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Hindustan Development Corporation
BSE: 500448|NSE: HINDEVELOP|ISIN: INE665C01018|SECTOR: Diversified
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Hindustan Development Corporation is not traded in the last 30 days
Company History - Hindustan Development Corporation
YEAR                       EVENTS
 The company was incorporated on 11th September 1944, at Calcutta.The
 company manufactures structural and permanent way materials, railway
 points and crossing, steel sleeper sets and turnouts, railway bridge
 girders, all kinds of structural works, chemical plant equipments
 such as heat exchangers, pressure vessels, reactors, deep freeze
 units, columns dryers, filters, etc. all types of press work and
 precision jobs, C I Castings, light & heavy industrial fans, high
 tensile wires etc., and calcined petroleum coke and other allied
 products.
 
 1948 - All shares issued for cash.  Arrears not know.
 
 1979 - Cyanides and Chemicals division was set up.  The project was
        based on natural gas available at village Olpad in Surat
 district
        of Gujarat State for the manufacture of hydrocyanic acid,
 sodium
        and potassium cyanides and complex cyanides.
 
      - A technical collaboration agreement was entered into with
        Vychodoceske Chemicke Zavody Synthesia N.P., Czechoslovakia. 
        Tata Economic Consultancy Services were retained for
 preparing
        the market survey report and Humphreys and Glasgow
 consultants
        Pvt. Ltd., were awarded the turnkey contract.
 
 1986 - A letter of intent was received for the manufacture of 6,000
        tonnes per annum of high tension insulators in Madhya Pradesh
 in
        technical collaboration with Rehinisch-Westfalische
        Isolation-Werke GmbH, West Germany.
 
      - Hindustan Kokoku Wire Ltd. (HKW) was merged with the Company
 with
        effect from 1st January.  Consequent upon the merger 1,92,000
 No.
        of equity shares of the company were issued without payment
 in
        cash to the shareholders of Hindustan Kokoku Wires Ltd.
 
      - 41,00,000 bonus equity shares issued in prop. 1:1.
 
 1987 - The Company undertook to set up a composite steel plant with
 a
        capacity of 1,25,000 tonnes per annum on a place of land
        admeasuring 109 hectares of Malanpur in the Bhind district of
        Madhya Pradesh.  Foreign technical collaboration with
 Hamburges
        Stahl Werke, West Germany, was approved by the Government of
        India.
 
      - A letter of intent was received for enhancement of capacity
 from
        1,25,000 TPA to 2,50,000 TPA of steel shaped products.
 
      - Gerald Engineering Ltd., was merged with the Company. 
 Consequent
        upon this merger, 31,125 No. of equity shares of the company
 were
        issued without payment in cash to the shareholders of Gerald
        Engineering Ltd.
 
      - 2,23,125 shares issued without payment in cash to the
 erstwhile
        shareholders of Hindustan Kokaku Wire, Ltd. (1,93,000 shares)
 and
        Gerald Engineering Ltd. (31,125 shares) on their merger.
 
 1988 - The Company had taken up the running of the jute mill of
        Dalhousie Jute Company on working arrangement basis with
 effect
        from 1st February.
 
      - During November, the Company offered 16,84,625 - 12.5% partly
        convertible debentures of Rs.145 each (series VII) as rights
 to
        the existing equity shareholders in prop. 1 debenture : 5
 equity. 
        All were taken up.  Additional 12,51,800 debentures were
 allotted
        to retain oversubscription.  
 
 1989 - As per the terms of the issue, Rs.45 out of each debenture
 was
        automatically and compulsorily converted into one equity share
 of
        Rs.10 each at a premium of Rs.35 per share as on 1st April. 
 The
        non-convertible portion Rs.100 per debenture would be redeemed
 in
        5 equal annual instalments commencing from the 8th year from
 the
        date of allotment of the debentures.
 
      - During August, the Company offered 21,77,116 - 12.5% parly
        convertible debentures of Rs.145 each (series VIII) as
 follows:
 
      - (i) 20,73,444 debentures as rights to the equity shareholders
 of
        the company in prop. 1 debenture : 5 equity shares. 
 Additional
        1,65,120 debentures allotted to retain oversubscription and  
 
      - (ii) 1,03,672 debentures to employees and working directors
 of
        the Company on preferential basis (only 8,250 debentures
 taken
        up).  Unsubscribed portion of 95,422 debentures was allowed
 to
        lapse.
 
