History of Raymond Ltd.
1925
- The Comp. was incorporated on 10th September, 1925 at Mumbai. It manufactures woollen & worsted & hosiery yarns, knitting wool, engineers' steel files & cement.
- 30,000 shares issued to the Managing Agents for consideration other than cash. 200 shares allotted to the Directors & 19,800 shares to their friends for cash.
1950
- A factory was set up at Thane for manufacturing engineers' steel files.
1965
- A new factory building was constructed & complete plant and machinery with the exception of wool washing & backwashing machinery were received & erected.
1966
- The Balance machinery & high temperature wool top dyeing machine were installed.
1967
- The Raymond Woollen Mills Ltd., was registered in Kenya for manufacturing knitting yarns & price goods of wool & wool mixed with synthetic fibres, & woollen & worsted fabrics.
- The Raymond Woollen Mills [Kenyas] Ltd., became a subsidiary of the Company. The Company holding in this subsidiary at the end of March 1996 stood at 5,40,000 of K. Shs. 200 each out of 7,55,625 shares of K. Shs. 200 each.
1968
- J.K. [Englands], Ltd., a wholly owned subsidiary of Comp. were appointed to act as selling agents for woollen goods in U.K., with effect from 1st January.
1970
- The Comp. undertook a scheme of research & development for sheep breeding & wool production in India with a view to produce indigenously Merino type wool.
1973
- 5,04,000 Bonus equity shares issued in prop. 1:3.
1978
- The Comp. undertook to set up a new woollen mill unit in Jalgaon in Maharashtra.
- 20,16,000 Bonus equity shares issued in prop. 1:1.
1980
- The Comp. offered to the public 1,20,000-12% [taxables] secured debentures of Rs 400 each for cash at par.
1981
- The Comp. offered during September, 6,00,000 No. of equity shares of Rs 10 each at a premium of Rs 10 per share for cash [Prop. 5 No. of equity: 1 Debentures]. 27,29,200 bonus equity shares issued in prop. 3:5. 25,000 - 5% Pref. shares cancelled. 25,000 - 5% pref. shares issued.
1982
- The Comp. decided to set up a modern Wool Combing Division in collaboration with Sir James Mill and Sons Ltd., Bradford, U.K.
- The Dhule farm experienced a strike which culminated in violence and theft. The Company, therefore, decided to discontinue the sheep development project to avoid further loss of life & property.
- The Comp. subsequently entered into an agreement with the Maharashtra Sheep Development Corporation Ltd., under which the Company entire flock of sheep was handed over to them.
- 14,25,600 No. of equity shares issued at a prem. of Rs 2.50 per share to financial institutions upon conversion of loans/debentures.
1984
- During September, the Comp. issued 4,80,000 - 13.5% secured convertible debentures of Rs 475 each to provide a part of finance required for expansion of Company cement plant. Of these 1,32,000 debentures were reserved for preferential allotment to non-residents, 1,20,000 to the equity shareholders & 33,000 for allotment to the Company employees & business associates. The balance 1,95,000 debentures were offered to the public.
- Each debenture holder has the right to receive 5 No. of equity shares of Rs 10 each at a premium of Rs 5 per share on 1st April, 1985 without any further notice. The non-convertible portion of Rs 400 per debenture is redeemable at par in three annual installments of Rs 133, Rs 133, Rs 134 in the 8th, 9th & 10th year respectively.
1985
- 24,00,000 No. of equity shares of Rs 10 each issued [prem. Rs 5 per shares] upon conversion of 13.5% convertible debentures in April 1985. 25,000 - 6.5% Pref. shares redeemed on 30.6.1985.
1986
- The Comp. received a letter of intent for manufacture of High carbon/alloy steel profile sections, High speed steel twist drills, tool bits, blanks, etc., Engineers steel files & rasps in the backward district of Ratnagiri in Maharashtra.
- The Comp. received a letter of intent for manufacture of 15,000 tonnes per annum of polyester filament yarn [PFYs]. This project was proposed to be set up in Allahabad district of U.P.
- The Comp. offered 8,00,000 - 15% secured redeemable non-convertible debentures of Rs 100 each as rights to resident Indian equity and preference shareholders in the ratio 1 Deb. : 16 No. of equity shares held & 5 debentures: 8 preference shares held. Additional debentures for Rs 250 lakhs were allotted to retain excess subscription. These debentures will be redeemed at a premium of 5% on the expiry of 7 years from the date of allotment.
1987
- A memorandum of understanding was signed with Toray Industries of Japan.
- Another letter of intent was received for manufacture of textiles made wholly or partly out of synthetic fibre/yarns by installation of 50,000 spindles & 1,500 looms. This project was proposed to be set up in the backward district of Balaghat in M.P.
- The Comp. issued & allotted 10,00,000 [series IVs] 14% non-convertible debentures of Rs 100 each aggregating Rs 100 lakhs on rights basis. These debentures are redeemable on 1st January, 1998 at a premium of 5% on the face value of debentures.
- The Comp. privately placed with U.T.I., 2,50,000-14% non-convertible debentures of Rs 100 each aggregating Rs 250 lakhs. These debentures are redeemable at a premium of 5% of face value, on 25th January, 1995.
