Deepak Fertilizers and Petrochemicals Coprn

YEAR                       EVENTS
 1979 - The Company was incorporated as a private Ltd company on 31st
        May, and converted into a public company on 14th June, 1979. 
 It
        manufactures anhydrous liquid ammonia which is a heavy
 chemical
        as well as a fertiliser.  The company has been promoted by
 Deepak
        Nitrite Ltd, and Shri C.K. Mehta.
 
      - The Company entered into an agreement with Fish International
        Engineers Inc., U.S.A. (FISH) for the supply of process
 design,
        complete basic and detailed engineering within the ammonia
 plant
        battery limit including all equipment specifications for
 purchase
        and supply of data for off sites.
 
      - FISH has guaranteed the performance of the plant capacity,
 raw
        material and utility consumption and product quality.
 
      - The Company entered into an agreement with HALDOR Topsoe,
 Denmark
        for the supply of design for ammonia converter and review of
        synthesis loop design.
 
      - The Company entered into a Patent Licence & Technology
 Transfer
        agreement with Union Carbide Corporation, New York, U.S.A.,
 for
        their amine guard process for carbon-di-oxide removal.
 
      - The Company entered into an agreement with Engineers India
 Ltd.,
        for providing consultancy, review of design, recommending
 design
        changes, detailed engineering for off-sites, preparation of
        equipment specifications for off-sites and associated
 engineering
        work.
 
 1982 - 10 No. of equity shares subscribed for by Deepak Nitrate Ltd.
        1,50,000 - 13.5% pref. and 1,14,99,990 No. of equity shares
        issued at par; (a) 45,99,990 No. of equity shares issued at
 par;
        (b) 45,99,990 Equity shares reserved for firm allotment to
        Deepak Nitrite, Ltd. and C.K. Mehta and his family; (c)
 11,50,000
        No. of equity shares reserved firm allotment to International
        Finance Corporation, Washington (d) 11,50,000 No. of equity
        shares reserved for allotment on preferential basis to NRIs
 and
        investors from Oil Exporting Developing Countries with
        repatriation rights and (e) 46,00,000 No. of equity shares
 and
        1,50,000 Pref. shares offered to the public in May.  The
 original
        9-11% Pref. shares redeemed.
 
 1985 - The Company received a letter of intent to manufacture per
 annum
        75,000 tonnes of dilute nitric acid, 33,000 tonnes of
        concentrated nitric acid and 36,000 tonnes of low density
 prilled
        ammonium nitrate.
 
 1986 - The Company received a letter of intent for the manufacture
 of
        2,29,500 TPA of ammonium nitrophosphate (ANP).  The Company
        undertook an integrated project for the manufacture of nitric
        acid, ammonium nitrate methanol and ANP.
 
 1988 - 25-15% Pref. shares and 3,000 No. of equity shares forfeited
 in
        the previous year reissued.
 
 1989 - Production and sales were affected by closure of the plant
 for
        about 2 months due to strike by workers.
 
      - A letter of intent was received for the manufacture of 45,000
 TPA
        of various resins based on methanol.
 
      - During January, the Company issued 190,00,000-14% secured
        convertible debentures of Rs 100 each for cash at par of
 which
        60,00,000 debentures were offered on rights basis in the
        proportion 4 deb. : 10 equity shares.  Additional 9,00,000
        debentures were allotted to retain over subscription.  Also
        20,00,000 debentures were reserved and allotted to UTI, LIC,
        ICICI and GIC.
 
      - Of the balance 110,00,000 debentures, the following were
 reserved
        for allotment on a preferential basis: (i) 26,00,000
 debentures
        to NRI's on repatriation basis (ii) 13,00,000 debentures to
        farmers, agriculturists, agricultural co-operative societies
 and
        investors from rural areas and (iii) 9,50,000 debentures to
        employees (including Indian working directors)/workers of the
        Company.
 
      - The remaining 61,50,000 debentures were offered for public
        subscription.  Additional 19,50,000 debentures were allotted
 to
        retain over subscription (1,350 shares to Iris and remaining
        19,48,650 to public).
 
      - Each debenture with a face value of Rs. 100 consists of 3
 parts
        viz., Part A of Rs 20, Part B of Rs 30 and Part C of Rs 50
 each
        with a detachable warrant.
 