      - Subsequently, 52 debentures allotted (12 debentures on 24th
        August, 1991 and 40 debentures on 1st November, 1991) which
 were
        kept in abeyance.
 
      - 19,44,095 No. of equity shares allotted in conversion of
 12.5%
        (Series VII) debentures on 1.4.1989.
 
 1990 - The Tiljala plant achieved a higher sales due to improvement
 in
        product-mix.
 
      - The Company runs Chemical Division under the name and style
 of
        Petrocarbon & Chemicals Co., at Haldia in West Bengal.
 
      - Production at the Haldia Unit declined due to scarcity of raw
        petroleum coke.
 
      - The Haldia unit received a letter of intent for production of
        50,000 TPA of caustic soda.
 
      - The Haldia unit extended the existing sodium/potassium
 Cyanide
        foriegn collaboration agreement with Lucenbi Zavody,
        Czekoslovakia for a further period of 5 years.
 
      - The chemical division substantially increased the production
 of
        diphyenyl guanidine due to its wide acceptance.
 
      - The Chemical division signed an agreement with Lachema S.P.
        Czechoslovakia for developing a process for manufacturing
        cyanuric chloride.  A pilot plant was being set up for
 cyanuric
        chloride.
 
      - 22,000 No. of equity shares of Rs.10 each were issued as per
 the
        scheme of amalgamation suggested by BIFR to the shareholders
 of
        erstwhile DJCL without payment in cash.
 
      - The convertible portion of Rs.45 (Part `B') of each debenture
 was
        compulsorily converted into one equity share of Rs.10 each at
 a
        prem. of Rs.35 per share on 1st April.
 
      - The non-convertible portion of Rs.100 (Part `A') of each
        debenture was to be redeemed at par in five equal annual
        instalments started from the end of the 8th year from the date
 of
        allotment of debentures.
 
      - In order to meet the various requirements of capital
 expenditure
        for modernisation of the engineering plants and other on
 going
        project, the Company offered during April, 1,76,62,410 No. of
        equity shares of Rs.10 each at a prem. of Rs.25 per share. 
 Out
        of the total issue 168,21,343 No. of equity shares were
 offered
        as rights in the prop. of 4 equity shares for every 3 equity
        shares or every 3 convertible portion of debentures - Series
 VIII
        held on 8th February.
 
      - The balance of 8,41,067 No. of equity shares were offered to
 the
        employees and working directors of the Company.  All the
 equity
        shares offered on rights basis were taken up but only
 1,01,700
        shares were taken up by the employees.  Additional 25,05,145
 No.
        of equity shares were allotted to the subscribers of the
 rights
        offer in order to retain oversubscription.  Unsubscribed
 portion
        of the employees quota was allowed to lapse.
 
      - 22,46,814 No. of equity shares allotted in part conversion of
        12.5% (Series VII) debentures on 1.4.1990, 194,28,188 No. of
        equity shares allotted on Rights basis.
 
 1991 - The working of the Tiljala plant also improved due to better
        product-mix.  The plant was being modernised to add new
 products
        to the existing range.
 
      - A letter of intent was received for the manufacture of
        methylmethacrylate/polymethylmethacrylate.
 
      - The operations of Dalhousie jute company were adversely
 affected
        for a period of two months due to industry wide general
 strike.
 
      - Subsequently, 60 debentures allotted on 24th August, which
 were
        kept in abeyance.
 
      - Another 88,665 debentures were offered to employees
 (including
        Indian working directors)/ workers of the Company on an
 equitable
        basis.  Only 7,670 debentures taken up.  The remaining 80,995
        debentures were allowed to lapse.
 
      - 22,000 shares allotted as per scheme of amalgamation of
 Dalhousie
        Jute Co., Ltd.  6,012 No. of equity shares issued which were
 kept
        in abeyance (4,250 shares on 24.8.1991 and 1,762 shares on
        11.11.1991).
 
 1992 - The Company issued 2,00,11,674 - 14% secured redeemable
 partly
        convertible debentures of Rs.150 each of which (i) 58,33,500
        debentures were offered in January, on rights basis to the
 then
        existing equity shareholders in the ratio of two debentures
 for
        every eleven equity shares held.
 
      - Additidonal 8,75,025 debentures were allotted to retain
        oversubscription.  The debentures were allotted on 14th
 March,
        while keeping 3,667 debentures in abeyance.
 
