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JK Lakshmi Cement
BSE: 500380|NSE: JKLAKSHMI|ISIN: INE786A01032|SECTOR: Cement - Major
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Company History - JK Lakshmi Cement
YEAR                       EVENTS
 1938 - The Company was incorporated on 6th August, as a Public
 Limited
        Company at Bhopal (M.P.).  The Company manufactures and deals
 in
        straw board, mill board, duplex board, straw paper,
 corrugated
        rolls, wrappers, etc.  Some of the trade names used are
 `Bhopal
        Straw Boards', `J.K. Mill Board'.  The Company also
 manufactures
        high grades of writing and printing papers and cement.  Cement
 is
        sold under the brand name `Lakshmi Cement'.
 
 1939 - 15,000 Right Equity shares offered at par in prop. 1:1.
 
 1949 - 75,000 Bonus equity shares issued in propn. 1:1.
 
 1957 - Rate of dividend of Preference shares increased.
 
 1959 - The Company embarked on a new paper mill project in Orissa
 under
        the name of J.K. Paper Mills.  The Mill was commissioned in
 1962.
 
 1960 - 75,000 Pref. Shares and 12,50,000 No. of equity shares issued
 at
        par on Rights basis in prop. 1:2 and 25:3 respectively.
 
 1965 - Partly paid Pref. & Equity shares fully called up on
 27.2.1961.
 
 1967 - In February 5,60,000 bonus equity shares issued in propn.
 2:5.
 
 1971 - 20,000-9.3% Pref. shares issued in August.  75,00,000-9.1%
        redeemed on 31.12.1971.
 
 1972 - 11,30,000 bonus equity shares issued in propn. 1:2.
 
 1973 - In June, 55,000-9.5% Pref. shares issued at par.
 
 1974 - The company holds 6,298 No. of equity shares out of 10,000
 shares
        issued by the subsidiary-Bhopal Oil & Flour Mills Ltd.  The
 name
        of this subsidiary was changed to Bhopal Udyog Ltd.
 
      - Mayfair Finance Ltd., Sidhi Vinayak Investment Ltd.,
 Terrestrial
        Finance Ltd., and Yoshodhan Investment Ltd., are wholly owned
        subsidiaries of the Company.
 
 1975 - Dena Bank Ltd., was amalgamated with the Company with effect
 from
        1st July.  Consequent upon this merger, shareholders of Dena
 Bank
        Ltd., were allotted during 1976.
 
      - Madhya Pradesh Industries Ltd., was amalgamted with the
 Company
        effective from 1st April.
 
 1976 - Allotted 96,000 No. of equity shares to IFCCI and 64,000 No.
 of
        equity shares to LIC (Prem. Rs 2.50 per share) on part
        conversion of their loans.  4,57,984 No. of equity and
 22,899-11%
        Pref. shares allotted without payment in cash to shareholders
 of 
        Dena Bank, Ltd., on its merger.
 
 1977 - 5,000-7.8% Pref. and 1,95,552 No. of equity shares allotted
 in
        December to members of Madhya Pradesh Industries, Ltd., on
 its
        merger in the prop. 1:1 Pref. and 1:5 Equity.
 
 1978 - 3,16,650 No. of equity shares issued (Prem. Rs 10 per share)
 in
        conversion of loans/debentures in 1985.  20,000-9.5% pref.
 shares
        redeemed on 2.8.1986.
 
 1979 - The Company received a letter of intent to set up a cement
 plant
        near Banas, a notified backward area in Sirohi District
        (Rajasthan).
 
 1981 - The Crusher plant was commissioned in December.
 
      - During August, the Company issued at par 2,00,000-12% secured
        debentures of Rs 500 each with an option to receive 25 No. of
        equity shares of Rs 10 each at a premium of Rs 10 per share,
 per
        debenture in lieu of Rs 500 already paid on each debenture,
 such
        option being exercisable within a period of 90 days after the
        expiry of 3 years from the date of allotment of debentures.
 
      - The entitlement of shares will stand augmented in proportion
 to
        any future bonus issue of equity shares.  The debentures are
        redeemable in three annual instalments of Rs 100, Rs 200 and
 Rs
        200 at the end of the 10th, the 11th and the 12th years
        respectively from the date of allotment.
 
 1982 - The company entered into another core sector industry - Cement
 by
        setting up a cement plant known as Lakshmi Cement in the
        Zero Industry district of Sirohi (Rajasthan) present capacity
        of Laxmi Cement is 5.8 Lac tpa.
 
 1983 - Effective from 15th August, the unit was closed down due to
        mounting losses.  A tripartite settlement was arrived at with
 the
        workers regarding retrenchment.
 
