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Precot Meridian Ltd. Company History and Annual Growth Details

1962 - The Company was incorporated in Palakad, Kerala in the name of
Premier Cotton Spinning Mills Ltd. for production of Cotton yarn
with an installed capacity of 12,096 spindles. It was promoted
by Late N. Damodaran, V. N. Ramachandran and L.G. Balakrishnan.
Production of cotton yarn commenced in 1964.

1981 - The installed capacity was increased in a phased manner, and
reached 50,628 spindles.

1985 - The name of the Company was changed to Precot Mills Ltd.

1991 - A second mill i.e. 'B' Unit was set up at Kodigenahalli in
Hindupur Taluk of Andhra Pradesh with an initial capacity of
28,800 spindles which was expanded to 51,840 spindles.

1992 - The Company set up an 100% EOU i.e. Unit 'C' at Walayar,
Palghat District in Kerala with an installed capacity of 10,080
spindles and 384 rotors. The main objective of the company is to
manufacture of cotton yarn.

- The Company set up its 100% EOU at Walayar, Kerala with the
installation of 10,080 spindles and 384 rotors.

- 30,00,000 No. of equity shares issued, subscribed and paid-up.
(Of these 26,25,000 shares were allotted as bonus shares).

1993 - During the Company undertook a modernisation-cum-expansion
programme involving an outlay. During the year, the Company
undertook to set up a open End project i.e. 'D' Unit with
1152 rotors.

1994 - During the Company issued 5 lakh shares of Rs. 10 each at a
premium of Rs. 430 per share with Indian and foreign financial
institutions. Also, the warrants of Rs. 2 lakh each was issued
to promoters which would entail them 10,000 equity shares of Rs.
10 each at a premium of Rs. 10 each on their exercise on

- 10,00,000 No. of equity shares allotted in lieu of warrants on
2.8.94. Another 5,00,000 shares issued to Foreign Institutional

1995 - The Company's open end unit i.e. 'D' was commissioned in
September and it reached its full capacity in December.

- 15,00,000 Rights Equity shares issued in March. (Propn. 1:3 -
Prem. Rs. 10).

1996 - Unfortunately a fire accident destroyed the cotton and yarn
godown in January though no damage was reported to man or


-Company name has been changed from Precot Mills Ltd to Precot Meridian Ltd.


-Precot Meridian Limited has appointed Mr C Murugesh, Company Secretary of the Company as the Compliance Officer in the place of Mr Ashwin Chandran.


- Precot Meridian Limited has appointed Mr. Prashanth Chandran as a Whole time director with designation of Executive Director with effect from April 01, 2010.
Oct 21, 12:00 am
Oct 21, 4:14 pm
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