- 1,12,36,800 bonus equity shares issued in prop. 1:1.
1988
- As a part of expansion of its weaving capacity, 5 new looms were installed on 31st March. 23 new looms were installed & combing capacity was expanded. The Ring frames in the spinning department were replaced.
- The letter of intent for manufacture of 15,000 tonnes per annum of PFY was transferred in the name of `Raymonds Synthetics, Ltd.', a subsidiary Comp. promoted to implement the project.
1989
- A project to expand the capacity of cement plant from 12 lakh tonnes to 18 lakh tonnes per annum was being undertaken.
- The Comp. issued 4,00,000-14% secured non-convertible debentures of Rs 100 each on to financial institutions on private placement basis. These debentures were to be redeemed on 12th June, 1996 at a premium of Rs 5 per debenture. - During October, the Comp. offered 89,89,440 - 12.5% convertible debentures of Rs 75 each to the then existing shareholders in the ratio of two debentures for every five equity shares held. - Another 4,49,472 debentures were offered to employees, Indian working directors & workers of Comp. on an equitable basis.
- The Comp. retained 16,19,435 debentures to meet oversubscription. As per the terms of issue, Rs 45 of each debenture will be converted into one equity share of Rs 10 each at a premium of Rs 35 per share on 1st July, 1990. Accordingly, 106,08,875 shares were allotted. The remaining portion of Rs 30 of each debenture will be redeemed at par in three equal installments of Rs 10 each on the expiry of 7th, 8th and 9th year from the date of of allotment of debentures. The first instalments of Rs 10 per debenture was redeemed during 1996-97.
1990
- A new plant for manufacture of files & twist drills was being set up at Pithampur, near Indore in Madhya Pradesh.
- It was decided to expand the installed capacity further from 18 lakh tonnes to 22 lakh tonnes per annum by mid 1993. - The Comp. had applied for a licence to produce 75,000 tonnes per annum of purified terepthalic acid.
1993
- The Comp. proposed to manufacture cold rolled steel strips/sheets and silicon steel sheets with an installed capacity of 1,50,000 MTA in technical collaboration with Allegheny Ludlum Corporation, Pittsburg, USA at Wadivarhe, Nasik. The plant was commissioned in September 1995.
- The Comp. issued 90,63,577-16% [Taxables] Secured Redeemable non-Convertible debentures of Rs 100 each with detachable warrants by way of rights to the existing shareholders & employees. The holders of the equity warrants have a right to apply & be allotted one equity share of Rs 10 each upon payment of Rs 150 [Premium Rs 140s].
- During September, the Comp. issued US $63 million comprising of 39,57,286 GDRs equal to 79,14,572 No. of equity shares at a price of US $ 15.92 per GDR.
1994
- The name of Comp. was changed from Raymond Woollen Mills Ltd. to Raymond Limited.
1995
- A new brand of cement `Dura-Guard' a high degree of durability was introduced.
- The Comp. promoted joint venture Comp. viz. Raymond Calitri Denim limited with Calitri Denim Industries SPA, Italy to produce high quality ring denim fabrics.
1996
- The overall working was adversely affected by various factors such as strike at its major textile plant at Chhindwara, slackness in demand and consequently lower prices for most of products, continuous escalation in costs & credit stringency coupled with high interest costs.
1997
- The strike at the major textile plant at Chandwara was resolved in the first week of April, & normal working was restored.
- Due to fall in output of electrical equipment, demand for silicon steel continued to be sluggish throughout the year. The Company entered into a basic understanding with EBG Gesellschaft [belonging to Thyssen steel group of Germanys] for transfer of steel division into a joint venture subject to necessary approvals.
1998
- J.K. [Mumbais], Ltd., is a wholly owned subsidiary of Company. All the 2 lakh equity shares of Rs 100 each issued by this subsidiary are held by Comp. as on 31st March.
- Jaykayorg A.G., Switzerland with an issued & paid-up capital of 500 shares of Swiss Francs 100 each is a wholly owned subsidiary of the Company.
- As on 31st March, the Comp. held 2,39,930 No. of equity shares of Rs 10 each respectively out of 2,40,000 No.of equity shares issued by Pashmina Holdings, Ltd.
- From January, J.K. Chemicals limited became a subsidiary of Company. As on 31st March, the Comp. held 34,89,878 No. of equity shares of Rs 100 each out of 58,22,200 No. of equity shares issued by the subsidiary.
- As on 31st March, the Comp. & its nominees held all the 9,80,000 No. of equity shares of Rs 10 each issued by J.K. Helene Curties Ltd.
- As on 31st March, the Comp. & its nominees held 5,40,000 No. of equity shares of K.Shs 200 each in the subsidiary.
- The steel division was set up & the first phase was commissioned during 1995. The Comp. had tied up with Allegheny Ludlum of US, the leader in speciality steel for a technology collaboration.
- Raymond & EBG signed a memorandum of understanding on April 5, to form a joint venture.
