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History of Electrosteel Castings Ltd.

1955

- The Comp. was incorporated on 26th November, at Rajgangpur. The Company Manufacture steel castings, grinding media & spun-cast iron pipes.

1956

- All shares issued for cash. 1,50,000 shares each subscribed by Orissa Cements, Ltd., & Dalmia Cements [Bharats], limited The remaining 3,050 shares were subscribed by Directors, their friends and associates.

1958

- 46,950 shares subscribed for in cash by Directors, their friends and associates. 50,000 shares subscribed for in cash by Industrial Credit & Investment Corporation of India, Ltd.

1960

- Dalmia Cement [Bharats], Ltd., & Orissa Cements, limited released out of their holdings 2,00,000 equity shares of Rs 10 each at par to the public during May. The release was made to the public for getting the Company shares listed on the Stock Exchange.

1961

- 4,00,000 Right Equity shares offered at par in the prop. 1:1. The offer wash made during 1960. The shares were fully taken up by 1961.

1965

- Towards the end of year, the name of Comp. was changed from Dalmia Iron and Steel, Ltd., to Electrosteel Castings Ltd.

1968

- The Comp. undertook to set up a new integrated electric steel melting shop & wire rod mills in Ghaziabad, U.P., at a cost of about Rs 2 crores.

- The project envisaged setting up of steel melting shop with two 10-12 tonnes electric steel melting furnaces, a twin-strand continuous casting machine & a high speed steel rolling mill to roll billets into carbon steel wire rods in coils.

1978

- Government issued a fresh licence for manufacture of 36,000 tonnes of steel ingots/billets per annum at Ghaziabad.

1987

- There was a fall in the production in pipes mainly due to non-availability of raw material resulting in frequent stoppage of production.

- Elcast Finance Pvt. Ltd., & Escal Finance Services Pvt. Ltd., became subsidiaries of Company.

1988

- Operations were adversely affected by acute shortage of basic raw materials viz. Pig Iron. The shortage of pig iron adversely affected the production of spun iron pipes.

- The Comp. proposed to modernise its melting technology with a view to reducing dependence on pig iron & also achieve reduction in the cost of production of pipes.

- During the year, the Comp. undertook to set up a new unit at Khardah for production of ductile iron pipes with an annual capacity of 60,000 tonnes per annum.

1989

- During September-October, the Comp. issued 4,00,000-14% secured partly convertible debentures of Rs 170 each of which the following debentures were issued on preferential allotment basis: [is] 20,000 debentures to employees [including Indian working directorss]/workers of the Comp. & 64,000 debentures on rights basis in the proportion 1 debenture: 25 equity shares. The balance 3,16,000 debentures, along with 15,450 debentures not taken by employees, were offered to the public. Additional 60,000 debentures were allotted to retain over-subscription [50,4000 debentures to the public & 9,600 debentures to the shareholderss].

- Rs 70 of face value of each debenture was to be converted into 2 equity shares of Rs 10 each at a premium of Rs 25 per share. The non-convertible portion of Rs 100 of face value of each debenture was to be redeemed at par at the end of 7th, 8th & 9th year from the date of allotment in three instalments of Rs 30, Rs 30 & Rs 40 respectively.

- 8,00,000 Bonus Equity shares issued in proportion 1:1 on 27.6.1989.

1990

- 9,20,000 No. of Equity shares allotted [prem. Rs 25 per shares] in part conversion of 14% debs.

1992

- The Comp. issued 25,20,000 - 15% secured partly convertible debentures of Rs 160 each on rights basis to the equity shareholders in the proportion 1 debenture: 1 equity share held. All were taken up.

- Another 1,26,000 - 15% secured partly convertible debentures of Rs 160 each were offered to the employees of Comp. on an equitable basis. Only 7,600 debentures taken up. The balance 1,18,400 debentures not taken by employees were allowed to lapse.

- Part A of Rs 60 of each debenture was to be automatically converted into one equity share of face value of Rs 10 each at a premium of Rs 50 on 31st March, 1993. Accordingly 25,27,600 No. of equity shares were allotted.

- Part B of Rs 100 will be redeemed in five equal annual instalments of Rs 20 each beginning from the fifth year from the date of allotment.

1994

- A new Ductile Iron pipe plant was being set up at Elavur with an installed capacity of 30,000 tonnes of D.I. pipes per annum.

- The performance of Ghaziabad unit was affected due to increase in cost of production & stiff competition.

