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Uttam Galva Steel
BSE: 513216|NSE: UTTAMSTL|ISIN: INE699A01011|SECTOR: Steel - GP/GC Sheets
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Company History - Uttam Galva Steel
YEAR                       EVENTS
 1985 - The Company was incorporated on 29th March, at Mumbai.  It was
 
        promoted by Ramesh K. Miglari and Om Prakash Ahuja.  The
 company
        manufacture galvanised plain (GP) and galvanised corrugated
 (GC)
        sheets.
 
      - The Company has set up a plant for manufacture of 35,000
 tonnes
        per annum of GP/GC sheets in thin gauges of 0.18 mm to
 1.25mm.
 
      - The Company incorporated the `Lysaght' technology using the
        continuous hot dip galvanising process developed by the
        collaborators, using flux.
 
      - The Company entered into a license and technology agreement
 with
        John Lysaght International Holding S.A. (JLIH) Hong Kong on
 13th
        September for the use of Lysaght technology.  The
 collaborators
        were to provide total technical services including provisions
 of
        engineering and construction services with respect to
        construction and commissioning of galvanised steel plant.
 
 1987 - 7 shares subscribed for by signatories to the Memorandum of
        Association.  62,49,993 shares then issued at par of which
 the
        following shares were reserved and allotted on a firm basis:
 (i)
        26,19,993 shares to promoters, directors, etc. and (ii)
 10,00,000
        shares to NRI associates on repatriation basis.
 
      - Of the balance 26,30,000 shares, the following shares were
        reserved for allotment on a preferential basis:
 
      - (i) 3,12,500 shares to employees/workers of the company
 shares
        taken up).
 
      - The remaining 12,12,900 shares, along with the unsubscribed
        portion of 3,66,600 shares from preferential quota, were
 offered
        to the public in November 1987 (all were taken up).
 
 1989 - The Company undertook to set up a cold rolled coil mill with
 a
        licensed capacity of 50,000 tonnes per annum.
 
 1990 - During February-March, the Company offered 500,000 - 14%
 Secured
        redeemable fully convertible debentures of Rs. 200 each on
 Rights
        basis.
 
      - During the year, the Company has put Assets valued at Rs.
 38.62
        crores to productive use in the Balancing Equipments Project.
 
      - The Company proposed to augment the cold rolling mill capacity
 by
        1 lakh mtrs. per year.
 
      - During February-March, the Company offered 5,00,000 - 14%
 secured
        redeemable fully convertible debentures of Rs 200 each on
 Rights
        basis in the proportion 2 debentures : 25 equity shares held.
 
      - Additional 515 debentures were allotted to retain
        oversubscription.  Simultaneously another 25,000-14% secured
        redeemable fully convertible debentures of Rs 200 each were
 also
        issued to employees (including Indian working
 directors)/workers
        of the Company on an equitable basis (only 430 debentures
 taken
        up).  The unsubscribed portion of 24,570 debentures was
 allowed
        to lapse.
 
      - Rs 75 of the face value of each debenture was automatically
 and
        compulsorily converted into 5 equity shares of Rs 10 each at
 a
        premium of Rs 5 per share at the end of six months from the
 date
        of allotment of debentures.
 
      - Out of the balance Rs 125 of the face value of each debenture
 of
        Rs 90 was automatically and compulsorily converted into 5
 equity
        shares of Rs 10 each at a premium of Rs 8 per share in
 December
        1991.  The balance Rs 35 of each debenture was to be redeemed
 in
        annual instalments of Rs 10, Rs 10 and Rs 15 during 1996-98.
 
      - During February-March, the Company offered 5,00,000-14%
 secured
        redeemable non-convertible debentures of Rs 100 each on
 Rights
        basis in the ratio 2 debentures : 25 equity shares held (all
 were
        taken up).
 
      - These debentures were to be redeemed at a premium of Rs 5 per
        debenture in three annual instalments of Rs 35 each on the
 expiry
        of 6th, 7th and 8th year from the date of allotment of
        debentures.
 
 1991 - The financial institutions have the option to convert 20% of
        their Rupee loans into equity shares of the Company at par
 during
        the period 1st January, to 31st December, 1993.
 
