1991 - The Comp. was incorporated on 24th July, & was promoted by
Vinod Kumar Pittie and Ashok Kumar Pittie.
- The Company object is to manufacture Portland cement.
- The Comp. undertook to set up a project for manufacture of 150
TPD of portland cement. In addition, the Comp. was in the
process of setting up mini cement plant of 150 TPD capacity. The
plant was to be set up at Jaitaran, dist. Pali near Jodhpur in
Rajasthan, while the engineering unit at Boramanda Industrial
area phase II, Jodhpur.
- The Comp. adopted the vertical shaft kiln technology using semi
dry process for cement manufacture.
1994 - 10,00,000 No. of equity shares of Rs.10 each issued, subscribed
& paid-up. 39,13,100 No. of equity shares of Rs.10 each were
issued at par in January 1992 as follows: 9,65,240 shares to
Indian resident directors/promoters, their friends etc. on a firm
basis of remaining 2,45,655 shares issued to employees on
preferential allotment basis. Balance 27,02,205 shares issued
to the public. Additional 7,36,900 shares allotted to retain
1995 - The Comp. undertook to set up a 4.95 lakh TPA 100% EOU clinker
project at Bhavnagar [Gujarats]. In addition, the Comp. was to
set up a 8 VSK modules of 200 TPD each having a total capacity
of 5.28 lakh TPA. Above sand cement clinkerisation plant with
an installed capacity of 1500 TPA was to be set up at Nani
Dudhala village, Bhavnagar, district of Gujarat adopting rotary
kiln technology from M/s. Nihon Cement Co., Ltd., Japan.
- The Comp. entered into an agreement with M/s. Utsav Cements
limited for purchase of land for Unit No. 2 and 3 admeasuring 33,000
- Also, another agreement was entered into with M/s. Pittie
Minerals & Metals limited to acquire land for Unit No. 4 to 7
admeasuring 70,000 sq. mtrs.
- The VSK modules are to be located at village Tagdi on Budhel -
Gogha Road in Bhavnagar district, Gujarat. Land admeasuring
35,000 sq. mtrs was to be acquired from M/s. Shreenidhi Cements
limited The rotary kiln of 1500 TPD capacity was to be set up on
a piece of land admeasuring 59 acres at Nani Dudhalal village,
Bhavnagar district. Plant & Machinery for rotary kilns was
to be supplied by M/s. Promac authorised licence in India of
Nihon Cement Co. Ltd.
- The Comp. issued 28,25,000 - zero coupon unsecured FCD of Rs.50
each on Rights basis in prop. 1 deb : 2 equity shares held [only
26,87,057 debentures taken ups]. 1,37,9447 debentures remained
unissued. The Comp. also issued through a prospectus
65,83,334 - 12.5% unsecured FCD of Rs.220 each as follows:
- [is] On Firm Allotment Basis: [as] 13,66,334 debentures to
promoters, directors etc. [bs] 70,300 debentures to NRIs/OCB/on
- Of the remaining, the following were reserved for allotment on a
- [is] 7,00,000 debentures to Indian Financial Institutions &
banks [only 6,22,700 debentures taken ups],
- [iis] 7,00,000 debentures to Indian Mutual Funds [only 5000
debentures taken ups],
- [iiis] 8,69,200 debentures to NRIs on repatriation basis [only
79,000 debentures taken ups],
- [ivs] 5,21,700 debentures to shareholders of Group Companies viz.,
Pittie Finance limited & Pittie Projects and Investor limited [only
1,00,800 debentures taken ups].
- Balance 23,55,800 debentures along with 26,54,500 Unsecured from
preferential quota was issued to the public [only 45,14,763
debentures taken ups].
- Part A of Rs.90 was converted into 1 equity share of Rs.10 at a
premium of Rs.80 per share on allotment of debentures.
- Part B of Rs.130 into 1 equity share of Rs.10 at a prem. of
Rs.120 per share after 12 months from the date of allotment.
- Namaskar Leasing & Finvest limited is a subsidiary of Company.
- The Comp. set up a joint venture Adam [Pitties] Cement Company
limited at Sri Lanka with Adamexpo Group of Companies for setting
up a cement plant with a capacity of 500 TPD.
- Anwar [Pitties] Cement Corporation Ltd., is another joint venture
proposed to be set up in collaboration with Anwar Group
Industries at Bangladesh.