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History of Recron Synthetics Ltd.

YEAR EVENTS 1986 - Raymond Synthetics was incorporated as a Public Limited Company on 8th December, & obtained the Certificate of commencement of business on March 7, 1989. The Comp. has been promoted by the Raymond Woollen Mills Limited. One of objects of company is to manufacture Polyester Filament Yarn such as count, trilobal, thick and thin, cationic dyeable, etc.

- The Comp. has a technology & license agreement with Toray industries Inc. of Japan [Torays] pursuant to which it has received technical data & technical know-how relating to the manufacture of Polyester Filament yarn including speciality yarns.

- The Comp. was setting up a project with an annual installed capacity of 15,000 tonnes of PFY in UPSIDC Industrial Estate near Allahabad in U.P. Apart from manufacturing partially oriented yarn, the plant was also to manufacture speciality yarns such as high count, trilobal, thick and thin, cationic dyeable, bi-shrinkage & yox.

- The Comp. was installing four DG set of 2270 KVA each to meet any exigency. The Comp. also proposed to increase the capacity in due course to 25,000 TPA.

1990 - To the public issue of equity shares in August, the Comp. also issued 33,90,000-14% secured redeemable non-convertible debentures of Rs 100 each to the Indian public. Only 87,230 debentures were taken up. The balance 33,02,770 debentures devolved on underwriters.

- As per the terms of issue, these debentures are redeemable in three equal annual instalment of Rs 35 each beginning at the end of 6th year from the date of allotment at a premium of 5% included in the second instalment.

- 70 No. of equity shares taken up by signatories to the Memorandum of Association. 719,99,930 No. of Equity shares issued at par as follows:

- [As] Reserved for allotment :- [is] 331,99,930 shares to promoters, directors, etc. & The Raymond Woollen Mills Ltd., [iis] 30,00,000 shares to Itoman and Co. Ltd., & Toray Engineering Co. Ltd., of Japan, & [iiis] 70,00,000 shares to the shareholders of Raymond Woollen Mills limited [Preferential offers] and;

- [Bs] Preferential Offer :- [is] 12,00,000 shares Mutual Funds, [iis] 36,00,000 shares to employees of Comp. & the promoter Comp. & [iiis] 70,00,000 shares to NRIs on repatriation basis. The Balance 170,00,000 shares offered to the public during August. Including retention of oversubscription, 827,99,930 shares allotted as follows:

- [is] 4,16,29,930 shares to promoters, directors, etc. & [iis] 80,50,000 shares to shareholders of Raymond Woollen Mills Ltd., B [is] 55,20,000 shares to Mutual Funds & employees of Comp. & promoter company, [iis] 80,50,000 shares to NRIs on repatriation basis & [iiis] 195,50,000 shares to public.

1992 - The Comp. achieved all parameters of technical collaborators for all varieties of Yarn including number of speciality yarns during trial period.

1993 - The Comp. increased the spinning capacity by additional 5,000 tonnes per annum by intallation of balancing equipments.

- On 2nd April, the Comp. offered 4,14,00,000 No. of Equity shares of Rs 10 each to the shareholders on Rights basis in propn. of one equity share for every two equity shares held. [all were taken ups].

- Simultaneously, another 2,24,000 No. of equity shares of Rs 10 each offered on an equitable basis to the employees [only 8,200 shares were taken ups].

1994 - Performance of Comp. was below expectation due to strike of the texturisers, disruption of normal life due to plague in Surat & steep increase in the cost of raw materials.

- The Comp. undertook the expansion of installed capacity by additional 42,000 tonnes per annum.

- The Comp. has already increased its spinning capacity by 4,000 metric tonnes per annum by installation of balancing equipments by April.

1997 - The Comp. has now become the third largest producer of Polyester Filament Yarn [PFYs] in the country with the commencement of production in April at its new PFY plant at Allahabad.

- The Comp. expanded its PFY capacity from 24,000 tonnes to 66,000 tonnes.

1998 - The Comp. was awarded the National Safety Award for year 1994 by Government of India, Ministry of Labour.

1999 - The Comp. was granted the ISO 9002 certification for its quality systems, by DNV, Netherlands.

- The promoter of company, Raymond Ltd, has agreed to divest its entire shareholding of 4,48,54,337 equity shares of Rs.10 each in the share capital of Raymond Synthetics Ltd [RSLs] in favour of Silvassa Yarn & Inv. Ltd., subject to necessary approvals.

2000 - The name of Comp. has been changed to Recron Syntheics with effect from 22nd March.

- The Comp. has been registered as a Sick Industrial Company under the provisions of Sick Industrial Companies Act, 1985.

2002

-Board for Industrial & Financial Reconstruction sactions for scheme of rehabilitation of company.

2003

-Members approve for delisting of shares from 5 stock exchanges [Ahmedabad, Delhi, Kolkota, Kanpur & Indores].