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Blue Blends (India) Ltd. Company History and Annual Growth Details

1981 - The company was incorporated on 16th February. The main
objective of the company is to manufacture grey fabrics and
texturising of synthetic yarn. The fabrics are sold under the
brand name 'ARYA'.

1985 - In October-November, the company issued 1,50,000-15% secured
convertible debentures of Rs. 120 each at par. Of these, 50,000
debentures to shareholder, 10,000 debentures to deposit holders
and 15,000 debentures to employees, directors, etc., were
reserved for preferential allotment.

- The remaining 75,000 debentures were offered to the public. A
total of 1,87,500 debentures were issued to retain
over-subscription. Rs. 20 out of each debenture was converted
into 2 equity shares of Rs. 10 each of the Company on 30th June,
1986. The remaining Rs. 100 of each debenture will be redeemed
in 4 equal instalments at the end of the 7th, 8th, 9th and 10th
year from the date of allotment.

- The company issued on rights basis 2,50,000-13.5% secured
convertible debentures of Rs. 285 each of the aggregate value of
Rs. 712.50 lakhs. Of these, 1,50,000 debentures were offered to
equity shareholders in the ratio 1 deb.: 5 equity shares, 75,000
debentures to holders of equity shares issued on conversion of
convertible portion of existing debentures in the ratio 1 deb.:
5 equity shares, 8,000 debentures to deposit holders, 5,000
debentures to promoters and business associates and 12,000
debentures to employees of the Company.

- Rs. 85 of each debenture will be converted into 5 equity shares
at a premium of Rs. 7 per share after six months from the date
of allotment. This issue was oversubscribed. Retaining 25%
over subscription the company allotted 3,12,500 debentures, the
allotted 3,12,500 debentures, the allotment in each category
being 25% more than what was initially offered.

- 3,75,000 shares allotted on 30th June, on conversion of

1986 - The company has also to set up two more units, one at Daman for
manufacture of texturised & twisted yarn & the other at Mangrol,
Surat for manufacture of texturised twisted & dyed yarn.

- 15,62,500 shares allotted on 6.5.1987 on conversion of

1987 - During the year, necessary approvals were received for the
setting up of new projects in the field of synthetic yarn
chemicals, picture tubes, aluminium, etc. Necessary steps were
taken for implementation of the said projects.

- 13,43,750 Bonus shares issued in prop. 1:2 on 16.9.1988.

1988 - The name of the company was changed from Blue Blends &
Texturising Mfg. Co. Ltd., to 'Blue Blend (I) Ltd, with effect
from 13th April.

- In July 1989, 40,31,250 rights shares issued (Prem. Rs. 20 per
share; Prop. 1:1). Additional 6,04,688 shares allotted to retain
oversubscription. Another 2,01,500 shares offered to
employees/workers (prem. Rs. 20 per share) but only 6,800 shares
taken up. The balance 1,94,700 shares allowed to lapse.

1989 - Some shares were forfeited. Number of shares forfeited not

1992 - Turnover improved to despite disruptions in production as well
as despatch of products caused by the internal problems at Mumbai
and Surat. However, margins continued to be under pressure due
to increase in raw-material cost.

1993 - Turnover improved considerably and production of texturised,
twisted and dyed yarn also stood higher at 5,394 tonnes. The
overall working was reported to be satisfactory.

- The company installed two nos. texturising machines and proposed
to add additional facility for manufacture of texturised and
sized; yarn at Daman & Silvarra. In addition, steps were taken
to set up project for manufacture of premium fabric at Ahmedabad.

1994 - The company registered all round growth in production, turnover
and profitability. Production and turnover stood higher at 5998

- The company issued and allotted 25,00,000 warrants on
preferential basis to promoters, empowering the holders to apply
for one equity share against each warrant at a price of Rs. 25
per share. Till date 15,00,000 shares were allotted at a premium
of Rs. 15 per share to the warrant holders.

1995 - The company proposed to increase the capacity of denim plant at
Ahmedabad to 12 million metres per annum. The company also
proposed to set up an air texturising yarn manufacturing unit
with an installed capacity of 1440 TPA at Silvassa, in the union
territory of Dadra Nagar & Haveli.

- 10,00,000 No. of equity shares (Prem. Rs. 15 per share) allotted
against warrants. Preference shares issued to various Financial

1996 - Company has successfully implemented expansion of capacity at
Ahmedabad plant from 6 million metres to 12 million metres per
annum. Commercial production of Texturised Yarn at Rakholi,
Silvassa also commenced during the year. Company has decided to
further expand the capacity of Rakholi plant by setting up 7
Texturing machines.

- Company has allotted 2,50,000 15% Redeemable Cumulative
Preference shares of Rs. 100 each.


-Blue Blends (I) Ltd has informed that at the meeting of the Board of Directors of the company held on June 30, 2003 Mr. Anand Arya and Mr. Ajeet Yadav were appointed as Managing Director and Whole-time Director respectively for a period of 5 years effective from July 1, 2003 subject to approval, inter alia, of shareholders and Central Government.


- Blue Blends (I) Ltd has appointed Mr. Jeevan Kumar (IFCI Nominee) as Nominee Director of the Company in place of Mr. Y.V. Ramesh Naidu (IFCI Nominee).

-Blue Blends (I) Ltd has informed vide its letter dated June 09, 2008 that there is change in Compliance Officer of the Company with immediate effect. Mr. Tapan Maulik is New Compliance Officer.
Oct 21, 12:00 am
Oct 21, 4:14 pm
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