Company History: YEAR EVENTS 1975 - The company was incorporated on 8th August at Mumbai. It manufacturers fishing nets ropes and twine from synthetic material artificial fibre such as Nylon rayon filament and feet and from Nature fibres such as cotton wool silk hemp and jute. The company also manufacturers PVC floats and nylon monofilament. - The Company was promoted by B.D. Garware. Maharashtra Rajya Machhimar Sahakari Sangh Ltd. had been associated with the Company since its inception and subscribed for preference shares of the Company of the face value of Rs. 5 lakhs at the time of promotion.
1976 - 2 20 000 No. of equity shares held by promoters etc. Financial institutions subscribed for 1 00 000 No. of equity shares. Maharashtra Rajya Machhimar Sahakar Sangh Ltd. held all the Pref. shares. Pref. shares redeemable during 2nd November 1989/92 at 3 months notice.
1977 - The Company commenced business activities in November.
1979 - The company was granted an industrial licence for undertaking the manufacture of expanded PVC floats with an annul capacity of 240 tonnes in collaboration with Bakelittfabrikken A/S Norway. A letter of intent was received for the manufacture of 120 tonnes per annum of nylon monofilament essentially for captive consumption.
1980 - In June the Company entered into a technical collaboration agreement with Bakelittfabrikken A/s (BEAS) of Norway for the manufacture of expanded PVC floats. Besides supplying the know-how the colalborators agreed to assist the Company to export the products and permit the Company to use their trade mark "SCANMARIN" in the export market.
- Pref. dividend raised from 9.5% to 11% per annum. 3 20 000 bonus No. of equity shares issued in prop. 1:1.
1981 - The name of the Company was changed from Modern Nets Ltd. to Garware Marine Industries Ltd. with effect from 17th December.
1982 - 10 00 000 No. of equity shares issued at par of which 1 96 400 shares reserved and allotted to promoters etc. The balance 8 03 600 shares offered for public subscription in Dec. 1981.
1984 - There was labour unrest and strike in the Ahmednagar factory during June-August.
- The Company issued and allotted 87 290 non-convertible debentures of Rs. 100 each for Rs. 87 29 000 to UTI on private placement basis for working capital purposes.
- The Company revalued its leasehold lands factory buildings plant and machinery as on 1st April. The resultant surplus arising out of this was credited to revaluation reserve.
1985 - The operations at the Ahmednagar unit were adversely affected due to labour problem which resulted in declaration of a lock-out of a major part of the plant in the middle of July 1986.
1987 - The lock-out at the net-making section at Ahmednagar was lifted from 1st August.
1991 - The Company issued 1 00 000 - 15% secured redeemable non-convertible debentures of Rs. 100 each to BOI Mutual Fund on private placement basis.
1992 - During May the Company issued 16 40 000 No. of equity shares of Rs. 10 each at a premium of Rs. 5 per share to shareholders as rights in proportion 1:1. Additional 2 46 000 shares were allotted to retain oversubscription.
- Another 82 000 shares were offered to employees on an equiable basis at a premium of Rs. 5 per share. Only 9 100 shares taken up. The remaining 72 900 shares were taken up by SBI Mutual Fund.
- In September 1994 the Company issued a rights issue of 14 43 200 No. of equity shares of Rs. 10 each at a premium of Rs. 15 per share to the existing shareholders in the rates of 2:5 shares. Another 72 160 shares were covered to the employees on an equitable basis (Details of allotment not know).
1993 - 19 68 000 shares issued as Rights shares.