      - Simultaneously, (ii) 2,91,674 deentures were offered to the
        employees/workers of the Company.  Only 17,150 debentures
 were
        taken up and the balance 2,74,524 debentures were allowed to
        lapse on the debentures kept on abeyance 727 debentures were
        allotted as 14th September.
 
      - The remaining (iii) 138,86,500 debentures were offered for
 public
        subscription in February of which 6,94,325 debentures were
        reserved for preferential allotment to employees/workers of
 the
        Company.  None were taken up and all were added back to the
        public issue of 131,92,175 debentures.  Additional 20,82,950
        debentures were allotted to retain oversubscription.  All the
        debentures were allotted on 21st April.
 
      - Rs.50 of the face value of each debenture was to be converted
        into one equity share of Rs.10 each at a prem. of Rs.40 per
 share
        after 6 months from the date of allotment of debentures.
 
      - Another Rs.50 of the face value of each debenture was
 converted
        into one equity share of Rs.10 each at a prem. of Rs.40 per
 share
        after 18 months from the date of allotment of debentures. 
 The
        remaining Rs.50 of the face value of each debenture was to be
        redeemed at par in five equal annual instalments beginning
 from
        the 7th year from the date of allotment.
 
 1993 - The Santragachi plant was under lock out for four months due
 to
        agitation by a section of the work men.
 
      - Heat treatment salt plant undertaken as a part of forward
        itegration programme, was successfully commissioned.  Also, a
        letter of intent received for setting up the plant for
        manufacture of Cyanonic chloride was under implementation.
 
      - Chemical Unit has also obtained the aproval for increase in
        capacity of Hydrocyanic Acid and Sodium Cyanide from Govt. of
        India.  ISO-9002 Certificate has also been received
 concerning
        Sodium Cyanide, Potassium Cyanide and Diphenyl Guanidine.
 
      - 453,65,840 in part conversion of A & B of 14%.  727 No. of
 equity
        shares allotted out of 4727 shares kept in abeyance. 
 319,38,900
        No. of equity shares allotted in conversion of A, B of 14%
 PCD. 
        67,22,008 shares allotted in part conversion of 14% rights
        debentures.  Another 67,13,205 shares allotted in conversion
 of
        `B' part of 14% debs.
 
 1994 - The project for Low Relaxation (Stabilised PC Strand) at
        Bharatpur is set to be fully commissioned.
 
      - During September, the Company issued 317,07,317 GDRs with
        158,53,659 warrants for US$ 161.25 millions including
 green-shoe
        option.  Each GDR is to be converted into one equity share.
 
      - As per this, 317,07,317 shares were allotted on 27th September
 at
        a price of Rs.64.30 (on a prem. of Rs.54.36) and another
 5365852
        shares were allotted on 20th October, at a price of Rs.64.30
        (prem. of Rs.54.30) against GDRs on excercisory of green shoe
        option.
 
      - Each warrant is to be converted into 1000 shares of the
 company
        at a price of Rs.35 per share exercisable at the option of
 the
        shareholder after 3 years.
 
      - 13,530 shares kept in abeyance allotted.  317,07,317 shares
        underlying GDRs allotted.  Another 53,65,852 shares allotted
 on
        excercise of green shoe option.  Till date 340,11,114 shares
        taken up.
 
 1995 - Authorised capital increased.
 
 1996 - The Companies division in Northern India was severely affected
 by
        natural calamities and power shortage.  Expansion work at
        Faridabad was behind schedule due to labour unrest.
 
 1997 - Both the plants at Bharatpur and Faridabad were affected due
 to
        labour unrest and difficult market conditions.
 
      - Cyanuric Chloride unit received a letter of intent to
 increase
        the existing capacity of diphenyl Guanidine plant.
 
      - Production and sales were lower compared to previous year due
 to
        lower gold mining activity and weakening of gold prices in
 the
        international markets.
 
 1998 - The Santragachi plant witnessed a decline in its turnover due
 to
        recessionary trend coupled with reduced procurement of
 wagons.
 
      - Due to the recessionary trends coupled with poor availability
 of
        raw materials and difficult market conditions both the plants
 at
        Bharatpur and Faridabad could not achieve its targeted
        productions, turnover and profitability.
 
      - Due to the difficulties faced by some of its major customers,
 the
        sales and productions of the Company's Chemical Division at
        Haldia, declined.
 
      - The performance of the Company's chemical division at Olpad
 was
        not satisfactory due to over supply globally.
 
      - The Company's steel division at Malanpur declined due to
        continous recession in the steel industry.
 
Source : Dion Global Solutions Limited
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