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PTL Enterprises Ltd. Company History and Annual Growth Details

YEAR EVENTS
1959 - The Company was Incorporated on 19th October. The main object of
the company is to Manufacture tyres and semityres for different
types of vehicles including buses, omnibuses, industrial
tyres-inner tubes, flaps, etc., and the cord belting and conveyor
belting.

1960 - 25,000 No. of equity shares taken up by Kerala Government 10,000
preference shares and 20,900 No. of equity shares taken up by
promoters, managing agents, etc. 10,000 No. of equity shares
reserved for collaborators. 25,000 preference and 44,000 No. of
equity shares offered to the public in January.

1961 - Foreign collaborators allotted 10,000 No. of equity shares.
Arrears: Rs 42,000.

1973 - 30,000 bonus equity shares issued in the proportionate of 1:5.
Arrears: Rs 7,250.

1983 - 35,000 No. of equity shares issued to financial institutions on
conversion of loans.

1987 - 1,07,500 shares were offered at par as rights in Proportionate of
1:2 only 37,329 shares taken up. The balance 70,171 shares were
allotted privately. Another 5,370 shares offered at par to
employees. Only 1,270 shares taken up. The balance 4,100 shares
were allowed to lapse.

1989 - The Company suffered a loss on account of high cost of raw
materials, increased cost of financing and liquidity constraints
that prevailed throughout the year.

1993 - There was no production activities due to the strike/lockout
which started on 23rd February. Strike/lockout was called off on
27th October.

1994 - Production was to be suspended due to acute cash crunch.
However, as desired by the government of Kerala, Apollo
commenced production at Premier under an agreement for
conversion of job work.

1995 - Very limited scale of operations coupled with a huge interest
burden led to loss. Approximately 63000 tyres valued at
Rs.22.90 crores were produced at Premier.

- Rehabilitation Scheme was prepared by BIFR envisaging take over
of Premier Tyres Ltd., by Apollo Tyres Ltd. Apollo subscribed to
Premiers additional equity of Rs.10 crore at par. The scheme
provided for a reconstitution of the Board of directors of
Premier by induction of representatives of Apollo besides
government nominees.

- Pursuant to the scheme, Apollo would operate Premier's plant on
an lease of 8 years. Apollo would lift the entire production of
Premier and sell the same under Apollo brand name.

2008

- The Company has splits its face value from Rs10/- to Rs2/-.
 
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