1959 - The Comp. was incorporated as a private limited Comp. under
the name & style of Shamlal Jankraj Pvt. Ltd., for setting up
tube mill for manufacture of ERW steel at the Industrial
Estate, Pologround, Indore, under small scale sector.
- The main objective of Comp. is to Manufacture steel
1966 - The name of Comp. was changed to Steel Tubes of India Pvt.
1975 - The Comp. became a public limited Comp. on 13th November.
The product mix was expanded to include a variety of applications
in the bicycle, automobile, transformer general engeering,
boiler, heat exchanger & furniture industries.
1981 - The Comp. undertook to set up a joint venture project in
Singapore for manufacture of precision steel tubes. For this
purpose, a new Comp. under the name & style of Steel Tubes of
Singapore [Pvt.s] Ltd., was incorporated in January.
- 40,000 bonus equity shares of Rs. 100 each issued in prop. 1:1 in
Aug. Shares then subdivided. 1,00,000 rights equity shares of
Rs.10 each issued at par in prop. 1:8 in December.
1982 - The Comp. set up manufacturing facilities for production of
better quality & wide spectrum of tubes & also expansion of
capacity for manufacture CEW tubes from 2,000 tonnes to 6,000
tonnes, within the overall licensed capacity.
- 11,60,000 shares issued [prem. Rs.2 per shares] of which 2,60,000
shares reserved for preferential allotment to NRIs & 9,00,000
shares offered to the public in November.
1984 - 4,94,400 right equity shares issued at par in prop. 6:25
1985 - The Comp. privately placed with UTI 1,20,000 - 13.5%
convertible redeemable debentures of Rs.150 each at par. Rs.50
of face value of each of Comp. on 12th October. The
remaining Rs.100 per debenture will be redeemed at par in 1992,
1993 & 1994 in instalments of Rs.35, Rs.35 & Rs.30
respectively. The rate of interest payable on these debentures
was raised to 15%.
- 5,10,880 rights equity shares issued [prem. Rs.2 per share; prop.
1:5s] 25,544 No. of equity shares also issued [prem. Rs.2 per
shares] to employees. 6,00,000 No. of equity shares allotted to
UTI at par in the part conversion of deb. 600 No. of equity
shares forfeited 85,000-15% pref. shares were also offered as
rights to the shareholders. These pref. shares are redeemable
after 8 years from the date of allotment.
1986 - A cold rolling mill was commissioned at Dewas.
1989 - 3,09,176 forfeited shares were reallotted.
1990 - DG set of 1000 KVA was installed. The Comp. embarked on a
modernisation & balancing-cum-expansion scheme.
1991 - The Comp. issued 8,00,000-14% secured redeemable convertible
debentures of Rs.100 each on rights basis in the prop. of 1
debenture : 5 equity shares held. Additional 1,20,000
debentures were allotted to retain oversubscription.
- Another 40,000-14% convertible debentures of Rs.100 each were
offered to employees. All were taken up.
- Simultaneously with the right issue, the Comp. issued
6,60,000-14% convertible debentures of Rs.100 each through
prospectus of which 33,000 debentures were reserved for allotment
to the employees on an equitable basis but none were taken up.
The remaining 6,27,000 debentures, along with 33,000 debentures
not taken up by employees were offered to the public. Additional
99,000 debentures were allotted to the public to retain
- Part A of Rs.60 of each debenture was to be converted into 3
equity shares of Rs.10 each at a premium of Rs.10 per share at
the end of 9 months from the date of allotment of Debentures.
Accordingly 51,57,000 No. of equity shares were allotted on 1st
- Part B of Rs.40 of each debenture will have a non-detachable
warrant entitling the warrant holder a right to exchange Part-B
of debenture into equity share[ss] at a price from the date of
allotment of debentures. If any fractions arise upon the
conversion of debentures, such fractions would be consolidated
& sold & the proceeds would be distributed pro-rata among the
debenture holders. For those who do not redeemed on the expiry
of 7 years from the date of allotment of debentures.
1993 - 51,57,000 No. of equity shares allotted [prem. Rs.10s] on part
conversion of debentures.
1994 - 2,98,461 No. of equity shares allotted to financial institution
on conversion of loan. 29,44,540 No. of equity shares [prem.
Rs.10s] allotted on conversion of debentures. [part-Bs].
-Out come of AGM
1. Delisting of equity shares from the Delhi & Madhya Pradesh Stock Exchanges.
2. To lease out the whole or any part of Tube & / or steel strip manufacturing facility including its associates plants & machinery, fixtures & fittings to M/s Euro Multi Business Products Private Ltd [EMBs] on such terms & conditions as more specifically set out in the draft agreement.
3. Make reference to the BIFR under Section 15 of Sick Industrial Companies Act, 1985 SICA