 1992 - Despite loss of production at GP/GC plant as a result of
 flooding
        of the premises on 8th/9th June, the Company realised higher
        margins.
 
      - The Company proposed to export GP/GC coils/sheets to Middle
 East
        and South Eastern Asian countries.
 
 1993 - The Company proposed to expand the capacity of CGL by
 1,00,000
        tonnes and a matching C R Coils Mill capacity by 1,00,000
 tonnes.
 
      - During Oct./Nov., the company offered 56,30,145-15% secured
 fully
        convertible debentures (FCD) of Rs 50 each on right basis to
 the
        existing shareholders in the ratio of one debenture for every
 two
        equity shares held.
 
      - Another 87,00,700 FCDs of Rs 50 each were offered of which
        10,00,000 debentures were offered to UTI 2,00,000 debentures
 were
        offered to IFCI, 5,40,000 debentures were offered to FIs,
        8,70,000 debentures were offered to MFs 13,05,100 debentures
 were
        offered to NRIs, 7,83,000 debentures were offered to FIIs,
 13,100
        debentures were offered to employees and the balance
 39,89,500
        debentures were offered to public (All were taken up).
 
      - Part `A' of Rs 20 per debentures was converted into one
 equity
        share at a premium of Rs 10 per share on allotment.  Part `B'
 of
        Rs 30 was converted into one equity share at a premium of Rs.
 20
        per share after 12 months from first conversion.
 
      - The name of the Company was changed from `Uttam Galva Steels 
        Ltd.' to Uttam Steel Ltd.
 
      - 143,30,723 No. of equity shares allotted on Ist conversion of
 15%
        secured fully convertible debentures.
 
 1994 - 143,30,723 No. of equity shares allotted on IInd and final
        conversion of 15% secured fully convertible debentures.
 
 1997 - The Mumbai-based Uttam Steels Limited (USL) will set up a 2.5
        million tonne per annum (mtpa) capacity integrated steel
 plant
        in two phases in the mega steel complex at Duburi in Orissa,
        about 150 km from here.
 
      - The company has opted for the preference shares route which
 will
        enable it to achieve its objective of strengthening its
 capital
        base, without increasing its equity and therefore protecting
 the
        company's earning per share and also its book value from any
        dilution.
 
 1998 - 1,87,720 Equity shares of Rs. 10/- each has been forfeited due
 to
        non payment of calls.
 
 1999 - The Company was honoured with Regional Export Excellence
 Award
        for the Year 1997-98 on 21st July, 1999 at the hands of 
        Secretary, Department of Commerce and Trade, Government of
 India.
 
      - During the year under review, the Company has received a
        Certificate of Approval under ISO 9002 for quality management
 for
        its continuous Galvanising Line at Khalapur.
 
 2004
 
 -Uttam Galva Steels Limited has informed that subject to the approval
 of Members of the Company at a General Meeting and the Central
 Government, the Remuneration Commmittee of Directors at its meeting
 on December 8, 2003 and the Board of Directors at its meeting on
 December 9, 2003 have approved the re-appointment of Shri Rajinder
 Miglani as the Managing Director of the Company for the period of 3
 Years w.e.f. December 31, 2003. 
 
 -Shri. V. Prakash was appointed as Nominee Director of ICICI Bank
 Ltd. in place of Mr. Deepak Verma, Nominee Director of ICICI Bank Ltd
 w.e.f. October 9, 2003 on the Board of Directors of the Company.
 
 -Shri Rajendra Kumar Haran, the Compliance Officer of the Company has
 been designated from Chief General Manager (Legal) & Company Secretary
 to Assistant Vice-President (Legal & HRD) & Company Secretary w.e.f.
 December 18, 2003.
 
 - Equity shares of Uttam Galva Steel Ltd delisted from Ahmedabad
 Stock Exchange w.e.f. March 31, 2004
 
 2009
 
 - Uttam Galva Steels Ltd has informed that Shri. S P Talwar has been
 appointed as additional Director (independent) on the Board of
 Directors of the Company.
 
 2010
 
 -Uttam Galva hikes prices by Rs 3,000/tonne
 
 2012
 
 -Shri Om Parkash Gahrotra has been appointed as an Additional
 Director of the Company
 
Source : Dion Global Solutions Limited
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