1974 - The Company was Incorporated on 15th March, under the name
Tadpatri Cements, Ltd. and the Certificate of Commencement of
Business was obtained on 10th April.
- The Company was promoted by D.G.K. Murthy, a technocrat, S. Veera
Reddy, N. Radhakrishna Reddy, P. Pratap Reddy, an industrialist,
their friends, relatives and associates. Andhra Pradesh
Industrial Development Corporation, Ltd. (APIDC) was also
associated with the promotion of the Company.
- The Company's object is to manufacture portland cement.
1984 - The name of the Company was changed to Priyadarshini Cement, Ltd.
on 4th May.
- The Company obtained mining lease from the Government of Andhra
Pradesh initially for a period of 20 years from 19th October, for
ming of limestone over an area of 430 acres in village Revuru in
Nalgonda district of Andhra Pradesh.
1985 - 1,18,000 No. of equity shares subscribed for by the signatories
to the Memorandum of Association, promoters, directors etc.
1,63,82,000 No. of equity shares then issued at par out of which
44,94,500 shares to promoters, directors etc. and 12,37,500
shares to APIDC were reserved and allotted. Out of the
remaining 1,06,50,000 shares, 40,00,000 shares were reserved for
preferential allotment to non-resident Indians on repatriation
basis (only 20,26,900 shares taken up).
- The balance 66,50,000 shares, alongwith the unsubscribed portion
of 19,73,100 shares out of the NRI quota, were offered for public
subscription during November. 16,50,000 additional shares were
also allotted to the public to retain oversubscription.
1986 - The Company incurred a loss due to shortage of power which
resulted in under-utilisation of installed capacity.
1987 - The Company undertook to instal a 5MW diesel generating set which
was expected to be commissioned from January 1989.
1988 - Margins were under pressure due to hike in input costs and
increase in freight charges.
1990 - The Company came under the provision of the Sick Industrial
Companies (Sp. Provisions) Act 1985 and as per the requirement a
reference to the BIFR was made.
1991 - There was no commensurate improvement in profits due to higher
cost of inputs.
- The Company had submitted a scheme in consultation with the
financial institutions and banks.
- Forfeiture on 12,200 shares annulled. 20,25,650 shares allotted
to promoters, directors etc. on conversion of unsecured loans.
1992 - Margins were affected due to unrecovered increase in costs and
sluggish market conditions.
- In April, BIFR accepted the Sick Industrial Companies (Sp.
Provisions) Act 1985, scheme and passed an order under Section
17(2) of the Act.
- 4,200 No. of equity shares allotted or forfeiture on 4,200 shares
1994 - Forfeiture on 3100 shares annulled.
1995 - 330,500 shares allotted. 17,50,000 shares allotted to promoters
on conversion of loan as per BIFR order.
2000 - Priyadarshini Cements has proposed to acquire Hemadri Cements, nearly
year after taking over a cement unit from Nagarjuna Construction Company.
- CDR Empowered Committee gives its approval for the Corporate Debt Restructuring (CDR) package
-Mr N Jagan Mohan Reddy, Director has been appointed as Managing Director of the Company and has taken over the charge w.e.f. November 14, 2003.
-Rain Commodities Ltd on August 18, 2007 has approved the change in financial year of the Company, accordingly the Current Financial year shall be from April 01, 2007 to December 31, 2007 (9 months) and subsequent financial years shall be from January to December (12 Months).
-Rain Commodities Ltd has informed that Industrial Development Bank of India Ltd has nominated Mr. R S Vidyasagar as its Nominee Director on the Board of the Company with effect from March 14, 2008.