Gujarat Industries Power Co.

1985 
 
 - The Company was incorporated on 1st June and a Certificate of
 Commencement of Business was obtained on 29th August.  It was
 jointly,
 promoted by GSFC, Gujarat Alkalies & Chemicals Ltd.  (GACL), Gujarat
 Electricity Board (GEB) & Petrofils Co-operative Ltd. with the
 Corporation of Government of Gujarat.  The Company generate
 electricity.
 
 - The Company undertook to set up a 145 MW power plant comprising 3
 Gas
 Turbines, 32 MW each and one stream turbine of 49 MW using fuel
 efficient gas based combined cycle technology.  Other equipments
 such
 as transformers, switchyards, cooling lower, pumps, air plant etc.
 were
 procured the Cromption Greaves, Jyoti Ltd. etc.
 
 1991 
 
 - 8,20,400 No. of equity shares allotted to GSFC, 100,72,850 No. of
 equity shares to Rs GACL; 66,63,000 No. of equity shares to Gujarat
 Electricity Board; 7,50,000 shares to Govt. of Gujarat; 26,97,900
 shares Petrofils Cop. Ltd. 28,333 shares to Heavy Water Project & 2
 shares to others.  Another 49,24,183 No. of equity shares allotted
 as
 per CCI consent received on 24.2.1992.
 
 1992 
 
 - The Company issued through a prospectus 10,80,000 - 12.5% partly
 convertible debentures of Rs 200 each of which 1,20,000 debentures
 were
 reserved and allotted to Indian Directors, their friends etc. and
 another 54,000 PCDs to employees of the company as well as promoters
 company on preferential basis.
 
 - Balance 10,26,000 debentures were issued to the public. 
 Additional
 2,24,190 debentures allotted to retain over subscription.
 
 - Part A of Rs 100 was converted into 10 No. of equity shares of Rs
 10
 each on allotment of debentures.  Accordingly, 130,41,900 shares
 issued.
 
 - Part B of Rs 100 was to be compulsorily brought back by the
 company
 at the option of the investor on expiry of 6 years from date of
 allotment of debentures.  Of the option was not excercised then the
 B
 part be redeemed at par at the end of 8th, 9th and 10th year from
 the
 date of allotment of debentures.
 
 - The company also issued 10,50,000-19% second redeemable
 non-convertible debentures of Rs 100 each of which 1,05,000
 debentures
 were reserved and allotted to promoters, directors, etc.  Of the
 remaining 47,250 debentures were issued as preferential basis to
 employees of the company and those of promoters company.  Balance
 8,97,750 debentures were issued to the public.  Rs 100 was to be
 redeemed at par on expiry of 7th year from the date of allotment of
 debentures.
 
 1994 
 
 - The Company undertook to set up in the first phase of 162.5 MW
 multi
 fuel fired combined cycle power plant adjoining the existing plant
 at
 Baroda at an approximate cost of Rs 378 crores.  The Gas turbine
 generator and accessories were manufactured at BHEL.
 
 - The company undertook to set up a 2 x 125 MW lignite based
 pitchead
 power plant in the Nani Naroli village, Dist. Surat.
 
 - 49,24,183 No. of equity share allotted on promoters, 124,20,000
 shares allotted conversion of PCDS in 1992.  6,21,900 shares
 subscribed
 by Directors from public issue 60,75,817 shares issued to promoters
 in
 October 1992.
 
 1996 
 
 - The Government of Gujarat accorded in principal clearance for the
 Company's proposed expansion of lignite based 2 x 250 MW power
 project
 existing at the site of Surat Lignite power project.
 
 - During August-September, the company offered 249,85,118-18%
 received
 redeemable partly convertible debentures of Rs 70 each for cash at
 par
 on Rights basis in proportion 1 debenture: 2 equity shares held.
 
 - Part A of Rs 25 of the face value of each debenture was converted
 into 1 equity share of Rs 10 at a premium of Rs 15 per share on the
 date of allotment of debentures.  Accordingly 249,80,118 shares
 issued.
 
 - Part B of Rs 75 of the face value of each debenture was to be
 redeemed at par in three equal instalments at the end of 5th, 6th
 and
 7th years respectively from the date of allotment of debentures.
 
 2000 
 
 - Crisil has withdrawn its BBB rating assigned to company's Rs. 
 130.5
 million NCDs as same has been redeemed.
 
 - CARE has revised the ratings assigned to the company from `CARE
 A-'
 to `CARE BBB+'.
 
 2002
 
 -Appoints Dr Manjula Subramaniam as the Additional Director of the
 company.
 
 -Shri ArunKumar Solanki gives resignation as a director to the
 company.
 
 -Mr R N Joshi appointed as the Director on the Board of the company.
 
 2004
 
 -Shri A Khandual has been appointed as IDBI Nominee director on the
 Board of the company wef March 15, 2004.
 
 -Shri RN Singh has been appointed as director on the board of the
 company
 
 -Prof Sekhar Chaudhuri has appointed as an additional director of the
 company wef May 18, 2004.
 
 2005
 
 -Gujarat Industries Power enters into MoU with Govt of Gujarat & 
 Gujarat State Electricity Corporation Ltd.