1956 - The Company was Incorporated on 30th June, as a private limited
company under the name and style of Atul Drug House, Ltd. In
1960, it was a deemed public limited company under Section 43A
of the Companies Act, 1956. The Company's object is to
manufacture formaldehyde, hexamine, Pentaerythritol, fatty
alcohols and polyacetal resins.
- In July, the paid-up capital of the Company was Rs.5,000 divided
into 50 shares of Rs.100 each. The capital of the Company was
increased by Rs.45,000 by allotment of 450 No. of equity shares
of Rs.100 each in March 1960.
1960 - In December, the paid-up share capital of the Company was
increased by Rs.5,50,000 by allotment of 5,500 No. of equity
shares of Rs.100 each.
1962 - The Company installed its first plant for the manufacture of
formaldehyde and hexamine at Kandla.
1966 - In December, the paid-up share capital was increased by
Rs.24,00,000 by allotment of 24,000 No. of equity shares as fully
paid-up Bonus shares.
1967 - Another plant was put up at Capi near Bulsar in Gujarat State for
the manufacture of 14,400 tonnes of formaldehyde and 540 tonnes
of hexamine per annum.
1968 - In February, paid-up capital was further increased by Rs.3,00,000
by adjustment of deposits, by allotment of 3,000 No. of equity
shares of Rs.100 each against loan.
1970 - The Company installed at Vapi a plant for the manufacture of
Pentaerythritol formaldehyde with a capacity of 1,200 tonnes per
annum with the technical knowhow supplied by Joset Meissner of
- The fluorine chemicals division, however, suffered a setback due
to labour problems and continued shortage of working capital.
1971 - Out of the 33,000 shares issued so far, 20,000 shares held by
East African Match Co., Ltd., 24,000 shares issued as bonus
shares in December 1966 in prop. 4:1.
1975 - Capital reduced by Rs.11,00,000 in terms of the Gujarat High
Court order dated 10.10.1975, the Company having purchased 11,000
shares from the minority shareholders. With this, the number of
bonus shares issued stood reduced to 16,000.
1976 - The name of the company was changed to Atul Chemical Industries,
Ltd. with effect from 14th September. It became a public Ltd.
1977 - Before the public issue of shares in December, the Company was a
100% foreign Company. The objects of the issue of shares to the
public was to reduce the non-resident holding of 40% and to
finance certain expansion projects.
- Shares subdivided in Dec. 1976, 6,60,000 Bonus shares issued in
March in prop. 3:1. 4 shares of Rs.10 each issued in March
to Indian residents.
1978 - With issue of 74,900 No. of equity shares of Rs.10 each to
shareholders of Everest Refrigerants, Ltd., the non-resident
shareholding in the company was reduced to less than 40%.
- The Company issued 15,80,000 No. of equity shares of Rs.10 each
at a premium of Rs.12 per share as per RBI approval dated 31st
March, 1992 increasing the non-resident holding from 38% to 51%
(to M/s. Universal Finance Development Co. Ltd. M/s. Finance &
Development Co. of Jersey, Ltd. both at Bermuda). These shares
were issued as per revised industrial policy of Government of
India, allowing companies to increase the non-resident
shareholding to 51%.
- With effect from 1st December, Everest Refrigerants Ltd., was
amalgamated with the Company. 75,900 No. of equity shares of
Rs.10 each and 11% unsecured redeemable bonds of Rs.100 each of
the total value of Rs.12 lakhs in the prop. 1 equity share of
Rs.10 each of the Company for every 8 No. of equity shares of
Rs.10 each of Everest Refrigerants held and one 11% bond of
Rs.100 each and 1 equity share of Rs.10 each for every five 9.3%
preference shares of Rs.100 each held; the 11% bonds so issued
are redeemable at the rate of 2,000 bonds per year commencing
from one year after the date of sanction of the scheme of
Amalgamation by the High Court.
- The name of the Company was changed from Atul Chemical Industries
Ltd. to the present one.
- During November/December 1977, 9,20,000 shares offered at par to
- 74,900 shares issued without payment in cash to members of
Everest Refrigerants Ltd. on its merger with the Company.
1981 - 9,37,452 Rights equity shares issued at par.
1985 - The operations of the fluorine chemicals division were adversely
affected due to labour problems from October to January 1986.
1986 - A long term agreement signed with the workers of the fluorine
division ended on 30th September. The workers resolved to go
slow and the Company was forced to declare a lock-out with effect
from June, 1987. The lock-out in the fluorine division was
lifted in April 1988.
- Sales of Hexamine and Sodium formate were adversely affected due
to erractic supplies of methanol.
1990 - During the year, refined glycerine was introduced and received a
good market response.
- The Company issued 29,52,974 No. of equity shares of Rs.10 each
for cash at par. Of these 28,12,356 shares were offered to the
shareholders on rights basis in the prop. 1:1 (all were taken up)
Additional 3,75,618 shares were allotted to retain
oversubscription. Another 1,40,618 shares were offered to the
employees (only 3,050 shares were taken up) and unsubscribed
portion was allowed to lapse. The allotment of 46,235 shares was
kept in abeyance.
