1971 - The Company was Incorporated as a private limited company on 29th
January, and was converted into a public limited company on 18th
February, 1972. It was a subsidiary of Khatau Industries Ltd.
- The Company's object is Owning and operating ships.
1987 - The Company acquired its seventh ship m.t. 'Vijaydoot' in January
which was also employed for movement of chemicals and vegetable
- In August, the Company acquired a product tanker m.t.'Vishwadoot'
- In November, the company negotiated the purchase of two more
tankers. They were expected to be delivered in April 1988. The
Company disposed of three of its old ships.
1988 - During July, the Company issued 55,21,811 No. of equity shares of
Rs.10 each for cash at par.
1989 - The company drew up a plan for a major expansion of its fleet
with an investment of about Rs.200 crores.
- With a view to further expanding its fleet, the Company proposed
to raise amounts not exceeding to Rs.200 crores either by way of
equity shares or by such other instruments at such price and at
such time on receipt of necessary approvals.
1991 - The Company issued 13,30,770 fully convertible debentures of
Rs.200 to the shareholders on rights basis in the ratio of 15
FCDs for every 100 No. of equity shares held (all were taken up).
Additional 1,99,616 debentures were allotted to retain
- Another 9,35,384 fully convertible debentures were offered
through prospectus of which
- (i) 1,75,000 debentures reserved for preferential allotment of
IFC (all were taken up);
- (ii) 29,384 debentures to the shareholders of Carona, Ltd., Cable
Corporation of India Ltd., Khatau Junker Ltd., Indokem Ltd. and
Varun Shipping Co., Ltd. (all were taken up);
- (iii) 1,50,000 debentures to NRIs (only 32,270 debentures were
- (iv) 1,13,308 debentures to the employees (only 2,320 debentures
taken up). The balance 4,67,692 debentures together with the
subscription (all were taken up). Additional 1,40,308
debentures were allotted to the group companies and general
public to retain oversubscription.
- Each debenture consists of two parts namely Part 'A' and Part 'B'
Part 'A' of the debenture of the face value of Rs.100 will be
converted into 5 equity shares of Rs.10 each at a prem. of Rs.10
per equity share on 1-8-1991 or six months from the date of
allotment of debentures.
- Part 'B' of the debenture of the face value of Rs.100 will be
converted into 5 equity shares of Rs.100 each at a prem. of Rs.10
per equity share on 1.6.1992 but not later than 18 months from
the date of allotment of the debentures.
1992 - Two additional vessels viz., MT Jala Doot of 37,243 DWT and MV.
Surya Kripa of 42,628 DWT were acquired.
- 130,30,390 No. of equity shares allotted (prem. Rs.10 per share)
in conversion of Part 'B' of debs.
- During the previous year, the company came out with
rights-cum-public issue of convertible debentures amounting to
Rs. 52.12 crores.
1993 - The Company could improved its profit from shipping operations
substantially mainly due to the enlargement and diversification
of the company's fleet and profitable deployment of the ships
both for the movement of national cargo as also for international
cross trading. The third ship M.V. Matru Kripa, a bulk carrier
of 42,605 DWT was acquired.
- 13,29,000 No. of equity shares on conversion of loans from SCICI
- During the year, the Company acquired two additional vessels.
- The Company will be acquired its third ship, a 42605 DWT bulk
carrier before September at a price of US $ 17.00 million.
- During the previous year, Government of India continued its
liberalisation policy by further relaxation of controls and
simplification of procedures.
- It is proposed to increase the authorised capital of the Company
from the present level of Rs.60 crores to Rs.120 crores increase
the borrowing powers of the Board of Director from the present
level of Rs.400 crores to Rs.1000 crores and the power to
mortgage the Company's asset from 300 crores to Rs.1000 crores.
1994 - The Company undertook to further expansion of its fleet initially
with an investment of Rs.200 crores and an additional investment
of Rs.100 crores in the next stage. The Company is also to
acquire ships that would help in movement of special cargoes for
- 13,29,000 shares of Rs.10 each allotted at a prem. of Rs.10 per
share to SCICI on conversion of loans.
- The company completed its expansion programme by acquiring the
third ship, m.v. Matru Kripa, a bulk carrier of 42,605 dwt at a
price of US $ 17 million.
- 1,329,000 No. of equity shares of Rs. 10 each were issued to
SCICI Limited (SCICI) as fully paid up at a premium of Rs. 10 per
share by way of conversion of rupee term loans of Rs. 26.58
1995 - The Company's working was affected due to dry docking of special
survey of seven ships and higher financial and leasing costs.
In addition, offhire of two of its OSVs added to the problems.
- The Company acquired a LPG carrier M.V.Maharshivyas a specialised
vessel for movement of LPG and other chemical gases.