      - Part A is to be compulsorily and automatically converted into
 1
        equity share of Rs 10 each at a premium of Rs 10 per share on
 1st
        January, 1990.
 
      - Part B is to be compulsorily and automatically converted into
 1
        equity share of Rs 10 each at a premium of Rs 20 per share on
 1st
        January, 1991.  218,50,000 No. of equity shares issued on
        1.1.1990 on conversion of Part A of the debentures.
 
      - Part C of each debenture the holder shall have a right to
 seek
        allotment of one equity share of Rs 10 as may be fixed by
 CCI.
        If Part C is not surrendered for allotment of one equity
 share,
        it will be redeemed after the expiry of 7 years or not later
 than
        10 years from the date of allotment of debentures.
 
 1990 - Fertilisers were sold under the brand name Mahadhan.
 
      - The Company undertook to implement projects for manufacture
 of
        resins and carbon-di-oxide/dry ice at a total estimated cost
 of
        Rs 75 crores.
 
 1991 - A major breakdown of one of the two engines/compressors and
        disruption of gas supply due to the nationwide strike at
 ONGC.
 
      - The ammonium nitrophosphate plant along with the second
 stream
        of the dilute nitric acid plant and the Methanol plant were
        proposed to be commissioned by the end of October.
 
      - Trial productions of second stream dilute nitric acid plant,
        ammonium nitrate plant and ammonium nitro phosphate plant
 were
        commissioned.  Methanol plant was commissioned in December.
 
 1992 - The methanol plant affected due to an explosion and the ANP
 plant
        due to partial decontrol of fertilisers.  The methanol plant
        remained closed for the major part of the year due to an
        explosion in the converter section of the plant.  The ANP
 plant
        remained practically closed since September.
 
      - The disruption of methanol due to the explosion on 30th
 October,
        and the financial crunch experienced by the Company,
 compelled
        the company to keep projects for manufacture of resins and
 CO2
        in abeyance.
 
 1994 - The Company re-activated the carbon-dioxide project.
 
      - During November, the Company allotted 150,00,000 warrants to
 the
        promoter group against 10% up front payment carrying the right
 to
        convert the same into equity shares within 18 months price of
 Rs
        28.65 per share.
 
      - 151,02,093 No. of equity shares were allotted at a premium of
 Rs
        10 per share to those who exercised the warrants on
 31.5.1995.
 
      - The Company decided to undertake debottlenecking of the
 ammonia
        plant which would raise the capacity by 20%.
 
 1996 - The company proposed to debottleneck the Ammonia ANP
 fertiliser
        plant in order to augment their capacities and to bring down
 the
        cost per ton.  Also proposed to add bulk fertilisers as well
 as
        specialised agro products and services to provide an enlarged
        basket of products to the farmers at a single window.
 
      - Pref. shares redeemed during the year, 150,00,000 shares
 allotted
        (prem. Rs 18.65) to promoters on conversion of warrants.
        4,27,900 shares forfeited.
 
 2000 - The Pune-based Deepak Fertilizers and Petrochemicals
 Corporation
        Ltd is setting up a new nitric acid plant with an annual
 capacity
        of one lakh tonnes at Taloja in Maharashtra.
 
            -  Deepak Fertilisers and Petrochemicals Corporation Ltd
 has chalked
               out plans to invest about Rs.100 cr.
 
 2002
 
 -Board approves for the buyback of equity shares upto 10% of its paid
 up capital and free reserves.
 
 -Mr A C Mehta appointed as the additional Director on the Board of
 the company.
 
 -Hands over its price bid to fertilizer unit of Rourkela Steel
 Plant.
 
 -Shri D C Mehta ,MD is elevated to the position of Vice-chairman and
 in his place Shri S C Mehta has been appointed as the MD.
 
 2003
 
 -Buyback of equity shares closed on January 20.
 
 -Inducts Knight Frank as its real estate consultant.
 
 -Board approves for setting up 6MW capacity cogeneration capitive
 power plant .
 
 2004
 
 -Deepak Fertilizers and Petrochemicals Corporation Ltd has informed
 that the company has entered into License Agreement and related
 contracts with Aker Kvaerner Inc., Houston, USA, for manufacture of
 70,000 MT per annum Isopropyl Alcohol (IPA) at the plant at Taloja,
 Mumbai. The total outlay for this project is estimated to be Rs.
 2,000 million