YEAR EVENTS 1970 - The company was incorporated as a Private Ltd. company on 18th November, and was converted into a Public Ltd. company on 25th May, 1975. The company was promoted by Shri. O.P. Jindal and associates for setting up a plant for the manufacture of HR Steel Strips at Hisar, Haryana. - The company commenced the manufacturing activities with the setting up of a strip mill plant with an installed capacity of 50,000 tonnes per annum of hot rolled steel strips with captive melting facilities at Hisar in Haryana. - The company manufactures steel strips, pipes, billets/slabs etc. Manufacture of oxygen, Argon, nitrogen gas etc. is also undertaken. 1982 - 3,00,500 bonus shares issued in prop. 1:1. 1983 - 2,00,000 No. of equity shares issued at a premium of Rs. 5 per share out off which 1,22,700 shares issued without payment in cash to a non-resident Indian against the value of imported cold rolling mill. 1985 - The company embarked upon a modernisation programme at Hisar. It was planned to add balancing equipment at Vasind. - 16,02,000 Bonus Equity shares issued in prop. 2:1. 12,00,000 No. of equity shares then issued at a premium of Rs. 8 per share (including 6,03,000 No. of equity shares offered for sale by the existing shareholders at a prem. of Rs. 8 per share) linked to debentures in the propn. 2 deb. 5 equity out of this the following shares linked to debentures were reserved for preferential allotment: - (i) 60,000 shares to employees of the company; - (ii) 24,000 shares to business associates of the company and - (iii) 4,80,000 shares to non-Resident Indians on repatriation basis. - The balance 6,36,000 shares linked to debentures were offered for public subscription during February 1986. 3,00,000 additional equity shares linked to 1,20,000 debentures were also allotted to retain oversubscription (21,000 shares to employees and business associates, 1,20,000 shares to non-resident Indians and 1,59,000 shares to the public). 1986 - The company installed an induction furnace, a D.G. set, pusher type furnace, soaking pit furance, side rolls and other balancing equipments. - The company issued 12,00,000 No. of equity shares at a premium of Rs. 8 per share (including 6,03,000 - 15% secured redeemable non-convertible debentures of Rs. 100 each. The applications were to be made for both equity shares and debentures in the ratio of 2 debentures for every 5 equity shares. - Out of the total issue (i) 60,000 No. of equity shares and 24,000 debentures were reserved for preferential allotment to the employees; - (ii) 24,000 No. of equity shares and 9,600 debentures were reserved for preferential allotment to business associates and - (iii) 4,80,000 No. of equity shares and 1,92,000 debentures were reserved for preferential allotment to non-resident Indians and persons of Indian Origin residing abroad with repatriation rights. The balance of 6,36,000 No. of equity shares and 2,54,000 debentures were offered for public subscription during February. - Additional equity shares and debentures were allotted as follows: - (i) 21,000 No. of equity shares and 8,400 debentures to the employees and business associates; - (ii) 1,20,000 No. of equity shares and 48,000 debentures to non-resident Indians and - (iii) 1,59,000 No. of equity shares and 62,600 debentures to the public. - Simultaneously with the public issue of equity shares and debentures, the company offered for sale 6,03,000 No. of equity shares to the public linked with debentures on the same terms as those contained in the prospectus for the public issue of 5,97,000 No. of equity shares. 1987 - The company was successful in introducing four feet CRCA sheet. To ensure higher profitability and to broaden the base of customers, continuous efforts were made to introduce new products as import substitutes. - The programme envisaged the installation of ultra high power furnace, vaccum O2 degassing plant, steckel mill, ladle furnace facility for continuous charging of sponge iron, 1250 mm width continuous slab caster, etc. A new pickling line, annealing furnace and other balancing equipments were to be installed at Vasind. 