K-Lifestyle Industries Share price

The Company was incorporated on August 12 1987 as a private limited company under the name of Shree Krishna Polyester and Synthetic Pvt. Ltd. It was converted into a Public Limited Company with effect from January 16 1989. The name of the Company was changed to the present one in May 1989. The Company was earlier registered in the State of Maharashtra. In terms of the Order dated April 24 1990 of the Company Law Board western Region Bench Bombay the Company shifted its Registered Office from the State of Maharashtra to the Union Territory of Dadra & Nagar Haveli.SKPL commenced its operations in August 1989 for twisting of texturised Polyester Filament Yarn (PFY) at Silvassa. It undertook an expansion-cum-diversification scheme in year 1992 setting up texturising facilities alongwith 100 circular knitting machines for the manufacture of knitted fabrics. With a view to achieving forward and backward integration the Company then set up its own facilities for manufacture of cotton yarn and for processing and mercerising cotton knitted fabrics at an estimated cost of Rs. 212 crores. The Company''s plants are located at Bhilad in Gujarat Piperia in Silvassa NaviMumbai and Samarvani in UT of Dadra and Nagar Haveli.SKPL recorded a total income of Rs.543 crores in the year 1998-99 and earned a Net Profit of Rs.70 crores. The Company''s networth was Rs.604 crores as at March 31 1999 against a paid-up capital of Rs.51 crores.In the past the Company tapped the capital market on two occasions to meet its fund requirements. The Company had come out with a Public Issue of 2340000 equity shares of Rs.10/- each at a premium of Rs.40/- per share aggregating Rs.1170 lacs in December 1992. This issue was to fund the expansion-cum-diversification scheme which was estimated to cost Rs.1900 lacs. The project was implemented as scheduled.A Public Issue of 10571000 zero-interest unsecured fully convertible debentures of Rs.140/- each for cash at par aggregating Rs.148 crore was launched in the year 1994 to finance the Company''s backward-cum-forward integration project estimated to cost Rs.212 crore. Each FCD was issued with a detachable warrant entitling the shareholders for one equity share per warrant. The project envisaged setting up of a cotton spinning unit with an installed capacity of 50400 spindles and 480 rotors as also setting up processing and finishing facilities for knitted fabrics with an installed capacity of12000 tpa. The FCD with a face value of Rs. 140/- was in two parts of Rs. 70/- each. Part I of the FCD was converted on allotment into one Equity Share of Rs. 10/- at a premium of Rs. 60/- and Part II was converted on April 1 1995 into one Equity Share of Rs. 10/- at a premium of Rs. 60/-