Home  »  Company  »  Sanghi Polyesters Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

Sanghi Polyesters Ltd. Company History and Annual Growth Details

-The Company was incorporated on 3rd January, as Public Ltd Company under the name and style of "Lasvegas Video Films Ltd", in New Delhi. The certificate of commencement of business was obtained on 22nd September, 1987. The Company promoted by the house of Sanghi Hyderabad.

-The name of the Company was changed from Lasvegas Video Films, Ltd. to Sanghi Polyester, Ltd. with effect from 20th September.

-A project for the manufacture of 15,000 TPA of Polyester Filament yarn (PFY) was set up at Sanghinagar, P.O. Koheda, Hayatnagar Mandal, Ranga Reddy district, Andhra Pradesh.

-The company has a technical collaboration agreement with Kohap Ltd., South Korea for technical know how relating to the manufacture of Polyester Filament Yarn.

-4,400 shares taken up by promoters, directors etc. 509,95,600 shares then issued at par of which 305,95,600 shares reserved and allotted to promoter, directors etc. on firm basis. Of the
remaining, the following were reserved and allotted on a preferential basis: (i) 40,80,000 shares to Mutual Funds; (ii) 20,00,000 shares to NRIs on repatriation basis and (iii) 25,50,000 shares to employees of the company and those of promoter companies. The balance 117,70,000 shares were offered to the public in January 1991. Additional 76,50,000 shares were allotted to retain oversubscription. 45,90,000 shares to promoters; 1,13,500 shares to NRI; 1,70,000 shares to Mutual Funds and 27,76,500 shares to the public.

-The Company expanded its capacity from 25,000 TPA PTA plant. The new PFY expansion project was automated for bringing in "No touch concept" for producing PFY by robotising the entire material handling department.

-235,17,500 shares issued outside India by way of equity issue represented by items of the approval granted by Ministry of Finance, Govt. of India at a price of US $ 9.56 per 5 shares.

-108,50,530 shares issued on conversion of rupee term loans by financial institutions.

-Mr Sudhir Sanghi, Managing Director of Sanghi Spinners India Limited, elected as the Vice-Chairman of the AP FICCI council.

-Sanghi Polyesters Ltd has has appointed Sri. Sudhir Sanghi as Managing Director of the Company in place of Sri. Anand Prakash Sanghi for a period of five years effective from Ju1y 31, 2007.

-Sanghi Polyesters Ltd has informed that Sri. Siddharth Sanghi has been inducted as an Executive Director on the Board in the Board Meeting held on March 29, 2008 and further on the same date Sri. D S Alva has resigned from the Board causing changes among the Board of Directors of the Company.

-Registered Office of the Company has been shifted from P O Sanghinagar, Hayathnagar Mandal, R.R. District-(A.P.) 501511 to 4-3-352, Bank Street, Hyderabad-500 095 A.P.