Home  »  Company  »  Kirloskar Ferrous Industries Ltd.  »  Quotes  »  Company History
Enter the first few characters of Company and click 'Go'

Kirloskar Ferrous Industries Ltd. Company History and Annual Growth Details

YEAR EVENTS
1991 - The company was incorporated on 10th September, as a Public
Limited company under the name of Kirloskar Ferrous Ltd. Co. The
company is promoted by Kirloskar Oil Engines Ltd., and Shivaji
Works Ltd. It obtained the certificate of commencement of
business on 18th November. The main objective of the company is
to manufacture pig iron and ferrous castings.

- The company undertook to set up a project for manufacture of
37,500 TPA of ferrous castings and 1,20,000 TPA of pig iron.
Land admeasuring 161 acres was acquired at village Bevinahalli
Raichur district, Karnataka. The foundry with an installed
capacity of 37,500 TPA of pig iron would be equipped with a sand
preperation plant and moulding line with the state of art air
impulse moulding machine from M/s. George Fischer Foundry Systems
Ltd., Switzerland. For the pig iron manufacture, the company
would be using MBF Technology of Tata Korf Engineering Services
Ltd.

1992 - The company entered into an agreement on 1st June, with Tata Korf
Engineering Services Ltd., for technical know how, consultancy
services, performance guarnatee for production of hot metal etc.

1993 - The company installed a second mini blast furnace MBF II of the
capacity of 1,20,000 TPA.

- 810 No. of equity shares allotted for cash at par.

- 584,99,190 No. of equity shares of Rs. 10 each share issued at
par through a prospectus during January 1994 as follows:

- (1) On firm Allotment basis:

- (i) 149,99,990 shares Kirloskar Oil Engines Ltd.;

- (ii) 70,00,000 shares to Shivaji Works Ltd.,

- (iii) 123,33,400 shares to other companies.

- Of the remaining the following were issued for allotment on
preferential basis:

- (i) 15 lakh shares to FIIs, including Mutual Funds, pension
funds;

- (ii) 15 lakhs shares to Indian Mutual Funds (all were taken up);

- (iii) 30 lakh shares to NRIs (all were taken up);

- (iv) 33,800 shares to employees (only 17,700 shares taken);

- (v) 10,50,000 shares to employees of promoter companies (only
3,31,900 shares taken);

- (v) 24,16,500 shares to shareholders of promoter companies (only
22,72,200 shares taken).

- Balance 146,65,500 shares along with 8,78,500 shares not taken up
under preferential quota was issued to the public (all were taken
up).

1994 - The company has started commercial production of pig iron on 1st
April. Commercial production of foundry products is yet to
commence. The company also does not have any foreign
collaboration and has not so far exported any goods or services.

1995 - The order book position was showing encouraging trends.
Therefore, the company proposed to expand the production capacity
from 37,500 TPA to 60,000 TPA.

1996 - The company proposed to make a Rights issue of 14,625,000 Zero
Interest unsecured fully convertible debentures of Rs. 15 for
cash fully convertible debenture of Rs. 15 for cash at par in the
prop. 1 deb.: 4 equity shares by their Special Resolution on 8th
January.

1997 - One of the two mini blast furnaces which was closed for scheduled
relining would start production in early July.

- The Company has allotted 12% Redeemable Non-c 45000000 preference
shares of Rs. 10 each.

- The company has integrated into foundries where the main raw
material is pig iron.

1998 - The Company has availed under an agreement, technical know-how
and consultancy services for the Mini Blast Furnace from Tata
Korf Engineering Services Ltd., Calcutta.

- The Company has absorbed the technology in full as a result of
which the scheduled relining of the Mini Blast Furnace could be
completed and Furnace restarted without any problems.

1999 - The Company has got recertification of ISO 9002 for another 3
years.

2001 - The Board has allotted 40 lakh equity shares of Rs 10 each to ICICI Ltd.
by conversion of term loan into equity share capital.

- The Company has allotted 47.22 lakh fully paid equity shares (Rs 10 each)
aggregating Rs 4.72 crore to Industrial Finance Corporation of India Ltd. (IFCI).

- The Board of Directors of the company has decided as under, subject to necessary approvals : 1.
To increase in authorised share capital of the Company from Rs. 155,00,00,000 divided into
7,50,00,000 equity shares of Rs, 10/- each and 8,00,00,000 preference shares of Rs. 10/- each.
to Rs. 222,00,00,000 divided into 10,50,000 equity shares of Rs. 10/- each and 11,70,00,000
preference shares of Rs. 10/- only.

2003

-Kirloskar Ferrous Industries Ltd has informed that the Board of Directors at its meeting held on June 27, 2003 approved the following

1. The Board of Directors has appointed Mr R V Gumaste as the Managing Director of the Company, with effect from July 1, 2003 subject to the approvals of the shareholder and financial institution with whom the Company has borrowing arrangements.

2. A proposal to seek voluntary delisting of the Company's equity shares from the Pune Stock Exchange Ltd and Delhi Stock Exchange Association Ltd subject to the approval of shareholders being obtained at the ensuring Annual General Meeting.
 
Subscribe now to get personal finance updates in your inbox!