      - The Company issued 5,00,000-15% secured non-convertible
        debentures of Rs 100 each by way of rights with a view to
 augment
        the working capital requirements and partly to meet the
 normal
        capital expenditure.
 
      - The Company issued 15,00,000-14% secured non-convertible
        debentures of Rs 100 each aggregating to Rs 15 crores by way
 of
        rights to the existing shareholders to meet part of the cost
 of
        the project of the Audio Magnetic Tape and expansion project
 at
        J.K. Paper Mills.
 
      - These debentures are redeemable at a premium of Rs 5 per share
 in
        three equal instalments of Rs 35 each payable at the end of
 7th,
        8th and 9th years from the date of allotment.
 
 1985 - In February, the Bhopal Mill workers resorted to agitation
 and
        work-to-rule resulting in temporary closure of the factory.
 
 1986 - The production on Machine No. 2 of the Board Mill was
 suspended
        from 2nd December, due to certain technical problems.
 
      - 52,92,175 No. of equity shares issued (Prem. Rs 10 per share)
 in
        conversion of 10.5% bonds. 3,23,500 No. of equity shares
 issued
        (Prem. Rs 10 per share) in conversion of loans/debentures in
        1985.  20,000-9.5% Pref. shares redeemed on 2.8.1986.
 
 1987 - The production of Machine Nos. I and III were also suspended.
        After reaching a tripartite settlement with the trade union,
        Machine Nos. II and III were closed.  Machine No. 1 viz.,
 Straw
        Board Machine was leased to another company with effect from
 1st
        April, 1988.
 
 1988 - A major part of the modernisation and renovation programme
 was
        completed.  In addition, a new paper machine for manufacture
 of
        airmail, bond and other speciality papers was commissioned.
 
      - A balancing-cum-modernisation scheme to double the capacity
 of
        the plant was undertaken.  
 
      - The Company received a letter of intent for the manufacture
 of
        60,000 tonnes per annum of Linear Alkyl Benzene (LAB) in U.P.
 
 1989 - The Company undertook a scheme for pulp augmentation to
 augment
        the availability of pulp at the paper mills.
 
      - The Company undertook to expand its capacity at the cement
 plant
        at Basarthgarh, district Sirohi, Rajasthan from 6 lakh TAP to
        16 lakh TPA along with modernisation of some facilities.
 
      - The Company proposed to launch blank audio cassettes in the
        market.
 
      - The Company proposed to import the main raw material
 n-paraffin
        as the Government did not permit the Company to take recourse
 to
        own manufacture.
 
 1990 - The Company issued 10,00,000-14% secured non-convertible
        debentures of Rs 100 each on private placement basis.
 
 1991 - The Company introduced Grade 43 cement, which was well
 received
        in the market due to its high compressive strength and
 earlier
        setting time.
 
      - A balancing-cum-augmentation scheme was under implementation.
 
      - The Company in association with J.K. Industries, Ltd. (JKIL)
 took
        over the management and rehabilitation of Central Pulp Mills,
        Ltd. pursuant to an order by BIFR for rehabilitation of CPM. 
 CPM
        has an installed capacity of 40,000 TPA of pulp and paper. 
 The
        Company is to provide the necessary technical know-how and
 also
        participate financially to the said scheme.
 
      - The Company is to provide the necessary technical know-how
 and
        also participate financially to the said scheme.  Of the two
        paper machines, one was commissioned by the end of 1992 while
 the
        second became operational in the latter half of 1993.
 
 1992 - During November-December, the company issued the following
        shares/debentures.
 
      - (i) 60,81,517 Rights equity shares of Rs 10 each for cash at
 a
        premium of 80 per share and in proportion 3:5 (all were taken
        up).
 
      - (ii) 3,05,000 No. of equity shares of Rs 10 each were offered
 to
        employees' at a premium of Rs 80 per share on an equitable
 basis
        (all were taken up).
 
      - (iii) 25,33,850 No. of equity shares of Rs 10 each issued at
 a
        premium of Rs 95 per share to Companies persons of the
 management
        group on a preferential allotment basis (all were taken up).
 
      - (iv) 45,61,138-14% secured partly convertible debentures of Rs
   
        270 each as rights to equity shareholders in proportion 9
        debentures : 20 No. of equity shares held (all were taken
 up).
 
      - Rs 90 of the face value of each debenture was to be converted
        into one equity share of Rs 10 each at a premium of Rs 80 per
        share after six months from the date of allotment of
 debentures.
 
