CESC Ltd.

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History of CESC Ltd.

YEAR EVENTS 1978 - The Comp. was incorporated on 28th March. A scheme of arrangement & amalgamation between the Calcutta Electricity Supply Corporation limited [CESCs], its stock holders & the Company dated 6th December 1978 became operative from 2nd April 1979. The Comp. owns & works the Calcutta & District Consolidate Electric License 1946 [granted licensess] for supply of electricity for all purposes in & around Calcutta.

1979 - The Comp. issued & allotted on 7th April, 71,94,951 No. of equity shares of Rs 10 each & 32,07,029 - 7 1/2% preference shares of Rs 10 each credited as fully paid-up to the persons who, at the close of business on 1st April, were the holders respectively of CESC Ordinary Stock: For every 5 nominal of 6% cumulative preference stock of CESC & for every 5 nominal of ordinary stock of CESC, eight equity shares of Rs 10 each of the Company.

1981 - Issued 3,00,000 No. of equity shares to ICICI. 6,50,000 No. of Equity shares to IDBI & 3,00,000 No. of equity shares to LIC all at par in part conversion of loans.

1985 - The Comp. issued 8,50,000 - 15% secured, redeemable, non-convertible debentures of Rs 100 each on rights basis in February to meet its working capital requirements.

1986 - The Comp. secured during the year a contract for erection of their Lalmatia [Bihars] 220/132 KV substation. Another contract was secured from BHEL for erection of their 400 KV substation at Kolaghat [West Bengals]. The Comp. was also entrusted with the preparation of feasibility studies for captive power generation projects.

1987 - The name of Comp. was changed from The Calcutta Electric Supply Corporation Ltd., to CESC Ltd., with effect from 1st of January.

1988 - A Memorandum of Understanding was signed between the consultancy and Contracts division & the Comp. by Neyveli Lignite Corporation for cabling work. A MOU was signed between the Consultancy and Contracts Division & MECON, a public sector consultancy firm to jointly undertake consultancy and construction contracts in power & engineering field both in and outside India.

1991 - All statutory clearances were received for 500 MW power station at Budge Budge.

- The Comp. proposed to set up a 3 x 250 MW coalfired thermal power station at Balagarh.

- The Comp. proposed to issue 20% secured redeemable non-convertible debentures aggregating Rs 20 crores on private placement basis to financial institutions.

- During March, the Comp. offered 33,89,006 No. of equity shares of Rs 10 at a premium of Rs 15 per share to the equity shareholders on Rights basis in the proportion of 1:5 and 1,69,451 No. of equity shares of Rs 10 each at a premium of Rs 15 per share to the permanent employees/workers of Comp. on an equitable basis.

- The Comp. issued 8,71,500-12.5% secured redeemable partly convertible debentures of Rs 600 each as follows: [is] 4,65,000 debentures were reserved for a preferential allotment to the equity shareholders; [iis] 43,575 debentures were reserved for preferential allotment to the permanent employees/workers of the Comp. on an equitable basis & [iiis] 3,62,925 debentures were offered to the Indian Public.

- Part `A' of Rs 250 of each debentures was to be converted into 10 equity shares of Rs 10 each at a premium of Rs 15 per share at the end of six months from the date of allotment.

- Part `B' of Rs 350 of each debenture was to be redeemed at par in 5 equal instalments of Rs 70/- each at the end of 7th to 11th years from the date of allotment.

- The Comp. allotted [including permitted retentions] 9,17,598 debentures & 39,94,596 No. of equity shares effective 11th June, 1991 respectively.

1992 - The Comp. proposed to undertake the project for a high installed capacity of 1,500 MW to be completed in three states - Stage-I of project comprising 2 x 250 MW units having an installed capacity of 500 MW which will be followed by one 500 MW unit in the second stage & another 500 MW unit in the third stage.

- The Comp. finalised to issue 1,55,43,240-16% secured redeemable non-convertible debentures of Rs 100 each for cash at par in order to raise resources for meeting a part of requirements of Budge Budge power station project & also for meeting the Company working capital needs. 1993 - Approvals/clearances were received. The Comp. entered into an agreement with Rolls Royce Power generation system for turnkey execution of project.

1994 - The Comp. proposed to set up a 1500 MW thermal generating station to be completed in 3 stages.

