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History of Niwas Spinning Mills Ltd.

YEAR EVENTS 1984 - The Comp. was incorporated on 19th April as a private limited Comp. & was converted into a public limited Comp. on 18th June, 1986. It was promoted by Jaju family of Solapur [Maharashtras]. The main object of Comp. is manufacturing & processing of all types of yarn both cotton and synthetic, cloth, fabric, textiles, etc.

- The Comp. had set up a modern spinning mill at Solapur in Maharashtra with the latest open-end spinning technology. Commercial production of yarn from cotton waste was started in October 1985.

- The Comp. undertook to expand its yarn manufacturing capacity by adding one clute fed blowroom line, two modern open end spinnign units & two-for-one twisting machine. These spinning units were to be utilised for manufacture of synthetic yarn of 15 counts, single & double. The installed capacity of this expansion project would be 2,000 kgs of synthetic yarn per day.

1986 - All shares taken up by promoters, directors, etc.

1987 - 9,90,000 No. of equity shares issued at par, out of which 1,20,000 shares received & allotted to promoters, etc. Out of the remaining 8,70,000 shares, the following shares reserved for preferential allotment.

- [is] 3,60,000 to NRIs on repatriation basis [only 3,27,200 taken ups].

- [iis] 49,500 to employees, etc., [none were taken ups].

- [iiis] 17,400 to business associates [only 1,500 taken ups]. The balance 4,23,100 shares along with the unsubscribed portion of 1,18,200 out of preferential quota were offered to the public in January [all were taken ups].

1988 - The Comp. undertook a terry towel project.

1989 - The Comp. offered during July/August 1,00,000-14% secured redeemable partly convertible debentures of Rs.2.50 each on rights basis to the existing shareholders in the prop. of 10 Debentures: 100 Equity shares [all were taken ups]. Rs.50 out of each fully paid-up Debenture would be converted into 5 No. of equity shares of Rs.10 each at par on the expiry of 6 months from the date of allotment. The non-convertible portion of Rs.200 per Debenture would be redeemed in 3 equal instalments at the end of 6th, 7th & 8th year from the date of allotment.

1990 - 5,00,000 shares issued at par in part conversion of debentures.

1991 - The Comp. undertook a project to increase manufacturing capacity by setting up 6 open-end spinning units to manufacture cotton synthetic yarn of higher counts mainly catering to export markets.

- The spinning machines were imported from Elitex Czechoslovakia. The cost of project was being met through issue of convertible debentures aggregating Rs.7.50 crores, non-convertible debentures aggregating Rs.2.75 crores & State subsidy of Rs.0.25 crores.

1992 - The Comp. offered 12,50,000-14% secured fully convertible debentures of 60 each for cash of which 6,95,833 debentures were offered on rights basis to the existing equity shareholders in the ratio of 4 debentures for every 10 equity shares held. Out of balance 5,54,167 debentures, 62,500 debentures were offered for public subscription in February. Including the retention of oversubscription, the following debentures were allotted under this issue:

- [is] 8,00,203 debentures as rights.

- [iis] 40,000 debentures to employees.

- [iiis] 5,97,292 debentures to the public.

- As per the terms of issue, part-A of Rs.20 of each debenture would be converted into one equity share of Rs.10 each at a premium of Rs.10 per share at the end of 6 months from the date of allotment of debentures while part-B of Rs.40 of each debenture would be converted into two equity shares of Rs.10 each at a premium of Rs.10 per share at the end of 12 months from the date of allotment of debentures.

- The Comp. decided to privately place 2,75,000-14% secured redeemable non-convertible debentures of Rs.10 each with Mutual funds. Canbank Mutual Fund agreed to take up 2,25,000 debentures. These debentures would be redeemed in five equal annual instalments beginning at the end of five year from the date of allotment at a premium of 5% to be paid along with the last instalment.

- The Comp. proposed to issue equity shares/convertible debentures/non-convertible debentures with or with out detachable warrants for a aggregate amount of Rs.120. crores.

- 14,37,407 No. of equity shares allotted at a premium of Rs.10 per share on conversion of part A of debentures.

1994 - The Comp. undertook to set up a spinning unit of spindles with latest technology with a total outlay of Rs.60 crores.

- 24,84,814 No. of equity shares allotted on conversion of part B of debentures at a premium of Rs.10 per share.

1995 - During May the Comp. issued through prospectus 72,65,500 zero interest FCDs of Rs.80 each as follows: 18,15,625 debentures on firm allotment to promoters, directors, their friends. The following debentures were issued on preferential allotment basis:

- [is] 10,85,000 debentures to fin. Institution;

- [iis] 10,85,000 debentures to Mutual Funds;

- [iiis] 13,02,000 debentures to NRIs/OCBs &

- [ivs] 10,000 debentures to employees. Of the these only 19,66,225 debentures were taken up.

- Balance 19,64,875 debentures along with unsubscribed portion of 34,80,650 debentures from pref. quota was issued to the public.

- Each FCD of Rs. 80 would be converted into two equity shares of Rs.10 each at a premium of Rs.30 per share, six months from the date of allotment of debentures.