Mysore Cements Ltd.

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History of Mysore Cements Ltd.

YEAR EVENTS 1958 - The Comp. was Incorporated on 13th May, at Bangalore. The Company object is to manufacture cement, portland cement alumina cement etc.

1960 - 2,50,000 shares subscribed by directors etc. 1,93,000 shares by Willys overland Export Corpn.; 97,000 shares by Kalser Engineers 40,000 shares offered to the overseas Corpn.; 1,50,000 shares by Mysore Govt. & 20,000 shares by New India Assurance Co. limited 4,40,000 shares offered to the public in April 1960.

1970 - 251 forfeited equity shares reissued during the year.

1974 - Mining lease was acquired for limestone deposits in the area.

- A second hand power plant was purchased from Madhya Pradesh Electricity Board to meet 50% of requirements of Damoh unit.

1977 - 70,000 - 9.5% pref. shares redeemed on 29th June 1978. 70,000 - 11% pref. shares issued.

1979 - Authorised capital reclassified. 13,50,000 rights equity shares issued [prem. Rs.2 per share; prop. 3:4s] in February 1980.

1981 - Rate of dividend on 70,000 - 11% pref. shares increased to 13.5% effective from 6th November. 30,000 - 13.5% pref. shares issued as rights to equity shareholders in prop. 1 pref. : 105 No. of equity. Only 10,319 shares taken up.

1982 - 19,681 - 13 1/2% pref. shares of 1981-82 issue taken up in 1982-83 [7,681 pref. shares redeemable on 8th October 1994 & 12,000 pref. shares redeemable on 26th November 1994.

1983 - A letter of intent was received to expand the plant capacity at Damoh to one million tonnes per annum.

- The unit could achieve higher efficiency of production & savings in fuel costs due to installation of latest 6 stage pre-heater system in kiln No. 2.

- Rate of dividend increased. 90 No. of equity shares forfeited.

1984 - 12,59,789 bonus shares issued in the prop. 2:5. 4,06,118 shares allotted to institutions on conversion of loans.

1985 - Production was adversely affected due to severe power cuts and inadequate availability of coal. It was planned to install two more diesel generating sets of 5 MW each.

- 1,62,446 bonus shares issued in the prop. 2:5 in respect of 4,06,118 shares issued to institutions in 1984-85.

1986 - Margins were under pressure due to increase in input costs, decline in the non-levy price of cement, power cuts as high as 60% - 80% in the Ammasandra plant & high cost of captive diesel power.

1987 - The Comp. undertook modernisation of plant at Ammasandra unit.

- The Comp. undertook to set up a new cement plant at Damoh with a capacity of 4 lakh tonnes per annum.

- Approval was received for installation of grinding unit at Jhansi, U.P. to raise the company licensed capacity to 1.87 million tonnes.

- The Comp. issued 13,00,000 - 12.5% secured redeemable partly convertible debentures of Rs.125 each for cash at par as follows:

- [is] 5,00,000 debentures to shareholders on rights basis in the prop. 1 debenture for 10 No. of equity shares [all were taken ups]

- [iis] 65,000 debentures to employees [including Indian working directors - only 5,510 debentures taken ups],

- [iiis] 1,44,000 debentures to non-resident Indians/persons of Indian origin residing abroad on a repatriation basis [only 51,860 debentures taken ups],

- [ivs] 5,91,000 debentures along with remaining unsubscribed portion of 1,51,630 debentures from the preferential quota were offered for public subscription [all were taken ups].

- Additional 2,67,592 debentures allotted to retain over subscription [95,342 to the equity shareholders & 1,72,250 to the general publics].

- 78,37,960 No. of equity shares allotted [prem. Rs.5 per shares] in part conversion of debentures on 31st March 1988. In July 1988, 64,07,893 rights equity shares issued [prem. Rs.5 per share; prop. 1:2s]. 3,37,257 No. of equity shares issued to employees of Comp. [prem. Rs.5 per shares] but only 1,800 shares taken up. The unsubscribed 3,35,457 shares of employees quota were allowed to lapse. 70,000 - 15% pref. shares redeemed at par on 12th September, 1988. 1,50,000 - 14% pref. CR shares privately placed with financial institutions on 3rd June 1988.

