Pricol Ltd

Pricol Ltd

Pricol Limited was incorporated on 18th May 2011. The Company is engaged in the business of manufacturing and selling of Instrument clusters and other allied automobile components to Original Equipment Manufacturers (OEM) and replacement markets. The company carries out business operations in Driver Information Systems and Sensors Pumps and Allied Products Telematics and Wiping Systems catering to leading automotive OEMs in Two / Three Wheeler Passenger Vehicles Commercial Vehicles Farm Equipment and Off-road Vehicles across India and in International Markets in over 45 countries with more than 2000 product variants. Today the company has 7 manufacturing plants across Coimbatore Manesar Pantnagar Pune and Sricity in India 1 manufacturing plant in Indonesia and 1 subsidiary in Satara in India with 2 international offices in Tokyo and in Singapore. The Company commenced commercial production at Plant I in the year 1975 as one of India's leading automotive components and precision engineered technological solutions and products manufacturers head quartered in Coimbatore South India and it strides as a reputable global brand in the automotive component and products business highly recognized by top automotive OEMs across the world. The Company established Plant II at Gurgaon which commenced commercial operations from May 1988. It established Plant III at Chinnamathampalayam Coimbatore which commenced commercial production in September 1999.In 2004 the Company's name was changed to 'Pricol Limited' from 'Premier Instruments & Controls Limited'. In the same year the Plant II was shifted to expand company's own premises at Manesar National Capital Region.In 2007 the Company incorporated PT Pricol Surya wholly owned subsidiary in Indonesia. In 2011 Pricol Pune Limited a wholly owned subsidiary was incorporated in Pune.The Hon'ble High Court of Judicature at Madras vide its order dated 6th October 2016 had sanctioned the Scheme of Amalgamation of erstwhile Pricol Limited (`Transferor Company') with erstwhile Pricol Pune Limited (`Transferee Company') with the appointed date as 1st April 2015. Pursuant to the Scheme of Amalgamation sanctioned by the Honorable High Court of Judicature at Madras Erstwhile Pricol Limited (Transferor Company) amalgamated with Pricol Pune Limited (Transferee Company) with the appointed date as 1st April 2015 and the Transferee Company was renamed from Pricol Pune Limited to Pricol Limited vide fresh Certificate of Incorporation granted by Ministry of Corporate Affairs with effect from 18th November 2016. During the financial year 2016-17 94796721 shares of Re 1/- each were allotted for consideration other than cash in terms of the Scheme of Amalgamation with Erstwhile Pricol Limited which was sanctioned by the Hon'ble High Court of Judicature at Madras on 6th October 2016. In October 2017 the Company signed an agreement and entered into a technical partnership with Kerda Technologies for Oxygen Sensors and ACHR for Fuel Pump Modules & Pressure Regulator as products.In 2017 the Company commissioned a state-of-the-art Greenfield manufacturing plant in Pune. During the year it acquired PMP Auto Components Pvt. Ltd. a leading global manufacturer of Automotive Wiping systems and increased the manufacturing presence in North America and Europe through this acquisition.In 2018 the Company signed a partnership with Dongguan Shenpeng Electronics Co Limited China for introduction of Electrical Water Pumps in India.The Board of Directors at their meetings held on 19th March 2019 and 29th July 2020 approved the disposal of its wholly owned subsidiaries viz Pricol Wiping Systems India Limited (PWS India) and Pricol Espana S.L. Spain along with its subsidiary Pricol Wiping Systems Czech s.r.o Czech Republic. The same was approved by the Shareholders in their meeting held on 29th August 2019. Pursuant to the authorization for the further infusion of capital through Rights issue by the Board of Directors of the Company in accordance with the provisions of the Companies Act 2013 and the applicable Rules prescribed thereunder and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 as amended the Company had issued 27084777 fully paid-up Equity Shares of face value of Re 1/- each for cash at a price of Rs 30/- per Equity Share (including a premium of Rs 29/- per Equity Share) aggregating to Rs 8125.43 lakhs on a rights basis to eligible equity shareholders in the ratio of two Equity Shares for every seven fully paid-up Equity Shares held on the record date that is 25th November 2020. These equity shares were allotted on 25th December 2020. The fresh allotment of equity shares through Rights Issue as stated above has resulted in an increase of equity share capital by Rs 270.84 Lakhs and securities premium by Rs 7854.59 Lakhs. On 26th May 2021 the Board approved the amalgamation of Pricol Wiping Systems India Limited (PWSIL) a wholly owned subsidiary company with its holding company Pricol Limited with effect from 1st April 2021 (Appointed Date) by way of Scheme of Amalgamation subject to all relevant approvals. By this amalgamation the Wiping Business of PWSIL will be integrated with Pricol Limited. As part of the proposed amalgamation all assets and liabilities of PWSIL shall stand transferred and vested with Pricol Limited.