1995

- During December 1995/January 1996 the Comp. offered 30,28,560 - 17% partly convertible debentures [PCDss] of Rs 210 each on right basis to the existing shareholders in the ratio of three debentures for every five equity shares held. [All were taken ups].

- Part `A' of each debenture would be converted into one equity share of Rs 10 each at a premium of Rs 50 per share on 1st April 1996. Part `B' of Rs 150 [non-convertible portions] would be redeemed in three equal annual instalments of Rs 50 each on sixth year from the date of allotment.

1996

- The Comp. proposed to diversify into other castings, more particularly, ductile Iron pipe fittings which was expected to improve the profitability.

- With a view to manufacture high chrome alloy steel grinding media under collaboration arrangement, the Comp. undertook to establish separate independent facilities at Grinding division. The Comp. also proposed to establish a ne unit near Chennai for grinding media in view of its locational advantage.

- The Comp. proposed to put up a pig iron plant at Khardah where the pipe plants are located at an estimated capital cost of Rs 55 crores. It is also proposed to provide facilities at Elavur plant for making Ductile iron pipes in addition to the current production of cast iron pipes at an estimated cost of Rs 20 crores.

1997

- The Comp. had a technical collaboration with Luitpoldhutte AG and Technocomplex GmbH, both of Germany who have provided the technical basic manufacturing & process know how with technology for moulding and annealing DI & CI pipes.

- The Comp. is engaged in the manufacture of cast iron & ductile iron pipes at its plant in Khardah in West Bengal. The Comp. has seen demand increase continuously for its products leading at consistent improvement in performance.

- A forty year old Comp. manufacturing Ductile Iron [DIs] & Cast Iron [CIs] pipes, Electrosteel Castings Ltd., is the only Indian manufacturer of DI spun pipes conforming to international standards.

- The Comp. proposes to set up its manufacturing facilities for ductile iron pipe in Gujarat.

- The Comp. has closed its Ghaziabad unit in September due to a steep hike in electricity tariffs & unviability of factory.

1998

- Electrosteel Castings Ltd, one of largest manufacturers of cast iron spun pipes in the country, has decided to relocate its Rs.55-crore ductile iron pipe [DIPs] project from Elavur in Tamil Nadu to Kolhapur in Maharashtra. The Elavur unit currently manufactures cast iron pipes.

- Electrosteel had commissioned a mini-blast furnace in September 1996 which had helped it to increase operating profits by nearly 108 per cent in 1997.

1999

- The Comp. has set up a, 1,10,000 TPA cast iron pipe unit in Kohlapur which would be a backward integration project to the ductile iron pipe unit.

2000

- The Board of Electrosteel Castings limited has recommended issue of bonus shares in the ratio of 1:1.

- Crisil has assigned the `AA+' rating to the Rs 100 crore non-convertible debenture programme & the `P1+' rating to the Rs 75-crore commercial paper programme of Electrosteel Castings Ltd.

- The Comp. has proposed a bonus issue in the ratio of one for one by capitalising Rs 8,07,61,600 out of share premium account.

2003

-Electrosteel Castings Ltd has informed that Mr. Uddhav Kejriwal has been appointed as Additional Director of Comp. at its meeting held on June 16, 2003. He has also been appointed Wholetime Director subject to approval at the ensuing Annual General Meeting of Comp. to be held on September 01, 2003.

-Electrosteel Castings Ltd has enhanced its presence in the European market through setting up a wholly owned subsidiary in Spain.

-Electrosteel Casting Board has approved for setting up a Coke Oven plant at Haldia with a capacity of 35,000 tonnes per annum along with a capacity of 150,000 tonnes of coke per annum.

2004

-Electrosteel Castings Ltd has informed that The Stock Exchange - Ahmedabad [ASEs] has delisted the equity shares of Comp. from their Stock Exchange with effect from December 08, 2003.

2007 - Electrosteel Castings Ltd has informed that 'Mr. Sanjeev Churiwal, Chief Finance Officer has been appointed as Comp. Secretary of Comp. with effect from 22.01.2007 by Board of Directors of Comp. in its Meeting held on 22.01.2007 in place of Mr. S.Y. Rajagopalan, Comp. Secretary. Necessary return to this effect has already been filed with Registrar of Companies, Orissa on 12.02.2007. Mr. Sanjeev Churiwal has also been appointed as Compliance Officer of Comp. with effect from 22.01.2007'.

- The Comp. has splits its face value from Rs10/- to Rs1/-.