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Gujarat Industries Power Company Ltd. Company History and Annual Growth Details

1985

- The Company was incorporated on 1st June and a Certificate of
Commencement of Business was obtained on 29th August. It was jointly,
promoted by GSFC, Gujarat Alkalies & Chemicals Ltd. (GACL), Gujarat
Electricity Board (GEB) & Petrofils Co-operative Ltd. with the
Corporation of Government of Gujarat. The Company generate
electricity.

- The Company undertook to set up a 145 MW power plant comprising 3 Gas
Turbines, 32 MW each and one stream turbine of 49 MW using fuel
efficient gas based combined cycle technology. Other equipments such
as transformers, switchyards, cooling lower, pumps, air plant etc. were
procured the Cromption Greaves, Jyoti Ltd. etc.

1991

- 8,20,400 No. of equity shares allotted to GSFC, 100,72,850 No. of
equity shares to Rs GACL; 66,63,000 No. of equity shares to Gujarat
Electricity Board; 7,50,000 shares to Govt. of Gujarat; 26,97,900
shares Petrofils Cop. Ltd. 28,333 shares to Heavy Water Project & 2
shares to others. Another 49,24,183 No. of equity shares allotted as
per CCI consent received on 24.2.1992.

1992

- The Company issued through a prospectus 10,80,000 - 12.5% partly
convertible debentures of Rs 200 each of which 1,20,000 debentures were
reserved and allotted to Indian Directors, their friends etc. and
another 54,000 PCDs to employees of the company as well as promoters
company on preferential basis.

- Balance 10,26,000 debentures were issued to the public. Additional
2,24,190 debentures allotted to retain over subscription.

- Part A of Rs 100 was converted into 10 No. of equity shares of Rs 10
each on allotment of debentures. Accordingly, 130,41,900 shares
issued.

- Part B of Rs 100 was to be compulsorily brought back by the company
at the option of the investor on expiry of 6 years from date of
allotment of debentures. Of the option was not excercised then the B
part be redeemed at par at the end of 8th, 9th and 10th year from the
date of allotment of debentures.

- The company also issued 10,50,000-19% second redeemable
non-convertible debentures of Rs 100 each of which 1,05,000 debentures
were reserved and allotted to promoters, directors, etc. Of the
remaining 47,250 debentures were issued as preferential basis to
employees of the company and those of promoters company. Balance
8,97,750 debentures were issued to the public. Rs 100 was to be
redeemed at par on expiry of 7th year from the date of allotment of
debentures.

1994

- The Company undertook to set up in the first phase of 162.5 MW multi
fuel fired combined cycle power plant adjoining the existing plant at
Baroda at an approximate cost of Rs 378 crores. The Gas turbine
generator and accessories were manufactured at BHEL.

- The company undertook to set up a 2 x 125 MW lignite based pitchead
power plant in the Nani Naroli village, Dist. Surat.

- 49,24,183 No. of equity share allotted on promoters, 124,20,000
shares allotted conversion of PCDS in 1992. 6,21,900 shares subscribed
by Directors from public issue 60,75,817 shares issued to promoters in
October 1992.

1996

- The Government of Gujarat accorded in principal clearance for the
Company's proposed expansion of lignite based 2 x 250 MW power project
existing at the site of Surat Lignite power project.

- During August-September, the company offered 249,85,118-18% received
redeemable partly convertible debentures of Rs 70 each for cash at par
on Rights basis in proportion 1 debenture: 2 equity shares held.

- Part A of Rs 25 of the face value of each debenture was converted
into 1 equity share of Rs 10 at a premium of Rs 15 per share on the
date of allotment of debentures. Accordingly 249,80,118 shares issued.

- Part B of Rs 75 of the face value of each debenture was to be
redeemed at par in three equal instalments at the end of 5th, 6th and
7th years respectively from the date of allotment of debentures.

2000

- Crisil has withdrawn its BBB rating assigned to company's Rs. 130.5
million NCDs as same has been redeemed.

- CARE has revised the ratings assigned to the company from 'CARE A-'
to 'CARE BBB+'.

2002

-Appoints Dr Manjula Subramaniam as the Additional Director of the company.

-Shri ArunKumar Solanki gives resignation as a director to the company.

-Mr R N Joshi appointed as the Director on the Board of the company.

2004

-Shri A Khandual has been appointed as IDBI Nominee director on the Board of the company wef March 15, 2004.

-Shri RN Singh has been appointed as director on the board of the company

-Prof Sekhar Chaudhuri has appointed as an additional director of the company wef May 18, 2004.

2005

-Gujarat Industries Power enters into MoU with Govt of Gujarat & Gujarat State Electricity Corporation Ltd.

2008

- Gujarat Industries Power Company Ltd has appointed Shri. M M Srivastava, IAS, Principal Secretary, Energy & Petrochemicals Dept., Govt of Gujarat, as Chairman of the Company vice Smt. Vijaylaxmi Joshi, IAS.
 
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