- The Company was Incorporated on 26th July, at Chennai. The Manufacture analog electronic watches with a choice of over 150 designs. The company was promoted jointly by Questar Investments, Ltd., a Tata Company with its associates Tata Sons, Ltd., and Tata Press, Ltd., and Tamil Nadu Industrial Development Corporation, Ltd. (TIDCO). The main objective of the company is to manufacture analog electronic watches with a choice of over 150 designs.
- The Company undertook to set up a plant for the manufacture of quartz
analog electronic watches in the State Industries Promotion Corporation
of Tamil Nadu, Ltd. Industrial area at Hosur.
- The Company entered into a collaboration agreement with France Ebauches (FE) of France, manufacturers of watch movements and components, for technical documentation, assistance in procurement of
manufacturing equipments, raw materials, etc.
- The Company proposed to manufacture 2 million digital and ana-digi watches in collaboration with Casio Computer Company of Japan. A MOU
was signed between the Company and Casio in November, 1986.
- The Company established a manufacturing facility at Hosur for the manufacture of components for watches.
- In April the Company also issued 5,25,000 - 13.5% secured redeemable
partly convertible debentures of Rs 300 each for cash at par. The debentures were allotted on preferential basis: (i) 26,250
to employees/workers of the Company and associate companies (ii) 52,500
debentures to shareholders of Tata Press Ltd. and (iii) 1,31,250 debentures to NRIs on repatriation basis. The remaining 3,04,500 debentures along with the unsubscribed portion of 78,900 debentures from the preferential quota were offered for public subscription during
April. Additional 1,31,250 debentures were allotted to retain
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- The convertible portion of Rs 100 of the face value of each debenture
was converted into 10 equity shares of Rs 10 each at the end of three
months from the date of allotment of debentures (65,62,500 equity shares were allotted accordingly).
- The non-convertible portion of Rs 200 of the face value of each debenture was to be redeemed at par at the end of the 10 years from the
date of allotment of debentures.
- A new range of watches called `Aqura' was launched in December.
- The case plant at Hosur was commissioned. The plant was to produce
1.5 million watch cases. The project cost was financed partly through
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