BSE:504269 | NSE:KHAITANELEBZ | 58888:khte | IND:Electronics/Electricals | ISIN code:INE761A01019 | SECT:Consumer Durables
The Company History page lists out the major events in chronological order for Khaitan Electricals Ltd.
|Company History - Khaitan Electricals Ltd.|
1975 - The Company was Incorporated on 27th October, as a private
limited company and then converted into public limited company on
14th August, 1982. The Company was promoted by Shri S.K.
Khaitan, the chairman of the Khaitan group of companies.|
- The Company's object is to manufacture electric fans, industrial and ventilating fans, electrical household appliances electric motors, cables, electric lamps, electrical meters etc.
- The Company entered into an agreement with Khaitan Fans Pvt. Ltd. for obtaining "technical know-how" for the manufacture of electric fans and regulators and for using their trade mark "Khaitan". Since then the Company is engaged in the manufacture of various types of elctric fans and regulators.
- The Company started its first plant at Faridabad to manufacture a wide range of ceiling, exhaust, portable, industrial and ventilating fans, FHP motor and power driven pumps. To cater to the growing demand in Western India and overseas markets, a second plant was started at Tarapur near Mumbai in January 1983 to manufacutre ceiling and portable fans. The first plant was set up at the Company's own land at Faridabad while an industrial plant was acquired on lease at Tarapur for the setting up of the second project. A third plant was set up at Noida in 1985.
1981 - 3,70,000 No. of equity and 3,000 pref. shares taken up by promoters, etc. In November, 1983, 8,80,000 No. of equity shares issued of which 1,30,000 shares were allotted to promoters, etc. The balance 7,50,000 shares offered to the public.
1983 - The Company undertook to set up a new unit at Faridabad to manufacture a wider range of F.H.P motors and electrical household appliances. The necessary technical know-how and R&D facilities were available with the Company and the prototypes were under development. Negotiations were at an advanced stage for procuring plant and machinery needed for the project. The plant went on stream during 1984.
- The object of the public issue of capital during March, was to augment the Company's working capital and to provide funds for normal capital expenditure other than for substantial expansion and diversification.
- The Company undertook an expansion and diversification programme. A second plant was put up at Bachepalli in the Medak district of Andhra Pradesh to manufacture a wide range of portable and other fans and household electrical appliances.
- 1,77,500 shares issued at par of which 27,500 shares reserved and allotted to promoters, directors, etc. The balance 1,50,000 shares offered to the public in March.
1984 - Pref. dividend raised to 15% from 1.1.1985. 12,50,000 rights equity shares offered at par (linked to 15% debentures) in the ratio 1:1 in Oct. 1985. Additional 3,12,500 No. of equity shares allotted to retain oversubscription. 62,500 No. of equity shares also offered at par to employees (only 2,200 shares taken up).
- In Sept., 12,60,000 shares issued (prem. Rs 1 per share) of which 5,04,000 shares reserved and allotted to promoters, directors, etc. The balance 7,56,000 shares offered to the public.
1985 - A new factory was set up at NOIDA, Expansion of the Tarapur factory was undertaken.
- M/s. Khaitan Lefin Ltd., is a subsidiary of the Company. It ceased to be a subsidiary to the Company during 1994-95.
- In October, in order to part finance the expansion programme and to augment long-term resources, the Company made a rights issue of 12,50,000 No. of equity shares of Rs.10 each, both at par, in the ratio 1 equity share for every equity share held and 1 debenture for every 10 equity shares held. Each debenture offered was linked to 10 equity shares.
- In Feb./Mar., 15,00,000 right shares offered (prem. Re. 1 per share; prop. 1:1). 3,75,000 additional shares allotted to retain oversubscription. 75,000 shares were also offered (prem. Re. 1 per share) to the employees of the Company. Only 15,700 shares taken up. The remaining 59,300 shares allowed to lapse.
1987 - The oscillating type air circulators was launched during the period and washing machines were under final stage of development.
- Jhunjhunu Holdings Limited became a wholly owned subsidiary of the Company during the year.
1991 - The Window type air cooler was launched during the year and the company had decided to manufacture both floor and window type coolers in a big way.
- Lock-out at the Faridabad plant for 71 days and reduced activities at Noida and Tarapur plants led to the poor performance.
1992 - For better utilisation of resources, the operations of Noida works were closed and its machinery shifted and commissioned at Faridabad factory.
1993 - The company proposed to diversify into sugar/agro based industry.
- 16,95,350 rights shares issued (prem. Rs 20 per share; prop. 1:2) only 9,82,956 share taken up. Another 6,76,344 shares devolved on the underwriters. The balance 36,050 shares remained unsubscribed.
- 2,000 preference shares are redeemable during 31st March, 1993/96, 500 preference shares are redeemable during 29th March 1995/98 and 500 preference shares are redeemable during 23rd May 1995/98.
1994 - With effect from 1st April, Khaitan Fans (I) Ltd. amalgamated with the Company.
- 1000 pref. shares redeemed. 30,00,000 shares issued as fully paid up to the shareholders of Khaitan Fan India Ltd. (KFIL) without payment being received in cash and 14,700 No. of equity shares of Rs.10 each of the company held by KFIL were cancelled.
1995 - 96,500 preference shares are redeemable during 29th March.
1996 - 1,56,470 secured non-convertible debentures of Rs.100 each were issued to be redeemable at par in three equal annual instalments commencing from 21st April. As per the scheme of arrangement Rs 2.45 lakhs of NCD were received and redeemed during the year, making to date redemption of Rs 56.82 lakhs.
2001 - The Company equity shareholders is proposed to be held on March 10 to consider the scheme of arrangement of amalgamation between Jhunjhunu Electricals & Finance Ltd and Khaitan Electricals Ltd.
-Dlist from The Hyderabad stock Exchange Ltd(HSE) with effect from January 19, 2005.
- Khaitan Electricals Limited has informed that a meeting of the Board of Directors has been held on January 30, 2009 and discuss the following agenda : 1) Resignation of Sri O. Swaminatha Reddy as a Independent Director. 2) Resignation of Sri P. R. Agarwala as a Independent Director. 3) Appointment of Mr. A. K. Bhattacharya as Additional Director (Independent Director).
- Khaitan Electricals Ltd has appointed Sri Biswajit Choudhary as Additional Director (Independent Director) from December 31, 2009 to the date of ensuing Annual General Meeting of the Company.
-Khaitan Electricals Ltd has recommended dividend payment for the year ended March 31, 2011, @15%.
-Mr. P. S. Prabhakar, Chief Operating Officer has put in his papers and will be relieved on April 30, 2012. -The Company approve appointment of Sri. Shiv Kumar Bajaj as Independent Director in the place of Sri. Jyoti P. Tibrewala.
-Mr. Surendra Bhutoria is appointed as a Chief Operating Officer w.e.f December 06, 2012.
-Mr. Prem Kumar Bafana, is appointed as a Vice-President (Finance) & Company Secretary -Khaitan Electricals stops output at Kolkata unit
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