Electrosteel Castings Ltd.

1955
 
 - The Company was incorporated on 26th November, at Rajgangpur.  The
 Company Manufacture steel castings, grinding media and spun-cast
 iron
 pipes.
 
 1956
 
 - All shares issued for cash.  1,50,000 shares each subscribed by
 Orissa Cements, Ltd., and Dalmia Cements (Bharat), Ltd.  The
 remaining
 3,050 shares were subscribed by the Directors, their friends and
 associates.
 
 1958
 
 - 46,950 shares subscribed for in cash by Directors, their friends
 and
 associates.  50,000 shares subscribed for in cash by the Industrial
 Credit and Investment Corporation of India, Ltd.
 
 1960
 
 - Dalmia Cement (Bharat), Ltd., and Orissa Cements, Ltd. released
 out
 of their holdings 2,00,000 equity shares of Rs 10 each at par to the
 public during May.  The release was made to the public for getting
 the
 Company's shares listed on the Stock Exchange.
 
 1961
 
 - 4,00,000 Right Equity shares offered at par in the prop. 1:1.  The
 offer wash made during 1960.  The shares were fully taken up by
 1961.
 
 1965
 
 - Towards the end of the year, the name of the Company was changed
 from
 Dalmia Iron & Steel, Ltd., to Electrosteel Castings Ltd.
 
 1968
 
 - The Company undertook to set up a new integrated electric steel
 melting shop and wire rod mills in Ghaziabad, U.P., at a cost of
 about
 Rs 2 crores.
 
 - The project envisaged setting up of a steel melting shop with two
 10-12 tonnes electric steel melting furnaces, a twin-strand
 continuous
 casting machine and a high speed steel rolling mill to roll billets
 into carbon steel wire rods in coils.
 
 1978
 
 - Government issued a fresh licence for the manufacture of 36,000
 tonnes of steel ingots/billets per annum at Ghaziabad.
 
 1987
 
 - There was a fall in the production in pipes mainly due to
 non-availability of raw material resulting in frequent stoppage of
 production.
 
 - Elcast Finance Pvt. Ltd., and Escal Finance Services Pvt. Ltd.,
 became subsidiaries of the Company.
 
 1988
 
 - Operations were adversely affected by acute shortage of basic raw
 materials viz. Pig Iron.  The shortage of pig iron adversely
 affected
 the production of spun iron pipes.
 
 - The Company proposed to modernise its melting technology with a
 view
 to reducing dependence on pig iron and also achieve reduction in the
 cost of production of pipes.
 
 - During the year, the Company undertook to set up a new unit at
 Khardah for production of ductile iron pipes with an annual capacity
 of
 60,000 tonnes per annum.
 
 1989
 
 - During September-October, the Company issued 4,00,000-14% secured
 partly convertible debentures of Rs 170 each of which the following
 debentures were issued on preferential allotment basis: (i) 20,000
 debentures to employees (including Indian working directors)/workers
 of
 the Company and 64,000 debentures on rights basis in the proportion
 1
 debenture: 25 equity shares.  The balance 3,16,000 debentures, along
 with 15,450 debentures not taken by the employees, were offered to
 the
 public.  Additional 60,000 debentures were allotted to retain
 over-subscription (50,4000 debentures to the public and 9,600
 debentures to the shareholders).
 
 - Rs 70 of the face value of each debenture was to be converted into
 2
 equity shares of Rs 10 each at a premium of Rs 25 per share.  The
 non-convertible portion of Rs 100 of the face value of each
 debenture
 was to be redeemed at par at the end of the 7th, 8th and 9th year
 from
 the date of allotment in three instalments of Rs 30, Rs 30 and Rs 40
 respectively.
 
 - 8,00,000 Bonus Equity shares issued in proportion 1:1 on
 27.6.1989.
 
 1990
 
 - 9,20,000 No. of Equity shares allotted (prem. Rs 25 per share) in
 part conversion of 14% debs.
 
