1982 - The Company was incorporated as a Private Limited Company on 13th
April, and converted into a Public Limited Company on 4th
September, 1986. The main object of the company is to
manufacture Importing, cutting, polishing and processing of rough
diamonds and exporting polished diamonds.
1986 - The company started its business operations in January. The
promoters have a long established presence in the diamond
business going back to several years. The company is one of the
few 'Sight Holders' in India accepted by the Diamond Trading
Company Ltd., London.
1988 - To ensure output of high quality diamonds with better cleavages
and sawables, the company placed an order for the import of laser
equipment. It was setting up a modern plant with semi automatic
machines to get better yields of sawn variety diamonds.
- 10,00,000 shares were taken up by promoters; directors, etc.
40,00,000 No. of equity shares were then issued of which
15,50,000 shares were reserved and allotted to Indian resident
directors, their friends and relatives.
- Out of the remaining 24,50,000 shares the following shares were
reserved for preferential allotment:
- (i) 2,00,000 shares to employees, including Indian working
directors and workers of the company and those of the promoter
companies (only 5,000 shares were taken up) and
- (ii) 9,80,000 shares to non-resident Indian on repatriation basis
(all were taken up).
- The balance 12,70,000 shares, along with 1,95,000 shares not
taken up by employees were offered for public subscription during
- Additional 6,00,000 shares were allotted to retain
over-subscription (2,32,500 shares to directors, their friends
and relatives, 1,47,000 shares to non-resident Indians and
2,20,500 shares to public.
1989 - Despite difficult trading conditions, the results were
significantly better than that of the previous period.
- Emkay Drilling Equipment Ltd., the subsidiary was amalgamated
with the company with effect from 1st April.
1990 - The collaboration agreement was finalised to set up facilities in
SEEPZ, Mumbai, for the manufacture of high quality jewellery with
a well known firm of international jewellers.
1991 - Though sales declined were higher mainly as a result of updating
of technology, improved productivity and management's stress on
diversifying markets and concentrating on higher value diamonds.
1992 - 28,00,000 Rights Equity shares allotted (prop. 1:2, Prem. Rs.
50). Another 1,40,000 shares offered (Prem. Rs. 50) to employees
(only 6150 shares were taken up).
1994 - 25,00,000 No. of equity shares allotted to promoter group at a
prem. of Rs. 65 per share.
1995 - Due to recession, demand from export markets like Japan and
Europe was sluggish. However, the US market has revived. Demand
for studded jewellery manufactured at Seepz is growing steadily
due to high international quality designed for premium segment in
-Shrenuj & Co Ltd have made full and final call of Rs 24.50 each towards the share premium account on 25,00,000 equity shares allotted to the promoters on preferential basis.