- Rs.75 of each debenture was converted into 5 No. of equity shares of Rs.10 each at a prem. of Rs.5 per share on 31st March, 1988. The balance Rs.50 of each debenture was to be redeemed in 3 yearly instalments of Rs.17, Rs.17 & Rs.16 commencing on 3rd February 1994.

1988 - 70,000 - 15% cumulative preference shares out of total 1,00,000 preference shares issued were redeemed at par as on 12th September. The balance of 30,000 - 15% preference shares are redeemable at par in the following manner:

- [is] 10,305 preference shares on 31st May, 1994,

- [iis] 14 preference shares on 28th June, 1994;

- [iiis] 7,681 preference shares on 8th October, 1994 and

- [ivs] 12,000 preference shares on 26th November, 1994.

1989 - Fixed assets of Ammasandra & Damoh units, excluding leasehold land, furniture, office equipments, vehicles & additions during the year were revalued as at 31st March, 1990 & the resultant surplus amount was credited to revaluation reserve.

1990 - The Comp. received a letter of intent for establishing a new cement plant in Raipur district of Madhya Pradesh with a capacity of 1.4 million tonnes per annum. Necessary steps were being taken.

1991 - A new cement plant of 5 lakh tonnes per annum capacity was being set up at Imlai in Damoh district of Madhya Pradesh.

- The prospecting licence for limestone was granted.

- With a view to expand its activities, the Comp. was making an equity investment of around Rs.216 lakhs [equivalent to M$ 3 millions], in a new Malaysian project for manufacturing Oleochemicals.

- The Comp. submitted a proposal to IDBI for take-over & revival of sick cement unit.

- The Comp. undertook to set up an iron & steel project at Haldia in West Bengal. Initially it was proposed to set up a mini blast furnace with a capacity of 2.5/3 lakhs tpa with a plan to double the capacity & further diversification into special steels in the same location. Also, a modern foundry is envisaged to be established along side the mini blast furnace.

- A new Comp. under the name `Birla Metals Ltd.' was incorporated for same & it was expected that West Bengal Industrial Development Corporation to participate in the project.

1992 - The Comp. undertook to set up a 10 MW capacity captive power plant to overcome the poor power supply. To cater to the increased lime stone requirement for one million tonne Clinkerisation plant, new mining areas were being developed. The Damoh unit made a beginning in exporting slag cement to Bangladesh.

- A 1.4 MW DG set was installed to overcome the deteriorating power situation.

- In January, the Comp. issued 5,00,000 - 20% secured non-convertible debentures [A-seriess] of Rs.100 each at Citibank NA on private placement basis. These debentures were to be redeemed at a prem. of 55 in three equal yearly instalments at the end of 6th, 7th & 8th years from the date of allotment, the prem. being payable along with the 2nd instalment at the end of 7th year.

- Simultaneously, with the above issue, the Comp. issued 10,00,000 - 20% secured non-convertible debentures [B-Seriess] of Rs.100 each to LIC, UTI, GIC & its subsidiaries on private placement basis. These debentures were to be redeemed at a prem. of 5% in three equal yearly instalments at the end of 6th, 7th & 8th years from the date of allotment the prem. being payable along with the instalment at the end of 7th year.

1993 - During September, the Comp. issued 240,31,850 zero interest secured fully convertible debentures of Rs.45 each on rights basis in the prop. 5 debentures: 4 equity shares held [only 29,37,676 debs. taken up; 54,048 debs. kept in abeyance under section 206A & under Custodian Notification; 10,40,126 debs. were otherwise allotteds].

- Another 12,01,592 - zero interest debentures were offered to employees on equitable basis [only 15,775 debs. taken ups]. Unsubscribed portion of 11,85,817 debs. allowed to lapse. Another 12,01,592 zero interest debentures offered to Management/Associate companies [all were taken ups].

