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Raymond Ltd. Company History and Annual Growth Details


- The Company was incorporated on 10th September, 1925 at Mumbai. It
manufactures woollen and worsted and hosiery yarns, knitting wool,
engineers' steel files and cement.

- 30,000 shares issued to the Managing Agents for consideration other
than cash. 200 shares allotted to the Directors and 19,800 shares to
their friends for cash.


- A factory was set up at Thane for manufacturing engineers' steel


- A new factory building was constructed and complete plant and
machinery with the exception of wool washing and backwashing machinery
were received and erected.


- The Balance machinery and high temperature wool top dyeing machine
were installed.


- The Raymond Woollen Mills Ltd., was registered in Kenya for
manufacturing knitting yarns and price goods of wool and wool mixed
with synthetic fibres, and woollen and worsted fabrics.

- The Raymond Woollen Mills (Kenya) Ltd., became a subsidiary of the
Company. The Company's holding in this subsidiary at the end of March
1996 stood at 5,40,000 of K. Shs. 200 each out of 7,55,625 shares of K.
Shs. 200 each.


- J.K. (England), Ltd., a wholly owned subsidiary of the Company were
appointed to act as selling agents for woollen goods in U.K., with
effect from 1st January.


- The Company undertook a scheme of research and development for sheep
breeding and wool production in India with a view to produce
indigenously Merino type wool.


- 5,04,000 Bonus equity shares issued in prop. 1:3.


- The Company undertook to set up a new woollen mill unit in Jalgaon in

- 20,16,000 Bonus equity shares issued in prop. 1:1.


- The Company offered to the public 1,20,000-12% (taxable) secured
debentures of Rs 400 each for cash at par.


- The Company offered during September, 6,00,000 No. of equity shares
of Rs 10 each at a premium of Rs 10 per share for cash (Prop. 5 No. of
equity: 1 Debenture). 27,29,200 bonus equity shares issued in prop.
3:5. 25,000 - 5% Pref. shares cancelled. 25,000 - 5% pref. shares


- The Company decided to set up a modern Wool Combing Division in
collaboration with Sir James Mill & Sons Ltd., Bradford, U.K.

- The Dhule farm experienced a strike which culminated in violence and
theft. The Company, therefore, decided to discontinue the sheep
development project to avoid further loss of life and property.

- The Company subsequently entered into an agreement with the
Maharashtra Sheep Development Corporation Ltd., under which the
Company's entire flock of sheep was handed over to them.

- 14,25,600 No. of equity shares issued at a prem. of Rs 2.50 per share
to financial institutions upon conversion of loans/debentures.


- During September, the Company issued 4,80,000 - 13.5% secured
convertible debentures of Rs 475 each to provide a part of the finance
required for the expansion of the Company's cement plant. Of these
1,32,000 debentures were reserved for preferential allotment to
non-residents, 1,20,000 to the equity shareholders and 33,000 for
allotment to the Company's employees and business associates. The
balance 1,95,000 debentures were offered to the public.

- Each debenture holder has the right to receive 5 No. of equity shares
of Rs 10 each at a premium of Rs 5 per share on 1st April, 1985 without
any further notice. The non-convertible portion of Rs 400 per
debenture is redeemable at par in three annual installments of Rs 133,
Rs 133, Rs 134 in the 8th, 9th and 10th year respectively.


- 24,00,000 No. of equity shares of Rs 10 each issued (prem. Rs 5 per
share) upon conversion of 13.5% convertible debentures in April 1985.
25,000 - 6.5% Pref. shares redeemed on 30.6.1985.


- The Company received a letter of intent for the manufacture of High
carbon/alloy steel profile sections, High speed steel twist drills,
tool bits, blanks, etc., Engineers steel files and rasps in the
backward district of Ratnagiri in Maharashtra.

- The Company received a letter of intent for the manufacture of 15,000
tonnes per annum of polyester filament yarn (PFY). This project was
proposed to be set up in Allahabad district of U.P.

- The Company offered 8,00,000 - 15% secured redeemable non-convertible
debentures of Rs 100 each as rights to resident Indian equity and
preference shareholders in the ratio 1 Deb. : 16 No. of equity shares
held and 5 debentures: 8 preference shares held. Additional debentures
for Rs 250 lakhs were allotted to retain excess subscription. These
debentures will be redeemed at a premium of 5% on the expiry of 7 years
from the date of allotment.


- A memorandum of understanding was signed with Toray Industries of

- Another letter of intent was received for the manufacture of textiles
made wholly or partly out of synthetic fibre/yarns by installation of
50,000 spindles and 1,500 looms. This project was proposed to be set
up in the backward district of Balaghat in M.P.

- The Company issued and allotted 10,00,000 (series IV) 14%
non-convertible debentures of Rs 100 each aggregating Rs 100 lakhs on
rights basis. These debentures are redeemable on 1st January, 1998 at
a premium of 5% on the face value of the debentures.

- The Company privately placed with U.T.I., 2,50,000-14%
non-convertible debentures of Rs 100 each aggregating Rs 250 lakhs.
These debentures are redeemable at a premium of 5% of the face value,
on 25th January, 1995.