- The ratings assigned to the non-convertible debentures [NCDs] issues of Raymond Ltd & Raymond Synthetics Ltd have been downgraded to AA- and AA-[SOs] from AA & AA [SOs], respectively by Credit Rating and Information Services of India Ltd [Crisils].
1999
- EBG Gesellschaft, a 100 percent subsidiary owned by Thyssen group, was to form a 76:24 joint venture with the steel division of Raymond to form a new Comp. named EBG India Ltd. - The `FAA' rating assigned to the fixed deposit programme of Raymond has also been placed under watch with developing implications.
- The steel division, for which Raymond had a technical collaboration with US-based Alleghany Ludlum Corporation, has an installed capacity of 45,000 silicon steel & one lakh tonne of cold rolled cold annealed, which is likely to be expanded by another one lakh tonne. 2000
- Raymond limited launched `Manzoni', a premium brand of formal shirts and ties.
- The Comp. has entered into a relationship with Morarjee Brembana, the manufacturer, which will ensure that the most contemporary products are introduced in the country.
- CARE has reaffirmed the PR1+ rating to the company commercial paper programme of Rs 1 billion. - The Comp. has entered into a Memorandum of Agreement dated April 27, for divestment of its Cement Division as a going concern to M/s. Lafarge India Ltd.
- The Raymonds board approved the appointment of Mr Gautam Singhania as the new chairman & managing director of Raymond Group.
- Raymond has sold its steel unit for Rs 412.26 crore to EBG Germany, a subsidiary of ThyssenKrupp Stahl, the German steel gian. - The Comp. accordingly signed the Agreement to Sell Undertaking with EBG India Pvt. Ltd., & has received a sum of Rs. 386.86 crores in cash & has allotted 2,54,00,000 No. of equity shares of Rs. 10/- each
aggregating Rs. 25.40 crores in the share capital of EBG India Pvt. Ltd.
- The Vijaypat Singhania group flagship Raymond Ltd, as part of its ongoing restructuring exercise, amalgamate its wholly owned subsidiary Raymond Calitri Denim, which streered the group foray into denim wear.
- Crisil has upgraded & removed from rating watch the AA-rating assigned to a Rs 90.5 crore non-convertible debenture programme of the company to AA+.
- Million Air, The aviation division of Raymonds Limited, has tied up with Indiainfo.com India premier portal, to promote the sales of its helicopter joy-rides' gift vouchers on Indiainfo `Shopping Mall'.
- The Comp. has divested its Steel Division to EBG India Pvt. Ltd., a joint venture Comp. in which the Comp. holds 24% Equity Stake, vide the 'Agreement to Sell an Undertaking on Slump Sales Basis'.
2001
- The Comp. has acquired the files division of A.V. Birla group company, HGI Industries. The two companies have signed a memorandum of understanding for transfer of HGI plant in Kolkata to Raymond for a consideration of Rs 17.5 crore.
- Raymond Ltd will commence a buy-back offer of its shares at a maximum price of Rs 160 rupees from 7th March.
- J K Ansell, the 50:50 joint venture between the Vijaypat Singhania group Comp. Raymond & Australia-based Ansell International, is expanding its business portfolio.
2002
-Raymond Ltd has selected Leo Burnett, RK Swamy BBDO & Contract Advertising for its Rs.45cr Advertising account.
-Raymong informed BSE that the Steel Files Division of HGI Industries limited located at Kolkota, West Bengal has been acquired by Hindustan Files Ltd.
-Raymond Ltd has executed the Memorandum of Understanding with Color Plus Fashions Private Ltd.to acquire the entire share holding of Color Plus in a phased manner & subject to due deligence & obtaining necessary approvals.
2003
-Raymond Ltd has raised up Rs.25cr through its secured non-convertible debenture issue through book building route with a greenshoe option of same amount.
-Crisil has assigned AA+ rating to the debenture issue of Raymond Ltd.
-Raymong Ltd has set to manufacture suit lengths in the Super 200 wool category which will be only one of three companies to manufacture this kind of suits.
-Shri R Narayanan has been nominated as GM -Legal & Comp. Secretary and Compliance Officer by Raymong Ltd.
2003
-Raymond limited has informed that the Board of Directors of Comp. at their meeting held on May 13, 2003 had nominated Shri R Narayanan, General Manager - Legal and Comp. Secretary as Compliance Officer.
- Shri Akshay Singhania has ceased to be a Director of Company
2004
-Raymonds sets up apparel subsidiary to cater to export mart
2005
-Raymond signs JV agreement with Lanificio Fedora, Italy on June 20, 2005
-Raymond signs JV agreement with MOB Outillage, France
2006
-Raymond launches Chairman Collection in South Indian mkt
0Raymond Ltd has informed that a 50:50 Joint Venture [JVs] Agreement has been signed on November 10, 2006 between the Comp. & Grotto S.p.A., of Italy [the owner of international brand 'Gas's] for sale in India of casual apparel & accessories bearing the trademark 'Gas'.
2008
- Raymond ltd has appointed Shri Thomas Fernandes, as the Comp. Secretary and Compliance Officer of Comp. with effect from November 1, 2008 in place of Shri R. Narayanan who has retired from the Comp. with effect from October 31, 2008.