- Each debenture was to be converted into 1 equity share of Rs.10 each at a prem. of Rs.35 per share on 1st February, 1994.

1994 - Clearance in principle was obtained from the State Govt. of Karnataka for setting up a new greenfield cement plant of 1.5 million tonnes p.a. along with a captive power plant in Gulbarga. - The Comp. issued 20,00,000 - 12.5% shares. These are redeemable at par 17th February, 1998 [4,00,000 sharess], 17th February 1999 [8,00,000 sharess] & on 17th February 2000 [8,00,000 sharess].

- 15% pref. shares redeemed. 251,74,258 No. of equity shares allotted on conversion of fully convertible debs.

1995 - The 1,50,000 - 14% redeemable cumulative preference shares are redeemable at par on 3rd June.

- 14% pref. shares redeemed. 27,75,000 shares allotted on conversion of warrants on exercising of option by warrent holders & 3244 shares allotted consequent to annulment of forfeiture.

1998 - The Comp. undertook to install a 15MW thermal power plant at Damoh.

- MCL has an aggregate capacity to manufacture 2.1 million tpa of cement. It has cement plants in Karnataka & MP & a grinding unit in UP.

- Mysore Cements has recently concluded projects to become self-sufficient in power at its three plants across the country. It has set up a 22 MW power plant at Ammasandra, Karnataka at a cost of Rs 55 crore. The other power plants are in Narsingad [16 MWs] & Imlai [12 MWs] for Damoh factory in Madhya Pradesh.

- MCL proposes to issue equity shares of up to 8.325 million [15 per cent of paid-up equity share capitals] on private placement basis from time to time in one or more tranches to Nesher and/or its associates, etc.

- GUJARAT Ambuja Cements Ltd [GACLs] has bought a 'meagre' stake in Mysore Cements Ltd & DLF Cements Ltd 'as a part of its treasury operations'. GACL currently holds about 1.28 lakh shares of Mysore Cements aggregating Rs. 12.96 lakhs, & around 1.77 lakh shares of DLF Cements aggregating Rs. 9.62 lakhs.

- Mysore Cements will also issue a block of 33.25 lakh additional equity shares for subscription by foreign institutional investors, overseas corporate bodies & mutual funds.

1999 - MYSORE Cements Ltd, an SK Birla group company, is floating a joint venture with Nesher Israel Cement Enterprises of Israel to set up a Rs 600-crore 1.5-million-tonne cement plant at Gulbarga in Karnataka.

The Israeli Comp. recently picked up a 9 per cent equity stake in Mysore Cements at a premium of Rs 10 [FV: Rs 10s] in the Rs 47.19 crore equity capital of Rs 309 crore Mysore Cement limited The proposed joint venture Comp. will be a subsidiary of Mysore Cement.

- MYSORE Cements has proposed to offer 30 lakh shares to a private fund at Rs. 20 per share. Pantaloon Fashions has a similar offer on the cards. And BFL Software made such an offer last year.

2000 - The Board has allotted 9,30,000 No. of equity shares of Rs 10 each to ICICI fully paid-up towards payment of their dues.

2003 -Delist Equity Shares of Comp. from the Madras Stock Exchange Ltd., Chennai & The Calcutta Stock Exchange Association Ltd., Kolkata.

-ICICI Bank limited withdrawn the nomination of Shri K. Bharathan in the Board of Directors & in his place, nominated Shri Satya Prasad as their nominee on the Board of Company


-Mysore Cements Ltd has informed that the Comp. has received a letter from the Madras Stock Exchange Ltd confirming that the equity shares of Mysore Cements Ltd have been delisted voluntarily from their Stock Exchange [MSEs].


-Mysore Cements Ltd has appointed Mr. S Krishna Kumar, IAS [Retd.s] as the Additional Director on the Board of Directors of Company.

-Mysore Cements Ltd has appointed Mr. T.V. Ganesan as the Head Legal and Comp. Secretary & Compliance Officer of Mysore Cements Limited w.e.f. 1st May 2007.

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