YEAR EVENTS 1993 - The Company undertook modernisation of its existing units, setting up a new unit with a capacity of 5040 spindles and a dyeing plant. - Authorised capital increased. Shares subdivided into Rs. 10 each. 1,00,000 shares of Rs. 10 each at a premium of Rs. 40 per share reserved, Subscribed and allotted to the promoters out of public issue. 1,00,000 shares of Rs. 10 each at a premium of Rs. 40 per share reserved on firm allotment basis out of public issue to ICICI. Subscribed and allotted fully. 20,000 No. of equity shares of Rs. 10 each at a premium of Rs. 40 per share reserved ex-employees of the Company, subscribed and allotted in full. 12,30,000 No. of equity shares of Rs. 10 each at a premium of Rs. 40 per share allotted to the public. 1994 - The company was incorporated on 11th March. The Company was originaly promoted by N. Ramasamy Udayar. During 1990, R. Jagadeesan, the second son of N. Ramasamy took over the company and started managing from then on. The main objective of the company is to manufacture of Cotton fibre and yarn. - The Company is engaged in the business of textile spinning and started its operations with an installed capacity of 3160 spindles. Till the Company has increased its capacity to 29,400 spindles. The Company proposed to expand its capacity to 34,440 spindles and also setting up a unit for dyeing cotton fibre and also yarn. - During the year dyeing unit with a capacity of 600 kg. per day, set up at Kombaipatti, near Salem commissioned as per schedule. - 2,98,02,400 Bonus Equity shares issued. 1996 - Sales declined by 2.23% to Rs 53.53 crores due to closure of the Dyeing plant for five months on account of a fire accident. 2022 -The company issued rights shares of Rs. 10 in the ratio of 1:1 at par.