Pittie Cement and Industries Ltd.

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History of Pittie Cement and Industries Ltd.

YEAR EVENTS 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 oversubscription.

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 sq. mtrs - 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 repatriation basis.

- Of the remaining, the following were reserved for allotment on a Preferential basis:

- [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.

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