History of Bombay Dyeing and Manufacturing Comp. Ltd.
1879
- The Comp. was incorporated on 23rd August, at Mumbai. It manufactures cotton textile goods, non-woven fabrics & DMT. The textile products are sold under the trade name 'TEXSPRING', 'SPRINGTEX', etc. Operations other than spinning & weaving are bleaching, dyeing, printing, mercerising, sanforising, tebilizing, Hecowa & other finishings.
- Archway Investment Comp. [Ps] Limited became a wholly owned subsidiary of company.
- Scal Investments Limited & Pentafil Investments, Limited are also subsidiaries of company. Scal Services Limited, is a subsidiary of Scal Investment Limited is also a subsidiary of Company.
1961
- The Comp. entered into an agreement with Tootal Broadhurst Lee. Co. Limited, Manchester, for technical know-how & use of their patented crease resistant & minimum ironing processes under which the company was permitted to brand its goods with marks 'Tebilized' and 'Tebilized Double'. In the following year, negotiations were concluded with Heberilein and Comp. of Wattil, Switzerland, for right to use their 'Hecowa' finish on processed goods.
1968
- In February, the scheme of amalgamation of Nowrosjee Wadia Ginning and Processing Comp. Limited, with the Comp. was approved by the Mumbai High Court with retrospective effect from 1st October, 1967.
1974
- 2,89,129 Bonus shares issued in prop. 1:5.
1976
- 3,46,955 bonus shares issued in prop. 1:5.
1978
- A letter of intent was received for manufacture of 60,000 tonnes of dimethyl terephthalate [DMTs]. An agreement was entered into with Hercofina of USA, for purchase of equipment & machinery & for technology & technical service.
1979
- A new Comp. under the name P.T. Five Star Industries, limited was incorporated in Indonesia.
- The Comp. also entered into a Technical Services Contract with their Indonesian Comp. under which it was to be paid 2% of net sales.
- During July/August, 20,81,729 Bonus shares issued in prop. 1:1.
1982
- 3,33,334 No. of Equity shares allotted to debenture holders upon conversion of debentures at a premium of Rs 5 per share.
1986
- During May/June, the Comp. offered 8,00,000/15% secured redeemable non-convertible debentures of Rs 100 each on rights basis to the equity shareholders, & to the holders of 12% non-convertible debentures.
1988
- The Comp. installed 2 open-end spinning machines, 3 auto coners, 7 high speed combers, 1 hot air stenter & some jiggers in the processing house in Mumbai.
- A caustic recovery plant was installed. The Comp. agreed to take up 40% equity in an integrated textile project to be set up in Bandung in collaboration with an Indonesian company.
1989
- 2 new Blow Room lines with cards, 7 auto coners & 48 new Air-jet Weaving machines were installed. At the processing house, in Mumbai, some Polywool processing machinery & new fusible interlining machines were also installed.
- The Comp. submitted revised proposal for foreign collaboration for the expansion of capacity of DMT to 100,000 TPA.
- The Comp. entered into a contract with 20th Century Foods Pvt. limited of Singapore to render technical services to Thulhiriya Textile Mills [Sri Lankas] a Government owned textile mill of Sri Lanka, having 1,30,000 spindles & 560 looms.
1990
- The Comp. installed a blow room line with high production cards, 6 open-end spinning machines, 16 sulzer weaving machines & 2 auto coners at its manufacturing mills. Additions to the processing machinery included a chairless mercerizer, energy efficient stenter, a soaper, a singeing machine & 3 yarn dyeing units.
- 112,41,980 Bonus Equity shares issued in prop. 1:1.
1991
- The Comp. installed 2 blow room lines, 15 trutzscher cards, 4 laxmi reiter cards, 12 high-speed draw frames, 6 combers, 2 sizing machines, 1 hot flue drying machines & 6 open-end spinning machines.
1992
- The Capital Equipment installed included 72 air jet weaving machines, 8 trutschler cards, 9 draw frames, 5 open end spinning machines, 6 autoconers, 1 warping machine & 2 sizing machines.
1993
- On 2nd December, the Comp. launched the Euro Issue in the international markets.
- During May/June, the Comp. offered 47,21,632-15% secured non-convertible debentures [NCDs] and/or secured premium notes with zero interest [SPNs] of Rs 200 each with 2 detachable warrants attached to each NCD/SPN as follows:
- [is] 44,96,792 NCDs and/or SPNs for equity shareholders of the Company in the proportion of 1 NCD/1 SPN for every 5 equity shares held [all were taken ups];
- [iis] 61,568 NCD and/or SPNs to the holders of 15% secured non-convertible debentures [1986 seriess], at the rate & in relation for their existing holding of 15% secured redeemable non-convertible debentures [only 32,077 NCDs/SPNs taken ups] and
- [iiis] 1,63,272 NCDs and/or SPNs to the employees of Comp. [only 85,610 NCDs/SPNs taken ups].
- The Comp. would issue 2 detachable warrants for holders of NCDs/SPNs after the NCDs/SPNs are fully paid-up. Each warrantholders would have a right to apply for & be allotted 'a first equity share' of the Comp. upon payment of Rs 60 per share between the date of allotment of NCDs/SPNs & 6 months therefrom & a secured equity share on payment between 18 months & 36 months from the date of allotment of NCDs/SPNs.
- The NCDS would be redeemed at par at the end of 8th year from the date of allotment thereof or at the option of Comp. at par but not before the end of 5th year from the date of allotment in part or full.
- The principal amount of SPN of Rs 200 each would be repaid in 4 equal annual instalments of Rs 50 each together with a premium of Rs 60 per SPN at the end of 4th, 5th, 6th & 7th years from the date of allotment of SPNs.
