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Futura Polyesters Ltd. Company History and Annual Growth Details

1960 - The Company was incorporated in February at Mumbai. The company
manufacture heavy organic chemicals such as acetic acid, ester
solvents, benzyl products, plasticizers and polyester fibre and
computer software. Polyster fibre is sold under the trade mark

1962 - 10,000 Rights Shares issued at par in propn. 1:4.

1969 - In Sept. 20,000 Bonus shares issued in prop. 2:5.

1970 - In May, 70,000 Right Equity shares issued at par in prop. 1:1.
2,10,000 No. of equity and 1,00,000 Pref. shares issued: (i)
6,645 No. of equity shares to directors and employees; 19,275 No.
of Equity shares reserved for allotment to Chemtex Fibres, Inc.,
against supply of machinery; (iii) 1,84,080 No. of Equity and
1,00,000 Pref. shares offered to public.

1972 - The Company set up a plant for the manufacture of 6,100 tonnes of
polyester fibre under the brand name 'FUTURA' at Manali in Tamil
Nadu State.

- The Company entered into collaboration agreements with Chemtex
Fibres Inc., U.S.A., for the supply of machinery equipment and
technical data from abroad and Chemtex Overseas Inc., U.S.A., for
covering procurement and supply of machinery in India in addition
to the technical data and continuing know-how. These companies
are the wholly owned subsidiaries of Chemtex Inc., U.S.A., which
by another agreement guaranteed their performance.

1976 - 1,65,362 Bonus Equity shares issued in propn. 1:2.

1978 - The Company received industrial licence for expanding the
capacity of polyester staple fibre from 6,100 tonnes to 12,000
tonnes per annum.

- Technical collaboration arrangements were concluded with Zimmer
Aktiengesellschaft and Neumunstersche Machinen Und Apparatebau
GmbH, both of West Germany.

1979 - 2,48,043 Bonus Equity shares issued in prop. 1:2.

1982 - Approvals of the High Courts at Karnataka and Mumbai were
received. The Scheme of Amalgamation became effective from 1st
March, 1983 and the shares and debentures were allotted effective
from 1st July, 1981 in terms of this Scheme.

- 1,00,000 - 9.3% Pref. shares redeemed. 3,50,000 No. of equity
shares issued at par to members of erstwhile Corporation Bank,
Ltd., without payment in cash upon its merger with the Company.

1983 - 3,58,215 shares allotted (premium Rs 10 per share) on part
conversion of 13.5% debentures of the first series.

1984 - A letter of intent was received to manufacture 2,500 tonnes of
french fries and allied products per annum.

1985 - A new reactor was installed in the acetic anhydride plant.

- The Company converted letters of intent to increase the capacity
of the Manali unit to 30,000 tonnes per annum and to manufacture
3,500 tonnes per annum of polyester filament yarn at Manali.

- Letter of intent were converted into industrial licence. Foreign
Collaboration was approved by Government.

- The Company set up a software division at Bangalore which would
initially develop software packages for various industries.

- 1,55,535 Shares allotted (Premium Rs 15 per share on conversion
of 12% debentures of third series. 41,52,525 bonus shares then
issued (Prop. 1:2).

1986 - The Glyoxal plant with a capacity of 1,000 tonnes per annum was
set up. The company received a DGTD registration to increase the
installed capacity of Benzaldehyde from 300 to 2,000 tonnes per
annum. The Company also made an application to increase the
capacity of alcohol based chemicals from 14,700 tonnes to 24,700
tonnes per annum.

- The Company holds industrial licence for manufacture of
phenylglycine base (300 TPA) and Para - Hydroxyphenyl glycine
dane salt (150 TPA) and their derivatives in different

- A photo processing plant was installed and the items marketed
under the brand name 'NIK-NAKS' were well received in the market.
12 Software packages useful to business and industry were

- The Company issued 34,99,996 - 15% secured non-convertible
debentures of Rs 100 each. Of these, debentures aggregating Rs
15 crores were privately placed with LIC, UTI and GIC and its
subsidiaries and debentures of the value of Rs 19.99 crores were
offered as rights to resident Indian shareholders.

1987 - Convenience Foods (India), Ltd., became a subsidiary of the

- 62,28,800 Right Equity shares issued (Prem. Rs 5 per share; Prop.
1:2). Only 65,44,984 shares taken up. Out of the remaining
5,84,059 shares 2,74,741 shares were allotted privately leaving
3,09,075 shares unallotted. Another 3,11,400 No. of Equity
shares were offered to the employees of the Company (Stock Option
Scheme) at a premium of Rs 5 per share but only 22,700 shares
taken up. The balance 2,88,700 shares were allowed to lapse.

1988 - In the area of Desk Top Publishing, a new package called
'Prakashak' was introduced.