1988 - The Hisar division introduced new range of stainless steel strips and flats with lower nickel contents and nickel free flats which were well received in the market. The Vasind division introduced import substitute products, such as CRCA sheets of DD & EDD (Deep Drawn and Extra Deep Drawn grades) for use by the automobile industry. - The industrial license of the company was endorsed for manufacture of 1,25,000 tonnes of steel ingots from the existing 50,000 tonnes and 1,00,000 tonnes of hot rolled strips from 40,000 tonnes at Hisar Division. - The company set up a pilot plant at Hisar by adopting new technology to manufacture both Sponge iron and Pig iron. The company found it economically viable to commercialise the technology and decided to set up a plant at Raigarh in Madhya Pradesh to manufacture 1,00,000 tonnes per annum each of Sponge iron and Pig iron. 1989 - During November, the company offered 16,50,000-14% secured fully convertible debentures of Rs. 140/- each on rights basis to the then existing equity shareholders in proportion 1 debenture: 2 equity shares. Additional 2,64,665 debentures were allotted to retain over subscription. 82,500 debentures were also offered to employees/workers of the company on an equitable basis but only 77,710 debentures were taken up. Unsubscribed portion of 4,790 debentures out of the employees quota was allowed to lapse. - As per the term of issue, the entire amount of Rs. 140 of each debenture was converted into two equity shares of Rs. 10 each at a premium of Rs. 60 per share at the end of six months from the date of allotment of debentures i.e. 14.8.1990. - 32,99,200 Bonus shares issued in propn 1:1. 1990 - Jindal Holdings Ltd. (JHL) became a subsidiary of the company. - Vasind division also improved with the introduction of better CRCA coils in DD & EDD grade catering to the needs of automobile and refrigeration industries. - The company installed and commissioned gas flow control system and some balancing equipments and a DG set of 5,400 KVA capacity at Hissar. A modern CR slitter and cut to length line was also installed at Vasind. - 39,84,750 Shares issued (Prem. Rs. 60 per share) in conversion of Debs. 1991 - The company installed VOD system, automation of steckel mill and continuous charging of AOD furnace at Hisar. Modernisation of second rolling mill at Vasind division was undertaken. - A ferrochrome plant was also being put up, mainly for captive consumption. The Ist phase of the sponge iron project was commissioned in the month of March. - One more rotary kiln was installed thereby increasing the total capacity to 2 lakh tonnes of sponge iron and 1 lakh tonne of pig iron. The company proposed to modify the production process of pig iron and install two EBT electric arc furnaces of 50 tonnes capacity, one laddle furnace, one 12M radius single strand slab caster and one 12 M radius three strand bloom caster. 1992 - During March, the company issued 74,08,765-12.5% secured redeemable partly convertible debentures of Rs. 360 each on rights basis in the proportion of 7 debentures: 10 equity shares held. Additional 11,11,315 debentures were allotted to retain over subscription. - Another 3,70,438-12.5% redeemable partly convertible debentures of Rs. 360 each were offered to the employees on an equitable basis. Additional 33,412 debentures were allotted to retain over subscription. - Part A of Rs. 100 of each debenture will be converted into 1 equity share of Rs. 10 each at a premium of Rs. 90 per share, at the end of six months from the date of allotment. Accordingly 89,23,930 No. of equity shares were allotted on 14th November. - Part B of Rs. 260 of each debenture would be redeemed at par in five annual instalments of Rs. 52 each at the end of 5th, 6th, 7th and 10th years from the date of allotment of debentures. 1993 - A coal washery plant with a capacity of 200 tonnes per hour of high ash contents coal was imported from W. Germany. This was to be used for power generation high fluidised bed boilers. - 5,10,525 No. of equity shares out of the previous year's rights issue (Balance 21,290 shares yet to be allotted). 1994 - The installation of new oxygen plant having a capacity of 80 TPD with Argon attachment, modernisation of concast machine and tandem mill. - A coal washery plant to process 200 tonne per hour, high ash loaf imported from Germany was also installed. Also, another power generating unit from waste gas of the Rotary kiln was installed which would generate 15 MW power. - It was proposed to install at hot strip mill with a capacity to roll 5 lakh tonnes p.a. and this was expected to be implemented. - The company issued 4.25% convertible bonds for an aggregate amount of US $ 16.50 million equivalent to 4189.79 crores. These bonds were converted into 53,91,719 No. of equity shares at a price of Rs. 352 per share, subject to certain adjustments. - 8,42,175 shares issued on conversion of 1,990 Euro Bonds of US $ 5000 each at a premium of Rs. 342 per share. 