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History of Torrent Power SEC Ltd.

YEAR EVENTS 1920 - The Comp. was incorporated at Mumbai to take up the license granted by Government of India under the Electricity Act, 1910, to supply electrical energy to the city & district of Surat.

1967 - The Government of Gujarat issued a sanction to the Comp. to continue its power supply operations for a period of 10 years from 12th April, 1968.

1969 - 15,000-9.5% Pref. shares offered to public on 1.4.1969.

1971 - The Comp. took steps to establish contracts division to handle the business of electrical installation.

- In April, 30,00,000 Right Equity shares issued at par in the prop. 3:7. Arrears of Rs 15,500.

1972 - Further 4,193 Right Equity shares issued to the applicants from Surat whose applications did not reach in time. Arrears of Rs 1,300.

1974 - The extension of section was sanctioned during the year on the basis that The Comp. should offer not less than 25,000 shares at par to Gujarat Government out of new issue of equity shares & the combined holding of Gujarat Government & Central Government financial institutions shouldn't be less than 51%.

1978 - 8,420-9.5% Pref. shares redeemed on 12.4.1978. Rate of dividend on the balance 6,580 Pref. shares raised to 11% & redemption date extended to 12.4.1988 or earlier on the vesting date of the undertaking with GSEB.

1981 - The Comp. tranferred its registered office from Mumbai to Surat with effect from 26th October.

1986 - As per Scheme of Arrangement, the Comp. proposed to cancel 6 1/2% non-redeemable preference shares of Rs 100 each & issue to these preference shareholders non-convertible debentures of Rs 100 each at par. These debentures were issued effective from 8th October 1987, in terms of Scheme of arrangement sanctioned by the Ahmedabad High Court.

1988 - New transformers of higher capacity were installed in 11 sub-stations in replacement of old ones. 7 additional transformers were installed in the existing sub-stations & 33 new sub-stations were added to the systems.

- The Comp. installed a 160 KVA diesel generating set.

1989 - A new transformers of higher capacity were installed in 14 sub-stations in replacement of old ones. 38 new sub-stations were added to the system.

1990 - The `E' receiving station was commissioned on 27th March. 21,114 new consumers were connected to the mains. New transformers of higher capacity were installed in 31 sub-stations in replacement of old ones & 40 new sub-stations were added to the system.

- One more 15 MVA transformer had been commissioned at `E' receiving station & the Comp. proposed to commission two more viz., `B2 & D2 receiving stations.

1991 - 19,684 new consumers were connected to mains. New transformers of higher capacity were installed in 27 sub-stations in replacement of old ones & 50 new sub-stations were added to the system. One more 15 MVA transformer had been commissioned at C2 receiving station.

1992 - The Comp. allotted 2,00,000 - 20% debentures of Rs 100 each on private placement basis.

1993 - New transformers of higher capacity were installed in 85 substations in replacement of old ones & seven additional transformers were installed in the existing substations. 53 new substations were added to the system making a total of 598 substations at the end of year. One additional 15 MVA transformer was added to `E' receiving station increasing its installed capacity of 45 MVA. Power Transformer of 18 MVA was installed at B2 receiving station.

- The Comp. proposed to allot 1,40,460 No. of equity shares at a premium of Rs 40 per share to the State Government.

- During October, the Comp. offered 12,91,930 secured fully convertible debenture of Rs 100 each on Rights basis in the proportion 1 Deb: 1 equity shares held. All were taken up. 2,03,818 debentures were kept in abeyance.

- Rs 50 of face value of each debenture was converted into 1 equity shares of Rs 10 at a premium of Rs 40 per share on 15th March 1994. Accordingly 10,88,112 No. of equity shares were allotted.

1994 - Two more receiving sations namely `G' & D2 at Puna Khumbharia & Udhna Magdalla areas were set up.

- New transformers of higher capacity were installed in 37 substations in replacement of old ones & 16 additional transformers were installed in the existing substation. 56 new substations were added to the system making the total of 654 substations at the end of year.

- The Comp. proposed to commission one more `F' receiving stations at Siganpore/Ved Road which was to add another 30 MVA load factor to the installed capacity thereby reducing the overloading of transformers & feeder at B & B2 receiving stations.

- It was also proposed to commission additional 15 MVA transformers at its D & E receiving stations. During the year, G & D2 receiving station at Puna Kumbharia & Udhna Magdalla areas were commissioned with one 15 MVA transformer each.

1995 - 86 new substation were added making a total of 740 substations at the end of year. New transformers of higher capacity were installed in 61 substations in replacement of over loaded ones & 14 additional transformers were installed in the existing substations.

- Installed one additional 15 MVA transformers at `D2' & `E' receiving stations, thereby increasing the installed capacity to 30 MVA at `D2' station & 60 MVA at `E' station.

1996 - 88 new distribution sub-stations were added during the year making total number of substations at 828. Capacity of distribution transformers increased from 460 795 KVA to 506 805 KVA, while installed capacity of receiving stations went up 303 MVA during the year.

- 7,74,318 No. of equity shares allotted as fully paid bonus shares. 4,07,636 No. of equity shares of Rs 10 each allotted on conversion of FCD kept in abeyance 4,200 No. of equity shares forfeited.

1997 - 5,040 No. of equity shares issued pursuant to a contract without payment being received in cash.

- The Ahmedabad based Torrent Power Limited proposes to acquire 1,976,359 equity shares of Surat Electricity Company Limited from its group Comp. Torrent Investment Private Limited & Torrent Leasing & Finance Private Limited.

1998 - The Comp. depends on GEB for its entire supply of power and keeping in view the fast increasing demand, the Comp. sought augmentation of supply from 252 MVA to 412 MVA.

- The Comp. was rated A1+ for its Commercial Paper Programme of Rs. 20 crores & LAA for raising long term funds by ICRA.

1999 - The Comp. has also regrouped `High Value' consumers to prepone revenue collections. The Comp. has initiated actions to convert LT consumers into LTMD and HT consumers, where called for, as per existing Conditions of Supply. The Comp. has changed over to Static Meters for HT & LTMD consumers.

- During the year, the Comp. has started two Consumer Service Centers, one at Main Office Building at Station Road & another at the Company `B' Receiving Station.

- The Comp. has introduced ERP [Enterprise Resource Plannings] package, to enable the business to respond faster & perform better.

2003

- Mr. Sudhir Mehta has been appointed as the Chairman of Board of Directors of Comp. in place of Mr. D J Patel.