- During April, the Comp. issued 83,66,140 Global Depository receipts representing 83,66,140 shares together 33,46,456 warrants to subscribe for GDRs in units of 5 GDRs & 2 warrants. The issue price was US $ 53.34 per unit.

1995 - A new Comp. Integrated Coal Mining Pvt. limited was promoted by the Comp. to undertake the work of particularly power companies to be directly involved in mining.

- The Comp. issued 3,00,000 - 14% secured redeemable non-convertible debentures of Rs 100 each on private placement basis to financial institutions. These debentures are redeemable in five equal annual instalments at a premium of 5% from 9th April.

- 50,00,000 No. of equity shares allotted on conversion of warrants attached to 16% NCD.

1996 - The Comp. has promoted a new Comp. Balagarh Power Company Ltd., for setting up a 1500 MW thermal power station.

- CESCON, limited is a wholly owned subsidiary of Company. It carries on consultancy contracts & other allied business independently.

- 89,31,620 No. of equity shares of Rs 10 each allotted at a price of Rs 50 per share on conversion of warrants. 30,14,465 No. of equity shares of Rs 10 each Rs 1 paid up allotted at a price of Rs 50 per share on conversion of warrants. 34,97,000 No. of equity shares of Rs 10 each. Rs 1 paid up allotted at Rs 80 per share on conversion of warrants.

1997 - 120,00,000 pref. shares redeemed. 8,103 No. of equity shares allotted on conversion of warrants attached to 16% NCD.

- CESC is also setting up a 1,500-mw thermal power station in two or three stages at Balagarh.

- The largest disadvantage for Comp. is that it is situated in a state which is the strong hold of Leftists.

1998 - The long term rating of Rs.1550 million Non Convertible Debenture Programme of CESC limited has been downgraded from LAA to LA, indicating adequate safety, by Investment Information & Credit Rating Agency [ICRAs].

- The Calcutta Electric Supply Corporation, renamed CESC limited in 1987, has been lighting up Calcutta for over 100 years.

- The Comp. are the 2 per cent effective tariff increase after several months, which came in November 1996.

- 20,00,000-14.5% pref. shares redeemed. 101,88,665 equity shares of Rs. 10 each Rs. 5 per share paid up allotted on 15th Feb. 1999 on conversion of equity warrants `B' attached to 15% NCD.

1999 - CESC limited has demanded another hike in the fuel surcharge [FSCs] rates for a three year span form 1996-97 to 1998-99.

- CESC existing licensing agreement will be made to include borderline areas of city currently within the jurisdiction of WBSEB.

- The Comp. has grown into a 650 MW capacity generating and distributing network.

- The Comp. has initiated a series of interactive programmes on 'Building Excellent Service Provider' for its employees.

2000 - ICRA has downgraded the rating of Rs 155.3 crore NCD issue of the Comp. to LBBB+.

2001 - The Titagarh Thermal Power Station of CESC limited has been awarded the ISO 9002 certification. 2002

-CESC Board approves proposal for amalgamation of subsidiary.

-Appoints Mr Tarun Kumar Ray as the Nominee director of IFCI on the Board of Comp.

-Court orders the Comp. to pay Rs. 3 cr to Damodar Valley Corporation.

-Government nominates Mr Birenjit Kumar Paul on the Board of company.

2003

-Chemithon Engineers Ltd along with Heavy Water Board of Government starts work on development of process to bring down emission levels at the company.

-Unveils multi-pronged scheme to curb pollution at its thermal power facilities.

-Board approves to allot shares to Management Group and Associates.

-Introduces Voluntary Separation Scheme for all permanent employees of Comp. who have completed 10 years of service & attained 40 years of age.

-2300 employees apply for CESC retirement scheme

2004

--Hindustan Lever Ltd tied up with the private sector power utility, CESC Ltd, for sampling of Pepsodent toothpaste. `Touchbase with Kolkata' project said that with its April bills CESC would be sending out 14.1 lakh covers carrying the Pepsodent label & a small 15 gm tube of toothpaste with a new flavour.

-PTC forges alliance with CESC

2005

-CESC ties up with Power Finance Corporation [PFCs] to repay debt

-CESC executes MoU with Govt of Jharkhand

2008

-CESC Ltd has forayed into a memorandum of understanding with the Government of Bihar to establish a 2,000-MW power plant in the State Bhagalpur district at an investment of Rs 10,000 crore.











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