History of Rajendra Mechanical Industries Ltd.

YEAR EVENTS 1970 - The Comp. was incorporated on 19th August, at Mumbai as a private limited Comp. & belongs to 'REMI' group owned by C.K. Saraf & family. It became a deemed public limited Comp. on 11th November, 1980 & was converted into a public limited Comp. on 11th December, 1980.

- The main objectives of Comp. is to manufacture stainless steel pipes, bright bars & chemical machinery.

1983 - All shares held by promoters, etc. 14,850 bonus shares issued in 1982 in prop. 3:5. 10,000 shares issued at par.

1984 - The Comp. has a factory at Andheri in Mumbai which has facilities to manufacture stainless steel seamless & weld pipes, bright bars & high quality stainless steel pipes.

- The Comp. also purchased land at Pen in the Raigad district, a backward area in Maharashtra, with a view to expand its activities.

- 25,000 shares issued at par. Out of shares issued till date, 60,600 shares were held by Balaji Investments Ltd., the holding company.

1985 - The objects of public issue of equity shares during October, were to raise long term resources, to broad base the company shareholding & to get the company shares listed on the Stock Exchange.

- Equity shares sub-divided on 19-06-1985. 7,50,000 shares of Rs. 10 each then issued at par of which 50,000 shares issued reserved & allotted to promoters & existing shareholders of company.

- 49,000 shares were reserved for allotment to business associates & employees working directors of Remi Group of companies but only 35,000 shares taken up. The balance 6,51,000 shares along with 14,000 shares not taken up by employees, etc., were offered for public subscription during October.

1986 - The Comp. proposed expansion/diversification in the manufacture of stainless steel pipes with an initial investment of Rs. 76 lakhs. Requisite permission was received for import of machinery.

1987 - Though production & turnover improved, margins came under pressure due to escalation in the costs of raw materials both indigenous & imported.

- The Comp. proposed to expand its manufacturing activities at Pen, Dist. Raigad, Maharashtra by an additional investment.

1991 - During July-August, the Comp. offered 14,96,000 No. of equity shares of Rs. 10 each for cash at a premium of Rs. 4 per share on Rights basis in the proportion 1:1 [all were taken ups]. Additional 2,24,400 shares were allotted to retain oversubscription. Simultaneously, another 74,800 No. of equity shares at a premium of Rs. 4 per share were issued to employees' under the Employees' Stock Option Scheme [all were taken ups].

1992 - Margins improved substantially due to the savings made by substituting the more economic Indian raw material for expensive imported raw material used earlier.

1993 - Due to reduced production & uneconomical working of Andheri factory during the final phase of closing down for vacating the premises & shifting useful machinery to Tarapur.

- The Comp. proposed to set up new unit at Tarapur.

1994 - The Comp. completed the shifting of its factory from Andheri to Tarapur. The Comp. proposed to construct 41,000 sq. ft. of commercial complex.

1996 - Construction of commercial complex at Andheri premises was delayed.

2008

-The Comp. has issued Bonus Shares in the Ratio of 1:1.