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Balasore Alloys

BSE: 513142|NSE: ISPATALLOY|ISIN: INE135A01024|SECTOR: Steel - Medium & Small
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Dec 06, 16:00
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0.48 (4.37%)
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Company History - Balasore Alloys
YEAR                       EVENTS
 1984 - The company was incorporated on 1st May, in Orissa.  It was
        promoted by Ispat Group headed by M.L. Mittal.  The main 
        objective of the company is to manufacture calcium silicide,
        ferro silicon, calcium carbide and all other ferrous and
        non-ferrous metal based alloys.
  
 1987 - Due to erratic power situation, production of calcium silicide
 
        could not be taken up.  Unstable power situation once again
        stalled the commencement of calcium slicide production.
 
      - The company installed a second furnace and a captive power
 plant
        with a total outlay of Rs 22.60 crores.  
 
      - The company alongwith an Indonesian firm set up a joint
 venture
        project for manufacture of Silicon, Ferro Silicon and Ferro
        Chrome.
 
      - 100 shares subscribed for by the signatories to the Memorandum
 of 
        Association.  31,49,900 shares then issued at par of which the
 
        following shares reserved and allotted:
 
      - (i) 6,09,900 shares to Indian promoters, directors, etc.
 
      - (ii) 4,50,000 shares to NRI promoters on repatriation basis
 and
 
      - (iii) 3,00,000 shares to IPICOL Out of the remaining 17,90,000
 
        shares, the following shares were reserved for preferential 
        allotment:
 
      - (i) 89,500 shares to employees including Indian working
 directors 
        and
 
      - (ii) 35,800 shares to business associates of the Company.  Out
 of
        (i) and (ii) only 36,600 shares taken up.
 
      - The balance 16,64,700 shares, along with the unsubscribed
 portion 
        of 88,700 shares out of the preferential quota were offered to
 
        the public during Sept. 1986.
 
      - Additional 4,47,500 shares allotted to the public to retain 
        oversubscription.
 
 1989 - The company received a letter of intent for the setting up a 
        third furnace at the existing site at Balgopalpur for the 
        implementation of charge chrome/ferro chrome with a licensed 
        capacity of 15,000 TPA.  
 
      - The company issued 45,45,454-14% secured fully convertible 
        debentures of Rs. 220 each of which (i) 18,00,000 debentures
 were 
        reserved for preferential allotment to the existing equity 
        shareholders of the company in the ratio of 50 debentures for
 
        every 100 equity shares (only 17,58,345 debentures were taken
 
        up);
 
      - (ii) 1,36,000 debentures allotted to NRI (all were taken up);
 
      - (iii) 13,63,636 debentures reserved for preferential allotment
 to 
        the equity shareholders of Nippon Denro Ispat, Ltd., and Ispat
 
        Profiles India, Ltd. (all were taken up);
 
      - (iv) 2,27,000 debentures reserved for UTI, ICICI, Insurance 
        companies and Mutual Funds (all were taken up); and
 
      - (v) 2,27,273 debentures offered to the employees (including 
        Indian working directors) of the Company (only 185 debentures
 
        were taken up).
 
      - The balance of 7,91,545 debentures along with the 2,68,743 
        debentures not taken up by employees and equity shareholders
 were 
        offered to the Indian public (all were taken up).  Additional
 
        2,04,544 debentures and 4,47,274 debentures were allotted to
 the 
        shareholders of Nippon Denro Ispat, Ltd., Ispat Profiles
 India, 
        Ltd., and Indian public respectively to retain
 oversubscription.
 
      - Part-A of Rs. 60 has been converted into two equity shares of
 the 
        face value of Rs. 10 at a premium of Rs. 20 per share at the
 end 
        of 6 months from the date of allotment.  Part-B of Rs. 160
 will 
        be converted into appropriate number of equity shares of the
 face 
        value of Rs. 10 at such premium, as may be decided by the CCI
 
        between a period of 18 months to 24 months from the date of 
        allotment.
 
 1990 
 
 -With the Government of India extending the scheme of 
        broad-banding to bulk ferro-alloys industry since January,
 the
        company hoped to have a diversified product mix within the 
        existing licensed capacities.
 
      
 -1,00,00,544 No. of equity shares allotted due to the conversion 
        of Part-A convertible debentures.
 
 1991 
 
 -The project was at an advanced stage of implementation and it was 
        expected to be commissioned in March/April.
 
      
 -Another letter of intent was received for the setting up of an 
        100% Export Oriented Unit (EOU) at Dhenkanal in Orissa for the
 
        manufacture of charge chrome/high carbon ferro-chrome with a 
        licensed capacity of 75,000 TPA.
 
 1992 
 
 -Profitability also improved due to optimum utilisation of 
        company's resources and adoption of various cost control 
        measures.
 