- 32,37,259 rights equity shares issued at par, prop. 1:1.
1991 - Effective from 1st April, the flouring chemical division was
delinked from the Company.
- 46,235 rights shares kept in abeyance were allotted on 31.3.1992.
shares fully called up.
1992 - Further expansion of the capacity at the chemicals storage
division from 40,000 KL to 70,000 KL was being considered.
- 15,80,000 No. of equity shares allotted (prem. Rs.12 per share)
to NRI shareholding companies to increase their holding from
38% to 51%.
- The Company is proposing issue of 'Rights Shares' in the ratio
of 3:5 (i.e 3 new shares for every 5 shares held) which would be
mainly utilised for modernisation and expansion of the existing
facilities, acquiring fixed assets, retiring high cost debt and
improving the debt equity ratio as per package approved by
1993 - The Company proposed to enhance the capacity of petrochem plant
at Vapi by importing foreign technology. The imported plant was
expected to be commissioned by Feb./March 1996.
- The Company entered into an agreement with Amit Alcohol and
Carbon Dioxide Ltd. to acquire on lease its Alcohol and
Pentaerythritol plants resulting in availability of additional
capacity of 1200 tonnes of Pentaerythritol and manufacturing
facilities of 6000 KL of Industrial Alcohol.
- Also entered into an agreement for lending portion of land at
Trombay in addition to terminal management agreement for LPG.
- During October, the Company issued 45,59,769 No. of equity shares
of Rs.10 each at a prem. of Rs.12 per share on rights basis in
the prop. of 3:5. All were taken up.
- Another 1,90,800 No. of equity shares of Rs.10 each at a prem. of
Rs.12 per share were offered to the employees. Only 1,950 shares
1994 - Negotiation for setting up a new world size Penta Plant with
foreign collaboration was on for the purpose of exporting major
portion of production. Also proposed to increase the capacity of
storage terminal by 40,000 KL.
- 45,61,569 rights equity shares allotted during October 1993.
1995 - 2,81,000 shares converted out of 12,00,000 preference warrants at
a prem. of Rs.41.60.
- The company proposes to carry out expansion in their existing
capacities of their Pettrochem plant at Vapi.
- The company is entering into an arrangement with Amit Alcohol and
Carbon Dioxide Limited, a company having its manufacturing
operiations adjacent to company's plants, to acquire on lease its
Alcohol and Pentaerythritol plants.
1996 - The capacity of the Acetaldehyde plant has been increased to 6
TPD from 3 TPD thereby reducing the dependency on the outside
market for the requirement of Acetaldehyde and an imported State
of Art 12000 TPY plant of Formaldehyde was erected and
successfully commissioned in record time.
- The Company has converted 2,81,000 out of 12,00,000 Preferential
Warrants having an issue price of Rs.51.60 into 2,81,000 No. of
Equity Shares of Rs.10/-each at a premium of Rs.41.60.
1997 - The Company is in process of finalising a Joint Venture for the
manufacture of Pentaerythritol, which will enhance the capacity
to 15,000 MTS per annum, with the latest technology. The proposed
joint venture partner Perstorp AB of Sweden, is the World leader
in Pentaerythritol technology.
- Pursuant to the scheme of Amalgamation approved by the Members
and Order of High Court of Gujarat at Ahmedabad dated 2.4.97,
Amit Alcohol & Carbon Dioxide Ltd. (AMIT) has been merged with
- Further pursuant to the Order of High Court, Company has allotted
11,83,400 No. of Equity Shares of Rs. 10/- each to the
Shareholders of AMIT in the ratio of one equity share for every
four equity shares of AMIT.
1998 - 11,83,400 No. of equity shares of Rs 10 each issued to the
shareholders of erstwhile Amit Alcohol & Carbon Dioxide Ltd. on
its amalgamation with the Company of which 15,000 shares held by
(AMIT) calcelled pursurant to the High Court order.
- During the Year, the Company intends to spin-off the Petrochem
division into a Joint Venture with Perstorp AB of Sweden, the
world's largest producer of pentaerythritol.
1999 - The Petrochemicals Division was hived off to Perstorp Aegis
Chemicals Ltd., (PACL) a Joint Venture company between the
Company and Perstorp AB, Netherlands.
- During the year Mr. S.V. Ghatalia. Director had resigned from the
Directorship of the Company on grounds of ill-health.
2000 - Hindustan Aegis LPG Ltd, a company promoted by Aegis Chemical
Industries Ltd, is preparing a package for the members of the
Bombay Taximen's Union (BTU) to convert their vehicles from
petrol or diesel-driven to liquefied petroleum gas (LPG) as fuel.
2002-Aegis Chemical Industries Ltd has informed BSE that consequent to the members not approving the resolution for reappointment of Directors Mr R R Khimasia and Mr S R Khimasia at the 45th AGM held on September 07, 2002 they ceased to be Directors of the Company.
2004 - Mr. Sangameshwar Iyer has been appointed as a Compliance Officer of the Company in place of Mr. A Chandarana.