Torrent Power AEC Ltd.

1913 
 
 - The company was incorporated at Mumbai.  The company was
 formed, to take up the licence granted by Government under the
 Electricity Act, 1910 to supply Electrical Energy to the city of
 Ahmedabad & other Districts.  The Company generate and supply
 Electricity.
 
 1984
 
 - 6,00,000 Right Equity shares issued at par in Nov. 1983.
 15,000 Pref. shares held by UTI has converted into Equity shares
 at par.  Arrears: Rs 1000.
 
 1986
 
 - During February, the Company issued 10,00,000-15% secured
 redeemable non-convertible debentures of Rs 100/- each at par to
 the then existing equity shareholders in the ratio of two
 debentures for every three equity shares held.
 
 - Additional 2,67,692 debentures were allotted to retain over
 subscription.  The debentures will be redeemed in 3 yearly
 instalments commencing at the end of the 7th year from the date
 of allotment at the rate of Rs 35/- per year, the redemption
 premium of Rs 5/- being included in the first instalments.
 
 - LIC converted 15,000 Pref. shares held by it into 15,000 No.
 of Equity shares.  Arrears of Rs 1000.
 
 1987
 
 - 3,04,954 Bonus Equity shares issued in prop. 1:5.  Arrears: Rs
 1000.
 
 1988 
 
 - The 110 MW `F' station was commissioned in September.  The
 Company undertook to develop the total capability for
 maintenance management of power and process plants in the
 country through a collaboration with Catalytic Inc., U.S.A.
 
 - 2,85,000 Rights Equity shares issued at par in prop. 1:6 in
 Jan.  1989.  Another 15,000 No. of Equity shares offered at par
 to employees.  Arrears of Rs 1000.
 
 1989 
 
 - During January, the Company offered 11,40,000-14%
 non-convertible debentures of Rs 100/- each on rights basis to
 the then existing Indian resident equity shareholders in the
 ratio of five debentures for every eight equity shares held (all
 were taken up).
 
 - Another 60,000 debentures on prorata basis were offered to
 employees of the Company.  Only 3,838 debentures were taken up
 by the employees.
 
 - As per the terms of offer, the debentures will be redeemed in
 3 yearly instalments commencing at the end of eighth year from
 the date of allotment at the rate of Rs 35/- per year per
 debenture, the redemption premium of Rs 5/- being included in
 the first instalment.
 
 1990 
 
 - The first gas turbine on open cycle was commissioned.  35,698
 new connections and 149 new substations were added.  At the
 close of the year, there were 1947 Kms of high tension and 4745
 Kms of low tension mains in the distribution system.
 
 - 10,34,000 No. of equity shares allotted at par to Gujarat
 Govt.  on 1.10.1990 in conversion of loans.  Arrears of Rs.
 1000.
 
 1991
 
 - The 100MW gas based power plant at Vatwa was commissioned.
 
 - 1,50,000-14% CR Pref. shares allotted to Gujarat Govt. on 11th
 May, in redemption of 1,50,000-11% CR Pref. shares.  These pref.
 shares redeemable on 10th May, 2001.  Arrears of Rs 1000.
 
 1992
 
 - 142 new substations were added.  At the close of the year,
 there were 2083 KMS of high tension and 5603 KMS of low tension
 mains in the distribution systems.
 
 - The company issued 12,00,000-20% privately placed secured
 Non-convertible debentures redeemable in instalments between
 1997 and 2001 at a premium of 5% of nominal value.
 
 1993 
 
 - The company undertook major schemes for system augmentation.
 At the the end of the year there were 2232 Kms.  of high tension
 and 6783 Kms, of low tension mains in the system.  138 new
 substations were during the year.
 
 - Equity shares subdivided.  158,18,625 Right Equity shares
 issued (prem. Rs 15; prop. 1:2) 79,09,656 No. of equity shares
 allotted prem. Rs 20,000 convertion of `A' 14% FCD.  Arrears of
 Rs 25,50,000.
 
 1994
 
 - 2160 KMS of high tension and 6150 Kms of low tensions mains in
 the distribution was added.  118 new substations were added
 during the year.
 
 - The Company identified new power generating projects, to meet
 the shortfall in the demand for company's power system.
 
 - The Company planning to set up a Lignite based power station
 at Ghogha near Bhavnagar.  A MOU was signed with ABB Energy
 Ventures, U.S.A. for jointly submitting the bid which enable the
 Company to avail the expertise of M/s. ABB and also finance by
 ways of suppliers credit for the equipment to be supplied by
 M/s.  ABB.
 
 - 79,09,656 shares allotted at a prem. of Rs 20 per share on
 conversion of part B of fully convertible debentures on
 1.10.1994.
 
 1995 
 
 - A 132 KV sub-station was established at Tahaltej.  At the end
 of the year there were 2329 Kms of high tension and 7585 Kms of
 low tension mains in the distribution system.  148 new
 substations were added during the year.
 
 1996 
 
 - 157 New Distribution Substations were added during the year.
 At the end of the year there were 2433 Kms. of High Tension and
 8285 Kms. of Low Tension Mains in the Distribution System.
 
 - The Company has entered into a MOU with M/s. Keller GmbH,
 Germany, for manufacture of Fly Ash.
 
