History of Digjam Ltd.
YEAR EVENTS 1948 - The Comp. was incorporated on 15th March, at Mumbai. The Comp. manufactures all kinds of woollen & worsted yarns & piece goods.
1980 - A letter of intent was received for 1,200 NMM worsted spindles which were installed & commissioned.
1981 - 8,38,796 Bonus shares issued in prop. 1:1.
1982 - The Comp. received Government approval to further expand the spinning capacity. One more diesel generating set of 750 KVA was added.
- During November the Comp. issued 1,60,000-13.5% secured convertible debentures of Rs 125 each for a total amount of Rs 2 crores out of which 95,000 debentures were offered to the public.
- Out of each debenture, Rs 45 was convertible into three equity shares of Rs 10 each at a premium of Rs 5 per share on 1st July, 1983. The balance Rs 80 per debenture was to be redeemed at par in three annual instalments of Rs 25, Rs 25 & Rs 30 commencing from the end of 8th year from the date of allotment.
1983 - The Comp. undertook to set up a modern vegetable oil extraction plant at Harda in the District of Hoshangabad in Madhya Pradesh.
- The Oriental Carpet Manufacturers limited [OCMs] & Universal Electric Ltd., were amalgamated with Shree Digvijaya Woollen Mills limited with effect from 1st July. Consequent upon this amalgamation shareholders of OCM were to be allotted 8,33,468 No. of equity shares of Rs 10 each in the prop. of 1 equity share for 1.75 No. of equity shares held in OCM & 15,000-11% preference shares of Rs 100 each in the prop. of 1 preference share of SDM for every 10 preference shares held in OCM.
- The shareholders of UEL were to be allotted 7,90,778 No. of equity shares of Rs 10 each in the prop. of 1 equity share of SDM for every 2.25 equity shares held in UEL & 8,100-6.5% preference shares of Rs 100 each in the proportion of 1 preference share of SDM for every preference share held in UEL.
- Out of these, 15,000-11% preference shareholders of OCM & UEL were allotted during 1985-86. Allotment of 8,100-6.5% preference shares for preference shareholders of UEL & 1,23,661 No. of equity shares to the equity shareholders of OCM & UEL was pending.
- 4,79,925 shares allotted in conversion of deb. prem. Rs 5 per share.
1984 - The Comp. proposed to take up a modernisation programme at the Jamnagar & Amritsar units.
- Land, building, plant & machinery & vehicles of Mujesan [Ahmedabads] unit were revalued & the net surplus of Rs 263.15 lakhs arising out of this was credited to capital reserve.
1985 - Some shuttleless looms were installed at the Digjam & the OCM Woollen Mills Division.
- The name of Comp. was changed from Shree Digvijaya Woollen Mills Ltd., to the present one. During 1994-95, name of the Comp. was again changed from VXL India limited to the present one.
- Authorised capital reclassified. 15,000-11% Pref. & 15,00,585 No. of Equity shares issued without payment in cash as per the Scheme of merger.
1986 - 21 shuttleless looms were installed.
- The Comp. considered a proposal to manufacture ready-to-wear men suits.
- The Comp. proposed to expand its business in high-tech electronic equipment in Universal Engineering, high protein soya-based meals & fields in Sidharth Oils.
- An agreement was entered into with the Mitsubishi Electric Corporation in connection with export of components and protection panels manufactured by Company.
- Authorised capital increased. 37,81,763 bonus shares issued in prop. 1:1.
1989 - The Comp. installed 15 latest high speed sulzer looms.
- A Letter of Intent was received for manufacture of microwave components & connectors.
- Also, an agreement was entered into with Landis and Gyr a swiss Comp. for jointly setting up facilities in India to manufacture a superior range of electricity meters & test benches with a substantial export commitment.
- Landis & Gyr also agreed to subscribe to the equity capital of of VXL to the extent of S. Fr. 2 million.
