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Katare Spinning Mills Ltd. Company History and Annual Growth Details

1980

- The company was incorporated on 8th August at Solapur in Maharashtra. It was promoted by Tulsidas T. Katare and Members of his family. The company manufatures cotton yarn.

- The company undertook is set up a spinning mill with an installed capacity of 25,088 spindles at Tamalwadi, Dist. Ormanabad for the manufacture of cotton yarn of count 20s and 2/20s.

1983

- By January, 6,000 spindles were installed. The balance spindleage was commissioned in April 1984.

- The Company undertook to set up a new spinning unit with 12,500 spindles for the manufacture of synthetic yarn. This unit was being set up adjacent to the existing unit at Tamalwadi.

- 99,890 shares taken up by promoters, directors, etc. 27,50,110 shares then issued at par of which 11,70,110 shares to promoters, etc. and 2,00,000 shares to SICOM were reserved and allotted. The balance 13,80,000 shares were offered to the public in Dec. 1983. Only 1,91,950 shares taken up. The balance 11,88,050 shares devolved on the underwriter.

1987

- The Company entered into an agreement to purchase land within city limits of Solapur to set up a hotel and the financial institutions agreed to finance the project.

1990

- 7,168 spindles were installed and commissioned. The balance spindles were being installed during 1991-92.

1995

- The proposed knitting unit was established. In order to put the captive use of quality yarn produced by the Company, it was proposed to set up cotton yarn knitting unit in the adjacent
premises of the existing factory.

2008

-Company has created email id for grievance redressal division / compliance officer [email protected] ,[email protected].

-Company has allotted 21,50,000 number of convertible equity share warrants privately placed on preferential basis convertible into or exchangeable against equity shares entitling the warrant holder to equity shares in aggregate not exceeding the nominal value of equity shares of Rs 215.00 lacs i.e. 21,50,000 equity shares at a price of Rs 10/- each at a premium of Rs 11/- per share.

2013

-Board has recommended a Proposed dividend of 10%.

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