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Deepak Nitrite Ltd. Company History and Annual Growth Details

1970 - The company was Incorporated 9th March at Baroda. The Company
was promoted by C.K. Mehta and S.S. Aggarwal. The company's
objects is to manufacture sodium nitrite, sodium nitrate, and
other allied chemicals, hexamethylene tetramine, dyes and dyes

- 2,25,000 No. of equity shares issued to promoters, etc. 2,25,000
No. of equity and 15,000 pref. shares issued to public in July,

1977 - 3,60,000 Bonus equity shares issued in prop. 4:5.

1979 - The plant for the production for formaldehyde for captive
consumption in the DNPT was commissioned. By installing
balancing equipments, the capacity of sodium nitrite/nitrate
plant was increased from 11,700 to 15,000 tonnes per annum.

- The second phase of increasing the capacity of ammonium nitrate
plant from 6,000 tonnes to 10,000 tonnes per annum was also taken

1980 - 8,10,000 Bonus equity shares allotted during July/August 1980 in
prop. 1:1.

1981 - The Company obtained a letter of intent for the manufacture of
10,000 tonnes of slurry explosives per annum in a backward
district of Gujarat State. The company also applied for a
licence to manufacture 3.6 lakh tonnes of di-ammonium phosphate
per annum at Hazira, near Surat in Gujarat State.

1982 - Installation of balancing equipments in sodium nitrite plant was
taken up to improve the facility in operations.

- Pref. shares redeemed on 10.8.83.

1984 - 15% non-convertible debentures of Rs.100 lakhs were privately
placed with financial institutions.

1985 - Production and sales of the Pune Unit was affected due to large
imports of Resorcinol and subsequently the plant remained closed
for some time during 1986.

- The plant to manufacture 3,000 tonnes per annum concentrated
nitric acid went on stream while the hexamine plant was
commissioned in October.

- The Company installed a plant to manufacture 900 tonnes of
guanidine nitrate and 600 tonnes of hydroxylamine sulphate at

- The Company revalued major portion of the assets of its Nandesari
unit as on 31st October. The net surplus of Rs. 9,86,73,150
arising out of this was credited to revaluation reserve.

- Nova Synthetics Ltd., is a subsidiary of the Company.

- Shareholders of Deepak Nitrite, Ltd. were allotted from promoters
quota, on a firm basis, 1 equity share of Deepak Fertilisers &
Petrochemicals Corporation, Ltd. for every 3 equity shares held
by them.

- 8,10,000 Bonus equity shares issued in prop. 1:2.

1986 - Output of sodium nitrite, sodium nitrate and nitric acid showed
improvement while that of ammoinium nitrate and DNPT was
restricted due to market constraints.

- Transport division of the Company was affected due to problems in
fertiliser industry.

1988 - The guanidine nitrate plant was commissioned in November
belatedly due to strike at Nandesari plant and the subsequent
redeployment of the commissioning team of the vendors. Technical
collaboration for the project was selected and the company was in
the process of finalising its plans for the financing of the

- Technical Collaborator for the project was selected and the
Company was in the process of finalising its plans for the
financing of the project. During 1989-90 necessary Govt.
approvals were received.

1989 - The transport division's performance was affected by problems at
the receiver's end. The dyes division at Pune started yielding
results due to improvements carried out therein.

- New Products like Guanidine Nitrate (GN) and Hydroxylamine
Sulphate (HAS) were well received in the market. The transport
division's performance was affected by problems at the receiver's

1991 - During March, the Company issued 24,30,000 - 12.5% secured
redeemable partly convertible debentures of Rs.80 each on rights
basis in the prop. of 1 debenture : 1 equity share held.
Additional 3,64,500 debentures were allotted to retain

- Another 1,21,500 - 12.5% partly convertible debentures were
offered to the employees. Only 62,850 debentures were taken.
The balance 58,650 debentures were allotted to Mutual
Funds/Financial Institutions.

- Part A of Rs.50 of each debenture was converted into 1 equity
share of Rs.10 each at a premium of Rs.40 per share at the end
of 6 months from the date of allotment.

- Part B of Rs.30 of each debenture was to be redeemed at par
between the end of 7th and 10th years from the date of allotment.

- Simultaneously, the Company offered 24,30,000 - 14% secured
redeemable non-convertible debentures of Rs.100 each on rights
basis in the prop. of 1 debenture: 1 equity share held. Only
8,177 debentures were taken. The remaining 24,12,823 debentures
devolved on the underwriters.

- Each debenture of Rs.100 was to be redeemed at a prem. of 5%
in three annual instalments of Rs.35, Rs.35 and Rs.35 at the end
of 6th, 7th and 8th year respectively.

- 29,16,000 shares allotted (prem. Rs.40 per share) on part
conversion of debentures.

1992 - The phase-I of the Nitroaromatics project was commissioned in

1994 - Modernisation of the Nitrite/Nitrate plants are debottlenecking
in the dry intermediate plants were taken up and a new
hydrogenation plant was set up at Taloja based on the company's
own developments which will add value to the Nitroaromatic

- On 30th July, the Company has, against 5% upfront payment,
allotted to 22,50,000 Warrants to the promoters group, carrying
a right to convert the same into equity shares within a period
of 18 months at a price of Rs.54 per share.

1995 - 4,04,000 No. of equity shares of Rs.10 each allotted against
warrants to the promoters.

2000 - The Company has considered the proposal of acquisition of
majority stake in equity capital of Aryan Pesticides Ltd. and
decided to enter into agreement with the promoters of APL to
acquire 34,57,300 No. of equity shares of Rs. 10/- each
representing 68.76% of the outstanding equity share capital of
APL at a price of Rs. 15/- per share.


-Deepak Nitrite, NCL sign MoU for research


-Deepak Nitrite Ltd has has appointed Dr. Richard H Rupp as an Additional Director on the Board of the Company.


- Deepak Nitrite Ltd has informed that the Board of Directors of the Company at its meeting held on May 13, 2009, has appointed Shri. Sidhir Mankad as an Additional Director on the Board of the Company.
Oct 27, 12:00 am
Oct 27, 4:14 pm
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