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History of Rajasthan Petro Synthetics Ltd.

YEAR EVENTS 1983 - The Comp. was incorported in 21st Feb, at Jaipur, Rajasthan. The Comp. manufacturers polypropylene multifilament yarn. The Comp. was promoted by Gowri Shankar Poddar, Shiv Shankar Poddar & Om Prakash Kedia.

- The Comp. entered into an agreement with Cara Engineering chem. AG of Switzerland [Coras] for supply of know how. The process parameters for design of plant to be supplied to the company by cora were based on the production plant of Delebro of Italy.

1985 - 6,86,600 shares subscribed for by promoters, directors, their friends, etc. 18,63,400 shares then issued at par out of which 4,13,400 shares were reserved & allotted to promoters, directors, etc. Out of remaining 14,50,000 shares, the following shares were reserved & allotted on a preferential basis: [is] 5,00,000 shares to NRIs on repatriation basis: [iis] 72,500 shares to employees of Comp. & [iiis] 29,000 shares to business associates. The balance 8,48,500 shares were offered to the public in January 1986. 6,37,500 additional shares allotted to retain oversubscription [25,400 shares to employees & business associates; 1,25,000 shares to NRI to repatriation basis; 3,12,100 shares to the public & 1,75,000 shares to directors, their friends, etc.s].

1986 - The Comp. undertook the business of mining, transport and trading which yielded good results.

1987 - The Comp. installed a draw-texturising machine for the manufacture of crimped yarn with a view to broad base its product range of 500 TPA capacity.

- A letter of intent was received for manufacture of 15,000 TPA of polyester filament yarn.

1989 - The expansion of capacity to 3,750 TPA was being implemented. The implementation of Letter of Intent for producing 12,250 tonnes of synthetic filament yarn per year was decided to be done in a single phase & the project was expected to go on stream during 1992-93.

- Discussions were being held with foreign collaborators for installing facilities for manufacture of dyed chips & other pigments/additives for backward integration.

- The Comp. proposed to set up a project for manufacture of 1000 TPA of polypropylene master batches.

1991 - A new Comp. was promoted under the name of Poddar Pigments Ltd., to set up a plant at Jaipur for production of 1,200 TPA of master batches for dope-dyeing the various speciality products, polypropylene, nylon, polyester & polyethelene.

- Another project was being set-up in two phases in Tamilnadu for production of 20,000 tonnes of speciality polyester filament yarns like micro fibres, trilobal, cationic dyeable, dope dyed etc., with its own poly-condensation facilities.

1992 - The Comp. implementation the expansion plan to increase the capacity substantially from 2750 TPA to 6000 TPA.

- An indegenous pilot plant for spinning & texturising was being designed & developed by Company R&D team. This plant was proposed to be installed by 1992.

- The Comp. issued 3,18,750-15% secured partly convertible debentures of Rs 245 each on rights basis in the proportion of 1 debenture: 10 equity shares held. Additional, 47,812 debentures were allotted to retain oversubscription.

- The Comp. offered 33,468 Partly Convertible Debentures aggregating to Rs 819.99 lakhs for cash at par on Rights basis.

- Another 15,938-15% partly convertible debentures of Rs 245 each were offered to the employees. Additional 2,390 debentures were allotted to retain oversubscription.

- Part A of Rs 175 of each debenture was to be converted into 5 equity shares of Rs 10 each at a premium of Rs 25 per share at the end of six months from the date of allotment.

- Part B of Rs 70 of each debenture will be redeemed at par in three annual instalments at the end of 7th, 8th & 9th years respectively from the date of allotment.

- The Comp. offered 33,468 Partly Convertible Debentures aggregating to Rs 819.99 lakhs for cash at par on Rights basis.

- 12,000 No. of equity shares of Rs 10 each allotted on conversion of loan.

1994 - The Comp. undertook the diversification cum expansion programme to increase the market share of company.

- The project to install the new capacity of 4750 TPA was in advance stage of implementation & the new capacity will commence production with effect from October, 1995.

- The Comp. proposed to raise additional finance through the issue of equity shares on Rights basis in order to part finance the on going expansion/diversification programme.

- 51,23,950 No. of equity shares issued as bonus shares in prop. 1:1.

1995 - 71,58,354 No. of equity shares of Rs 10 each for cash at a prem. of Rs 12 per share on Rights basis issued in prop. 7:10.