1993 - The company was incorporated in the name of Eastern Precured
Treads Pvt. Ltd., on 2nd July, and converted into a public
limited company on 17th February 1995. It was promoted by M.E.
Meeran, Nawas M. Meeran, and Kerala State Industrial Development
Corporation Ltd. The main objects of the company is to
manufacture of precured tread rubber and other type of rubber
- The company undertook to set up a precured tread rubber and
other tyre repair materials manufacturing unit at Oonukal in
Ernakulam district, Kerala. The unit was to have an installed
capacity of 4200 MTs p.a. of precured tread rubber, 420 MTs of
cushion Gum & 165 Killo litres of bonding solution per annum.
1996 - 5,30,400 No. of equity shares allotted to promoters, their
friends, associates etc. 50,61,100 No. of equity shares of Rs. 10
each were issued in October 1995 through a Prospectus of which
12,46,100 shares and 6,15,000 shares were reserved and allotted
on a firm basis to Indian promoters, their friends and KSIDC
respectively. Of the remaining the following were reserved for
allotment on a preferential basis;
- (1) 4,00,000 shares to IDBI;
- (2) 3,00,000 shares to NRIs/OCBs on repatriation. Balance
25,00,000 shares issued to the public.
-The promoters of Eastern Threads Ltd (ETL) have purchased 4 lakh equity shares of face value of Rs 10 each of ETL, from Industrial Development Bank of India, at a price of Re 1 per share. The transaction constituted over one per cent of the paid up capital of the ETL.