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Eastcoast Steel Ltd. Company History and Annual Growth Details

1982 - The company was incorporated on 20th August under the name
of Chudiwala Steels Ltd. & subsequently its name was changed to
East Coast Steel Ltd., on 1st September 1988.

- The company was promoted by Western Ministil Ltd., (WML) & other

- The main object of the Company is to manufacture steel

- The Company undertook to set up a mini steel plant with an
installed capacity of 62,500 TPA of steel ingota/billets. Land
admeasuring 40 acres was acquired at cuddalore Road,
Pillayarkuppam post, Bahour Commune, a notified backward area in
the Union Territory of Pondicherry. Main plant and machinery
comprising Electric Arc furnace and the continuous billet casting
machinery were supplied by ISPL Industries, Ltd., under Licence
from Mannesman Demag of Germany while the transformer required
for the power supply sub-station was supplied by Crompton
Greaves, Ltd.

1988 - All shares were taken up by promoters, directors etc.

1989 - 20,50,475 No. of Equity shares issued at par of which the
following shares were reserved and allotted on a firm basis:

- (i) 4,16,275 shares to resident Indian directors, their friends

- (ii) 4,34,200 shares to equity shareholders of Western Ministil,
Ltd. of the remaining 12,00,000 shares, the following shares were
reserved for preferential allotment:

- (i) 4,68,800 shares to NRIs on repatriation basis (all were taken
up) and

- (ii) 1,02,520 shares to employees of the Company and those of
promoter company (only 14,600 shares taken up). The balance
6,28,680 share, along with 87,920 shares not taken up under
preferential quota were offered to the public during May.
Additional 3,07,220 shares allotted to retain oversubscription
(62,441 shares to resident Indian directors; 64,779 shares to
shareholders of Western Ministil Ltd.; 70,320 shares to NRIs and
1,09,680 shares to public).

1990 - The Company's licensed capacity was enhanced to 1,50,000 TPA.

1992 - During December the Company issued 14,02,888 No. of Equity shares
of Rs.10 each at a premium of Rs.50 per share on rights basis in
the prop. of 2:5. All were taken up. Allotment of 13,640
shares was kept in abeyance.

- Another 70,144 No. of Equity shares of Rs.10 each at a premium of
Rs.50 per share were offered to the employees etc., of the
Company on an equitable basis. None were taken up.


- Eastcoast Steel Ltd has appointed Mr. Ojas Kirti Parikh and Mr. Premratan Bhairuratan Damani as Additional Directors on the Board.
Oct 24, 12:00 am
Oct 24, 4:14 pm
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