 1992
 
 - The Company issued 25,20,000 - 15% secured partly convertible
 debentures of Rs 160 each on rights basis to the equity shareholders
 in
 the proportion 1 debenture: 1 equity share held.  All were taken up.
 
 - Another 1,26,000 - 15% secured partly convertible debentures of Rs
 160 each were offered to the employees of the Company on an
 equitable
 basis.  Only 7,600 debentures taken up.  The balance 1,18,400
 debentures not taken by employees were allowed to lapse.
 
 - Part A of Rs 60 of each debenture was to be automatically
 converted
 into one equity share of face value of Rs 10 each at a premium of Rs
 50
 on 31st March, 1993.  Accordingly 25,27,600 No.  of equity shares
 were
 allotted.
 
 - Part B of Rs 100 will be redeemed in five equal annual instalments
 of
 Rs 20 each beginning from the fifth year from the date of allotment.
 
 1994
 
 - A new Ductile Iron pipe plant was being set up at Elavur with an
 installed capacity of 30,000 tonnes of D.I. pipes per annum.
 
 - The performance of the Ghaziabad unit was affected due to increase
 in
 cost of production and stiff competition.
 
 1995
 
 - During December 1995/January 1996 the company offered 30,28,560 -
 17%
 partly convertible debentures (PCDs) of Rs 210 each on right basis
 to
 the existing shareholders in the ratio of three debentures for every
 five equity shares held.  (All were taken up).
 
 - Part `A' of each debenture would be converted into one equity
 share
 of Rs 10 each at a premium of Rs 50 per share on 1st April 1996. 
 Part
 `B' of Rs 150 (non-convertible portion) would be redeemed in three
 equal annual instalments of Rs 50 each on sixth year from the date
 of
 allotment.
 
 1996
 
 - The Company proposed to diversify into other castings, more
 particularly, ductile Iron pipe fittings which was expected to
 improve
 the profitability.
 
 - With a view to manufacture high chrome alloy steel grinding media
 under collaboration arrangement, the Company undertook to establish
 separate independent facilities at Grinding division.  The Company
 also
 proposed to establish a ne unit near Chennai for grinding media in
 view
 of its locational advantage.
 
 - The Company proposed to put up a pig iron plant at Khardah where
 the
 pipe plants are located at an estimated capital cost of Rs 55
 crores.
 It is also proposed to provide facilities at Elavur plant for making
 Ductile iron pipes in addition to the current production of cast
 iron
 pipes at an estimated cost of Rs 20 crores.
 
 1997
 
 - The company had a technical collaboration with Luitpoldhutte AG
 and
 Technocomplex GmbH, both of Germany who have provided the technical
 basic manufacturing and process know how with technology for
 moulding
 and annealing DI and CI pipes.
 
 - The company is engaged in the manufacture of cast iron and ductile
 iron pipes at its plant in Khardah in West Bengal.  The company has
 seen demand increase continuously for its products leading at
 consistent improvement in performance.
 
 - A forty year old company manufacturing Ductile Iron (DI) and Cast
 Iron (CI) pipes, Electrosteel Castings Ltd., is the only Indian
 manufacturer of DI spun pipes conforming to international standards.
 
 - The company proposes to set up its manufacturing facilities for
 ductile iron pipe in Gujarat.
 
 - The company has closed its Ghaziabad unit in September due to a
 steep
 hike in electricity tariffs and unviability of the factory.
 
 1998
 
 - Electrosteel Castings Ltd, one of the largest manufacturers of
 cast
 iron spun pipes in the country, has decided to relocate its
 Rs.55-crore
 ductile iron pipe (DIP) project from Elavur in Tamil Nadu to
 Kolhapur
 in Maharashtra.  The Elavur unit currently manufactures cast iron
 pipes.
 
 - Electrosteel had commissioned a mini-blast furnace in September
 1996
 which had helped it to increase operating profits by nearly 108 per
 cent in 1997.
 
