- The Company was incorporated on 17th June, and the Certificate of
Commencement of Business was obtained on 11th February, 1983. It
promoted by Modi Industrial House and Madhya Pradesh Audyogik Vikas
Nigam Ltd (MPAVN). The Company manufactures cement.
- The Company had under taken to set up a project to manufacture
Portland Cement in Madhya Pradesh. The main plant and machinery was
obtained from Polysius Ltd U K and their Indian associates Buckau
- The Company entered into a foreign collaboration agreement with
Circle Industries PC., U.K. (BCI) for technical consultancy
- 7 shares subscribed for by the signatories to the Memorandum of
Association. 334,99,993 shares then issued at par out of which
208,99,993 shares to promoters, directors, etc. (including 10,00,000
shares to NRIs on repatriation basis) and 15,00,000 shares to MPAVN
were reserved and allotted.
- Out of the remaining 111,00,000 shares, the following shares were
reserved for preferential allotment:
- (i) 25,00,000 shares to NRIs on repatriation basis (all were taken
- (ii) 16,75,000 shares to employees of the company (including
working directors and employees of Modi Group Companies) and
- (iii) 2,22,000 shares to business associates of the company.
- Out of (ii) and (iii) above, only 1,93,450 shares were taken up.
balance 67,03,000 shares, along with 17,03,550 shares not taken up
employees and business associates, were offered for public
during January-February. 83,75,000 additional shares were allotted
retain oversubscription (4,86,950 shares to NRIs and 78,88,050
to the public).
- 25,00,000 shares issued at par as rights to Indian resident
shareholders in prop. 1:15. Only 22,74,291 shares taken up.
- The balance 2,25,709 shares out of the rights issue of 1987-88
- The Company came under the provisions of the Sick Industrial
Companies (Sp. Provisions) Act, 1985 and a reference was made to the
Board for Industrial and Financial Reconstruction (BIFR).
- Forfeiture on 56,600 shares annulled.
- The Company's plan to expand the capacity from 11.5 lakh tonnes to
- Subject to necessary approvals being obtained, the company
to issue 458,00,920 rights equity shares of Rs. 10 each at a premium
not exceeding of Rs. 2 per share in the proportion 1:1.
- In addition to the above rights issue, 5% of the rights issue at a
premium not exceeding Rs. 2 per share was to be offered to the
employees, etc., of the Company and promoter companies on an
- Issued 31,10,000 shares at par as rights in prop. 7:100 (all were
taken up) and 1,55,500 shares at par to employees (only 1,900 shares
taken up) in January.
- 1,000 right shares kept in abeyance were issued.
- Production declined to 10,31,219 tonnes due to excessive rains and
floods which inundated the factory and limestome mines. The company
suffered losses due to lower sales realisation and increase in
- The Scheme for rehabilitation was sanctioned by BIFR. Gujarat
Cements Ltd. was inducted as Co-promoter for revival of the company,
the Board has reconstituted and the new management assumed charge in
- The name of the Company has been change from Modi Cements Ltd. to
Ambuja Cement Eastern Ltd.
- 45,801,930 No. of equity shares of Rs.10 each has been reduced by
to 11,450,483 No. of equity shares of Rs. 10 each persuant to the
rehabilitation scheme santioned by BIFR on 5th November; 116,000,000
No. of equity shares of Rs. 10 each fully paid up and 50,00,000 No.
equity shares of Rs. 10 each Rs. 750 called and paid up allotted to
Gujarat Ambuja Cements Ltd. pursuants to rehabilitation scheme
sanctioned by BIFR on 5th November.
- Modi Cements Ltd. is being merged with Gujarat Ambuja Cements
which holds a 93 per cent stake in the ailing company.
- AMBUJA Cement Eastern Ltd. (ACEL), in its transition from the
erstwhile Modi Cement Ltd during its first full financial year, had
contend with more than establishing the `Ambuja Cement' brand in a
market that was familiar with the Ambuja name but not the product.
- The Company hold 166057827 equity shares of Rs. 10/- each in the
company representing 93.58% of its share capital.
- Ambuja Cement Eastern Ltd. will make a preferential issue of
shares/any other security convertible into equity shares not
1,70,00,000 No. of equity shares of Rs 10 each to holding company,
Ambuja Cement India Ltd.
-Gujarat Ambuja loses its image as the lowest cost producer in the
due to acquisition.
-Members approve for the delisting of the equity shares of the
Delhi and MP stock Exchanges.
-Ambuja Cement awards equipment order for BHEL
-Ambuja Cement Eastern shares delisted from Bhubaneswar Stock
Exchange & Delhi Stock Exchange
-Ambuja Cements (Eastern) Ltd has succeeded in coming out of the
Board for Industrial and Financial Reconstruction (BIFR) fold.
-Ambuja Cement Eastern Ltd has informed that at the review meeting of
the BIFR held on March 3, 2004, the BIFR have passed an order,
discharging the company from purview of the Sick Industrial Companies
(Special Provisions) Act, 1985.