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Vinyl Chemicals (I) Ltd. Company History and Annual Growth Details

1986 - The Company was Incorporated on 15th May, and obtained the
Certificate of Commencement of Business on 10th September. It
was promoted by Parekh Group of Companies jointly with SICOM.
Parekh Group comprises companies such as PDI Chemicals Ltd.,
Triveni Chemicals, Ltd., Parekh Marketing, Ltd., Nebula Chemicals
Ltd. and Kalva Chemicals Pvt. Ltd.

- The Company's objects is to manufacture Vinyl Acetate Monomer a
chemical used for manufacture of polyvinyl acetate, polyvinyl
alcohol, ethylene vinyl acetate co-polymers etc.

1988 - 7 shares subscribed by Signatories to Memorandum of Association.
42,50,000 shares allotted to Parekh Group of companies and
10,00,000 shares to SICOM.

1989 - 69,00,000 shares allotted to Parekh of which the following shares
were reserved for allotment on a firm basis:

- (i) 19,00,000 shares to Indian resident directors of Parekh Group
of companies and

- (ii) 5,50,000 shares to UTI.

- Of the remaining 44,50,000 shares, the following were reserved
for allotment on a preferential basis 12,50,000 shares to NRIs on
repatriation basis (all were taken up) and

- (ii) 6,07,500 shares to employees of the company and those of the
promoters companies (only 2,70,000 shares taken up).

- The remaining 25,92,500 shares, along with 3,37,500 shares not
taken up by employees, were offered for public subscription
during June-July 1989. Additional 7,50,000 shares allotted to
retain oversubscription (1,87,500 shares to NRIs; 82,500 shares
to UTI and 4,80,000 shares to the public).

1990 - The Company undertook to set up a plant for the manufacture of
10,000 TPA of Vinyl Acetate Monomer (VAM). Leasehold land
admeasuring 1,81,768 sq. mts was acquired from MIDC at Mahad, a
notified backward area in the Raigad district of Maharashtra.
Plant and machinery were to be imported as per specifications of
their foreign collaborators, Uhde GmbH.

- The plant was commissioned on 25th October. The company a long
term arrangement for supply of ethylene, with Indian
Petrochemical Corporation, Ltd., (IPCL) Nagothane. IPCL's
production was disrupted due to explosion in its plant.

- The Company entered into a technical collaboration agreement with
Uhde GmbH, W.Germany for the supply of technical information and
basic enginering services, training of personnel and delegation
of technical personnel for advice during erection and start up.

- The Company also entered into another agreement with Uhde Ltd.
for design and engineering for process plant units, utilities,
off sites including civil engineering and architectural design

1991 - During July, the company issued 3,87,000 - 14% secured partly
convertible debentures of Rs.125 each on Rights basis in the
prop. 3 debentures : 100 equity shares held. (All were taken up)
Additional 58,050 debentures were allotted to retain over

- Another 19,350 - 14% debentures were also issued to the employees
(including Indian working directors)/workers of the Company on
an equitable basis. (Only 560 debentures taken up). Unsubscribed
portion of 18,790 debentures not taken up by employees were
allowed to lapse.

1992 - The Convertible portion of Rs.40 of the face value of each
debenture was to be automatically and compulsorily converted into
4 equity shares of Rs.10 each on the expiry of 1 year from the
date of allotment of debentures. Accordingly 17,82,440 shares
were allotted on 11th September.

- The non-convertible portion of Rs.85 of the face value of each
debenture was to be redeemed at par at the end of 7th year from
the date of allotment of debentures.

- 4,676 No. of equity shares forfeited. 17,82,440 shares allotted
on part conversion of 14% Debentures.

1993 - The installed capacity for production of Vinyl Acetate Monomer
was expanded from 10,000 TPA to 12,500 TPA.

- During March, the Company issued 36,70,612 No. of equity shares
of Rs.10 each at a prem. of Rs.10 per share on rights basis in
the prop. of 1:4. Allotment of 9175 shares was kept in abeyance.

- Forfuture on 2016 shares annulled. 3670612 Right equity shares
allotted (prem. Rs.10 prop. 1:4) in March, 1993. 9075 shares
kept in abeyance.


- Vinyl Chemicals India Ltd has informed that Shri. Santosh Kumar has been appointed as an Additional Director of the Company w.e.f. May 26, 2009.
Oct 21, 12:00 am
Oct 21, 4:14 pm
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