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Visaka Industries Ltd. Company History and Annual Growth Details

1981 - The company was incorporated on 18th June, at Hyderabad. The
main objective of the company is to manufacture asbestos cement
sheets, pressure pipes and accessories.

- It was promoted jointly by Andhra Pradesh Industrial Development
Corporation (APIDC), Dr. G. Vivekanad, G. Vinod and Mrs.
G. Kalavathi. APIDC Subscribed upto 26% of the equity capital
(4,00,400 No. of equity shares of Rs. 10 each).

1985 - The Company achieved 102.5% capacity utilisation during October.

- 4,00,400 subscribed for by promoters APIDC and 3,85,000 shares
were taken up by co-promoters, directors, etc. 7,54,600 shares
offerd at par for public subscription during December 1984.

1986 - The Company installed automatic stripping machines and pollution
control equipment. Additional area was acquired for maturing of

1987 - 3,900 forfeited shares were reissued.

1988 - The name of the company was changed from Visaka Asbestos Cement
Products Ltd. to 'Visaka Industries Ltd'.

1989 - APIDC divested its entire holding to private promoters.
Consequently the company ceased to be a joint venture.

- Production declined to 25,762 tonnes due to strike by workers for
nearly five and half months.

- The Company undertook a project to set up facilities for the
manufacture of synthetic blended yarn at Chiruva in Nagpur
district of Maharashtra with the latest state-of-art-technology
namely Air Jet Spinning with a capacity of 600 twin air jet

- The Company entered into an agreement with M/s. Marubeni
Corporation of Japan to buy back 25% of the production for

1991 - During April/May, the Company issued 2,23,000-14% secured fully
convertible debentures of Rs. 300 each of which 1,54,000
debentures were offered on rights basis to the then existing
shareholders in the ratio of one debenture for every ten equity
shares held.

- Out of the balance 69,000 debentures. 11,150 debentures were
reserved for preferential allotment to a employees/workers of the
Company (only 2,940 debentures taken up). The remaining 57,850
debentures along with 8,210 debentures not taken by employees
were offered to the public. All were taken up. Additional
33,450 debentures were allotted to retain oversubscription.

- As per the terms of conversion, Part 'A' of Rs. 200 and Part 'B'
of Rs. 100 will be converted respectively into 10 equity shares
at the end of 6 months and 12 months from the date of allotment
of debentures.

- Accordingly, 25,64,500 No. of equity shares were allotted on 24th
December, and 12,82,250 No. of equity shares were allotted in May

1992 - Similar situation was witnessed in sales also with sales of yarn
improving substantially. However, sales realisation in the
asbestos division registered improvement due to the Company
switching over to raw materials that enabled a 100% exemption on
the excise-duty.

- The Company proposed to add two more MTS machines to meet the
demand for yarn.

- In October, the Company offered 28,28,375 No. of equity shares of
Rs. 10 each at a premium of Rs. 25 per share of which 26,93,375
shares were offered on rights basis to the existing shareholders
in the ratio of one equity share for every two equity shares
held. (Only 24,71,083 shares were taken up and the remaining
2,22,292 shares remmained unissued). The remaining 1,35,000
shares were reserved for preferential allotment to the employees.
None were taken up. They were allowed to lapse.

- 12,82,250 No. of equity shares allotted (prem. Rs. 10 per share)
in conversion of part 'B' of debs. in May. 26,93,375 rights
equity shares issued (prem. Rs. 25 per share; prop. 1:2) in Oct.
(only 24,71,083 shares taken up).

1993 - Due to disturbances and riots in various parts of the country, the market for the
company's product got adversely affected and not only was there a drop in the sale
quantum from December '92 but the sales realisation was also much lesser than earlier.

1994 - In January the Company had added 2 more MTS machines to its existing capacity
in the Spinning Division.

1995 - The company had come out with a Rights Issue in the month of November, and the
shares were allotted against the Rights Issue on 12.01.1996 as a result, the share capital
of the Company has gone up from Rs.785.78 lakhs to Rs.1075.37 lakhs.

1996 - During the year, the company have concluded a three year agreement with the
workers in the Spinning Division which is valid upto 31.10.1999.

1999 - The company has implemented a VRS scheme at the factory which was availed by
about 57 workers.

- Mr. K.V. Ramaseshan retired as Managing Director on 31-03-1999 upon attaining

2000 - The Company proposes to make a foray into the business of software
development, software consultancy, software maintenance and other
related activities.

- Mr. H. Dayakiran has been appointed as alternate Director to Dr. S. Sudesh Reddy, to
hold office for a period not longer than that permissible to the Original Director in whose
place he has been appointed.


-Visaka Industries Ltd. has informed the Exchange that Mr. V Pattabhi was appointed as Additional Director of the Company in the Board Meeting held on June 18, 2003.

-G Vivekanand, Managing Director of the company, acquires 1,80,312 equity shares (1.69%) of Visaka Industries Ltd from IFCI Ltd at the rate of Rs.41/- per share under creeping acquisition.

-Visaka Ind sets up plant in Bengal


-Visaka Industries Ltd has informed that the BoD of the Company in its meeting held on January 16, 2004 approved proposal for expansion of capacity by 50% at the Nagpur Spinning Unit at a cost of Rs. 320 million.
Oct 27, 12:00 am
Oct 27, 4:14 pm
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