- During February-March, the Comp. offered 15,50,000-12.5% secured redeemable partly convertible debentures of Rs 100 each on Rights basis in the proportion 1 debenture : 5 equity shares held [all were taken ups]. Additional 2,32,500 debentures were allotted to retain over-subscription.
- During the same period, the Comp. issued through a prospectus 14,50,000-12.5% partly convertible debentures of Rs 100 each out of which the following debentures were reserved for preferential allotment: [is] 1,50,000-12.5% to employees [including Indian working directorss]/workers on equitable basis [only 11,790 debentures taken ups] & [iis] 3,00,000 debentures to NRIs on repatriation basis [all were taken ups].
- The balance 10,00,000 debentures along with 1,38,210 debentures not taken up by employees were offered to the public. Additional 2,17,500 debentures were allotted to retain oversubscription [45,000 debentures to NRIs & 1,72,500 debentures to the publics].
- Rs 50 of face value of each debenture was to be was to be converted into 2 equity shares of Rs 10 each at a premium of Rs 15 per share on the expiry of 6 months from the date of allotment of debentures.
- The remaining Rs 50 of face value of each debenture was to be redeemed at par in 3 annual instalments of Rs 17, Rs 17 & Rs 16 respectively at the expiry of 7th, 8th & 9th year from the date of allotment of debentures.
1990 - Working of Digjam Woollen Mills was adversely affected due to agitation by a section of workmen of unit.
- As on 28th March, the Comp. acquired `Saurashtra Chemicals' at Porbandar [Gujarats]. The unit known as 'Saukem' is licensed to produce both soda ash & caustic soda.
- It was proposed to undertake modernisation of soda ash plant at a cost of Rs 87 crores. After modernisation the plant was expected to produce 1000tpd soda ash by solvay process. Technical advice for said programme was to be obtained from Poland.
1991 - The Comp. proposed to undertake further modernisation-cum-expansion programmes in both units by installing initially 36 high speed looms in the two units and 2000 additional worsted spindles at Digjam. Later it proposed to install 5000 spindles at each of two units.
- The Comp. offered during March/April, 36,15,880-12.5% secured fully convertible debentures of Rs 50 each for cash at par on Rights basis in the prop. 1 debenture : 4 equity shares held. [All were taken ups]. Additional 5,42,382 debentures were allotted to retain over-subscription.
- Another 1,80,794-12.5% fully convertible debentures of Rs 50 each offered to employees [including Indian working directorss]/workers of Comp. on an equitable basis. [Only 6,275 debentures were taken up & the unsubscribed portion was allowed to lapses].
- Rs 25 of face value of each debentures [Part As] was to be automatically & compulsorily converted into one equity share of Rs 10 each at a premium of Rs 15 per share on 1st June, 1992. Accordingly 41,64,537 No. of equity shares were allotted on 1st June, 1992.
- The remaining Rs 25 [Part Bs] of face value of each debentures was to be compulsorily & automatically converted into one equity share of Rs 10 each at a premium of Rs 15 per as on 1st December, 1992.
- During December, the Comp. issued 10,00,000-14% secured non-convertible debentures of Rs 100 each on private placement basis. These debentures will be redeemed at a premium of 5% on the expiry of 7 years from the date of allotment.
- Land, building, plant & railway sidings of Comp. were revalued & the net surplus of Rs 117.76 crores arising out of this was credited to capital reserve.
1992 - Production of Saurashtra Chemicals Unit was affected due to severe drought conditions in Saurashtra & consequent cut in its water supply & chronic problem of insufficient & poor quality coal of supply.
- The Comp. installed 30 high speed sulzer/dornier looms, 2000 spindles & other finishing machines.
- Siddharth Oil factory was transferred to Siddharth Sugar Products, Ltd., which was formed for implementing the project to manufacture Soya Products in collaboration with Central Soya Inc. of U.S.A.
- It was proposed to set up a project for manufacture of electrical switchgears in collaboration with Mitsubishi Electric Corporation of Japan.