- 1,12,36,800 bonus equity shares issued in prop. 1:1.


- As a part of expansion of its weaving capacity, 5 new looms were
installed on 31st March. 23 new looms were installed and combing
capacity was expanded. The Ring frames in the spinning department were

- The letter of intent for manufacture of 15,000 tonnes per annum of
PFY was transferred in the name of 'Raymonds Synthetics, Ltd.', a
subsidiary Company promoted to implement the project.


- A project to expand the capacity of the cement plant from 12 lakh
tonnes to 18 lakh tonnes per annum was being undertaken.

- The Company issued 4,00,000-14% secured non-convertible debentures of
Rs 100 each on to financial institutions on private placement basis.
These debentures were to be redeemed on 12th June, 1996 at a premium of
Rs 5 per debenture.

- During October, the Company offered 89,89,440 - 12.5% convertible
debentures of Rs 75 each to the then existing shareholders in the ratio
of two debentures for every five equity shares held.

- Another 4,49,472 debentures were offered to employees, Indian working
directors and workers of the Company on an equitable basis.

- The Company retained 16,19,435 debentures to meet oversubscription.
As per the terms of issue, Rs 45 of each debenture will be converted
into one equity share of Rs 10 each at a premium of Rs 35 per share on
1st July, 1990. Accordingly, 106,08,875 shares were allotted. The
remaining portion of Rs 30 of each debenture will be redeemed at par in
three equal installments of Rs 10 each on the expiry of 7th, 8th and
9th year from the date of of allotment of the debentures. The first
instalments of Rs 10 per debenture was redeemed during 1996-97.


- A new plant for the manufacture of files and twist drills was being
set up at Pithampur, near Indore in Madhya Pradesh.

- It was decided to expand the installed capacity further from 18 lakh
tonnes to 22 lakh tonnes per annum by mid 1993.

- The Company had applied for a licence to produce 75,000 tonnes per
annum of purified terepthalic acid.


- The Company proposed to manufacture cold rolled steel strips/sheets
and silicon steel sheets with an installed capacity of 1,50,000 MTA in
technical collaboration with Allegheny Ludlum Corporation, Pittsburg,
USA at Wadivarhe, Nasik. The plant was commissioned in September 1995.

- The Company issued 90,63,577-16% (Taxable) Secured Redeemable
non-Convertible debentures of Rs 100 each with detachable warrants by
way of rights to the existing shareholders and employees. The holders
of the equity warrants have a right to apply and be allotted one equity
share of Rs 10 each upon payment of Rs 150 (Premium Rs 140).

- During September, the Company issued US $63 million comprising of
39,57,286 GDRs equal to 79,14,572 No. of equity shares at a price of US
$ 15.92 per GDR.


- The name of the Company was changed from Raymond Woollen Mills Ltd.
to Raymond Limited.


- A new brand of cement 'Dura-Guard' a high degree of durability was

- The Company promoted joint venture Company viz. Raymond Calitri Denim
Ltd. with Calitri Denim Industries SPA, Italy to produce high quality
ring denim fabrics.


- The overall working was adversely affected by various factors such as
strike at its major textile plant at Chhindwara, slackness in demand
and consequently lower prices for most of the products, continuous
escalation in costs and credit stringency coupled with high interest


- The strike at the major textile plant at Chandwara was resolved in
the first week of April, and normal working was restored.

- Due to fall in output of electrical equipment, demand for silicon
steel continued to be sluggish throughout the year. The Company
entered into a basic understanding with EBG Gesellschaft (belonging to
Thyssen steel group of Germany) for transfer of steel division into a
joint venture subject to necessary approvals.


- J.K. (Mumbai), Ltd., is a wholly owned subsidiary of the Company.
All the 2 lakh equity shares of Rs 100 each issued by this subsidiary
are held by the Company as on 31st March.

- Jaykayorg A.G., Switzerland with an issued and paid-up capital of 500
shares of Swiss Francs 100 each is a wholly owned subsidiary of the

- As on 31st March, the Company held 2,39,930 No. of equity shares of
Rs 10 each respectively out of 2,40,000 No.of equity shares issued by
Pashmina Holdings, Ltd.

- From January, J.K. Chemicals Ltd. became a subsidiary of the Company.
As on 31st March, the Company held 34,89,878 No. of equity shares of Rs
100 each out of 58,22,200 No. of equity shares issued by the

- As on 31st March, the Company and its nominees held all the 9,80,000
No. of equity shares of Rs 10 each issued by J.K. Helene Curties Ltd.

- As on 31st March, the Company and its nominees held 5,40,000 No. of
equity shares of K.Shs 200 each in the subsidiary.

- The steel division was set up and the first phase was commissioned
during 1995. The company had tied up with Allegheny Ludlum of US, the
leader in speciality steel for a technology collaboration.

- Raymond and EBG signed a memorandum of understanding on April 5, to
form a joint venture.

- The ratings assigned to the non-convertible debentures (NCD) issues
of Raymond Ltd and Raymond Synthetics Ltd have been downgraded to AA-
and AA-(SO) from AA and AA (SO), respectively by the Credit Rating and
Information Services of India Ltd (Crisil).


