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Gandhi Special Tubes Ltd. Company History and Annual Growth Details

YEAR EVENTS
1985 - The company was incorporated on 22nd April, and the certificate
of commencement of Business was obtained on 14th May. It was
promoted by Manhar G. Gandhi and Bhupatrai G. Gandhi belonging to
Gandhi group and was licensed to manufacture 12 million metres
per annum of welded and seamless precision steel tubes. The
company manufacture precision seamless steel tubes.

- The main objective of the company is to manufacture precision DC
welded steel tubes and precision seamless steel tubes.

- The company entered into a technical collaboration agreement with
Bentelar Werk A.G. of West Germany for the manufacture of small
diametre steel tubes for 5 years from date of commercial
production. They agreed to supply the main plant and equipment
incorporating the latest technology and high productivity.

- The Company undertook to set up a project for the manufacture of
small diameter DC welded precision steel tubes with bright and
clean internal furnace forautomative, refrigeration and various
other industries and high pressure diesel fuel injection seamless
tubes at Nurpura village in Panchmahals district, a backward area
of Gujarat State.

- 70 shares subscribed for by the signatories to the Memorandum of
Association. 26,49,930 shares then issued at par out of which
13,79,930 shares were reserved and allotted to promoters,
directors, etc. Out of the remaining 12,70,000 shares were
reserved for preferential allotment. 1,32,500 shares to
employees (including Indian working directors)/workers of the
Company, 25,400 shares to business associates of the Company and
5,00,000 shares to NRIs with repatriation rights.

- The balance 6,12,100 shares were offered for public subscription
during March-April 1986. 5,86,100 additional shares allotted to
retain oversubscription (70,000 shares to promoters, etc., 4,000
shares to NRIs, 6,350 shares to business associates and 5,05,750
shares to the public).

1987 - 13,75,000 rights equity shares offered at par to Resident Indian
shareholders in prop. 1:2 (only 4,53,400 shares allotted to
financial institutions. Balance 1,15,000 shares were to be
offered to private placement basis. 68,500 shares offered to
employees. None were taken up and allowed to lapse.

1990 - The improved productivity by virtue of removal of bottleneck at
the finishing line and catering to the specific needs of the
customers etc. Despite this, profitability did not register
improvement due to adverse situation created by Gulf war,
unsettled condition on the political and economic fronts etc.

- On 17th, March, the Company offered 10,29,000 No. of equity
shares of Rs. 10 each for cash at par aggregating to Rs. 102.90
lakhs. Of these, 9,77,550 shares were offered to the
shareholders on rights basis in the prop. 1:4 (only 9,77,531
shares taken up) and another 51,450 shares offered to the
employees (only 800 shares taken up). The unsubscribed portion
of the employees quota was allowed to lapse.

- In terms of the consent of the Controller of Capital Issues, the
promoters, etc., shall have to divest their holding in excess of
40%.

1993 - The Company has allotted 4,44,107 No. of Equity shares to the
Industrial Development Bank of India on account of conversion of
outstanding dues being part of the reliefs and concessions
granted by the financial institutions to the Company.

- The Company has offered 30,44,919 No. of Equity Shares of Rs.10/-
each in the ratio of 1:2 for cash at par to the shareholders and
23,000 No. of Equity Shares of Rs.10/- for cash at par to the
employees of the Company.

1995 - The name of the Company has been changed to 'GANDHI SPECIAL TUBES
LTD' with effect from 6th November.

1998 - The Company has been certified as ISO 9002 Company during the
Year.

2000 - The Company has recommended, subject to necessary approvals, the
proposal to buyback of 21,00,000 No. of equity shares of Rs. 10/-
each of the company which is 22.22% of the total paid up equity
capital of the company at a maximum offer price of Rs. 17/- per
share.

2007

- Gandhi Special Tubes Ltd has informed that Shri. Dharmen B Shah is appointed as Additional Director of the Company w.e.f. October 11, 2007 vide circular resolution passed on dated October 10, 2007.

2008

- The Company has splits its face value from Rs10/- to Rs5/-.
 
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