- 8,100-6.5% Pref. shares redeemed 41,59,260 No. of Equity shares allotted in part conversion of 12.5% debentures on 1.12.1992.
1993 - 28 high speed dornier/sulzer looms & certain other auxiliary machines were added to Digjam & OCM units. The Company proposed to install an R.O. desalination plant based on sea water input in order to solve of trepeating water problem in Saurashtra.
- During August, the Comp. issued 125,35,930-Zero coupon secured fully convertible debentures of Rs 90 each: [is] 113,96,300 debentures on rights basis in the proportion of 1 debenture: 2 equity shares held; [All were taken ups]; [iis] 5,69,815 debentures to associate companies [all taken ups] & [iiis] 5,69,815 debentures to employees [Only 3231 debentures taken ups]. Each Debenture was to be converted into three equity shares of Rs 10 each at a premium of Rs 20 per share on 1st Febraury, 1994.
1994 - The Comp. proposed to install 39,476 latest generation worsted spindles & 76 modern high speed looms were being installed.
- 29,30,000 No. of Equity shares of Rs 10 each issued at Rs 55 per share on private placement basis.
1995 - A total of 12.232 latest generation new spindles & 30 new high speed looms were installed. A further 12,232 additional spindles & 16 high speed looms were currently under installation.
- The Comp. finalised a tie-up with Messrs. Dormeuils of Paris for a joint venture to market Dormeuil brand products in India.
- The Comp. also finalised an agreement with the Haggar Clothing Co. of USA in the ready-made garment business.
- 35,00,000 No. of Equity shares issued at a premium of Rs 47 per share on exercise of conversion option by warrant holders. 12,807 forfeited shares were annulled.
1996 - In the Chemical Unit, the 3-years wage agreement with the workers came to an end & various demands of workers were referred to the industrial tribunal by Government of Gujarat. Since some workers resorted to strike, the management was forced to declare a lock-out effective 24th May, 1997 at the Saurashtra Chemicals Unit.
- The Comp. installed in its textisle group 12,232 new, latest generation spindles apart from 16 high speed looms. The 12 old looms were discarded.
- The Comp. proposed to manufacture spun silk yarn for exports, in financial & technical collaboration with Masuzawa Co. Ltd., Japan in a new subsidiary.
- During the year, the Company licence agreement with Haggar Clothing Co., U.S.A. was approved by Government of India and with this, the Comp. was in a position to market ready made trousers in India under the Haggar technology & brand.
- Authorised unclassified shares increased. 65,00,000-17% Preference CR alloted on private placement basis.
1997 - The severe cyclonic storm which struck Gujarat in June affected the Saukem plant & also its production.
- The Comp. entered into an agreement with Italian firm of Marzotto for improving the levels of operating efficiency and quality of textile products.
- During the year 20 new shuttle-less looms were installed. Modernisation/expansion of most of plant at Saukem were almost completed. The new Thermal Power Station was expected to be commissioned by middle of 1999.
2002-Birla VXL Ltd has informed BSE that the Board of Directors of Comp. at their meeting held on July 30, 2002 have noted the following changes:
Sarvashri D F Patel & V J Pabari have ceased to be the Directors of Comp. following withdrawal of their nomination by Government of Gujarat as its nominee Directors from the Board of Directors of Company.
Dr V K bhalla, Nominee Director of IDBI on the Board of Directors of Comp. has ceased to be a Director of Comp. w e f July 31, 2002 following withdrawal of his nomination by IDBI. Dr G Goswami has been nominated in his place by IDBI as its nominee Director on the Board of Directors of Comp. from the said date.
2003
-Mr. Satish Gupta replaces Mr. Sanjoy Gupta as nominee of ICICI Bank Ltd.
2004
-Birla VXL - Delisting from Delhi Stock Exchange
2006
-Birla VXL Ltd has informed that Shri. Rajeev Surana has tendered his resignation from the position of Executive Director & Chief Operating Officer of Company.
2008
-Company name has been changed from Birla VXL Ltd to Digjam Ltd.
