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History of Thambbi Modern Spinning Mills Ltd.

YEAR EVENTS 1993 - The Comp. undertook modernisation of its existing units, setting up a new unit with a capacity of 5040 spindles & a dyeing plant.

- Authorised capital increased. Shares subdivided into Rs. 10 each. 1,00,000 shares of Rs. 10 each at a premium of Rs. 40 per share reserved, Subscribed & allotted to the promoters out of public issue. 1,00,000 shares of Rs. 10 each at a premium of Rs. 40 per share reserved on firm allotment basis out of public issue to ICICI. Subscribed & allotted fully. 20,000 No. of equity shares of Rs. 10 each at a premium of Rs. 40 per share reserved ex-employees of Company, subscribed & allotted in full. 12,30,000 No. of equity shares of Rs. 10 each at a premium of Rs. 40 per share allotted to the public.

1994 - The Comp. was incorporated on 11th March. The Comp. was originaly promoted by N. Ramasamy Udayar. During 1990, R. Jagadeesan, the second son of N. Ramasamy took over the company & started managing from then on. The main objective of the Comp. is to manufacture of Cotton fibre & yarn.

- The Comp. is engaged in the business of textile spinning and started its operations with an installed capacity of 3160 spindles. Till the Comp. has increased its capacity to 29,400 spindles. The Comp. proposed to expand its capacity to 34,440 spindles & also setting up a unit for dyeing cotton fibre and also yarn.

- During the year dyeing unit with a capacity of 600 kg. per day, set up at Kombaipatti, near Salem commissioned as per schedule.

- 2,98,02,400 Bonus Equity shares issued.

1996 - Sales declined by 2.23% to Rs 53.53 crores due to closure of the Dyeing plant for five months on Acc. of fire accident.