Cranex was incorporated in 1973 as a private limited company and has a track record of uninterrupted profit every year from its very inception. It was converted into a public limited company in 1985 and went public when its shares were heavily over subscribed, raising the equity from Rs 2 million to Rs 14.5 million and became a quoted company, listed at Bombay and Delhi Stock Exchanges. To fund diversification and growth plans, a rights issue was made raising the equity from Rs 14.