1995 - The Hissar division rose by 120% while the Vasind division produced 1,29,675 tonnes of CRCA strips. The cold rolled special steel manufactured by the unit was successfully used in strap on booster rockets of dry fuel section of Polar Satellite Launch Vehicle launched into space in March. - Power generation unit from waste gas of rotary kiln was also installed resulting in assured power availability of 30 MW for steel making. In addition one waste heat recovery boiler and a turbine with a capacity of 15 MW was proposed to be installed. - Jindal Ferro Alloys Ltd. was amalgamated with the company effective 1st April. In pursuance of the scheme of amalgamation the shareholders of the erstwhile Jindal Ferro Alloys Ltd. - 44,559 No. of equity shares issued upon conversion of 1990 Euro bonds of US $ 5000 each at a premium of 342 per share. 1996 - The overall performance of the company was satisfactory despite the frequent shutdown taken for modernisation, renovation, upgradation of the existing facilities, lower realisation due to cheaper imports and general economic slow down. The profitability was lower because of increase in interest cost, higher depreciation and minimum alternate tax. - A new steel melting shop with an EAF, AOD, LRF & state-of-the-art billet caster capable of producing 1,50,000 TPA of stainless steel was installed at Hisar division. A new descaling unit was being installed for effective removal of scale during hot rolling. A new 4-Hi cold rolling mill capable of rolling material upto 1250 mm width and 5 mm thickness alongwith several other modern facilities was commissioned. - 111,32,550 shares allotted to the shareholders of erstwhile Jindal Ferro Alloys Ltd. 1997 - Hissar Division recorded a 56% growht in production. CRCA production at Vasind Division dropped due to depressed market condition. 2000 - The Company has appointed Andersen Consulting to conduct a profit maximisation exercise. - The Vasind Division was hived off to Jindal Steel & Alloys Limited a subsidiary w.e.f. 01.01.2000, pursuant to a scheme of arrangement approved by the Hon'ble Punjab & Haryana High Court. 2001 - A Wholly owned subsidiary, Cross-Border IT (India) Ltd., is being incorporated to provide IT services internationally both by means of on-site support and offshore services. - Jindal Strips has offloaded 11 per cent stake in Shalimar Paints to the joint-venture partner, the Jhunjhunwala Group, based in Hong Kong. The shares were brought by the Jhunjhunwala Group at Rs 36 per share, paying a premium of Rs 26 for each Rs 10 share 2002- Jindal Strips Ltd has informed that the Board has appointed Shri Arvind Parakh as Director-Finance and Sh. B.P.Goyal as Director-Projects. Both the Directors have been appointed as Additional Whole-time Directors on the Board of the Company. -Promoters of Jindal Strips have hiked their stake in the company from 35 per cent to 43 per cent. Sun Investments, the O P Jindal group's investment company sold 3.17 per cent (6 lakh shres) to Vrindavan Services at Rs 47.50 per share. 2003 -Jindal Strips prepays the Foreign Currency Convertible Bonds(FCCB's) woth $15million. -IFCI Ltd withdraws nomination of Mr. S Lahiri from the Board of Jindal Strips. -Naveen Jindal, N C Mathur, Suman Jyothi Khaitan and Dr Lokesh Kumar Singhal gave their resignation from the Board of Jindal Strips Ltd. -Mr. Rakesh gard and Mr H V Mishra are appointed as the Additional Directors on the Board of the company. - Mr. Subir Bisht was with drwan from the board by icici bank ltd - Rakesh Garg and H V Mishra are appointed as Directors in the AGM held November 29, 2003. -ICICI Bank Ltd has withdrawn the nomination of Mr. Subir Bisht from the Board of Directors of the company. 2004 - Shares of Jindal Strips Ltd delisted from Madras Stock Exchange wef June 7, 2004. 2005 -Jindal Strips Ltd has informed that the Board of Directors of the Company in its meeting held on January 17, 2005, have approved change of name of the Company to Nalwa Sons Investments Ltd subject to shareholders approval in General Meeting of the Company. -Smt. Savitri Devi Jindal has appionted as a Additional Director and Chairperson of the Company. -Company has changed its name from Jindal Strips Ltd. to Nalwa Sons Investments Ltd. 2006 -Nalwa Sons Investments Ltd has informed that the Registered Office of the Company has been shifted from the State of Haryana to the NCT of Delhi, vide certificate of Registrar of Company.