Company History - Priyadarshini Spinning Mills

YEAR EVENTS 1981 - The company was incorporated on 14th May, and the certificate of commencement of business was obtained on 3rd July. The company was promoted by Shri C.K. Rao, Shri N. Radha Krishna Reddy, Shri. N. Krishna Mohan and Shri S. Veera Reddy and the Andhra Pradesh Industrial Development Corporation Ltd. (APIDC). The main objective of the company is to manufacture of cotton synthetic and blended yarn. 1982 - Allotted 6,30,000 shares to promoters, directors, etc., and 6,00,000 shares to APIDC. 17,70,000 shares then issued at par of which 1,50,000 shares were reserved and allotted to N. Krishna Mohan and C.K. Rao. The balance 16,20,000 shares offered to the public in October. 1984 - 6,00,000 Right equity shares issued at par in prop. 1:5. 1985 - During the Company decided to install additional 7,344 spindles in the synthetic section followed by the acquisition of 5,600 doubling spindles and 4 Nos. of two-for-one twisters. 1986 - Steps were taken on convert about 13,000 spindles from cotton to synthetic yarn by adding balancing equipment. - The Company embarked upon a major programme of modernisation for upgradation of the product line. 1987 - 4,00,000 rights equity shares issued at par in prop. 1:9. 1990 - The Company undertook a project to set up a new unit at Doddavarappadu in Prakasam District of Andhra Pradesh having a licensed capacity of 25,000 spindles. 1991 - During plant and machinery of Phase-I was commissioned and implementation of the second phase was in progress. 1992 - In the 1st phase, 16,704 spindles were to be installed of which 8,000 spindles were to be commissioned by 31st March. - During March, the Company issued 80,000-14% secured fully convertible debentures of Rs. 250 each on rights basis in the proportion of one debenture for every 50 equity shares held. Additional 12,000 debentures were allotted to retain

oversubscription. - Simultaneously with the above rights issue, the Company offered 1,20,000-14% fully convertible debenutres of Rs. 250 each through a prospects out of which 10,000 debentures were Additional 1,500 debentures were allotted to the employees to retain oversubscription. The balance 1,10,000 debentures were allotted to the employees to retain oversubscription. The balance 1,10,000 debentures were offered to the public. Additional 16,500 debentures were allotted to the public to retain oversubscription. 1993 - Another expansion project for manufacture of value added yarns in man made fibres/cotton was undertaken. During the year, the company undertook diversification programme to generate energy through wind mills. - The Company also proposed to set up a worsted spinning unit of the capacity of 18500 spindles at an estimated investment to facilitate the manufacture of more value added yarns of polyester/wool and pure wool. - 23,00,000 No. of equity shares allotted at a prem. of Rs. 10 per share on conversion of 14% fully convertible debs. 1995 - The Company erected eight wind turbines with aggregate capacity of 1.8 MW at Anantapur, Andhra Pradesh. 1996 - The Company reinforced the existing plant and machinery with imported Auto cone winding machines to improve the quality of yarn. - 20,00,000 warrants were issued to promoters and their associates. Warrants are convertible into equity shares of Rs. 10 each at a premium of Rs. 6.55. 10% of the amount was reissued by the Company and the balance will be paid on conversion. Conversion will take place within 18 months from the date of allotment. 1997 - The name of the Company was changed to the present one from Priyadarshini Spinning Mills Ltd. 2002-C Harish appointed as Executive Director of Priyadarshini Shipping Mills.

-B Venkatesh Babu appointed as Company Secretary and Compliance Officer of Priyadarshini Spinning Mills 2005 -Priyadarshini Spinning Mills Ltd has informed that Mr. H Suresh Prabhu has been appointed as Syndicate Bank Nominee Director on the Board of the Company w.e.f. October 29, 2005. 2006 -Priyadarshini Spinning Mills Ltd into manufacturing and marketing of cotton and synthetic yarn has announced the appointment of Mr Shashidhar S. Hiremath, as the Operation Head for its garment division apparelone. -Priyadarshini Spinning Mills names Mr Shashidhar as Operation Head 2009 - Priyadarshini Spinning Mills Ltd has informed that Mr. Pusapati Ramachandra Raju is appointed as independent director in the Board of the Company with effect from July 31, 2009.