Moneycontrol
Get App
Close Ad
SENSEX NIFTY
Modi Cement > Company History > Cement - Mini > Company History of Modi Cement - BSE: 518014, NSE: MODICEMENT
YOU ARE HERE > MONEYCONTROL > MARKETS > CEMENT - MINI > COMPANY BACKGROUND - Modi Cement

Modi Cement

BSE: 518014|NSE: MODICEMENT|SECTOR: Cement - Mini
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
Modi Cement is not traded in the last 30 days
Modi Cement is not traded in the last 30 days
Company History - Modi Cement
1982
 
 - The Company was incorporated on 17th June, and the Certificate of
 Commencement of Business was obtained on 11th February, 1983.  It
 was
 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
 Wolf
 India Ltd.
 
 - The Company entered into a foreign collaboration agreement with
 Blue
 Circle Industries PC., U.K. (BCI) for technical consultancy
 services.
 
 1986
 
 - 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
 up);
 
 - (ii) 16,75,000 shares to employees of the company (including
 Indian
 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. 
 The
 balance 67,03,000 shares, along with 17,03,550 shares not taken up
 by
 employees and business associates, were offered for public
 subscription
 during January-February.  83,75,000 additional shares were allotted
 to
 retain oversubscription (4,86,950 shares to NRIs and 78,88,050
 shares
 to the public).
 
 1987 
 
 - 25,00,000 shares issued at par as rights to Indian resident
 shareholders in prop. 1:15.  Only 22,74,291 shares taken up.
 
 1988
 
 - The balance 2,25,709 shares out of the rights issue of 1987-88
 allotted privately.
 
 1989
 
 - 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).
 
 1990 
 
 - Forfeiture on 56,600 shares annulled.
 
 1991
 
 - The Company's plan to expand the capacity from 11.5 lakh tonnes to
 18
 lakh tonnes.
 
 - Subject to necessary approvals being obtained, the company
 proposed
 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
 equitable
 basis.
 
 - 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.
 
 1993 
 
 - 1,000 right shares kept in abeyance were issued.
 
 1994 
 
 - 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
 interest
 liability.
 
 1997
 
 - The Scheme for rehabilitation was sanctioned by BIFR.  Gujarat
 Ambuja
 Cements Ltd. was inducted as Co-promoter for revival of the company,
 the Board has reconstituted and the new management assumed charge in
 December.
 
 - 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
 75%
 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.
 of
 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.
 
 1998 
 
 - Modi Cements Ltd. is being merged with Gujarat Ambuja Cements
 (GACL),
 which holds a 93 per cent stake in the ailing company.
 
 1999 
 
 - AMBUJA Cement Eastern Ltd. (ACEL), in its transition from the
 erstwhile Modi Cement Ltd during its first full financial year, had
 to
 contend with more than establishing the `Ambuja Cement' brand in a
 market that was familiar with the Ambuja name but not the product.
 
 2000 
 
 - 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
 equity
 shares/any other security convertible into equity shares not
 exceeding
 1,70,00,000 No. of equity shares of Rs 10 each to holding company,
 Ambuja Cement India Ltd.
 
 2002
 
 -Gujarat Ambuja loses its image as the lowest cost producer in the
 market
 due to acquisition.
 
 2003
 
 -Members approve for the delisting of the equity shares of the
 company from
 Delhi and MP stock Exchanges.
 
 -Ambuja Cement awards equipment order for BHEL
 
 2004
 
 -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.
Source : Dion Global Solutions Limited
Quick Links for Modi Cement
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.