      - Remaining Rs 180 of the face value of each debenture was to
 be
        redeemed at par in three equal annual instalments of Rs 60
 each
        on the expiry of 7th, 8th and 9th year respectively from the
 date
        of allotment of debentures.
 
      - (v) 38,00,949-16% non-convertible debentures of Rs 130 each
 with
        detachable warrants as rights to the equity shareholders in
 the
        proportion of 3 debentures: 8 equity shares held (all were
 taken
        up).
 
      - (vi) 9,50,000-16% non-convertible debentures of Rs 130 each
 with
        detachable warrants to the management group on preferential
        allotment basis (all were taken up).  Each debenture was to
 be
        redeemed at par in three annual instalments of Rs 40, Rs 40
 and
        Rs 50 at the expiry of 7th, 8th and 9th year respectively
 from
        the date of allotment of debentures.
 
      - Each warrant entitles the holder to apply for allotment of
 one
        share of Rs 10 each at a premium of Rs 120 per share on the
        expiry of 36 months from the date of allotment of debentures.
 
 1994 - A new paper machine, an imported cutter for automatic cutting
 and
        packaging of paper was commissioned.
 
      - A new pulp mill of 300 TPD capacity based on latest
 international
        technology was to be installed.  Augmentation of paper
 capacity
        by 50,000 tonnes to 1.25 lakh tonnes by upgrading some of the
        existing paper machines and by installation of a new machine
 was
        undertaken.
 
      - The new Cement Unit No./2 of 9 lakh tonnes capacity set up
 with
        technical assistance of Blue Circle Industries Plc U.K. was
        commissioned.  With a view to further consolidate the cement
        capacity, another new cement unit No.3 was to be set up.
 
      - The Company issued on 17th September, 42,13,400 No. of equity
        shares of Rs 10 each for cash at a premium of Rs 168 per share
 to
        the management group of J. K. Industries Ltd. on private
        placement basis.
 
      - During October, the Company offered 68,75,000 GDR at an issue
        price of US $ 8.00 representing 68,75,000 Shares.
 
      - During July, the name of the company was changed from Straw
        Products Ltd. to J.K. Corp. Ltd.
 
 1995 - Capacity of paper was increased from 75,500 tonnes to 90,000
        tonnes by balancing two of its paper machines.  The Company
        proposed to increase the paper capacity from 90,000 tonnes to
        1,60,000 tonnes in the second phase.
 
      - The installation of a new unit near the existing location was
 in
        advanced stage of implementation.
 
      - The Company through its ongoing schemes undertook increase
        capacity of PSF by 10,000 TPA and the overall capacity from
        28,200 tonnes to 38,100 TPA by the third quarter of 1996 with
 a
        view to improve the performance of the company.
 
      - During the last quarter of the year the strike/lockout in the
        factory was called of and normalcy was restored.
 
      - Pursuant to a scheme of amalgamation as suggested by BIFR of
 OSL
        with the Company, 35,57,407 No. of equity shares were allotted
 to
        erstwhile shareholders in proportion 13.5 shares of OSL to 1
        equity share of the Company.  Another 66,64,682 No. of equity
        shares were allotted on conversion of loans of J.K. Corp. Ltd.
 at
        the rate of Rs 135 per share.
 
 1996 - A new FBC Boiler was commissioned and captive power
 generation
        was enhanced which would result in lowering the cost of
 energy.
 
      - The Company undertook to set up a project for the manufacture
 of
        audio-magnetic tape at Surajpur in U.P. in technical
        collaboration with a reputed Japanese company. 
 
      - The Capacity was enhanced from 2,592 MRM to 3,240 MRM per
 annum.
 
      - The Company issued the following preference shares: (a)
        12,00,000-17%  cumulative preference shares of Rs 100 each of
        which 2,00,000 shares, 5,00,000 shares, 2,00,000 shares were
 to
        be redeemed on 13.12.1977, 17.12.1997 & 16.2.1998
 respectively.
        (b) 1,00,000-16.5% preference of Rs 100 each were issued and
        there were to be redeemed at par on 3rd June, 1998.  (c)
 2,00,000
        17.5% preference shares of Rs 100 each were issued and there
 were
        to be redeemed at par on 7.1.1998.  (c) 3,00,000-16%
 cumulative
        preference shares of Rs 100 each were issued of which
 1,00,000
        shares were to be redeemed on 24.3.1998 and remaining
 2,00,000
        shares on 8.4.1998.  (e) 2,00,000-16.75% cumulative
 preference
        shares were issued and these were to be redeemed on or after
        5.2.98.
 
 1997 - The Company installed the state-of-the-art new Pulp Mill with
 an
        installed capacity of 1,27,000 t.p.a.
 
