History of Videocon International Ltd.
1985
- The Comp. was incorporated on 19th January. It was promoted by Nandlal M. Dhoot & his sons. The Comp. manufacture colour television sets, television components, airconditioners & other cabinets.
- The Comp. undertook to set up a project for manufacture of 1,00,000 Nos. per annum of colour television sets, 2,00,000 nos. per annum of electronic tuners & 2,00,000 nos. per annum of extra high tension transformers.
1987
- 70 No. of equity shares subscribed for by signatories to Memorandum. 2,49,930 No. of equity shares then issued at par of which 9,99,930 share reserved & allotted to the promoters, Indian resident directors, etc. Of the balance of 15,00,000 No. of equity shares. 1,20,500 shares were reserved & allotted on a preferential basis to the employees [including Indian working directorss] workers of the Company & those of promoters companies. The remaining 13,79,500 shares offered & allotted to the general public [Public offer in October, 1987s].
1989
- The Comp. undertook to set up facilities for assembly and packaging of integrated circuits from imported diffused wafers & the manufacture of black and white television at Aurangabad in Maharashtra.
- The Comp. also undertook to set up a centralised tool room and injection moulding facilities at Aurangabad & 25 services centres at various locations in the country.
- The Comp. issued 15,00,000 - 12.5% secured convertible debentures of Rs 200 each of which 6,25,000 debentures were offered to the equity shareholders on `Rights' basis in the proportion 1 debenture: 4 equity shares. [all were taken ups]. Additional 93,750 debentures were allotted to retain oversubscription.
- The Balance 8,75,000 debentures were issued through prospectus to the following on preferential allotment basis:
- [is] 3,00,000 debentures to ICICI, UTI, LIC & GIC
- [iis] 1,25,000 debentures to mutual funds and
- [iiis] 75,000 debentures to employees/workers of company. The remaining 3,75,000 debentures along with 50,000 debentures not taken up by the employees were allotted to the public. Additional 1,30,000 debentures were allotted to retain oversubscription [56,250 debentures to the public & 73,750 debentures to the financial institutions and mutual funds under preferential quotas].
- With the issue of convertible debentures, the Comp. also issued 6,00,000 - 14% secured redeemable non-convertible debentures of Rs 100 to the public. These debentures are to be redeemed at par in 3 annual instalments of Rs 30, Rs 35 & Rs 35 at the end of 6th, 7th and 8th year respectively from the date of allotment of debentures.
- The face value of Rs 200 of each debenture was made of three parts viz., Part i of Rs 25, Part II of Rs 50 & Part III of Rs 125.
- Part i was automatically & compulsorily converted into 1 equity share of Rs 10 each at a premium of Rs 10 per share after 6 months from the date of allotment i.e. in February 1990.
- Part II was automatically & compulsorily converted into 1 equity share of Rs 10 at a premium of Rs 40 per share after the expiry of 18 months from the date of allotment of debentures i.e. in 1991.
- Part III was automatically & compulsorily converted into 2 shares of Rs 10 each at a premium of Rs 52.50 per share during 1992.
1991
- The diversification projects were implemented during the year [is] 8,00,000 nos. per annum of black & white picture tubes; [iis] 10,00,000 nos. per annum of audio tape deck mechanism; [iiis] 10,00,000 nos. per annum of potentiometers; [ivs] 5,00,000 nos. per annum of loud speakers; [vs] 10,00,000 nos. per annum of electronic connectors and [vis] 100 million nos. per annum of capacitors.
- During February-March, the Comp. offered 11,86,790 - 12.5% secured fully convertible debentures of Rs 220 each on Rights basis in the proportion 1 debentures: 5 Equity shares held. Additional 1,78,010 debentures allotted to retain oversubscription.
- The Comp. issued 8,58,665 - 12.5% secured fully convertible debentures of Rs 220 each through a prospectus of which 1,02,272 debenture were issued to the employees/workers of Company. Additional 15,338 debentures allotted. The remaining 7,56,393 debentures were issued to the public. Additional 1,28,797 debentures were allotted to retain oversubscription.
- Rs 110 of face value of each debenture was automatically and compulsorily converted into one equity share of Rs 10 each at a premium of Rs 100 per share on the expiry of 6 months from the date of allotment of debentures. The remaining Rs 100 of face value of each debenture was also automatically & compulsorily converted into one equity share of Rs 10 each at a premium of Rs 100 per share on the expiry of 18 months from the date of allotment of debenture.
1992
- The Comp. issued 70,51,100 Right Equity shares of Rs 10 each for cash at a premium of Rs 110 per share in proportion 1:4. Simultaneously, the Comp. issued 54,48,900 No. of equity shares of Rs 10 each for cash at a premium of Rs 110 per share & 125,00,000 secured bonds of Rs 40 each with detachable warrant through a prospectus as follows:
- [is] 13,62,225 No. of equity shares to promoters, friends & their relatives
- [iis] 2,72,445 shares to employees
- [iiis] 31,25,000 bonds to promoters, directors etc. Balance 38,14,230 shares along with 2,32,370 shares not taken up by employees were issued to the public.
