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Pasupati Spinning & Weaving Mills Ltd. Company History and Annual Growth Details

The company was incorporated on 13th August, 1979 and the cerificate of commencement of business was obtained on 10th September. It was promoted by Jain Group. The main objective of the company is to manufacture of staple and synthetic blended yarns in
various counts and blends.

1982 - 7,80,000 shares taken up by promoters etc. and 2,00,000 shares allotted to Haryana Govt. through their agent HSIDC. 9,70,000 shares offered at par for public subscription during January.

1986 - 82,500 No. of equity shares issued at par in conversion of unsecured loan.

1987 - The Company installed 14 more ring frames along with balancing equipments. It was also proposed to install additional 4 ring frames.

1988 - The workers of the factory went on strike on 27th January, and resumed work on 10th February, after negotiations.

1989 - Effective steps were taken to implement the scheme of expansion of spinning capacity by 960 spindles and installation of some equipments/machines by way of modernisation of the existing manufacturing facility.
- The Company proposed to install 24 looms for the manufacture of Terry Towel for 100% export.

1991 - During October, the Company issued 2,03,252 - 14% secured redeemable partly convertible debentures of Rs. 250 each on rights basis in the proportion of 10 debentures: 100 equity shares held. Additional 30,488 debentures were allotted to retain over subscription.
- Another 10,160 - 14% partly convertible debentures were offered to the employees of the Company on an equitable basis. Only 290 debentures were taken. The unsubscribed debentures were allowed to lapse.
- Part A of Rs. 125 of each debenture will be converted into 5 No. of equity shares of Rs. 10 each at a premium of Rs. 15 per share on the expiry of 6 months from the date of allotment.
- Part `B' of Rs. 125 of each debenture will be redeemable at par in 3 instalments at the end of 7th, 8th and 9th years respectively from the date of allotment of the debentures.

1992 - Due to late delivery of machines the implementation of expansion scheme was delayed. Machinery started arriving from July.
- The Company has decided to expand the Capacity by further 12,480 spindles of polyester viscose knotless yarn.
- During the Company has promoted a new project in the name of Pasupati Taoru Ltd. for implementing 100% Export Oriented Project for manufacture of Terry Towel.

1993 - 11,70,150 shares allotted on conversion of 14% PCD's allotted in 1991.

1994 - 23,53,856 shares allotted on conversion of 15% partly convertible debentures allotted in 1993. 15,00,000 No. of equity shares of Rs. 10 each allotted to promoters through excise of warrants of which Re. 1 called & Paid-up.

1995 - During the year the Company became self sufficient in power by installing its own power generation capacity. The Company has entered into contracts with foreign buyers for export of 30% of its sewing thread production.
- The Company undertook expansion of its capacity for manufacture of synthetic blended yarn by adding 1920 spindles along with other balancing equipments. Company is also expanding its 100% cotton yarn EOU capacity from 12,096 spindles to 28,224 spindles.

1996 - During the Company has diversified into the manufacture of 100% polyester sewing thread and installed a new unit a village Kheri, Dist. Sirmour, Himachal Pradesh with 13440 spindles.