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History of Veekay Fibres Ltd.

YEAR EVENTS 1989 - The Comp. was incorporated as a public limited Comp. on 7th June, at Jalandhar & obtained the Certificate of Commencement of Business on 13th June. It was promoted in the joint sector by by Vee Kay Oils Ltd., in association with the Punjab State Industrial Development Corporation limited [PSIDCs].

- The main objective of Comp. is to manufacture worsted yarns of 100% wool, acrylic blends with polyester novelty & fancy yarns of different counts for knitting & weaving.

- The Comp. set up a worsted spinning mill with a complement of 4,800 spindles for manufacture of worsted yarns at village Akbarpur in the Ahmedgarh Tehsil of Sangrur district in Punjab. Main plant & machinery were imported from France, West Germany, U.K., & Italy. Two DG sets of 250 KVA capacity each were installed as a standby arrangement.

1991 - 350 shares subscribed for by signatories to the Memorandum & signatories to the Memorandum & Articles of Associations.

- 61,39,650 No. of equity shares of Rs. 10 each then issued for cash at par of which 33,39,650 shares reserved for allotment as under:

- [is] 17,05,000 shares to PSIDC & Mutual Funds and

- [iis] 16,34,650 shares to Indian resident directors, their friends & relations, etc.

- Out of balance 28,000 shares, 7,32,000 shares reserved for preferential allotment as follows:

- [is] 3,07,000 shares to employees/workers of Comp. as also those of promoter companies [only 38,500 shares taken ups] and

- [iis] 2,00,000 shares to SBI Capital Markets Ltd.,

- 1,00,00 shares to Canbank Mutual Fund & 1,25,000 shares to Indian Bank Mutual Fund [All were taken ups]. The remaining 20,68,000 shares alongwith 2,68,500 shares not taken up by employees were offered for public subscription during March. Additional 4,20,000 shares allotted to retain oversubscription.

1992 - The Comp. launched expansion plan of doubling the production capacity from 4,800 spindles to 9,600 spindles of which 1,600 spindles are put into commercial production & the rest are awaited.

1995 - On 21st January, the Comp. offered 65,60,000 No. of equity shares of Rs. 10 each for cash at a premium of Rs. 12 per share to the existing members of Comp. on rights basis in prop. 1:1 [only 59,13,496 No. of equity shares were taken ups]. The remaining 6,46,500 shares devolved on underwriters. Another 1,04,600 No. of equity shares of Rs. 10 each at a premium of Rs. 12 per share were offered to employees [none were taken ups]. The unsubscribed portion was allowed to lapse.