- Of the bonds 31,25,000 bonds were reserved for allotment to the promoters, friends etc. Balance 93,75,000 bonds were issued to the public [all were taken ups].
1994
- The Comp. issued 111,11,111 GDR of US $ 8.10 each aggregating to 90 million US Dollars. 111,11,111 No. of equity shares underlying the GDRs were allotted on 17th February.
1996 - The Comp. has entered into a Joint Venture with the Nicchi Group of Italy, which is one of largest manufacturers of compressors in the world.
1997
- Videocon Narmada Electronics limited was amalgamated with the Comp. on and from 4th December as per the terms of Scheme of Amalgamation sanctioned by High Court.
- 50,00,000 No. of equity shares allotted against non-tradable warrants. Another, 1,43,92,290 No. of equity shares issued to shareholders of Videocon Narmada Electronics limited on its amalgamation with the Company.
- Videocon International, through its joint venture Comp. with Gujarat government - Videocon Marmada Electronics Ltd, was the first company to manufacture glass shells for colour picture tubes in the country.
- Television-based video phones are being introduced in India with an agreement signed by Videocon International with a North Carolina-based company, C-Phone Corporation.
- The multinational doesn't require Videocon plant any more as it has set up its own colour television manufacturing plant at Noida.
- In case of Apollo Tube and Steel Industries, formerly Apollo Tubes, Videocon entered into a five year lease finance agreement with the company on September 15, 1994.
1998
- Videocon & Necchi had also floated a joint venture Comp. in India to manufacture six million electric motors for compressors & domestic appliances at facilities in Maharashtra & Karnataka.
- The Comp. has already signed a power purchase agreement with the TNEB for which it has agreed for tariff for first year.
- Videocon International Limited ranked first on the list of top 20 companies against whom maximum number of complaints have been received on the Mumbai Stock Exchange [BSEs] during the month of October.
1999
- Videocon International, which is putting up the 1050 MW North Madras Thermal Power Station Stage-II, signed an escrow Acc. agreement with the Tamil Nadu Electricity Board [TNEBs].
- Videocon International limited is entering the Internet arena. Group chairman Venugopal Dhoot said the Comp. had obtained licence to enroll itself as an Internet service provider [ISPs].
- Videocon International had set up a 100 per cent marketing subsidiary
- Paramount Global Ltd to market its products in the international market.
- The Comp. has also set up 25 branches across the globe to give a fillip to its international operations.
- Akai India Ltd, a 70:30 joint venture between the Videocon group and Akai Electric Comp. of Japan, has been renamed Akai Consumer Electronics & Home Appliances India limited The two companies had finalised a joint venture agreement on March 15.
2000
- The Comp. has announced the launch of its new range of television sets fitted with Net-ready devices to enable viewers access the Internet while watching television.
- Videocon International has tied-up with US-based firm Telecruz Technologies Inc. which produces the TeleCruz TC701 chip & CruzerWare software.
- The Comp. will launch a nationwide dial-up ISP service. It will launch its ISP in China also.
- The Comp. has taken over a Russian CTV glass facility from a German bank for a consideration of around Rs 100 crore.
- Videocon International Ltd is setting up a appliance production facility in Bangalore to be operated in name of Aplicom India Ltd [AILs], a joint venture between VIL & Nechi Compresarai of Italy.
- The Comp. has signed an Industrial Entrepreneur Memorandum with the Bihar government to set up a Rs 184-crore unit at Barhi in South Bihar.
- The Comp. is setting up a greenfield manufacturing facility in Rajasthan, apart from the two new units coming up in Punjab & Uttar Pradesh.
- Global Consumer electronics firm Nakamichi Corporation of Japan is joining hands with Videocon International for outsourcing its high-end range of audios & televisions under the original equipment manufacturing basis.
2001
- Videocon International limited has launched an e-care service centre for air-conditioners to address customer complaints.
- Videocon International limited recently launched a fully automatic Solo washing machine.
- Videocon International has introduced the `Videocon Bazoomba'.
- Videocon Internationl limited has introduced a Bubble Wash technology in washing machines, which minimises the consumption of water while delivering the most effective wash.
- The Comp. has launched the five kg front-loading fully automatic Tru-Dry Technology in washing machines to deliver clean & 100 per cent dry, ready-to-iron clothes.
- The Comp. will invest Rs 450 crore for setting up three manufacturing facilities. Of the total investment, Rs 400 crore will be spent for setting up two plants in Hyderabad & Mohali while Rs 50 crore is earmarked for another unit in Jharkhand.
2002
-Launches first generation Internet TV for domestic market
-Receives orders worth $100 million from Russian companies
-Obtains government approval for listing their wholly-owned venture Videocon Petroleum Ltd[VPLs] in the New York Stock Exchange
2003
-Launches energy saving Air Conditioners
-Fire breaks down in Videocon factory at Bhalgaon
-Videocon inks pact with Korean cos for capacitors
-Videocon inks pact with BCCI to sponsor Int'l cricket in India till '06
