Innovative Tyres & Tubes Ltd

History of Innovative Tyres & Tubes Ltd

Innovative Tyres & Tubes Limited was originally incorporated as a Public company on 28th November 1995 at Mumbai, Maharashtra. The Certificate of Commencement of Business was granted by Registrar of Companies, Maharashtra on February 8, 1996. The Company is principally engaged in the business of manufacturing and Processing of Automotive Tyres and Tubes. The Company began its journey with the acquisition of a greenfield project situated at Halol in auction from Gujarat State Financial Corporation and State Bank of Bikaner & Jaipur vide agreement dated December 15. 1995. In 1996, the Company acquired Halol Plant in Gujarat for manufacturing of tubes. In 2003, it established 2nd plant at Halol, Gujarat for manufacturing of 2 wheeler tyres. Currently, the Company has combined production capacity of Tyres and Tubes of 12,000 MT p.a. It caters to all three segments of market viz. exports, domestic/after sales market and OEM like CEAT Limited. Apart from this, the product range covers all highway sizes, Off The Road (OTR) highway sizes, agriculture and industrial tyres. The Company also has a factory outlet for display of products at Vadodara. In September 2017, the Company came up with an Initial Public Offer consisting a Fresh Issue of 62,97,000 Equity Shares by raising money aggregating Rs 28.34 crore. In 2018-19, the Company commissioned its production capacity. In accordance with the provisions of the Insolvency and Bankruptcy Code, the Company was admitt ...ed to undergo CIRP pursuant to the Order of the Hon'ble NCLT, Ahmedabad Bench, on March 28, 2022. The Hon'ble NCLT, Ahmedabad bench, vide its order dated August 09, 2023 approved the Resolution Plan submitted by the Successful Resolution Applicant, Ten on Ten Rubtech Private Limited. A new Board was constituted on August 09, 2023 and a new management was put in place. Despite the NCLT Ahmedabad Bench pronouncing its order on the Company's interlocutory application dated June 4, 2024, and NSE granting in-principle approval for listing of 1,00,00,000 equity shares of Rs.10/- each on August 29, 2024 and got the trading approval on November 28, 2024 with trading intended to commence on December 2, 2024, execution was initially delayed due to an improper lot size. NSE subsequently adjusted the lot size to 105 shares, enabling trading to begin promptly thereafter and the change in lot size was effective from December 24, 2024.