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Pasupati Spinning & Weaving Mills Ltd. Company History and Annual Growth Details

YEAR EVENTS
1979 - The company was incorporated on 13th August and the cerificate of
commencement of business was obtained on 10th September. It was
promoted by Jain Group. The main objective of the company
is to manufacture of staple and synthetic blended yarns in
various counts and blends.

1982 - 7,80,000 shares taken up by promoters etc. and 2,00,000 shares
allotted to Haryana Govt. through their agent HSIDC. 9,70,000
shares offered at par for public subscription during January.

1986 - 82,500 No. of equity shares issued at par in conversion of
unsecured loan.

1987 - The Company installed 14 more ring frames along with balancing
equipments. It was also proposed to install additional 4 ring
frames.

1988 - The workers of the factory went on strike on 27th January, and
resumed work on 10th February, after negotiations.

1989 - Effective steps were taken to implement the scheme of expansion
of spinning capacity by 960 spindles and installation of some
equipments/machines by way of modernisation of the existing
manufacturing facility.

- The Company proposed to install 24 looms for the manufacture of
Terry Towel for 100% export.

1991 - During October, the Company issued 2,03,252 - 14% secured
redeemable partly convertible debentures of Rs. 250 each on
rights basis in the proportion of 10 debentures: 100 equity
shares held. Additional 30,488 debentures were allotted to
retain over subscription.

- Another 10,160 - 14% partly convertible debentures were offered
to the employees of the Company on an equitable basis. Only 290
debentures were taken. The unsubscribed debentures were allowed
to lapse.

- Part A of Rs. 125 of each debenture will be converted into 5
No. of equity shares of Rs. 10 each at a premium of Rs. 15 per
share on the expiry of 6 months from the date of allotment.

- Part 'B' of Rs. 125 of each debenture will be redeemable at par
in 3 instalments at the end of 7th, 8th and 9th years
respectively from the date of allotment of the debentures.

1992 - Due to late delivery of machines the implementation of expansion
scheme was delayed. Machinery started arriving from July.

- The Company has decided to expand the Capacity by further 12,480
spindles of polyester viscose knotless yarn.

- During the Company has promoted a new project in the name of
Pasupati Taoru Ltd. for implementing 100% Export Oriented Project
for manufacture of Terry Towel.

1993 - 11,70,150 shares allotted on conversion of 14% PCD's allotted
in 1991.

1994 - 23,53,856 shares allotted on conversion of 15% partly convertible
debentures allotted in 1993. 15,00,000 No. of equity shares of
Rs. 10 each allotted to promoters through excise of warrants of
which Re. 1 called & Paid-up.

1995 - During the year the Company became self sufficient in power by
installing its own power generation capacity. The Company has
entered into contracts with foreign buyers for export of 30% of
its sewing thread production.

- The Company undertook expansion of its capacity for manufacture
of synthetic blended yarn by adding 1920 spindles along with
other balancing equipments. Company is also expanding its 100%
cotton yarn EOU capacity from 12,096 spindles to 28,224 spindles.

1996 - During the Company has diversified into the manufacture of 100%
polyester sewing thread and installed a new unit a village Kheri,
Dist. Sirmour, Himachal Pradesh with 13440 spindles.

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