1985 - The Company was incorporated on 29th March, at Mumbai. It was
promoted by Ramesh K. Miglari and Om Prakash Ahuja. The company
manufacture galvanised plain (GP) and galvanised corrugated (GC)
- The Company has set up a plant for manufacture of 35,000 tonnes
per annum of GP/GC sheets in thin gauges of 0.18 mm to 1.25mm.
- The Company incorporated the 'Lysaght' technology using the
continuous hot dip galvanising process developed by the
collaborators, using flux.
- The Company entered into a license and technology agreement with
John Lysaght International Holding S.A. (JLIH) Hong Kong on 13th
September for the use of Lysaght technology. The collaborators
were to provide total technical services including provisions of
engineering and construction services with respect to
construction and commissioning of galvanised steel plant.
1987 - 7 shares subscribed for by signatories to the Memorandum of
Association. 62,49,993 shares then issued at par of which the
following shares were reserved and allotted on a firm basis: (i)
26,19,993 shares to promoters, directors, etc. and (ii) 10,00,000
shares to NRI associates on repatriation basis.
- Of the balance 26,30,000 shares, the following shares were
reserved for allotment on a preferential basis:
- (i) 3,12,500 shares to employees/workers of the company shares
- The remaining 12,12,900 shares, along with the unsubscribed
portion of 3,66,600 shares from preferential quota, were offered
to the public in November 1987 (all were taken up).
1989 - The Company undertook to set up a cold rolled coil mill with a
licensed capacity of 50,000 tonnes per annum.
1990 - During February-March, the Company offered 500,000 - 14% Secured
redeemable fully convertible debentures of Rs. 200 each on Rights
- During the year, the Company has put Assets valued at Rs. 38.62
crores to productive use in the Balancing Equipments Project.
- The Company proposed to augment the cold rolling mill capacity by
1 lakh mtrs. per year.
- During February-March, the Company offered 5,00,000 - 14% secured
redeemable fully convertible debentures of Rs 200 each on Rights
basis in the proportion 2 debentures : 25 equity shares held.
- Additional 515 debentures were allotted to retain
oversubscription. Simultaneously another 25,000-14% secured
redeemable fully convertible debentures of Rs 200 each were also
issued to employees (including Indian working directors)/workers
of the Company on an equitable basis (only 430 debentures taken
up). The unsubscribed portion of 24,570 debentures was allowed
- Rs 75 of the face value of each debenture was automatically and
compulsorily converted into 5 equity shares of Rs 10 each at a
premium of Rs 5 per share at the end of six months from the date
of allotment of debentures.
- Out of the balance Rs 125 of the face value of each debenture of
Rs 90 was automatically and compulsorily converted into 5 equity
shares of Rs 10 each at a premium of Rs 8 per share in December
1991. The balance Rs 35 of each debenture was to be redeemed in
annual instalments of Rs 10, Rs 10 and Rs 15 during 1996-98.
- During February-March, the Company offered 5,00,000-14% secured
redeemable non-convertible debentures of Rs 100 each on Rights
basis in the ratio 2 debentures : 25 equity shares held (all were
- These debentures were to be redeemed at a premium of Rs 5 per
debenture in three annual instalments of Rs 35 each on the expiry
of 6th, 7th and 8th year from the date of allotment of
1991 - The financial institutions have the option to convert 20% of
their Rupee loans into equity shares of the Company at par during
the period 1st January, to 31st December, 1993.
1992 - Despite loss of production at GP/GC plant as a result of flooding
of the premises on 8th/9th June, the Company realised higher
- The Company proposed to export GP/GC coils/sheets to Middle East
and South Eastern Asian countries.
1993 - The Company proposed to expand the capacity of CGL by 1,00,000
tonnes and a matching C R Coils Mill capacity by 1,00,000 tonnes.
- During Oct./Nov., the company offered 56,30,145-15% secured fully
convertible debentures (FCD) of Rs 50 each on right basis to the
existing shareholders in the ratio of one debenture for every two
equity shares held.
- Another 87,00,700 FCDs of Rs 50 each were offered of which
10,00,000 debentures were offered to UTI 2,00,000 debentures were
offered to IFCI, 5,40,000 debentures were offered to FIs,
8,70,000 debentures were offered to MFs 13,05,100 debentures were
offered to NRIs, 7,83,000 debentures were offered to FIIs, 13,100
debentures were offered to employees and the balance 39,89,500
debentures were offered to public (All were taken up).
- Part 'A' of Rs 20 per debentures was converted into one equity
share at a premium of Rs 10 per share on allotment. Part 'B' of
Rs 30 was converted into one equity share at a premium of Rs. 20
per share after 12 months from first conversion.
- The name of the Company was changed from 'Uttam Galva Steels
Ltd.' to Uttam Steel Ltd.
- 143,30,723 No. of equity shares allotted on Ist conversion of 15%
secured fully convertible debentures.
1994 - 143,30,723 No. of equity shares allotted on IInd and final
conversion of 15% secured fully convertible debentures.
1997 - The Mumbai-based Uttam Steels Limited (USL) will set up a 2.5
million tonne per annum (mtpa) capacity integrated steel plant
in two phases in the mega steel complex at Duburi in Orissa,
about 150 km from here.
- The company has opted for the preference shares route which will
enable it to achieve its objective of strengthening its capital
base, without increasing its equity and therefore protecting the
company's earning per share and also its book value from any
1998 - 1,87,720 Equity shares of Rs. 10/- each has been forfeited due to
non payment of calls.
1999 - The Company was honoured with Regional Export Excellence Award
for the Year 1997-98 on 21st July, 1999 at the hands of
Secretary, Department of Commerce and Trade, Government of India.
- During the year under review, the Company has received a
Certificate of Approval under ISO 9002 for quality management for
its continuous Galvanising Line at Khalapur.
-Uttam Galva Steels Limited has informed that subject to the approval of Members of the Company at a General Meeting and the Central Government, the Remuneration Commmittee of Directors at its meeting on December 8, 2003 and the Board of Directors at its meeting on December 9, 2003 have approved the re-appointment of Shri Rajinder Miglani as the Managing Director of the Company for the period of 3 Years w.e.f. December 31, 2003.
-Shri. V. Prakash was appointed as Nominee Director of ICICI Bank Ltd. in place of Mr. Deepak Verma, Nominee Director of ICICI Bank Ltd w.e.f. October 9, 2003 on the Board of Directors of the Company.
-Shri Rajendra Kumar Haran, the Compliance Officer of the Company has been designated from Chief General Manager (Legal) & Company Secretary to Assistant Vice-President (Legal & HRD) & Company Secretary w.e.f. December 18, 2003.
- Equity shares of Uttam Galva Steel Ltd delisted from Ahmedabad Stock Exchange w.e.f. March 31, 2004
- Uttam Galva Steels Ltd has informed that Shri. S P Talwar has been appointed as additional Director (independent) on the Board of Directors of the Company.