- The Name of the Subsidiary, Convenience Foods (India), Ltd. was
changed to Futura Industries, Ltd.

1990 - With a view to improving the situation, the Company introduced
certain value added products like bright Trilobal yarn that
fetched better prices. Also, the speciality fibres such as black
dyed, trilobal and tow were introduced.

- The Company expanded its polyester filament yarn capacity to
9,175 tonnes.

1992 - The Capacity of Ethyl Acetate was expanded from 5,000 to 8,000

- A joint venture company with equity participation by the Company,
was being set up in USA to market software and digitising
services in USA.

- During March-April, the Company offered 20,00,000-15% secured
redeemable partly convertible debentures of Rs 125 each on Rights
basis in the proportion of 11 debentures: 100 No. of Equity
shares held (All were taken up). Additional 3,00,000 debentures
were allotted to retain oversubscription.

- Another 1,00,000 - 15% debentures were issued to the employees
(including Indian working directors)/workers of the Company on
an an equitable basis. Only 27,550 debentures taken up. The
unsubscribed portion was allowed to lapse. Rs 50 of the face
value of each debenture was to be converted into 2 equity shares
of Rs 10 each at a premium of Rs 15 per share on the expiry of
six months from the date of allotment of debentures.

- Remaining Rs 75 of the face value of each debenture was to be
redeemed at par in three equal annual instalments at the end of
the 6th, 7th and 8th year from the date of allotment of

- 46,55,100 No. of equity shares allotted (Prem. Rs 15 per share)
on conversion of 15% debentures.

1993 - During the year additional value added products such as high
resolution fonts, colour separation software, Document management
solution, etc. were offered to the printing and publishing

- During March/April, the Company issued 92,22,040 No. of equity
shares of Rs 10 each at a premium of Rs 20 per share on rights
basis in the proportion 2:5. Only 78,14,191 shares taken up.
The balance 14,07,849 were issued on private placement basis.

1994 - A separate company named 'Sonata Software Ltd.' was formed which
took over the business of software division.

- The Company plans to set up a joint venture company with
Pepsi-Cola International, USA to manufacture 23,000 tpa of bottle
grade polymer Chips with a firm buy back arrangement.

- Corporation Bank Ltd., was merged with the Company. In terms of
the Scheme of Amalgamation, a sum of Rs 155 lakhs was to be made
available to the company by Corporation Bank Ltd. In
consideration the Company was to issue and allot 35,000 No. of
equity shares of Rs 100 each, 35,000 - 12% convertible debentures
of Rs 150 each all credited as fully paid-up.

- The Basis therefore will be the issue of 1 equity share of Rs 100
each, 1 convertible debenture of Rs 125 each and 1
non-convertible debenture of Rs 150 each, all credited as fully
paid in exchange for every 5 fully paid equity shares of Rs 50
each in Corporation Bank, Ltd.

- The Company converted 12,00,000 No.of equity warrants issued to
the management group to 12,00,000 No. of equity shares of Rs 10
each at a premium of Rs 68 per share. An amount of Rs 7.80 (Rs 1
face value and Rs 6.80 premium) called up.

- Sonata Software Ltd., became a subsidiary of the Company.

1995 - The performance of the polyester unit was adversely affected due
to recession in the textile and yarn markets and steep rise in
prices of basic raw materials.

- The Company issued 3,72,065 - 13% secured convertible debentures
of Rs 100 each at par to its equity shareholders. As per the
terms of the issue, for each debenture, one equity share of the
face value of Rs 10 each at a premium of Rs 10 per share.

1997 - Profitability of the alcohol based chemicals was affected due to
increase in the price of alcohol and, fluctuations in exchange
rate, etc.

1998 - 4,500 forfeited shares reissued.

2002-Indian Organic Chemicals Ltd has informed BSE that the Chennai High Court and Bombay High Court have sanctioned the scheme of amalgamation of Futura Polymers Ltd with Indian Organic Chemicals Ltd.

-Indian Organic Chemicals Ltd has informed that the following changes, Mr T Gangadharan who was Additional Director resigned from the BoardMr Shyam Sunder Sami is appointed as Additional Director liable to retire by rotation to hold office till the ensuing AGM.Mr S G Makim, Whole Time Director & CEO (Chemicals Division) has retired from the Company as well as from the Directorship. He would be appointed as Managing Director & CEO of the subsidiary Company, Innovasynth Technologies India Ltd.


- Futura Polyesters Ltd has appointed Mr. N S Ghia as Additional Director at the Board Meeting held on May 30, 2008.

-Futura Polyesters Ltd has appointed Mr. K Ramasubramanian as an Additional Director of the Board of Directors of the Company.
Oct 21, 12:00 am
Oct 21, 4:14 pm
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