Company History - Modern Steels
1973 - The Company was incorporated on 19th November, as a Private
Limited Company registered with the Registrar of Companies
Punjab, Himachal Pradesh and Chandigarh at Jalandhar. It was
converted into a public limited company on 11th July, 1974.
was promoted by Shri Amarjit Goyal.
- The main objectives of the company is to manufacture steel
ingots/billets, cold rolled products, oxygen gas etc.
1976 - The Company set up a Mini Steel Plant at Mandi Gobindgarh in
Punjab with an installed capacity of 9,000 tpa which was
commissioned in January.
1983 - All shares taken up by promoters, directors, their friends,
1984 - 54,000 shares issued at par to promoters, directors, their
1986 - 3,24,000 Bonus shares issued in propn. 1:1.
1988 - Under a modernisation scheme, a six meters Radius Concast
and an Oxygen Plant with a capacity of one million
per annum were added under modernisation scheme.
- At the time of Purchase of concast plant from Concast India
The company entered into an agreement with M/s. Concast
A.G. of Zurich, the principal of CIL, March, to make available
the company during the currency of the agreement technical
other information and knowhow for continuous casting steel.
agreement is valid for eight years.
- 6,48,000 Bonus shares issued in propn. 1:1.
1990 - The company undertook a project to modernise the existing
mill division to widen the product range as also to produce
value added items like carbon and alloy rolled products.
- The objects of the public issue of equity shares during July,
were (i) to part finance the cost of modernisation of steel
- (ii) to meet the working capital requirements and
- (iii) to list the shares of the company on recognised stock
1991 - The company also undertook a project to modernise as also to
expand the steel melting plant. Applications were made to
financial institutions for term loans.
- The company co-promoted a new industrial unit, namely, Modern
Dairies, Ltd., for setting up a dairy project at Karnal
- 12,96,000 Bonus shares issued in propn. 1:1. 18,00,000
were then issued (Prem. Rs. 7 per share) of which the
shares reserved for preferential allotment:
- (i) 2,00,000 shares to Canbank Mutual Fund (all were taken up)
- (ii) 90,000 shares to employees/workers of the company (only
76,200 shares taken up).
- The balance 15,10,000 shares, alongwith the unsubscribed
portion of 13,800 shares of employees quota were offered for
public subscription during July, 1990. Addition 2,70,000
allotted to the public to retain oversubscription.
1996 - 1,23,600 No. of equity shares issued.
-Modern Steels has recommended Dividend of 20%.
-The Company has issued Bonus Shares in the Ratio of 3:2.
-Modern Steels has designated E-mail ID for Investors Complaints:
- Modern Steels Ltd has appointed Mr. Partap K Aggarwal as Additional
Director of the Company