| The company was Incorporated on 27th June 1962.The Company was promoted by Fibreglass Ltd., U.K. and the Mumbai Company (P) Ltd. Mumbai.The Company's objects is to manufacture glass fibre products.The three main products manufactured are (i) glass wool insulation, (ii) glass textile yarns, fabrics and material and (iii) glass staple tissue for use as an anti-corrosive wrapping.
1964 - In Nov. 11,99,993 shares issued: 6,00,000 to foreign
collaborators, 48,000 to Indian promoters, 31,993 to directors,
etc. and 5,20,000 to the public.
1966 - 4,775 No. of Equity shares forfeited.
1967 - 2,800 No. of Equity shares reissued.
1969 - In Jan. 1969, 4,00,000 Right shares offered at par in prop. 1:3.
Only 2,38,266 shares taken up. Balance 1,61,734 shares issued
to Fibreglass, Ltd., U.K.
1977 - 90,000 shares issued to ICICI (prem. Rs.2.50 per share) in
conversion of loans.
1978 - 37,998 shares issued to ICICI at a prem. of Rs.9 per share.
1979 - 8,63,999 bonus shares allotted in May, in prop. 1:2.
1980 - The Company undertook a major modernisation and replacement
programme of its glass wool plant at Thane in Mumbai. Technology
drawings and assistance in implementation of the project were
being obtained from Sodefive of France and Fibreglass Ltd., of
U.K.
1981 - During September-October, the company issued 1,68,380 - 13.5%
convertible debentures of Rs. 156 each for cash at par. Rs. 56
out of the face value of each debenture was converted into
4 No. of equity shares of Rs.10 each at a premium of Rs.4 per
share on 31st March 1982. The balance of Rs.100 per debenture
would be redeemed in three equal annual instalments on the expiry
of the 9th, 10th and 11th years from the date of allotment.
- 6,73,520 shares issued (prem. Rs.4 per share) in conversion of
debentures.
1982 - The name of the company was changed from Fibreglass Pilkington
Ltd., to FGP Ltd., from mid-April.
1987 - The Company installed and commissioned plants for manufacturing
Rigid Preformed Sections for pipe insulation, treatment of
effluents and recycling of waste fibre.
- 16,32,758 bonus shares issued in prop. 1:2.
1988 - The Company signed a collaboration agreement with M/s. Owens
- Corning Fiberglass, U.S.A. to upgrade technology in the
continuous filament area.
1989 - The Company undertook an experimental programme for manufacture
and supply of 4 KM GRC Channels.
- The company issued 1,00,000 -14% secured non-convertible
debentures of Rs.100 each on private placement basis to Army
Group Insurance fund Directorate and ICICI.
- Fibreglass Ltd., U.K., the holding company, holds 19,44,000
No. of equity shares in the company.
1991 - The profitability declined due to flood situation in June,
inflations and prolonged lock-out in one of the major customer's
plant.
1992 - Reconstruction of the glass furnace commenced towards the end of
March. The modernisation and upgradation programme was expected
to be completed in the first quarter.
1993 - With effect from 29th June, the Company acquired the Glass Fibre
Undertaking of CEAT Ltd.
1995 - 69,97,536 Rights equity shares of Rs.10 each at a premium of
Rs.25 per share in prop. 10:7. Of these 2,570 shares are yet to
be allotted.
1996 - Production during the year suffered due to the shut-down of the
Thane plant to carry out extensive repairs to extend the life of
the furnace.
- 1810 No. of equity shares issued.
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