effective from 10th April 1987 the name of the Company was
changed to Addi Industries Ltd. from Addi Krafts Ltd. 'Addi
Farms Ltd.' is a wholly owned subsidiary of the company. The
company is a manufacturer and exporter of cotton and vellour
knitwears and elastics, tapes.

- 1,20,000 No. of equity shares allotted to promoters, directors,
their friends, etc. 11,30,000 No. of equity shares then offered
at par of which 3,80,000 shares were reserved and allotted to
promoters, directors, etc. on a firm basis.

- Of the remaining 7,50,000 shares, the following were reserved for
allotment on a preferential basis:

- (i) 57,500 shares for employees of the company (only 16,000
shares taken up) and

- (ii) 15,000 shares to Business Associates of the Company (all
were taken up).

- The balance of 6,77,500 shares along with the unsubscribed
portion of 41,500 shares from preferrential quota, were offered
for public subscription during January-February 1986 (all were
taken up). Additional 2,50,000 shares were allotted to retain
oversubscription (1,00,000 shares to promoters directors etc.
and 1,50,000 shares to the public).

1987 - The company amalgamated units, the Addi Worsted Ltd., commenced
1st March, 1988.

- 80,154 No. of equity shares allotted in March 1988 without
payment in cash at the members of the amalgamating companies.

1988 - The Company embarked upon an expansion cum diversification
programme for increase in installed capacity of its worsted yarn
plant setting up of a woollen and knitting plant at NOIDA near
New Delhi.

- As per Delhi High Court Order dated 18th February, the Companies
3 projects namely Addi Fashions Pvt. Ltd., Addi Worsted Ltd., and
Addi Woollens Ltd., which were at various stages of
implementation, were amalgamated with the company. Consequent
upon the amalgamation, the holders of equity shares of the
amalgamated companies were allotted 30,514 No. of equity shares
of Rs. 10 each (Addi Woollens Ltd., Addi Worsted Ltd., and Addi
Fashions Pvt. Ltd., were offered 16,007 shares, 12,507 shares and
2,000 shares respectively). The amalgamation was effected with a
view to diversify its product range.

1989 - The performance in terms of turnover profitability and growth in
business was highly satisfactory.

- 9,17,500 shares issued at par to promoters in conversion of

1990 - With the implementation of expansion/diversification projects,
the company hoped to realise substantial gains.

- The company undertook a cotton spinning project to install 25,536

1991 - The 'tow to top' converter plant was installed with a view to
improve productivity as well as quality of yarn. Also,
machineries imported for woollen/cotton knitting unit was
installed and commercial production therein commenced. In
addition, a dyeing plant with a capacity of 3,500/4,000 kgs. per
day was installed for knitted fabric at Sikandrabad.

1992 - Sales declined due to political unrest and economic problems.

1993 - Dyeing Unit at Ghaziabad was commissioned and the Commercial
production of the cotton spinning Unit was expected to commenced
by September 1995.

- During February, the company issued 19,55,691-12.5% secured fully
convertible debentures of Rs. 102 each on rights basis in the
proportion of 80 debentures : 100 equity shares held. Only
18,83,347 debentures taken up.

- Another 5,093-12.5% fully convertible debentures were offered to
the employees. Only 1,250 debentures taken up.

- Part A of Rs. 51 of each debenture was to be converted into 1
equity share of Rs. 10 each at a premium of Rs. 41 per share on
the date of allotment of debentures. Accordingly 18,84,597 No.
of equity shares were allotted.

- Part B of Rs. 51 of each equity share converted into 1 equity
shares of Rs. 10 each at a premium of Rs. 41 per share at the end
of six months from the date of allotment (18,84,597 No. of equity
shares were already converted).

2002-Addi Industries Ltd has informed that Shri U K Srivastava has ceased to be Whole-time Director with effect from October 16, 2002 and Shri Hari B Bansal has been appointed as Whole-time Director with effect from November 12, 2002.

-BSE has imposed a Special Margin of 25% on Addi Industries Ltd with effect from September 11, 2003.