Company History: YEAR EVENTS1972 - The Company was Incorporated on 3rd August in Maharashtra as a private limited company and converted into a public limited company on 17th January 1973. - The Company's object is to manufacture steel ingots from scrap and other steel items. The Company was promoted by Western Rolling Mills Private Ltd.
- Mukand Iron & Steel Works Ltd. agreed to give to the company technical assistance for the manufacture of steel ingots and other semi finished products.
- 1 60 000 shares taken up by promoters directors etc. and 2 40 000 shares offered at par to the public in Feb. 1973.
1981 - Forfeiture on 50 shares annulled.
1984 - Profits declined marginally due to lower sales realisation in the first quarter of the year and higher input costs.
1985 - 2 00 000 rights shares issued at par in prop. 1:2.
1987 - Chudiwala Steels Ltd. Pondicherry became a subsidiary of the Company.
1988 - The name of the subsidiary was changed to East Coast Steel Ltd.
- 6 00 000 rights shares issued (prem. Rs.10 per share; prop. 1:1) Additional 90 000 shares allotted to retain oversubscription. Another 4 500 shares allotted to employees. (prem. Rs.10 per share).
1992 - During May-June the company issued 7 19 165-15% fully convertible debentures of Rs.55 each at par to the shareholders on rights basis in the ratio of 5 debentures : 9 No. of equity shares held. Additional 1 07 721 debentures allotted to retain oversubscription.
- Another 35 835 - 15% fully convertible debentures were issued to the employees of the company (only 300 debentures taken up). Unsubscribed portion of 35 500 debentures out of the employees quota of 35 535 debentures was allotted to Indbank Mutual Fund 35 debentures remain unsubscribed.
- The entire face value of Rs.55 of each debentures was to be converted into one equity share of Rs.10 each at a prem. of Rs.45 per share on the expiry of 6 months from the date of allotment of debentures i.e. on 2nd February 1993.
