1970 - The company was incorporated on 19th August, at Mumbai as a
private limited company and belongs to 'REMI' group owned by C.K.
Saraf and family. It became a deemed public limited company on
11th November, 1980 and was converted into a public limited
company on 11th December, 1980.
- The main objectives of the company is to manufacture stainless
steel pipes, bright bars and chemical machinery.
1983 - All shares held by promoters, etc. 14,850 bonus shares issued in
1982 in prop. 3:5. 10,000 shares issued at par.
1984 - The company has a factory at Andheri in Mumbai which has
facilities to manufacture stainless steel seamless and weld
pipes, bright bars and high quality stainless steel pipes.
- The company also purchased land at Pen in the Raigad district,
a backward area in Maharashtra, with a view to expand its
- 25,000 shares issued at par. Out of the shares issued till date,
60,600 shares were held by Balaji Investments Ltd., the holding
1985 - The objects of the public issue of equity shares during October,
were to raise long term resources, to broad base the company's
shareholding and to get the company's shares listed on the Stock
- Equity shares sub-divided on 19-06-1985. 7,50,000 shares of Rs.
10 each then issued at par of which 50,000 shares issued reserved
and allotted to promoters and existing shareholders of the
- 49,000 shares were reserved for allotment to business associates
and employees working directors of Remi Group of companies but
only 35,000 shares taken up. The balance 6,51,000 shares along
with 14,000 shares not taken up by employees, etc., were offered
for public subscription during October.
1986 - The company proposed expansion/diversification in the manufacture
of stainless steel pipes with an initial investment of Rs. 76
lakhs. Requisite permission was received for the import of
1987 - Though production and turnover improved, margins came under
pressure due to escalation in the costs of raw materials both
indigenous and imported.
- The company proposed to expand its manufacturing activities at
Pen, Dist. Raigad, Maharashtra by an additional investment.
1991 - During July-August, the company offered 14,96,000 No. of equity
shares of Rs. 10 each for cash at a premium of Rs. 4 per share on
Rights basis in the proportion 1:1 (all were taken up).
Additional 2,24,400 shares were allotted to retain
oversubscription. Simultaneously, another 74,800 No. of equity
shares at a premium of Rs. 4 per share were issued to employees'
under the Employees' Stock Option Scheme (all were taken up).
1992 - Margins improved substantially due to the savings made by
substituting the more economic Indian raw material for the
expensive imported raw material used earlier.
1993 - Due to reduced production and uneconomical working of the Andheri
factory during the final phase of closing down for vacating the
premises and shifting useful machinery to Tarapur.
- The company proposed to set up new unit at Tarapur.
1994 - The company completed the shifting of its factory from Andheri to
Tarapur. The company proposed to construct 41,000 sq. ft. of
1996 - Construction of commercial complex at Andheri premises was
-The Company has issued Bonus Shares in the Ratio of 1:1.