Home  »  Company  »  Gujarat Sidhee Cement Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

Gujarat Sidhee Cement Ltd. Company History and Annual Growth Details

YEAR EVENTS
1973 - The Company was incorporated on 29th March, in the State of
Gujarat as a wholly owned subsidiary of Gujarat Industrial
Investment Corporation Ltd. (GIIC) on 29th March. The Company
was promoted by GIIC and Mehta International Ltd., a non-resident
company of Mehta Group of companies. The Company's object is to
manufacture portland cement.

- The Company undertook to set up a project to manufacture 1
million tonnes per annum of portland cement on a 344 hectares of
land obtained at village Prashnawada, a notified backward area in
the Junagadh district of Gujarat. Mining lease for 254 hectares
of land was obtained and that for another 184 hectares was
awaited.

- Part of plant, equipment and services were procured from F.L.
Smidth & Co., A/S, Copenhagen, Denkar, and the remaining parts
were procured indigenously from Larsen and Toubro Ltd.

- The project incorporated the latest dry process pre-calcination
technology. For raw material grinding, cement grinding and for
quality control, the company installed Atox vertical roller mills
two number Combidan mills of FLS design and FLS ACC system in
conjunction with FLS ADR colour CRT along with gas analyser and
OCX x-ray analyser respectively.

1987 - Allotted 1,00,000 shares to GIIC. 301,50,000 shares then issued
at par out of which 81,70,000 shares to GIIC and 79,30,000 shares
to the Mehta International Ltd., and its nominee (including
66,80,000 shares to non-resident) were reserved and allotted.
Out of the remaining 140,50,000 shares, the following shares were
reserved for preferential allotment:

- (i) 54,20,000 shares to NRIs on repatriation basis (only 3,95,000
shares taken up).

- (ii) 15,12,500 shares to employees etc. of the company that of
promoter companies (none were taken up) and

- (iii) 10,00,000 shares to investors in rural areas (on 87,600
shares taken up). The balance 61,17,500 shares, along with the
unsubscribed portion of 74,49,900 shares out of the preferential
quota was offered to the public in Nov.-Dec. Only 5,86,700
shares taken up. The balance 129,80,700 shares devolved on the
underwriters (27,41,400 shares on IFCI, 75,27,400 shares to IDBI
and 27,11,800 shares to ICICI).

1989 - The Company came under the provisions of the Sick Industrial
Companies (Sp. Provisions) Act, 1985 and a reference was made to
the Board for Industrial Financial & Reconstruction (BIFR).
BIFR appointed State Bank of India as the operating agency.

- Simultaneous to the Right issue, the Company issued 409,10,525
No. of equity shares of Rs.10 each at par through prospectus:

- (i) 125,00,000 shares to the Mehta International Ltd., and
associates on the firm basis;

- (ii) 125,00,000 shares to F.L. Smidth & Co., on firm basis;

- (iii) 40,00,000 shares to Buchanan Fund Ltd. - Pacific;

- (iv) 40,00,000 Buchanan Fund Ltd - Emergency;

- (v) 10,00,000 shares to NRIs;

- (vi) 25,00,000 shares to Indian Mutual Funds and

- (vii) 44,10,525 shares to public.

1990 - During January-February, the Company offered 75,62,500 rights
equity shares of Rs.10 each at par in production 1:4. Another
3,78,100 No. of equity shares were offered to employees on an
equitable basis. Permission was also received to allot 15,12,500
No. of equity shares to the Mehta International Ltd., and their
associates over and above their rights entitlements in the issue.
The last date for submission of application forms was 2nd
February, but it was extended several times before it was closed
on 20th June, 1991.

- The directors of the Company examined the legal implication in
line with the orders passed by the High Court of Gujarat
particularly with reference to the permission granted for
oversubscription as well as to the provision of the Memorandum
of Articles of Association of the Company.

1991 - 80,44,100 No. of equity shares allotted at par as rights (prop.
1:4)/private placement basis.

1992 - Despite higher production and sales of 6,86,892 tonnes and
Rs.133.17 crores respectively, profits declined due to hike in
freight on raw materials and cement, excise duty, etc.

- Till February, 59,78,475 shares were allotted inclusive of
27,00,000 shares allotted to The Mehta International Ltd.,
(including their rights entitlements) as per order received from
the Gujarat High Court.

- Another 20,65,000 shares were allotted out of the unsubscribed
portion of the shares, on 30th April, and 625 shares were
allotted on 1st July.

1993 - 14,09,000 No. of equity shares out of the 1,990 rights issue
allotted.

1994 - The name of the Company was changed from Cement Corporation of
Gujarat Ltd., to Gujarat Sidhee Cement Ltd., with effect from
18th January.

1995 - 390,89,475 rights equity shares issued (prop. 1:1). 409,10,525
shares allotted through public issue. 50,00,000 No. of equity
shares allotted to Fin. Investment, Insurance Companies as per
BIFR order.

1996 - As on 11th March, 10,500 No. of equity shares of the 1987 public
issue, forfeited for non-payment of allotment was allotted.

- Also 1,97,317 No. of equity shares of the Right issue in 1994
forfeited for non-payment of allotment money was allotted.

- The Company allotted 52,349 No. of equity shares of Rs.10 each to
Insurance Companies on conversion of 30% of compared interest
into equity shares as envisaged by BIFR. This is in additional
to 59,47,651 No. of equity shares allotted to financial
institutions.

1997 - The company proposed to modernise its plant as a measure to cut
down on costs. It was also proposed to install a captive power
plant to bring down the power cost.

1998 - No news

1999 - The federation has protested against the transfer of around 20
employees deployed at the Mumbai headquarters of Gujarat Sidhee
Cement and Saurashtra Cement to the 100 per cent subsidiary of
Saurashtar Cement, Arigma Consultants International.

- The Board of directors of the company, subject to necessary
approvals, has approved the issue of equity shares and/or
equity-linked instruments up to an aggregate value of Rs.15
crores to promoters, friends, relatives and their associates or
others on preferential allotment basis.

- The company proposes to set up captive power plants and a jetty
close to its plant site at Sidheegram to reduce costs. The
preferential offer is priced at Rs 10 at a conversion ratio of
1:1.

- The Mehta group has merged the operations of its two cement
companies, Gujarat Sidhee Cement Ltd and Saurashtra Cement Ltd.

2002-Gujarat Sidhee Cement Ltd has informed BSE that Mr Gaurang Shah, Company Secretary (Compliance Officer) of the Company has retired under the Voluntary Retirement Scheme of the Company w e f September 20, 2002.

2003

- memebers have approved to delist the securities from Saurashtra Kutch, Ahmedabad, Calcutta and Delhi Stock Exchanges.

2007

-Gujarat Sidhee Cements Ltd has appointed Mr. Aashay S. Khandwala as Vice President-Legal & Company Secretary and Compliance officer pursuant to Clause 47(a) of the listing agreement.
 
Subscribe now to get personal finance updates in your inbox!