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History of NSL Ltd.

YEAR EVENTS 1974 - The Comp. was incorporated on 29th July, at Hyderabad. The Comp. was promoted by Andhra Pradesh Industrial Development Corporation Ltd., & K.V.K. Raju. It manufactures cold rolled steel strips. The range of products including mild steel and medium carbon steel.

- The Comp. undertook a project to set up an export oriented shoe upper/shoe manufacturing unit at Cherlapalli near Hyderabad.

- 3,67,700 shares taken up by promoters, directors, etc. 3,67,300 shares allotted to APIDC.

1977 - In July, 23,000 Pref. & 7,35,000 No. of Equity shares offered at par; 14,700 shares reserved for allotment to APIDC & the balance offered to the public.

1978 - 100 Pref. & 40,050 No. of Equity shares forfeited.

1979 - The Comp. received permission to manufacture 5,000 tonnes per annum of cold formed metal profiles.

1981 - 4,29,225 Right Equity shares issued at par in prop. 3:10 in April.

1982 - In February, the Comp. offered 1,25,000-13.5% convertible debentures of Rs 100 each as rights to the equity shareholders in the proportion 13:200. The holder of each debenture was allotted 3 fully paid equity shares of Rs 10 each at par & the face value of each debenture then stood reduced to Rs 70. This amount was to be repaid in three instalments of Rs 25, Rs 25 and Rs 20 at the end of 7th, 8th & 9th year from the date of allotment.

1982-84 - The Comp. issued by private placement 1,50,000-13.5% secured convertible debentures of Rs 250 each for an aggregate value of Rs 375 lakhs. As per the terms of issue, the holder of each debentures was allotted three equity shares, of Rs 10 each at par on 1.8.1983 out of interest accrued on each of these debenture upto 31st July, 1984. A further three equity shares of Rs 10 each at par were allotted on 1.8.1985 out of interest accrued upto 31.7.1985 in respect of each debenture.

1983 - 6,15,000 No. of Equity shares issued at par in conversion of debentures.

1984 - 4,45,229 No. of Equity shares allotted on 1.8.1984 in lieu of interest accrued upto 31.7.1984 on convertible debentures.

1985 - A letter of intent was received for manufacture of 30,000 tonnes per annum of cold formed metal sections in collaboration with Voest Alpine, Austria.

- 4,51,509 No. of equity shares issued at par & allotted in lieu of interest accrued on convertible debentures.

1986 - 7,47,582 No. of Equity shares allotted in conversion of debentures.

1989 - The name of Comp. was changed from Nagarjuna Steels limited to NSL limited with effect from 16th January.

1990 - The Comp. undertook an expansion-cum-modernisation programme.

1993 - The first phase of expansion-cum-modernisation programme was completed on 26th January, with the installation of modern skinpass mill & upgradation of semi-continuous pickling line.

- The Comp. undertook a project to set up an export oriented shoe upper/shoe manufacturing unit at Cherlapalli near Hyderabad. The Comp. obtained a letter of intent for manufacture of nine lakh pairs of shoe upper & six lakh pairs of full shoes per annum.

- The Comp. issued 51,98,269 No. of equity shares of Rs 10 each at a premium of Rs 40 per share on rights basis in the proportion of 5:4. All were taken up.

- Another 1,60,000 No. of equity shares of Rs 10 each at a premium of Rs 40 per shares were offered to the employees on an equitable basis. None were taken up. They were allowed to lapse.

1996 - Production of cold rolled strips & that of cold rolled formed sections declined to 59923 tonnes & 12366 tonnes respectively. This was attributed to adverse market conditions & erratic power supply. The Govt. of India policy with regard to duty structure for hot & cold rolled coils has narrowed down the levels of hot & cold rolled coils. Hence the Comp. took serious steps to overcome the situation by optimising product-mix & exploring avenues for value added products.