1982 - The Company was Incorporated on 22nd October, and the Certificate
of Commencement of Business was obtained on 14th December. It
was promoted by Jain Group. The main object of the company is to
manufacture acrylic fibre.
- The company entered into a foreign collaboration with SNIA BPD
Spa, Italy (Fiat Group) to import know-how and technical
documentation from them. The collaborators also agreed to
contribute 2.42% in the equity capital of the company.
- The Company undertook to set up a project for the manufacture of
12,000 tonnes per annum of acrylic fibre at Thakurdwara, district
Moradabad in Uttar Pradesh. Land admeasuring 85 acres was
acquired and adequate arrangement were made to meet the
requirements of power and water.
1989 - 8,31,100 No. of equity shares subscribed for by the promoters and
business associates. 300,68,900 shares reserved and allotted in
the following manner:
- (i) 115,63,400 shares to Indian promoters, directors etc.
Nityanand Exports and Consultants Co. Ltd. and associate
- (ii) 35,55,500 shares to non-resident Indian promoters/person of
Indian Origin residing abroad on repatriation basis;
- (iii) 34,00,000 shares to PICUP and
- (iv) 7,50,000 shares to the company's foreign collaborators.
SNIA B.P.D. Spa, Italy on repatriable basis.
- Out of the remaining 1,08,000 shares, 47,86,200 shares were
reserved for pref. allotment as follows:
- (i) 22,83,775 shares to the NRIs/persons of Indian origin
residing abroad on repatriable basis (only 14,31,600 shares taken
- (ii) 15,03,445 shares to employees (including Indian working
directors)/workers of the company and also of promoter companies
(only 1,05,700 shares taken up).
- (iii) 5,00,000 shares to Canbank Mutual Fund (all were taken up).
- The balance of 60,13,780 shares together with unsubscribed
portions of preferential quotas of 24,98,920 shares were offered
for public. Subscription during August, 16,20,000 additional
shares allotted to the general public to retain oversubscription.
1990 - The Company installed capacity was raised to 15,000 tonnes per
annum as against 12,000 tonnes envisaged originally in order to
achieve progressively the enhanced capacity under minimum
economic scale of operations announced by Govt. for acrylic fibre
plants which is 20,000 tonnes per annum. The balance capacity
of 5,000 tonnes were proposed to be implemented shortly.
- 60,90,000 shares allotted at par to promoters on private
placement basis in December.
1991 - The Company undertook a major debottlenecking programme to
increase the capacity from 15,000 TPA to 18,000 TPA and
installation of one additional thermostretching line to produce
more high shrinkage fibre.
- The Company offered 59,85,000 No. of equity shares of Rs.10 each
for cash at par. Out of these, 57,00,000 shares were offered to
the shareholders on rights basis in the prop. 15:100. All shares
were taken up by shareholders. Additional 8,55,000 shares were
allotted to retain oversubscription. Allotment of 2,544 shares
was kept in abeyance. The balance 2,85,000 shares were offered
to the employees (including Indian working directors)/workers
of the company on an equitable basis. Only 2,01,950 shares were
taken up. The unsubscribed portion was allowed to lapse.
- 67,54,406 shares allotted at par as rights (prop. 15:100) and to
1993 - During October, the company issued 1,81,40,000 No. of equity
shares of Rs.10 each at par on rights basis in the prop. of 2:5.
Only 1,81,32,120 shares taken up. Allotment of 7,880 shares kept
-Appointment of Mr. S. Sathyamoorthy, as a Director of the Company.
-Shri Rakesh Mundra has been appointed as Whole time Director Finance of the Company.