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History of Oswal Spinning and Weaving Mills Ltd.

YEAR EVENTS 1955 - The Comp. was originally incorporated under the name of Oswal Cotton Spinning & Weaving Mills limited on 19th September, under Indian Companies Act, 1913 & obtained certificate for Commencement of business on 19th September, 1955 from Registrar of Companies Punjab at Jalandhar. The name of company changed to Oswal Spinning and Weaving Mills limited & a fresh certificate of incorporation was obtained on 26th February 1965.

- The main objective of Comp. is to manufacture of textile, Vanaspati, Ghee & Alloy Steel Casting. Originally the company commenced its business with the manufacture of wollen and worsted yarn.

- The Comp. was promoted by Mr. Dharam Paul Oswal & M. Raj Paul Oswal under the able guidence of late Mr. Lachman Dass Oswal.

1972 - With a view to diversification set up a vanaspati ghee unit with a capacity of 25 tpd. The Comp. further diversified its activities by setting up steel casting unit in 1986 with a licensed capacity of 8000 tpa.

1990 - The Comp. undertook to expand & modernise its vanaspati ghee unit by increasing its capacity to 50tpd. As a measure of backward integration to its vanaspati unit, the Comp. also undertook to set up a solvent extraction unit at its existing site Jugiana, Dist. Ludhiana.

- The Comp. retained services of M/s. Deepak Glycerides [Is] Pvt. Ltd., Ghaziabad for carrying out detailed study of additions & alterations required for increasing the capacity of vanaspati as well as carry out modernisation. Orders were placed with Desmet Chemfood Engineers [Ps] limited for supply of solvent extraction plant on turnkey basis.

- The Comp. issued 1,37,500-14% FCD of Rs. 200 each on rights basis in proportion 1 deb: 10 equity shares held. Additional 20625 debentures were allotted to retain oversubscription. Another 2,46,880 debentures were issued through the prospectus of which the following were reserved for allotment on a preferential basis:

- [1s] 19219 debs. to employees;

- [2s] 25000 debs. to SBI capital markets Ltd. - [3s] 25000 debs. to LIC Mutual fund;

- [4s] 25000 debs. to Canbank Mutual fund;

- [5s] 25000 debs. to UTI. Balance 1,27,661 debs. issued to the public.

- Additional 37,030 debentures were allotted to retain oversubscription. Rs. 100 of face value of each debenture was converted into 5 equity shares of Rs. 10 each at a premium of Rs. 10 each after 6 months from the date of allotment of debentures.

- 13,75,000 No. of equity shares issued, subscribed & paid-up. The Comp. issued through a prospectus 44,20350 No. of equity shares allotted on conversion of debentures.

- During 1993/94, 8693,025 rights equity shares were issued [Prop. 3:2, Pre. Rs. 8s] per share.

1993 - The Comp. undertook to set up a 100% EOU cotton spinning unit with a capacity of 18144 spindles at Doraha, Dist. Ludhiana. The Comp. also undertook forward integration to its alloy steel unit for manufacture of ERW GI tubes with a capacity of 50tpd at village Jugiana.

1997 - The turnover & profits of 100% EOU cotton spinning unit were also affected due to abnormal hike in cotton prices and lower price realisation for cotton yarn.