YEAR EVENTS 1973 - The Company was incorporated on 29th March, in the State of Gujarat as a wholly owned subsidiary of Gujarat Industrial Investment Corporation Ltd. (GIIC) on 29th March. The Company was promoted by GIIC and Mehta International Ltd., a non-resident company of Mehta Group of companies. The Company's object is to manufacture portland cement. - The Company undertook to set up a project to manufacture 1 million tonnes per annum of portland cement on a 344 hectares of land obtained at village Prashnawada, a notified backward area in the Junagadh district of Gujarat. Mining lease for 254 hectares of land was obtained and that for another 184 hectares was awaited. - Part of plant, equipment and services were procured from F.L. Smidth & Co., A/S, Copenhagen, Denkar, and the remaining parts were procured indigenously from Larsen and Toubro Ltd. - The project incorporated the latest dry process pre-calcination technology. For raw material grinding, cement grinding and for quality control, the company installed Atox vertical roller mills two number Combidan mills of FLS design and FLS ACC system in conjunction with FLS ADR colour CRT along with gas analyser and OCX x-ray analyser respectively. 1987 - Allotted 1,00,000 shares to GIIC. 301,50,000 shares then issued at par out of which 81,70,000 shares to GIIC and 79,30,000 shares to the Mehta International Ltd., and its nominee (including 66,80,000 shares to non-resident) were reserved and allotted. Out of the remaining 140,50,000 shares, the following shares were reserved for preferential allotment: - (i) 54,20,000 shares to NRIs on repatriation basis (only 3,95,000 shares taken up). - (ii) 15,12,500 shares to employees etc. of the company that of promoter companies (none were taken up) and - (iii) 10,00,000 shares to investors in rural areas (on 87,600 shares taken up). The balance 61,17,500 shares, along with the unsubscribed portion of 74,49,900 shares out of the preferential quota was offered to the public in Nov.-Dec. Only 5,86,700 shares taken up. The balance 129,80,700 shares devolved on the underwriters (27,41,400 shares on IFCI, 75,27,400 shares to IDBI and 27,11,800 shares to ICICI). 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 Financial & Reconstruction (BIFR). BIFR appointed State Bank of India as the operating agency. - Simultaneous to the Right issue, the Company issued 409,10,525 No. of equity shares of Rs.10 each at par through prospectus: - (i) 125,00,000 shares to the Mehta International Ltd., and associates on the firm basis; - (ii) 125,00,000 shares to F.L. Smidth & Co., on firm basis; - (iii) 40,00,000 shares to Buchanan Fund Ltd. - Pacific; - (iv) 40,00,000 Buchanan Fund Ltd - Emergency; - (v) 10,00,000 shares to NRIs; - (vi) 25,00,000 shares to Indian Mutual Funds and - (vii) 44,10,525 shares to public. 1990 - During January-February, the Company offered 75,62,500 rights equity shares of Rs.10 each at par in production 1:4. Another 3,78,100 No. of equity shares were offered to employees on an equitable basis. Permission was also received to allot 15,12,500 No. of equity shares to the Mehta International Ltd., and their associates over and above their rights entitlements in the issue. The last date for submission of application forms was 2nd February, but it was extended several times before it was closed on 20th June, 1991. - The directors of the Company examined the legal implication in line with the orders passed by the High Court of Gujarat particularly with reference to the permission granted for oversubscription as well as to the provision of the Memorandum of Articles of Association of the Company. 1991 - 80,44,100 No. of equity shares allotted at par as rights (prop. 1:4)/private placement basis. 1992 - Despite higher production and sales of 6,86,892 tonnes and Rs.133.17 crores respectively, profits declined due to hike in freight on raw materials and cement, excise duty, etc. - Till February, 59,78,475 shares were allotted inclusive of 27,00,000 shares allotted to The Mehta International Ltd., (including their rights entitlements) as per order received from the Gujarat High Court. - Another 20,65,000 shares were allotted out of the unsubscribed portion of the shares, on 30th April, and 625 shares were allotted on 1st July. 1993 - 14,09,000 No. of equity shares out of the 1,990 rights issue allotted. 1994 - The name of the Company was changed from Cement Corporation of Gujarat Ltd., to Gujarat Sidhee Cement Ltd., with effect from 18th January. 1995 - 390,89,475 rights equity shares issued (prop. 1:1). 409,10,525 shares allotted through public issue. 50,00,000 No. of equity shares allotted to Fin. Investment, Insurance Companies as per BIFR order. 1996 - As on 11th March, 10,500 No. of equity shares of the 1987 public issue, forfeited for non-payment of allotment was allotted. - Also 1,97,317 No. of equity shares of the Right issue in 1994 forfeited for non-payment of allotment money was allotted. - The Company allotted 52,349 No. of equity shares of Rs.10 each to Insurance Companies on conversion of 30% of compared interest into equity shares as envisaged by BIFR. This is in additional to 59,47,651 No. of equity shares allotted to financial institutions. 1997 - The company proposed to modernise its plant as a measure to cut down on costs. It was also proposed to install a captive power plant to bring down the power cost. 1998 - No news 1999 - The federation has protested against the transfer of around 20 employees deployed at the Mumbai headquarters of Gujarat Sidhee Cement and Saurashtra Cement to the 100 per cent subsidiary of Saurashtar Cement, Arigma Consultants International. - The Board of directors of the company, subject to necessary approvals, has approved the issue of equity shares and/or equity-linked instruments up to an aggregate value of Rs.15 crores to promoters, friends, relatives and their associates or others on preferential allotment basis. - The company proposes to set up captive power plants and a jetty close to its plant site at Sidheegram to reduce costs. The preferential offer is priced at Rs 10 at a conversion ratio of 1:1. - The Mehta group has merged the operations of its two cement companies, Gujarat Sidhee Cement Ltd and Saurashtra Cement Ltd. 2002-Gujarat Sidhee Cement Ltd has informed BSE that Mr Gaurang Shah, Company Secretary (Compliance Officer) of the Company has retired under the Voluntary Retirement Scheme of the Company w e f September 20, 2002. 2003 - memebers have approved to delist the securities from Saurashtra Kutch, Ahmedabad, Calcutta and Delhi Stock Exchanges. 2007 -Gujarat Sidhee Cements Ltd has appointed Mr. Aashay S. Khandwala as Vice President-Legal & Company Secretary and Compliance officer pursuant to Clause 47(a) of the listing agreement. -Company has informed that the Company has designated a separate E-mai ID for redressal of Investor Complaints. The E-mail ID is: gsclinvestorquery@mehtagroup.com 2009 - Gujarat Sidhee Cements Ltd has appointed Mr. A. M. Fadia, as Company Secretary of the Company and designated at Director ( Legal ) & Co. Secretary 2013 - Board has recommended a Dividend of Re. 1/- per share (Rupee one only) per share on 3,61,53,852 equity shares of Rs. 10/- each. 2014 - Gujarat Sidhee Cement Ltd has appointed Ms. Juhi Chawla, Mrs. Bhagyam Ramani, Mr. M. N. Rao, Mr. K. N. Bhandari are the Additional Directors of the Company. 2022 -Gujarat Sidhee Cement Limited has informed the Exchange about Amalgamation/Merger of the Company with Saurashtra Cement Limited.