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History of Lakshmi Precision Screws Ltd.

YEAR EVENTS 1968 - The Comp. was incorporated on 27th December, in Haryana as a Private Limited Co. & was converted into a Public Limited Co. on 20th August 1971. The Comp. was promoted by B.P. Jain and Associates. It manufactures cold & hot forged & hexagonal head screws/bolts, socket, set screws & cold forged nuts. The products are marketed under the name LPS. The Comp. also exports its products.

1969 - 4,000 No. of Equity shares issued to promoters, etc.

1970 - 2,200 No. of Equity shares issued to promoters, etc.

1971 - 5,600 No. of Equity shares issued to promoters, etc.

1973 - 1,000 No. of Equity shares issued to promoters, etc.

1978 - 2,000 No. of Equity shares issued to promoters, etc.

1979 - 3,000 No. of Equity shares issued to promoters, etc.

1980 - Equity shares subdivided into Rs 10 each. 50,000 No. of Equity shares issued to promoters, etc.

1981 - 1,20,000 No. of Equity shares issued to promoters, etc.

1982 - The Comp. had taken up an expansion programme for the manufacture of larger sizes of high tensile bolts & forged nuts by installation of 1/2' nut former & 1' boltmaker.

- 3,50,000 Bonus Equity shares issued in prop. 1:1 in November.

1983 - 37,50,000 No. of Equity shares offered at par for public subscription during October-November.

1984 - All imported equipment & associated machinery were commissioned.

1989 - Indian Fasteners Limited became a subsidiary of Company.

- The Comp. promoted a subsidiary Comp. under the name of Indian Fasteners Ltd.

1991 - With a view to improving exports, the Comp. proposed to undertake a modernisation-cum-expansion scheme. With a view to put further thrust as exports, the Comp. proposed to set up another export unit.

1993 - During July-August, the Comp. issued 21,75,000 rights equity shares of Rs 10 each at a premium of Rs 20 per share in the prop. 3:2 [all were taken-ups].

1994 - 21,75,000 Rights equity shares of Rs. 10 each [Prem. Rs. 20s] issued in propn. 3:2.

1995 - With a view to meet the challenge of an open economy, the Company proposed to undertake an expansion-cum-modernisation scheme involving a capital outlay of 1655 lakhs with an installed capacity of 2700 MT per annum.

1996 - After establishing its presence in the European & American Market the Comp. is diversifying its export activities with a two pronged strategy, firstly to introduce new products in the existing markets & secondly developing new markets of South East Asia, Middle East & South Africa.

1997 - Performance of Comp. was sluggish due to general slowdown in the economic growth coupled with stiff competition in the market.

- The Comp. signed a joint venture agreement with the Bossard International AG, Switzerland for development of software and marketing/distribution of new range of fasteners for niche market of electrical, electronics etc.

- 16,00,000 No. of equity shares allotted at a prem. of Rs. 15.40 per share to promoters & their associate on private basis.

1998 - 8,00,000 equity shares allotted at a prem. of Rs. 9.75 pershare on conversion of 8 lakh warrants allotted as pref. basis to promoters of Company.

- The joint venture Companies LPS Bossard Information Systems Pvt. limited & LPS Bossard Pvt. limited in which the Comp. is holding 49% will start its activities in September.

1999 - Lakshmi Precision Screws Ltd [LPSs], one of largest exporters of high tensile fasteners from India, is exploring possibilities of exporting its products to newer markets with the objective of increasing its exports earnings in the coming years.

- Lakshmi Precision Screws [LPSs] is a front-runner in the Indian fastener industry. A name that signifies just about every kind of fasteners [over 6000 typess].