      
 -352,82,219 shares allotted on conversion of pref. `B' of 
        debentures.
 
      
 -The said furances are set up as Domestic unit in place of 100% 
        EOU origin with in build facility to produce other ferro
 alloys 
        in addition to charge/ferro chrome to enable the company to 
        market internationally 2 Nos. of imported DG sets of 5 MW each
 
        were commissioned.
 
 1993 
 
 -The company successfully implemented the commissioning of two new
        furnaces of 7.5 MVA capacity each at Balgopulpur.
 
 1994 
 
 -The company undertook steps to increase captive power generation 
        capacity from 19 MW to 40 MW by installing two new imported
 D.G. 
        Sets of 10.5 MW each at Balgopalpur, Orissa.
 
 1996 
 
 -The Company has been conferred with various awards during the
        period under review such as Regional Top Exporter Shield for
        1994-95 from Engineering Export Promotion council (Eastern
        Region), HRD First Prize for 1994 from CII. (Eastern Region)
 and
        Best Exporter Award for 1994 from Directorate of Export
 Promotion
        Council, Orissa.  
 
      
 -The Company has also received prestigious IS 14002/ISO 9002
        accreditation from the Bureau of Indian Standards.
 
      
 -The Company has successfully used PLCs for economic use of
        Resources like Power and Raw Materials.
 
 1997 
 
 -IAL is a leading manufacturer of silicon metal and
        ferro-silicon.  Its  products are manufactured under
 technical
        collaboration with global leaders like Nippon Denro Japan,
        Danieli Italy, Elkem Norway and Outokumpo Finland, IAL has
        aggressively added capacities and diversified within the
 realms
        of the ferrous industry.
 
      
 -IAL have suffered a similar fate of delayed project
        implementation for as long as a decade.
 
 1998 
 
 -Power generation capacity was increased by installing two new
        imported D G sets of 10.5 MW each from MAN B & W Germany at
 its
        works at Balgophalpur, Orissa.
 
      
 -The management of Ispat Alloys Ltd has declared an indefinite
        lockout following violent incidents at the Balagopalpur
 factory
        premises in Balasore district of Orissa.
 
      
 -Ispat Alloys Ltd, a subsidiary of the Mittals-promoted Ispat
        Industries Ltd.
 
 1999 
 
 -Two leading manganese alloy producers -- Ispat Alloys and
        Maharashtra Elektrosmelt -- have made losses during first
 quarter
        April/June.
 
 
 2007
 
 -Balasore Alloys Ltd has informed that Mr. Rabindra Kumar Jena,
 Executive Director of the Company has been elevated to and appointed
 as Joint Managing Director of the Company w.e.f. January 31, 2007.
 
 -Balasore Alloys Ltd has appointed Mr. Debadatta Sengupta as Director
 of the Company w.e.f. January 31, 2007.
 
 2009
 
 - Balasore Alloys Ltd has informed that the Board of Directors of the
 Company at its meeting held on May 29, 2009 has appointed Mr.
 Chittaranjan Pradhan, as an Additional Director & Whole time Director
 (Operations) of the Company w.e.f. May 29, 2009, subject to approval
 of the shareholders in ensuing Annual General Meeting.
 
 2010
 
 -Mr. Vilas V. Jamnis has been appointed as an Additional Director of
 the Company.
 
 2011
 
 -Mr. Anil Surekha, has been appointed as an Additional Director of
 the Company. Ms. Vartika Mittal has been appointed as an Additional
 Director of the Company.
 
 -Declaration of Dividend of Rs. 0.50 per sham i.e. @ 10% on the
 nominal value of share. 
 
 -The Company announced appointment of Mr. R. K. Parakh, as an
 Additional cum Wholetime Director designated as Director - Finance of
 the Company and also Mr. B. N. Panda, as an Additional cum Wholetime
 Director designated as Director - Operations of the Company.
 
 2012
 
 -The Company has recommended a dividend of Rs. 0.50 per share i.e. @
 10%. 
 
 -Mr. Anil Sureka, has been appointed as the Managing Director of the
 Company.
 
 2013
 -Balasore Alloys pledges for Living Greener on World Environment
 Day.
 -More than Hundred participated in Balasore Alloys blood donation
 camp.
 
 2014
 -Balasore Alloys Ltd has an agreemen for acquiring the business of
 Jabamayee Ferro Alloys Limited as a going concern on a slump sale
 basis.
 
 2015
 -Balasore Alloys - Acquisition of business unit of Rohit Ferro Tech
 Limited
 
 2016
 -Balasore Alloys commences commercial production at its Sukinda unit
 in Odisha.
 
 
Source : Dion Global Solutions Limited
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