WELDING & CUTTING
India
 
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The century old ESAB Group is currently owned by Colfax Corporation which is listed on the Newyork Stock Exchange. The Indian arm of the Company, ESAB India Limited was incorporated on 10th November 1987 and commenced its business operations in July 1988 with the acquisition of the welding division of Peico Electronics & Electricals Ltd. (now Philips India Limited) located at Kalwa, Maharashtra. In 1991 the Company acquired the entire welding division of Indian Oxygen Limited (now known as BOC India Limited) with three manufacturing units; two at Kolkata and one at Chennai. In 1992 the Company acquired the controlling interest in Flotech Welding & Cutting Systems Limited, which was engaged in the manufacture of Cutting Machines in Pune. In 1994, the Company acquired Maharashtra Weldaids Limited that had a manufacturing unit at Nagpur. The Company made its maiden public issue of Rs. 30 million in October 1988, which received an overwhelming response. In January 1992, ESAB made a rights issue of 14% Secured Redeemable Partly Convertible Debentures for Rs. 188.2 million, which was oversubscribed. The non-convertible portion of Debentures were redeemed finally in 2000. In April 1994, the Company allotted 999,000 equity shares to the shareholders of the erstwhile Maharashtra Weldaids Limited under a scheme of amalgamation.

At present the Company's shares are listed at the Bombay Stock Exchange and the National Stock Exchange. The Company's shares have already been admitted for trading in depository mode and agreements have been signed with National Securities Depository Limited and Central Depository Service (I) Limited to this effect. The Company's shares are widely held amongst mutual funds, foreign institutional investors, corporate bodies, financial institutions, insurance companies, banks and the general public. The Company has around 9,600 shareholders. Share transfer and dividend processing are handled by Integrated Enterprises (India) Limited,
No.1, Ramakrishna Street,
North Usman Road, T. Nagar,
Chennai 600017.

Tel. No.: +44 - 28140801-03

Email: sureshbabu@iepindia.com,
             corpserv@iepindia.com