Vardhman Holdings, incorporated in 1962, is part of the Vardhman group. The company is a registered non-banking financial company. It got its current name on March 27, 2006. Pursuant to demerger of the textile business in terms of the scheme of arrangement between the Company and Vardhman Textiles (formerly known as Mahavir Spinning Mills) as sanctioned by the Punjab and Haryana High Court on March 4, 2005, the company has assets other than that related to the textile business, which mainly comprises of Investments. The earnings at present are in the nature of dividends on investments.
The registered office of the company is located at Chandigarh Road, Ludhiana-141010.
- 1962 - Vardhaman Spinning and General Mills was incorporated on 27th December, at Punjab. The manufacture cotton spinning and line manufacturing, staple fibre yarn, machine combing and recombing of all types of fibres and the manufacture of Mild high carbon and spring steel billets/ingots.
- 1970 - Equity shares subdivided. In July 1972, 20,000 Pref. and 4,00,000 No. of equity shares issued. 57,000 No. of equity shares reserved for directors and the balance offered to public.
- 1975 - Issued 1,00,000 No. of equity shares to IFCI and 80,000 No. of equity shares to IDBI on conversion of loan on 1.7.1975. 1976 - 4,39,400 bonus equity shares issued in prop. 1:2.
- 1982 - During February, the Company issued 2,00,000-13.5% convertible secured debentures of Rs 100 each at par with additional interest of 1% when the company declares a dividend of 18% or more. - Rs 18 from each debenture of Rs 100 is convertible into one equity share of Rs 10 each at a premium of Rs 8 per share on 1st January, 1983 (Conversion right is already exercised.) The balance amount of Rs 82 per debenture is redeemable in four equal annual installments of Rs 20.50 each commencing from the expiry of the 8th year from the date of allotment of debentures. In the event of a bonus issue prior to 1st January, 1983, the entitlement to shares will get augmented and the premium payable on conversion will stand reduced proportionately.
- 13,18,200 bonus equity shares issued in prop. 1:1 during December. 4,00,000 No. of equity shares issued to the debenture holders in January 1983 of which 2,00,000 shares issued on account of part conversion of debentures and the balance 2,00,000 by way of bonus shares.
- 1985 - The Company proposed to replace 8,216 old spindles by new ones and also add on a few balancing equipments in the dye house. The necessary approval was received for setting up an industrial unit with 300 looms and process house.
- 1986 - The Company launched another modernisation scheme for its spinning unit at Ludhiana. The Company then launched one more modernization scheme. - The Company issued 3,00,000-15% secured non-convertible redeemable debentures of Rs 100 each on private placement basis to the Life Insurance Corporation of India, the Unit Trust of India and General Insurance Corporation to meet the working capital needs.
- 1987 - The Company received a letter of intent for setting up a 6,000 worsted spindles project at Mandideep in Madhya Pradesh. - 20,000-9.5% pref. shares were redeemed.
- 1989 - The Company launched one more modernization programme, for the Company's spinning as well as the steel unit. - The Company proposed to expand the capacity of the unit by about 30,000 spindles. - The Company was granted a letter of intent for the setting up a weaving unit in Himachal Pradesh with a capacity of 300 tonnes. Effective steps were being taken for the implementation of the first phase by installing 72 airjet weaving machines.
- 1990 - Production at the Steel Unit was affected by labour unrest for about three months. - The Company was granted a letter of intent for setting up a 100% EOU in Himachal Pradesh with a capacity of 25,000 spindles.
- 1993 - The Company undertook to set up a dye house for processing of fibrics/yarns. - The Company made a preferential issue of 15,00,000 warrants entitling 15,00,000 No. of equity shares of Rs 10 each to its promoters. - During January, the Company issued 15,94,110-14% secured redeemable partly convertible debentures of Rs 300 each of which 15,18,200 debentures were issued to shareholders on rights basis in proportion 1 deb. : 2 equity shares held (all were taken up). Another 75,919 debentures were offered to employees on an equitable basis (2,310 shares taken up). - Part A of Rs 150 of the face value of each debenture was converted into 1 equity share of Rs 10 at a premium of Rs 140 per share after 6 months from date of allotment of debentures. - Part B of Rs 150 of the face value of each debenture was to be redeemed at par in 3 annual instalment of Rs 50 each at the end of 7th, 8th & 9th year from the date of allotment of debentures.
- 1994 - 92,56,400 bonus equity shares issued in prop. 2:1.
- 1995 - The performance of the Company suffered due to the high prices of cotton which kept the margins under pressure. - The Company undertook to enrich its product-mix and also diversify its market base, by new development of products based on capabilities and skills created. - 6,90,000 No. of Equity shares allotted against warrants which was earlier issued to promoters and their associates on preferential basis. Another 13,80,000 Bonus Equity shares issued in prop. 2:1 on 30.9.95.
- 1996 - Introduction of new value added products. The Company proposed to change the location of the 100% EOU project having capacity of 50,000 spindles from Pithampur to Baddi with a capacity of 25,200 spindles in the first phase was expected to be commissioned during 1997-98. - The Company also proposed to expand weaving operations by adding 36 looms.
- 1997 - The Company proposed to set up a fabric house in the name and style of `Auro Textiles' at Himachal Pradesh in technical collaboration with `Tokai Senko' of Japan with a capacity of 30 million metres per annum. - Vardhman is also setting up a 100 per cent EoU at Baddi with installed capacity of 25,200 spindles. - The company is also taking up expansion programme of its Weaving division by installing another 36 looms. The expansion will be operational by November.
- 1998 - VSGM has maintained its capacity utilisation at about 97 percent. - Vardhman Spinning and General Mills (VSGML), the flagship company of the Ludhiana-based Vardhman group, issued partially convertible debentures (PCDs) in December 1992. - The company set up a 100 per cent EoU of 25,000 spindles, which was commissioned in March. With this, the total capacity stands at 1.48 lakh spindles. - The company plans to set up a fabric process house in Baddi with technical collaboration from Tokai Senko of Japan.
- 1999- The company has a strong market position in the yarn business, sound fundamentals and an impressive financial track record. - The company has been implementing projects to enhance its spindleage.
- 2003 - Industrial Development Bank of India (IDBI) has withdrawn the nomination of Mr. B K Batra from the Board of the Company and has appointed Mr. C V Ramani as its nominee director on the Board of the Company in his place. -Mr. S P Oswal appointed as Chairman & Managing Director of the Company -Board approves delisting of securities from Delhi Stock Exchange
- 2004 - Vardhman Spinning & General Mills Ltd has informed that the Equity Shares of the Company has been delisted from the Delhi Stock Exchange Association Ltd, New Delhi w.e.f. March 31, 2004.
- 2009 - Vardhman Holdings Ltd has appointed Shri. O P Sharma as an additional director on the Board of the Directors with effect from July 24, 2009.