      - The J.K. Batteries Division was formed consequent upon the
        amalgamation of Madhya Pradesh Industries Ltd., with the
 Company.
 
      - The company has issued 2,00,000-14.5% cumulative preference
        shares of Rs 100 each.
 
 1998 - As on 31st March, a sum of Rs 634.45 crores was outstanding   
  
        against term loans from financial institutions.
 
      - Orissa Synthetics Ltd (OSL), which was merged with JK Corp
        earlier, has been severely hit by the sluggish market
        conditions for polyester over the last two years.
 
      - The company is amongst the two largest producers of
        super-high-bright maplitho bomb and air mail varieties.
 
      - J K Paper mills has received distinction of being the first
        paper mill in India to have been accredited with ISO 14001
        environment management system and is amongst the very few
        similarly accredited paper mills in Asia.
 
      - The company has been continuously introducing the latest
        technological innovations in the paper industry directed at
        optimising raw material usage, reducing water usage,
 minimising
        fossil fuel usage, eliminating hazzardous waste, and reducing
        emissions.
 
      - The rating of JK Corp Ltd's (JKCL) Rs.616.8 million debenture
        programme has been downgraded by Crisil to BBB from A-.  The
        rating of JKCL's Rs.820 million partly convertible debenture
        issue has also been downgraded to BBB from A.
 
 1999 - At present, the company has a manufacturing capacity of
 90,000
        tpa of paper, 1.27 lakh tonnes of pulp and another 47,000
        tonnes of paper capacity through the Central Pulp Mills Ltd,
        which it controls.
 
      - To add to the company's woes, its paper mill was under
 lock-out
        for two and half months early this year following a strike by
        workers.
 
      - JK Corp's performance has also been adversely affected by
 lower
        realisations and increased cost of production into he cement
        division.
 
      - The company is also setting up a new facility for non
 antibiotics
        and intermediates at its plant at Gajraula, Uttar Pradesh.
 
      - JK Corp has signed an MoU with a Reliance group company for
 the
        divestment of Orissa Synthetics.
 
      - Pending completion of the formalities for the transfer of the
        polyester unit, the company had entered into a job conversion
        agreement with a Reliance group company.
 
      - As part of its plan to concentrate on the cement division, JK
        Corp had earlier decided to set up one million tonne unit in
        Karnataka and another 1.5 million tonne unit in Madhya
 Pradesh.
 
      - The Company has proposed a merger ratio of 1:3 with JK
 Udaipur
        Udyog as a part of its restructuring exercise.
 
 2000 - The Company has informed that an illegal strike of the
 contract labour at its paper
              mills at Jaykaypur, Dist. Rayagada, Orissa, had been
 called off on 23rd December,
              and production esumed at the paper mills.
 
 2001-
            JK Corp Ltd (JKL) today announced that its business
 restructuring plans involving the transfer of its paper          
 business as a going concern to Central Pulp Mills Ltd (CPM) has been
 completed 
 
 2002-SK Wali/ S Chouksey appointed as Whole time Directors of JK
 Corp.
 
 2005
 
 -Company has changed its name from  JK Corp Ltd. to JK Lakshmi Cement
 Ltd.                                                      
                                                               
 2008
 
 -JK Lakshmi Cement Ltd has appointed Shri. Kashi Nath Memani as
 Additional Director on the Board of Directors of the Company w.e.f.
 August 05, 2008.
 
 -JK Lakshmi Cement Ltd has appointed Dr. Ajay Dua as Additional
 Director on the Board of Directors of the Company.
 
 -JK Lakshmi Cement Ltd has appointed Ms. Amita Narain as its Nominee
 Director w.e.f. September 08, 2008.
 
 
 2009
 
 - JK Lakshmi Cement was awarded the prestigious Productivity
 Excellence Award 2007-08” by Rajasthan State Productivity Council at
 Jaipur.
 
 - JK Lakshmi Cement setting up new RMC plant in Pune.
 
 - JK Lakshmi cement to invest Rs. 2K crore for capacity addition.
 
 -Company has splits its Face value of Shares from Rs 10 to Rs 5
 
 2010
 
 - JK Lakshmi Cement revives RMC expansion
 
 
 2011
 
 - JK Lakshmi Cement gets Productivity Excellence Award.
 
 - JK Lakshmi Cement to Partner with JDA in White Topping Concrete
 Pilot Project at Jaipur.
 
 
 2012
 
 - JK Lakshmi Cement- India's Best Companies to Work For
 Times of India (Delhi, Mumbai, Ahmedabad, Kolkata, Hyderabad,
 Bangalore & Chennai).
Source : Dion Global Solutions Limited
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