1988 - The Company was incorporated on 8th March and it was promoted by
the videocon group companies, manufacturers of electronic items,
TVs, hi-tech audio equipment etc. The Company manufactures
programmable washing machines.
- It undertook to set up a project for the manufacture of two
models of washing machines the fully automatic (single tub) and
the semi automatic (twin tub) with a capacity of 5,00,000 per
- The company was proposed to import other items of machinery such
as Ultrasonic welding machinery and profile projector, moulds for
single tub/twin tub from Japan.
- The Company entered into a technical collaboration agreements
with Matsushita Electric Industrial Co. Ltd. Owners of brand
names national and manufacturer of a vide range of electronic and
durable consumer products such as TVs, VCRs etc.
- The collaborators were to provide the entire know-how for
manufacturing programmable washing machines and also train the
Company's employees in the manufacturing process.
- The company undertook to manufacture and market air-conditioners,
refrigerators, vaccum cleaners and a whole range of home
- 70 No. of equity shares of Rs 10 each subscribed for by
signatories to the Memorandum of Association. 64,99,930 No. of
equity shares then issued at par of which 29,99,930 No. of
equity shares were reserved and allotted on a firm basis to
resident Indian directors, their friends, etc. and Videocon
International Ltd. (VIL).
- Of the balance 35,00,000 No. of equity shares, the following were
reserved for allotment on a preferential basis:
- (i) 3,25,000 shares to employees/workers of the Company and
promoter companies (all were taken up).
- (ii) 6,50,000 shares to shareholders of VIL (all were taken up)
- (iii) 3,00,000 shares to UTI (all were taken up).
- The remaining 22,25,000 shares were issued for public
subscription during January 1989. Additional 9,75,000 shares
were allotted to retain oversubscription (4,50,000 shares to
promoters 48,750 shares to employees; 45,000 share to UTI: 97,500
shares to shareholders of VIL and 3,33,750 shares to the public).
1991 - The Company issued 18,75,000-12.5% secured fully convertible
debentures of Rs 200 each on Rights basis in the proportion 25
debs: 100 No. of equity shares held (all were taken up).
Additional 2,81,250 debentures were allotted to retain
- The Company issued through a Prospectus 4,00,000-12.5% debentures
of Rs 200 each to shareholders of Group companies viz. Videocon
International Ltd. and Videocon VCR Ltd. (all were taken up).
Additional 60,000 debentures were allotted to retain
oversubscribed and 2,25,000 debentures were issued to the
employees' on an equitable basis (all were taken up).
- Balance 20,00,000 debs. were issued to the public (all were taken
up). Additional 3,33,750 debentures were allotted to retain
- Part I of Rs 50 was converted into one equity shares of Rs 10
each at a premium of Rs 40 per share on the expiry of 6 months
from the date of allotment of debentures. Accordingly 51,75,000
No. of equity shares were allotted.
- Part II of Rs 150 was converted into 3 equity shares of Rs 10
each at a premium of Rs 40 per share on 25th June, 1993.
Accordingly 155,25,000 shares were allotted.
2002- Consumer electronics major Videocon has firmed up an plans to set up a manufacturing base at Sharjah in the United Arab Emirates.The group is planning to invest up Rs 300 crore in the project to manufacture colour televisions, refrigerators, washing machines and air-conditioners.
-Videocon Appliances Ltd has informed that with regards to the members of the Board of Director of the Company have accorded approval to change of name of the Company from 'Videocon Appliances Ltd' to 'Value Industries Ltd'.