- EBG Gesellschaft, a 100 percent subsidiary owned by the Thyssen
group, was to form a 76:24 joint venture with the steel division of
Raymond to form a new company named EBG India Ltd.

- The 'FAA' rating assigned to the fixed deposit programme of Raymond
has also been placed under watch with developing implications.

- The steel division, for which Raymond had a technical collaboration
with US-based Alleghany Ludlum Corporation, has an installed capacity
of 45,000 silicon steel and one lakh tonne of cold rolled cold
annealed, which is likely to be expanded by another one lakh tonne.


- Raymond Ltd. launched 'Manzoni', a premium brand of formal shirts and

- The Company has entered into a relationship with Morarjee Brembana,
the manufacturer, which will ensure that the most contemporary products
are introduced in the country.

- CARE has reaffirmed the PR1+ rating to the company's commercial paper
programme of Rs 1 billion.

- The Company has entered into a Memorandum of Agreement dated April
27, for the divestment of its Cement Division as a going concern to
M/s. Lafarge India Ltd.

- The Raymonds board approved the appointment of Mr Gautam Singhania as
the new chairman and managing director of the Raymond Group.

- Raymond has sold its steel unit for Rs 412.26 crore to EBG Germany, a
subsidiary of ThyssenKrupp Stahl, the German steel gian.

- The company accordingly signed the Agreement to Sell Undertaking with
EBG India Pvt. Ltd., and has received a sum of Rs. 386.86 crores in
cash and has allotted 2,54,00,000 No. of equity shares of Rs. 10/- each

aggregating Rs. 25.40 crores in the share capital of EBG India Pvt.

- The Vijaypat Singhania group flagship Raymond Ltd, as part of its
ongoing restructuring exercise, amalgamate its wholly owned subsidiary
Raymond Calitri Denim, which streered the group's foray into denim

- Crisil has upgraded and removed from rating watch the AA-rating
assigned to a Rs 90.5 crore non-convertible debenture programme of the
company to AA+.

- Million Air, The aviation division of Raymonds Limited, has tied up
with Indiainfo.com India's premier portal, to promote the sales of its
helicopter joy-rides' gift vouchers on Indiainfo's 'Shopping Mall'.

- The Company has divested its Steel Division to EBG India Pvt. Ltd., a
joint venture company in which the company holds 24% Equity Stake, vide
the 'Agreement to Sell an Undertaking on Slump Sales Basis'.


- The Company has acquired the files division of the A.V. Birla group
company, HGI Industries. The two companies have signed a memorandum of
understanding for the transfer of HGI's plant in Kolkata to Raymond for
a consideration of Rs 17.5 crore.

- Raymond Ltd will commence a buy-back offer of its shares at a maximum
price of Rs 160 rupees from 7th March.

- J K Ansell, the 50:50 joint venture between the Vijaypat Singhania
group company Raymond and Australia-based Ansell International, is
expanding its business portfolio.


-Raymond Ltd has selected Leo Burnett, RK Swamy BBDO and Contract Advertising
for its Rs.45cr Advertising account.

-Raymong informed BSE that the Steel Files Division of HGI Industries Ltd. located
at Kolkota, West Bengal has been acquired by Hindustan Files Ltd.

-Raymond Ltd has executed the Memorandum of Understanding with Color Plus Fashions
Private Ltd.to acquire the entire share holding of Color Plus in a phased manner and
subject to due deligence and obtaining necessary approvals.


-Raymond Ltd has raised up Rs.25cr through its secured non-convertible debenture
issue through book building route with a greenshoe option of the same amount.

-Crisil has assigned AA+ rating to the debenture issue of Raymond Ltd.

-Raymong Ltd has set to manufacture suit lengths in the Super 200's wool category
which will be only one of three companies to manufacture this kind of suits.

-Shri R Narayanan has been nominated as GM -Legal and Company Secretary
and Compliance Officer by the Raymong Ltd.


-Raymond Ltd. has informed that the Board of Directors of the Company at their meeting held on May 13, 2003 had nominated Shri R Narayanan, General Manager - Legal & Company Secretary as Compliance Officer.

- Shri Akshay Singhania has ceased to be a Director of the Company


-Raymonds sets up apparel subsidiary to cater to export mart


-Raymond signs JV agreement with Lanificio Fedora, Italy on June 20, 2005

-Raymond signs JV agreement with MOB Outillage, France


-Raymond launches Chairman's Collection in South Indian mkt

0Raymond Ltd has informed that a 50:50 Joint Venture (JV) Agreement has been signed on November 10, 2006 between the Company and Grotto S.p.A., of Italy (the owner of the international brand 'Gas') for sale in India of casual apparel and accessories bearing the trademark 'Gas'.


- Raymond ltd has appointed Shri Thomas Fernandes, as the Company Secretary & Compliance Officer of the Company with effect from November 1, 2008 in place of Shri R. Narayanan who has retired from the Company with effect from October 31, 2008.


- Raymond Ltd has appointed Shri H. Sunder as President - Finance & Chief Financial Officer of the Company with effect from December 16, 2009.
Oct 24, 12:00 am
Oct 24, 4:14 pm
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