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Saurashtra Cements Ltd. Company History and Annual Growth Details

YEAR EVENTS
1956 - The Company was incorporated on 11th June, at Rajkot
(Saurashtra). The Main Object of the Company is to manufacture
of cement.

1957 - 25,000 Pref. and 50,000 No. of equity shares subscribed for by
directors, etc. 25,000 Pref. and 50,000 No. of equity shares
offered to the public during November, 1956.

1965 - With effect from 1st July, the Company acquired from the Govt. of
Gujarat lease of Ran mines in the district of Jamnagar consisting
of 107.23 acres of land for a period of 20 years for excavation
of gypsum.

1966 - The Company acquired lease of land admeasuring 150 acres each
near Pipalia village and Barda hills in Ranavav Mahal Forest Area
for mining ordinary clay for a period of 10 years with effect
from 23rd March, and 16th January, 1967 respectively, besides 50
acres of land obtained in Barda hills area for blackstone.

1968 - In September, 40,000 Bonus equity shares issued in the proportion
2:5.

1971 - 6% Pref. shares redeemed on 30.6.1977. 50,000 - 9.5% Pref.
shares issued at par through prospectus. In March 1971, 60,000
Bonus equity shares issued in prop. 3:7.

1976 - 2,00,000 Bonus equity shares issued in prop. 1:1.

1986 - The 132KV feeder line was installed.

- The Rights issue was to be kept open from 6th March to 5th April,
but the closing date was extended to 12th April, at the request
of some shareholders.

- On 3rd April, a shareholder obtained an ex-parte interim
injunction from the Civil Court, Porbandar, restricting it from
closing the rights issue. The Company moved the Porbander Govt.
and High Court of Gujarat at Ahmedabad for vacating the interim
injunction.

- 3,00,000 right shares issued at par in prop. 3:4 (only 2,98,575
shares taken up). Another 15,000 shares issued to employees
(only 1,425 shares taken up).

1989 - The Company came under the provision of the Sick Industrial
Companies (Sp. Provisions) Act, 1985 and a reference was made to
the Board for Industrial and Financial Reconstruction (BIFR).

1991 - The Company was able to wipe of the entire carry forward losses
and hence, ceased to be a Sick Company.

1993 - The Company proposed to increase the capacity from 8,63,000 TPA
to 11,28,900 TPA in two phase. The first phase increasing the
capacity to 10,91,500 TPA commenced commercial production in
October 1994. The second phase is expected to commence
commercial production in August 1995.

- During September, the Company issue 42,00,000-18% partly
convertible debentures of Rs 150 each in ratio 3:5 (all were
taken up). Also, through the prospectus, the following were
offered on preferential basis:

- (i) 87,500 debentures on preferential allotment basis to
employees (only 800 debentures taken up).

- (ii) 1,26,200 debentures to NRIs (only 1,02,300 debentures taken
up).

- (iii) 1,93,800 debentures to FIIs (only 1,61,500 debentures taken
up). Balance 4,00,000 debentures along with unsubscribed portion
of 1,42,900 debentures from preferential quota was issued to the
public.

- Part A of Rs 50 of the value of each debentures was to be
converted into 1 equity shares of Rs 10 at a premium of Rs 40 per
share on allotment. Accordingly 50,07,500 shares allotted. Part
B of Rs 200 of the face value of each debenture was to be
redeemed at par in suitable instalment between the 5th and 7th
year for the date of allotment of debentures.

1994 - New equipments such as 5 stage preheater, controlled flow grates
from Germany were installed. Also, state of the art fuzzy logic
control system was installed and a new control room for
centralised control of the plant operations was set up.

- The Company was in the process of setting up balancing equipment
and upgrading the Cement mills and installing a cooler etc. It
was proposed to install an additional 6 MW D.G. set at Ranavav.

1995 - The Company proposed to expand the capacity to 3,750 tonnes per
day.

1996 - 35,00,000 Pref. Shares Issued. 4,000 forfeited shares issued.

1997 - 38,10,500 No. of equity shares allotted on preferential basis.

2000 - Crisil has downgraded the C rating assigned to the Rs 58.2 crore non-convertible
debenture issue of the company to D.

2003-Delist Company's securities from Kutch, Ahmedabad, Vadodara and Delhi Stock Exchanges.

2007

- Saurashtra Cement Ltd has approved appointment of Mr. G J Prasad, Nominee Director of IFCI on the Board of Directors of the Company.

2009

- Saurashtra Cement Ltd has informed that the Board of Directors of the Company at its meeting held on April 29, 2009, inter alia, has approved appointment of Mr. Bimal Thakkar, as an additional director on the Board of Directors of the Company.

2014

- Saurashtra Cement Ltd has appointed Mr. Rakesh H. Mehta as a Chief Financial Officer of the company.
- Saurashtra Cement Ltd has appointed Mr. P. K. Behk. and Mrs. Bhagyam Ramani are the Additional Directors of the company.

2020

NCLT approved the Scheme of Amalgamation of Parsec Enterprises Private Limited (Transferor Company) with Saurashtra Cement Limited (Transferee Company)

2023

During the year, company has started clinker production at Ranavav plant

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