YEAR EVENTS 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 February, 1989. - 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 overseas markets. 2003 -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. |
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