- The Company issued 8,00,000 preference shares of Rs.100 each on
preferential allotment basis. These are to be redeemed between
3 to 5 years commencing from 9th February 1999.
- The Company obtained in principle approval from Govt. for issue
of currency convertible bonds upto US $33 million. However, the
financial approval was awaited.
- The Company propose to establish a wholly owned subsidiary in
Singapore with an investment of USD 3.50 million for the
establishment of a Shipping business.
- In order to diversify into other fields, and broaden the base of
the Company's activities, the Company proposes to commence
businesses covered by Clauses 37, 47 and 49 of the Objects Clause
of the Company's Memorandum of Association.
- Mrs. Rina Khatau, Dr. A.K. Bhattacharya and Mr. Praveen Singh
were appointed as Directors of the Company.
1996 - During the year, the Company sold two of its smaller ships to its
Singapore subsidiary and another product tanker to a finance
- During the year, the company acquired an LPG carrier M.V.
Maharshi Vyas, which is a specialized vessel for movement of LPG
and other chemical gases.
1997 - The Company invested an amount of Rs. 48 million in the capital
of Tarun Shipping & Industries Limited by acquiring 4,800,000
No. of equity shares of Rs. 10 each at par.
- On 31st March, the Company has issued Redeemable Preference
Shares of Rs. 2 crores on private placement basis.
1998 - 12,00,000 Pref. shares of Rs 100 each issued.
- The company also issued 200,000 fresh Redeemable Preference
Shares aggregating to Rs. 20 million during the year.
- The Company has already signed an MOA for the purchase of a third
LPG carrier having a capacity of 52,604 cbm.
- The Company plans to take delivery of the vessel in the month of
July, and will be the largest LPG carrier in the Indian fleet.
1999 - During the year Preference shares aggregating to Rs.36.67 million
were redeemed. The Company also issued fresh Redeemable
Preference Shares amounting to Rs. 120 million during the year.
2000 - The rights issue will comprise of 3.62 crore of fully convertible
debentures (FCDs) and will be issued at par.
- The company is eyeing the conventional debt equity ratio of
70:30. The equity part of Rs 30 crore will be generated from
the proceeds of the rights issue. Varun has already received
letters of intent from ICICI and Bank of India for the balance
- Varun has also chalked out a plan to enter the transportation of
liquefied natural gas (LNG). It has already hired US based
merchant banker AMA to advise it on the issue.
- Varun Shipping Company has tied up with Hhnajin of South Korea Essar Shipping
has joined hands with Malaysia International Shipping Company to bag the bid.
-Launches a rights issue of Rs 36.26 crore to fund its $40-million fleet addition plan. The issue involves 3,62,61,591, 14 per cent unsecured fully convertible debentures of Rs 10 each for cash at par, aggregating Rs 36,26,15,910, in the ratio of one unsecured fully convertible debenture for every one equity share held on February 9, 2001
-Promoters increase stake in the company from 36% to 45%
-Financial institutions increase stake in the company from 20% to 25%
-Buys a 1983-build tanker with a 7,335 dead weight tonnage (DWT) on bare-boat charter-cum demise (BBCD) basis.
-Acquires its fourth LPG Carrier M V Maharshi Dattatreya. The new vessel has a cargo carrying capacity of 24130 m3 .
-Unit Trust of India, Unit Scheme 19 sells 14,90,699 shares amounting to 2.06% of Varun Shipping Company Ltd., reduces its stake to 25,20,000 shares amounting to 3.48% of the paid up capital of the Company
-Varun Shipping Board approves forfeiture of Shares
-Acquires its fifth LPG carrier (Maharshi Shivatreya) making it the owner of India's largest LPG fleet accounting for 65 per cent of the total LPG tonnage at present operating under the Indian flag
-Varun Shipping acquires its eighth LPG Carrier, MAHARSHI DEVATREYA on April 25, 2005
-The Company has entered into a Memorandum of Agreement (MOA) for acquiring its third modern double hull 2006 built Aframax crude oil tanker.
-Varun Shipping Company Ltd has entered into a Memorandum of Agreement (MOA) for acquiring a Very Large Gas Carrier (VLGC) having a cargo carrying capacity of approximately 76,644 cbm.
- Varun Shipping Company Ltd has informed that the Company has taken delivery of second 16000 BHP Anchor Handling and Towing Supply Vessel with Bollard Pull in excess of 180 Tons.
-Varun Shipping has bought a Very Large Crude Carrier (VLCC), which is claimed to be India's largest LPG carrier.
- Varun Shipping Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 27, 2009, inter alia, Mr. Khurshed M Thanawalla was appointed as a Director on the Board of Directors of the Company with effect from January 27, 2009.
- Varun Shipping Company Ltd has acquired highly sophsticated AHTS Vessel.