- 99,41,999 No. of equity shares allotted as follows: 54,34,782 No. of equity shares underlying GDRs on 17.1.94, 32,43,085 shares allotted against 1st warrant attached to NCD on 11.2.94, 12,64,132 shares issued on 11.1.94 against 1st warrant attached to NDCs/SPNs.
1994
- 6,94,508 shares allotted as follows: 81,349 shares allotted at a prem. of Rs 50 per share against 1st detachable warrant on 1st July to shareholders 13,159 shares at a prem. of Rs 50 per share issued on 1st November against 1st detachable warrant to shareholders. 6,00,000 shares allotted at prem. of Rs 65 per share to promoters on excercise of 1st warrant on 26th December.
1995
- Bombay Dyeing & Manufacturing Comp. Ltd., the largest manufacturer of DMT, is increasing its capacity from 1,12,000 tpa to 1,45,000 tpa.
- 54,52,086 shares allotted consequent upon exercise of conversion Rights allotted to equity warrants issued on Right basis to shareholders & GDR warrants.
1996
- The volume of DMT division grew from 1,34,540 tonnes to 1,43,586 tonnes despite a 6 weeks shutdown in the first half of year.
- 31,000 shares exercise of GDR warrants during the year. 17,84,544 No. of equity shares allotted against 1st & 2nd Detachable warrants which were issued alongwith 15% Right Non-convertible debentures. 7,433 shares allotted on exercise of warrants.
1997
- The Comp. introduced three new brands for Home collection.
- The volume of DMT produced also came down to 1,37,666 tonnes, due to a fire which took place in April.
- 606,299 No. of equity shares issued on conversion of equity warrants issued on a rights basis to shareholders/promoters.
- The Comp. has introduced various projects in its mills to improve the quality of yarn & fabric & reduce rejects.
- Bombay Dyeing is the largest supplier of DMT in the country with a capacity of 1.60 lakh tonnes per annum.
- The Bombay Dyeing and Manufacturing Comp. Ltd has signed an agreement with NSDL to get its equity share admitted for dematerialisation.
- Bombay Dyeing signed up with fieldstone Cannon of US to setup a 50:50 joint venture to make terry towels.
- Textiles & petrochemicals firm Bombay Dyeing & Manufacturing Company Ltd has shut down its DMT plant after a fire broke out on August 9.
1998
- The Comp. plans to shut down the operation at the DMT plant for a couple of days the following week owing to internal technical problems. The Comp. produces almost 14,000 to 15,000 tonnes of DMT a month. The DMT plant has a capacity of 1.65 lakh tonnes per annum.
- The Comp. introduced two new brands viz 'princeton' & 'Forest Hills' in Apparel & 'Tulip' & 'Harmony' in the home collection segment almost seven years after the launch of its Vivaldi brand.
- Bombay Dyeing has become the latest entrant into the depository with the signing of an agreement to get its equity shares admitted for dematerialisation process began as Bombay Dyeing share registrar and transfer agents are already networked with NSDL.
- The Bombay Dyeing and Manufacturing Comp. Ltd has signed an agreement with NSDL to get its equity share admitted for dematerialisation.
- Bombay Dyeing & Manufacturing Comp. Ltd has entered into a long-term contract for export of 15 per cent of its DMT production.
- Bombay Dyeing has been affected by depressed prices of DMT and stagnant performance of textile sector.
- Bombay Dyeing, flagship of Wadia group, is shortly launching two independent, stand-alone brands in the casual & formal-wear category in a bid to make inroads into the higher segment of men garment market.
1999
- Bombay Dyeing has called off its proposed terry towel joint venture project with the US-based Fieldcrest Cannon.
2000
- The Comp. has closed down its Spinning unit in Jamnagar, Gujarat with effect from July 29, & a Voluntary Retirement Scheme has been offered to the 425 employees.
2001
- The Comp. has informed that, Mr.S.S.Kelkar has retired as ED of the company w.e.f. close of business on 31.07.01. He will, however, continue as an ordinary Director of Comp. w.e.f. 01.08.01, and Mr.Ness N. Wadia has been appointed as Dy.Managing Director of the company w.e.f. 01.08.01.
2002
-Company buys back its equity shares of face value of Rs.10 each from the open market.
-Board declares to pay an interim divident of Rs.1/- per share
-The Board of Directors approve for proposal of financial restructuring of company.
-Downsizes the employee strength by 700 employees during the financial year in its restructuring strategy.
-Acquires 51% stake in Proline India for a sum of Rs.4 cr
-Changes its Readymade Garment Business to Proline India limited
-Ninu Khanna appointed as Managing Director of Bombay Dyeing.
-Stake increased by 1.75% by its promoters.
-Bombay Dyeing and Mfg Co. Ltd informs that the Board of Directors of Comp. at their meeting held on June 11, 2003 have appointed Mr. S Ragothaman as an additional Director of Company.
-Unveiles new media campaign. The `Gladrags' model is the new face of Bombay Dyeing. The tagline reads, `Bring style home.'
-Voluntarily delists the Company Equity Shares from MSE.
-The promoter equity stake stands at 43.19 per cent, slightly more than last fiscal 42.58 per cent. Spread over two fiscals.
-Director, Mr K F Rustamji passes away on Mar 02 2003.
-The board approves for voluntary delisting of company equity shares from stock exchanges.
-In pursuant to RBI Two Way Fungability of ADR's/GDR circular, Comp. enters into an agreement with Citibank NA.
-Special court decides not to auction the company shares held by Harshad Mehta.
-Delisted shares from Delhi Stock Exchange.
- Bombay Dyeing unveils 150 new designs in bed & bath linen & home towel category
2005
-Nickleodeon,ties up with Bombay Dyeing for a merchandising arrangement
