Veena Textiles Ltd. Company History and Annual Growth Details

YEAR EVENTS
1968 - The company was orginally incorporated as a Private Limited
Company on 8th April. The Company was converted into a Public
Limited Company & the word Pvt. was deleted w.e.f. 10th November,
1986.

- The company was promoted by the SSM group comprising S.S.M.
Purushotamman and S.S.M. Subramaniyam. The main objective of the
company is to manufacture cotton, woolen, silk, jute, nylon etc.,
as well as knitting and embroidery.

1992 - The company undertook to expand the intalled capacity of blouse
materials to 13.50 lakh metres p.a., dhoties to 12.50 lakh metres
p.a., and creation of fresh capacity to produce 3 lakhs metres
of terry towels per year.

1993 - 3,78,000 shares issued, subscribed and paid-up. During July
1992, the Company issued through a prospectus 26,22,000 No. of
equity shares of Rs. 10 each for cash at par of which 8,22,000
No. of equity shares reserved and allotted to promoters. Of the
remaining, 90,000 shares reserved for allotment on preferential
basis to employees (only 83,900 shares taken up). Balance
17,10,000 shares along with 6,100 shares not taken up by
employees issued to the public. Additional 3,93,300 shares were
allotted to retain oversubscription.

1994 - 33,93,300 rights equity shares issued (Prop 1:1, Prem. Rs. 8) of
these only 33,72,200 shares taken up. 21,100 shares issued
otherwise. 12,50,000 No. of equity shares of Rs.10 each allotted
on private placement basis at a prem of Rs. 10 per share on
8.1094. 1,300 shares kept in abeyance.

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