 1999
 
 - The company has set up a, 1,10,000 TPA cast iron pipe unit in
 Kohlapur which would be a backward integration project to the
 ductile
 iron pipe unit.
 
 2000
 
 - The Board of Electrosteel Castings Ltd. has recommended issue of
 bonus shares in the ratio of 1:1.
 
 - Crisil has assigned the `AA+' rating to the Rs 100 crore
 non-convertible debenture programme and the `P1+' rating to the Rs
 75-crore commercial paper programme of Electrosteel Castings Ltd.
 
 - The Company has proposed a bonus issue in the ratio of one for one
 by
 capitalising Rs 8,07,61,600 out of the share premium account.
 
 
 2003
 
 -Electrosteel Castings Ltd has informed that Mr. Uddhav Kejriwal has
 been appointed as Additional Director of the company at its meeting
 held on June 16, 2003. He has also been appointed Wholetime Director
 subject to approval at the ensuing Annual General Meeting of the
 company to be held on September 01, 2003.
 
 -Electrosteel Castings Ltd has enhanced its presence in the European
 market through
 setting up a wholly owned subsidiary in Spain.
 
 -Electrosteel Casting's Board has approved for setting up a Coke Oven
 plant at Haldia
 with a capacity of 35,000 tonnes per annum along with a capacity of
 150,000 tonnes of
 coke per annum.
 
 2004
 
 -Electrosteel Castings Ltd has informed that The Stock Exchange -
 Ahmedabad (ASE) has delisted the equity shares of the Company from
 their Stock Exchange with effect from December 08, 2003.
 
 2007
 - Electrosteel Castings Ltd has informed that Mr. Sanjeev Churiwal,
 Chief Finance Officer has been appointed as Company Secretary of the
 Company with effect from 22.01.2007 by the Board of Directors of the
 Company in its Meeting held on 22.01.2007 in place of Mr. S.Y.
 Rajagopalan, Company Secretary. Necessary return to this effect has
 already been filed with Registrar of Companies, Orissa on 12.02.2007.
 Mr. Sanjeev Churiwal has also been appointed as Compliance Officer of
 the Company with effect from 22.01.2007.
 
 - The Company has splits its face value from Rs10/- to Rs1/-.
 
 2009
 
 - Electrosteel Castings Ltd has appointed Mr. Vyas Ralli Mitre as
 Wholetime Director w.e.f. December 21, 2009.
 
 
 2010
 
 -Electrosteel Castings Ltd - Qualified Institutional Placement.
 
 -Electrosteel Castings Ltd recommended a dividend of Rs. 1.25 per
 share (i.e. 125%), subject to approval of shareholders.
 
 
 2011
 
 -Electrosteel - Enters into Joint Venture Agreement (JV) with Dart
 Energy Ltd.
 
 
 2012
 
 -Mr. P. S. Nagi, Associate Vice President (F&A) has been appointed as
 the Compliance Officer of the Company.
 
 -Mr. Anand Kumar Kanodia has been appointed as Chief Financial
 Officer and Company Secretary of the Company.
 
 2013
 - Board recommended a Dividendof Re. 0.50 per share (i.e. 50%)
 subject to approval of the Shareholders.
 - Electrosteel Castings Ltd. has appointed Ms. Kavita Bhavsar as
 Company Secretary and Compliance Officer of the Company .
 
 2014
 - Board recommended a Dividend of Re. 0.65 per share (i.e. 65%),
 subject to the approval of the Shareholders.
 
 
 2019
 -Company has commenced commercial production at its Ferro Alloy Plant
 (1 No. 9 MVA Submerged Electric Arc Furnace), set up at Haldia,
 District Purba Midnapore, West Bengal.
 
 2020
 -Expansion of Captive Power Plant at Haldia with Waste Heat Recovery
 Boiler
 
 2022
 -Srikalahasthi Pipes Limited is merged into Electrosteel Castings
 Limited
 .