Steel Tubes of India Ltd. कंपनी का इतिहास और वार्षिक वृद्धि विवरण

YEAR EVENTS
1959 - The Company was incorporated as a private limited company under
the name and style of Shamlal Jankraj Pvt. Ltd., for setting up
tube mill for the manufacture of ERW steel at the Industrial
Estate, Pologround, Indore, under small scale sector.

- The main objective of the Company is to Manufacture steel
tubes.

1966 - The name of the Company was changed to Steel Tubes of India Pvt.
Ltd.

1975 - The Company became a public limited company on 13th November.
The product mix was expanded to include a variety of applications
in the bicycle, automobile, transformer general engeering,
boiler, heat exchanger and furniture industries.

1981 - The Company undertook to set up a joint venture project in
Singapore for the manufacture of precision steel tubes. For this
purpose, a new company under the name and style of Steel Tubes of
Singapore (Pvt.) Ltd., was incorporated in January.

- 40,000 bonus equity shares of Rs. 100 each issued in prop. 1:1 in
Aug. Shares then subdivided. 1,00,000 rights equity shares of
Rs.10 each issued at par in prop. 1:8 in December.

1982 - The Company set up manufacturing facilities for the production of
better quality and wide spectrum of tubes and also expansion of
capacity for the manufacture CEW tubes from 2,000 tonnes to 6,000
tonnes, within the overall licensed capacity.

- 11,60,000 shares issued (prem. Rs.2 per share) of which 2,60,000
shares reserved for preferential allotment to NRIs and 9,00,000
shares offered to the public in November.

1984 - 4,94,400 right equity shares issued at par in prop. 6:25
(fraction ignored).

1985 - The Company privately placed with UTI 1,20,000 - 13.5%
convertible redeemable debentures of Rs.150 each at par. Rs.50
of the face value of each of the Company on 12th October. The
remaining Rs.100 per debenture will be redeemed at par in 1992,
1993 and 1994 in instalments of Rs.35, Rs.35 and Rs.30
respectively. The rate of interest payable on these debentures
was raised to 15%.

- 5,10,880 rights equity shares issued (prem. Rs.2 per share; prop.
1:5) 25,544 No. of equity shares also issued (prem. Rs.2 per
share) to employees. 6,00,000 No. of equity shares allotted to
UTI at par in the part conversion of deb. 600 No. of equity
shares forfeited 85,000-15% pref. shares were also offered as
rights to the shareholders. These pref. shares are redeemable
after 8 years from the date of allotment.

1986 - A cold rolling mill was commissioned at Dewas.

1989 - 3,09,176 forfeited shares were reallotted.

1990 - DG set of 1000 KVA was installed. The Company embarked on a
modernisation and balancing-cum-expansion scheme.

1991 - The Company issued 8,00,000-14% secured redeemable convertible
debentures of Rs.100 each on rights basis in the prop. of 1
debenture : 5 equity shares held. Additional 1,20,000
debentures were allotted to retain oversubscription.

- Another 40,000-14% convertible debentures of Rs.100 each were
offered to employees. All were taken up.

- Simultaneously with the right issue, the Company issued
6,60,000-14% convertible debentures of Rs.100 each through
prospectus of which 33,000 debentures were reserved for allotment
to the employees on an equitable basis but none were taken up.
The remaining 6,27,000 debentures, along with 33,000 debentures
not taken up by employees were offered to the public. Additional
99,000 debentures were allotted to the public to retain
oversubscription.

- Part A of Rs.60 of each debenture was to be converted into 3
equity shares of Rs.10 each at a premium of Rs.10 per share at
the end of 9 months from the date of allotment of Debentures.
Accordingly 51,57,000 No. of equity shares were allotted on 1st
April 1993.

- Part B of Rs.40 of each debenture will have a non-detachable
warrant entitling the warrant holder a right to exchange Part-B
of the debenture into equity share(s) at a price from the date of
allotment of debentures. If any fractions arise upon the
conversion of debentures, such fractions would be consolidated
and sold and the proceeds would be distributed pro-rata among the
debenture holders. For those who do not redeemed on the expiry
of 7 years from the date of allotment of debentures.

1993 - 51,57,000 No. of equity shares allotted (prem. Rs.10) on part
conversion of debentures.

1994 - 2,98,461 No. of equity shares allotted to financial institution
on conversion of loan. 29,44,540 No. of equity shares (prem.
Rs.10) allotted on conversion of debentures. (part-B).

2003

-Out come of AGM

1. Delisting of equity shares from the Delhi and Madhya Pradesh Stock Exchanges.

2. To lease out the whole or any part of Tube and / or steel strip manufacturing facility including its associates plants and machinery, fixtures and fittings to M/s Euro Multi Business Products Private Ltd (EMB) on such terms and conditions as more specifically set out in the draft agreement.

3. Make reference to the BIFR under Section 15 of the Sick Industrial Companies Act, 1985 SICA

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