History of Diamines and Chemicals Ltd.
YEAR EVENTS 1976 - The Comp. was incorporated as a Public Limited Comp. on 12th May, & it obtained the Certificate of Commencement of Business on 16th July, from the Registrar of Companies, Gujarat at Ahmedabad.
- The Comp. was jointly promoted by Bharat Vijay Mills Ltd., Kalol [Gujarats] & Cellulose Products of India Ltd.
- The main objective of Comp. is to manufacture of ethylenediamine & polamines such as diethylenetriamine, triethlenetetramine & other polyethylene polyamines used mainly for manufacture of pesticides & fungicides, textiles, auxiliaries, paints & adhesives, drug intermediates, auxiliaries, paints & adhesives, drug intermediates, paper, petroleum additives, rubber chemicals & plastics.
- 40,000 shares issued to promoters, directors, etc. 3,60,000 shares issued at par out of which the following shares were reserved & allotted: 5,20,000 shares to The Bharat Vijay Mills Ltd., & Cellulose Products of Indian Ltd., 50,000 shares each to LIC & GIC & 70,000 shares to employees & business associates of two promoter companies. 6,70,000 shares offered for public subscription during November 1979.
1983 - The Comp. achieved an average capacity utilisation of 58% as against 14% in the previous year.
- 4,48,000 rights equity shares issued at par in prop. 8:25 in 1985 - The profitability, however, was adversely affected due to factors such as increase in the cost of inputs & higher downtime in some of initial equipment subject to corrosion, power tripping, etc. The Comp. installed a 500 KVA diesel generating set.
1988 - A letter of intent was received from enhancement of ethylenediamine capacity from 2,000 tpa to 5,000 tpa.
1989 - During the period, the Comp. entered into a Co-promoters Agreement with PICUP for Rifampicin Project of 100 tpa capacity.
1990 - The Comp. undertook implementation of phase-III of modernisation-cum-expansion programme to expand the installed capacity to 2,600 tpa.
- A Comp. in the name & style of Hindustran Biotech limited [HBLs], was incorporated for setting up the said bulk drug project.
1991 - The Comp. received offers from Grace Rexolin, Sweden [W.R. Grace, U.S.A.s] for technology know-how for manufacture of N-methyl piperazine [NMPs], ammino methyl piperazine [AMPs] and N-ethyl piperazine [NEPs], etc.
- The HBL unit was at an advanced stage for setting up the bulk drugs project at Sikandrabad, U.P. PICUP sanctioned the necessary loans for same.
- During the year, the Comp. signed a Memorandum of Understanding with the Gujarat Industrial Investment Corporation limited [GIICs], to set upan integrated chemical complex in the joint sector for the manufacture of ethylenedichloride [EDCs] in the backward area of Gujarat State.
- The Comp. issued 1,25,000-20% secured redeemable non-convertible debentures of Rs. 100 each on private placement basis with UTI [75,000 debenturess] & LIC [50,000 debenturess].
- The debenture issued to UTI are redeemable in three equal annual instalments commencing from 7th February, 1997 & ending on 7th February, 1999 & the debentures issued to LIC are redeemable in three equal annual installments commencing from the February 1998 & ending on 7th February, 2000.
- 50,580 No. of equity shares of Rs. 10 each at a premium of Rs. 28.75 per share.
