| YEAR EVENTS
1977 - The Company was incorporated as Modern Suitings Ltd. on 15th
November as a Private Limited Company and converted into a Public
Limited Company w.e.f. March 6, 1979. It was promoted by H.S.
Ranka. The company manufacture demin fabrics.
- A major expansion project was undertaken for manufacture of
premium worsted terry wool suitings as also for installation of
sophisticated paper imported from UK for giving fabrics a durable
finishing.
1990 - The Company undertook to set up an export oriented unit at its
existing premises, Alwar, in Rajasthan, for manufacture of 7.2
million metres of denim cloth per annum in technical assistance
from M/s. Schield Ltd., Switzerland.
- The Company issued 82,00,000-14% secured fully convertible
debentures of Rs 44 each of which 25,60,000 debentures were
issued to shareholders on Rights basis (all were taken).
Additional 3,84,000 debentures were allotted to retain
oversubscription.
- Of the balance, the following were reserved for allotment on a
preferential basis as follows: (i) 8,46,000 debentures to NRIs on
repatriation basis; (ii) 8,46,000 debentures to shareholders of
group companies (all were taken up); (ii) 4,10,000 debentures to
employees (all were taken up).
- Remaining 35,38,000 debentures were issued to the public.
Additional 8,46,000 debentures were allotted to retain over
subscription.
- Part A of Rs 22 was converted into 1 equity share of Rs 10 each
at premium of Rs 12 per share after 6 months from the date of
allotment. Accordingly 94,30,000 shares were allotted.
- Part B of Rs 22 was converted into 1 equity share of Rs 10 each
at premium of Rs 12 per share after 18 months from the date of
allotment of debentures. Accordingly 94,30,000 share were
allotted.
1992 - 33,20,000 No. of equity shares of Rs 10 each and 50,000 Pref.
shares of Rs 100 each issued subscribed and paid up 187,40,000
No. of equity shares allotted on conversion of 15% debentures.
1993 - The Company undertook to expand the denim manufacturing capacity
to 20 million mtrs. from 7.2 million mtrs. p.a.
1994 - The name of the Company has since been changed from Modern
Suitings Ltd. to Modern Denim Ltd. (MDL) effective from 23rd
February.
- The Company issued 154,42,000-15% fully convertible debentures of
Rs 35 each on Rights basis in proportion 7 debentures: 10 No. of
equity shares held. (all were taken up). Each debentures was
converted into one equity share of Rs 10 each at a premium of Rs
25 per share on 31.3.1995.
- The company proposed to undertake a modernisation scheme in its
suitings division at Aliwara, envisaging a replacement of 16
indigenous looms by 16 imported airjet looms.
- During December, Modern Syntex (India) Ltd. (MSIL) and Modern
Suitings Ltd. (GMSL) entered into a scheme for transfer of
suitings division of MSIL effective 1st April.
1995 - The Company proposed to underake manufacture of a wide range of
colours to keep pace with latest market trends.
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