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Bellary Steel and Alloys
BSE: 500045|NSE: BELLARYSTL|ISIN: INE166C01025|SECTOR: Steel - Rolling
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Bellary Steel and Alloys is not traded in the last 30 days
Bellary Steel and Alloys is not traded in the last 30 days
Company History - Bellary Steel and Alloys
YEAR                       EVENTS
 1984 - The company was incorporated on 17th May, under the name and 
        style `Bellary Steels and Alloys (Mini Steel Plant) Pvt.
 Ltd.'
        at Bellary in Karnataka.  It was promoted by Shri S. Madhava.
        Another company by name `Bellary Steels and Alloys Pvt. Ltd.,
        incorporated on 27th August 1980 was amalgamated with this
        company with effect from 30th April 1985.  Subsequently, the
        company was converted into a public limited company on 5th
 June,
        1986.  The company's name was changed as `Bellary Steels and
        Alloys Ltd.' with effect from 10th November 1989.
 
      - The main objective of the company is to manufacture steel
        ingots/billets, runner & risers, steel structurals, re-rolled
        products, sponge iron, etc.
 
 1986 - The company commissioned a plant with an annual installed
        capacity of 18,000 tonnes of steel ingots/billets set up near
        Bellary in Karnataka.
 
 1987 - Production was lower than the target due to short supply of
 raw
        materials and frequent electricity load sheddings.
 
      - The company undertook a modernisation programme (Phase I). 
 Under
        this programme, a continuous billet casting machine (CCM) and
 a
        oxi-air fuel burner were installed which were developed by 
        American Machine Building Technology Inc. (USA).
 
      - Till date all shares taken up by promoter, directors, their 
        relatives, etc.
 
 1989 - Due to problems encountered in commissioning the continuous 
        casting machine (CCM) and oxi-air fuel burner, unexpected
 failure
        of the furnace transformer during September-November, and load
 
        shedding by State Electricity Board, production was lower
 than
        in the previous period when compared on an annualised basis.
 
      - The furnace transformer had since been repaired and many
 problems
        of CCM were also sorted out.
 
      - Under the second phase of modernisation programme, secondary 
        steel making (SSM) facilities were being installed by using 
        ladle refining furnace process technology.
 
      - The company proposed to set up a coal based sponge iron plant
        with a process technology supplies by M/s. Sponge Iron India,
 
        Ltd.
 
      - Equity and Pref. shares sub-divided on 28th July.  2,50,000
 No. 
        of equity shares of Rs. 10 each issued to promoters,
 directors,
        their friends etc.  18,00,000 No. of equity shares were then
        issued at par of which the following shares were reserved and
 
        allotted:
 
      - (i) 3,00,000 shares to SBI Mutual Fund; and 
 
      - (ii) 1,80,000 shares to Shri S. Madhava by conversion of
 loan.
 
      - Out of the remaining 13,20,000 shares, 90,000 shares were 
        reserved for preferential allotment to employees (including 
        Indian working directors/workers of the company (only 22,400 
        shares taken up).
 
      - The balance 12,30,000 shares, along with the unsubscribed
 portion
        of 87,800 shares of employees quota were offered for public 
        subscription during January, 1990.  Addition 2,43,000 shares
 were
        allotted to retain oversubscription.
 
 1990 - Despite various problems in import of melting scrap faced by
 the 
        industry.
 
      - The company privately placed with SBI Mutual Fund 14% - 
        non-convertible debentures aggregating Rs. 60.0 lakhs.  These
        debentures are redeemable at a premium of 5% in three equal
        annual instalments beginning at the end of the sixth year from
 
        the date of allotment.
 
      - The company made a public issue of equity share in January, to
 
        part finance the cost of modernisation/expansion besides
 meeting
        the long term working capital needs.
 
 1991 - The company proposed to instal an 18 Merchant rolling mill to
 
        create adequate facility for the manufacture of rolled
 products 
        of the special steels.  It is also proposed to instal
 facilities
        like continuous charging system, modification of the metal
        tapping system to eccentric bottom tapping, for increasing
 the
        productivity and production capacity, improving the quality
 and
        minimising captive consumption of sponge iron on the existing
 
        steel melting shop and rolling mill.
 
 1992 - With the completion of expansion-cum-modernisation programme,
 the 
        company plans to take up production of value added alloy
 steels 
        and enlarge its market base by entering the engineering and 
        automobile component industries as well as exports.
 
      - The first module of the sponge iron project was completed and
 
        trial runs were carried out during March.
 
      - During January, the company issued 7,46,600-15% fully
 convertible 
        debentures of Rs. 150 each to the shareholders on rights basis
 in
        the proportion of 20 debentures: 100 shares held.  Additionl
        1,11,990 debentures were allotted to retain oversubscription.
 
      - Another 37,330-15% fully convertible debentures were issued to
 
        the employees of the company.  Only 7,230 debentures were
 taken
        up.  The remaining 30,100 debentures were taken up by SBI
 Mutual
        Fund.
 
 1993 - Each debenture was to be converted into 10 equity shares of
 Rs. 
        10 each at a premium of Rs. 5 per share in one stage within
 15
        months from the date of allotment or on 1st April.
 
      - Accordingly, 89,59,200 shares were allotted on 6th April.
 
      - 89,59,200 shares allotted on conversion of debentures.
 
 1994 - The company undertook modernisation of EAF in the steel melt
        shop.
 
      - The company undertook a project to set up a captive power
 plant
        of 12MW capacity to utilise waste gases from the sponge
 kilns.
 
      - 48,53,000 shares allotted.
 
 1995 - The company proposed to set up a new integrated steel plant
 with 
        an initial capacity of 0.5 million TPA for long products at   
  
        Bellary in technical collaboration with China shougang 
        International Trade & Engineering Corporation, Beijing the 
        leading manufacture of Iron & Steel in China.
 
      - 46,00,000 shares allotted at par to the FIs on conversion of 
        loan.  17,00,000 shares (Prem. Rs. 15 per share) issued to
 the
        friends and associates of the promoters.
 
 1997 - 15,00,000-12% redeemable cumulative non convertible pref.
 shares
        of 10 each allotted to South Indian Bank Ltd. on preferential
        basis.
 
      - Bellary Steel & Alloys has been granted approval to bring in
        foreign equity worth  million amounting to 35 per cent of
        its paid up capital b four foreign promoters.
 
      - Shougang of China has a technical collaboration with
        Bellary Steel & Alloys (BSAL) for the manufacture of steel
        billet ingots through the electric arc furnace route.
 
 1998 - BSAL has an in-principle agreement with the Industrial
        Development Bank of India, is Rs.600 crore, the remaining
        amount will be raised through equity.
 
      - Bellary Steels is also planning to set up a township close to
 its
        production facility in assistance  with SBI Home and HDFC.
 
      - Bellary Steels and Alloys Ltd is setting up an iron
        ore mining complex near Bellary in Karnataka.
 
      - Bellary Steels and Alloys Ltd (BSAL) has proposed to offer
        equity shares aggregating Rs 180 crore (Rs 1.8 billion) in a
        move to part-finance its upcoming integrated steel plant in
        Bellary.
 
      - BSAL is setting up a Rs 891-crore integrated steel plant with
 a
        capacity of 0.5 million tonne per annum for manufacturing
 long
        products through blast furnace and basic oxygen furnace
 route.
 
 1999 - The company proposes to issue 7,80,00,000- 12 per cent
        redeemable preference shares (Series C) of Rs. 10 each at par
        to the promoters on private placement basis.
 
 2005
 -Company has splits its Face value of Shares from Rs 10 to Re 1
Source : Dion Global Solutions Limited
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