 - The Company has jointly submitted a bid with M/s. ABB Energy
 Ventures, USA to Gujarat Power Corporation Ltd.
 
 1997 
 
 - The Company proposed to add 250MW generating capacity and were
 targetting for capacity addition to become effective by the end
 of the year.  It was also proposed to put up one of the three
 lignite based power projects that the State Government had ear
 marked for private sector participation.
 
 - There were 2529 Kms of High Tension and 8966 Kms of Low
 Tension Mains in the System and 141 new distribution substations
 were added.
 
 - The Company replaced Conventional Energy Meters with Tamper
 Resistant Micro Processor based static Meters or High Quality
 Electro Mechanical Meters and Electronic Meters for high value
 consumers i.e. where the sanctioned load is more than 100 HP in
 a phased manner.
 
 1998 
 
 - Ahmedabad Electricity Company (AEC) has announced a net profit
 of Rs. 14.75 crores for the first three months of the current
 year, on a turnover of Rs. 235.18 crores.
 
 - Torrent Power is the largest shareholder in the company with a
 36.79 per cent stake in the company, acquired through a public
 offer.  The financial institutions hold a 32.81 per cent stake
 in the company.
 
 - The company achieved highest generation of 3,153 million units
 despite one station of 110 MW being under a forced shutdown for
 over three-and-a-half months.
 
 1999 
 
 - The Company successfully placed 10.75% Redeemable Cumulative
 Preference Shares of the aggregate value of Rs.48.5 Crores
 redeemable after five years from date of allotment with a Call
 and Put Option after three years.
 
 - The amount raised by issue of 11,43,838 14% Non Convertible
 Debentures of Rs. 100/- each has been utilized for financing
 part of the capital cost of 110 MW F Station and as per the
 Redemption schedule, the second instalment of Rs. 35/- per
 debenture was Redeemed in April, 1998.
 
 - The Company commissioned a 220 KV receiving station at NICOL
 which would establish a strong link between AEC and GEB system
 and ensure reliable and stable supply of energy to the Company's
 consumers.  To further strengthen the Distribution System, EHV
 Stations are planned at ISRO and NICOL.
 
 - 23,750 Equity Shares have been allotted as fully paid up
 pursuant to a contract without payment being received in cash.
 
 - 30,49,540 Equity Shares have been allotted as fully paid up
 Bonus Shares by way of capitalisation of General Reserve.
 
 - 1,03,40,000 Equity Shares have been allotted at par to the
 Government of Gujarat pursuant to the Government exercising the
 option to convert 20% of its term loans for 110 MW 'E' and 'F'
 stations.
 
 - 1,58,19,312 Equity Shares have been allotted on conversion of
 fully convertible debentures.
 
 - The Preference Shares are redeemable at par as under:
 
 - (i) 1,50,000 14% Cumulative Redeemable Preference Shares on or
 before 10th May, 2001;
 
 - (ii) 48,50,000 10.75% Cumulative, Redeemable Preference Shares
 at the end of five years from the date of allotment (i.e.
 43,50,000 shares on 1st March, 1999.  3,00,000 shares on 12th
 March, 1999 and 2,00,000 shares on 19th March, 1999
 respectively).
 
 - The Company has entered into a currency and interest rate Swap
 Agreement in respect of the Foreign Currency Loan of US $ 10
 million from International Finance Corporation, Washington
 (IFC/W) with Shipping Credit and Investment Corporation of India
 (SCICI) through ANZ Grindlays Bank, p.l.c. whereby the Dollar
 Loan on receipt was handed over to SCICI who in turn provided
 counter part rupee funds of 2350 lakhs.
 
 - Swap Agreement has been entered into for the second Foreign
 Currency Loan from IFC/W of Swiss Franc 16 million with Oil and
 Natural Gas Commission (ONGC) through ANZ Grindlays Bank p.l.c.
 whereby ONGC has provided counter-part rupee funds of 3528 lakhs
 to the Company on handing over the Swiss Franc to ONGC by the
 Company on disbursement of loan by IFC/W.
 
 2000 
 
 - The Company is the first powre company to have issued
 commercial paper that is backed by a bank stand-by facility.
 
 - Crisil has assigned Rs 40-crore paper a `P1+' rating based on
 the comfort of a bank stand-by facility.
 
 2002
 
 -Ahemedabad Electricity Co. appoints Mr. S B Kunwar as the Nominee
 Director of LIC.
 
 -Electricity Co. has entered into an agreement with ONGC to swap a
 foreign
 currency loan of swis franc 16m.
 
 2003 - Shri I. P. Gautam, IAS and Smt. Vijaylaxmi Joshi, IAS have
 been appointed as nominees of Government of Gujarat in place of Dr.
 Manjula Subramaniam, IAS and Shri M. M. Srivastava, IAS. Further,
 Shri Markand Bhatt has been appointed as an Additional Director. Shri
 A. N. Shanbhag has resigned from the directorship consequent upon the
 withdrawal of his nomination by UTI.
 
 2004
 
 -Ahmedabad Electricity Co. Ltd has informed that Mr. Murli
 Ranganathan, currently the Executive Director of the company, has
 been appointed as the Chief Executive Officer