Company History - ITC Bhadrachalam, Andhra Pradesh.
1975
- The Company was incorporated on 17th July. The company
manufacture
paper and paperboard.
- 7 Equity shares subscribed for by the signatories to the
Memorandum
of Association and 23 equity shares allotted to others. 50,000
Pref.
and 104,99,970 No. of equity shares offered at par through a
prospectus
during September 1977. Of these equity shares reserved for
allotment
were:
- (i) 31,99,970 to I.T.C. Ltd.,
- (ii) 10,00,000 to Vazir Sultan Tobacco Co. Ltd., and
- (iii) 10,00,000 to APIDC. 53,00,000 No. of equity shares and
50,000
preference shares offered to the public.
1979
- 10,650 No. of equity shares forfeited and reissued at par.
Arrears
of Rs 875.
1984
- 68,259 No. of equity shares issued at par to financial
institutions
on conversion of loans.
1987
- An 8.81 KVA captive power generator was installed.
1988
- The Company launched a pilot scale project using advanced
technology.
- In November, the Company privately placed with financial
institutions
14% secured non-convertible debentures for a total value of Rs 4
crores. Steps were taken to issue non-convertible debentures for a
further value of Rs 2.50 crores on private placement basis to
financial
institutions.
1990 - In June, due to strike by workmen for four weeks production dropped. - The R&D in clonal multiplication of high yielding disease-resistant planting stock received further impetus with the enhancement of mist chamber capacity from 25,000 rooted plants to 1,50,000 rooted plants per annum for vegetative propagation of genetically superior clones. - It was proposed to further augment the capacity of the chamber in a phased manner, to produce sufficient quantity of clonally multipied planting stocks to raise 1500 hectares of plantation every year. - The proposal of the Andhra Pradesh Forest Development Corporation to raise pulpwood plantations in the vicinity of the mill spread over 12,000 hectares, in an eight year cycle, had received the approval of the State Government. - During October, the company issued fully convertible debentures under two schemes as follows: Under Scheme 1-zero interest secured fully convertible debentures of the face value of Rs 425 each for cash at par aggregating to Rs 2.28 crores on Rights basis and debentures worth Rs 1.42 crores to employees under the Employees' Stock Option Scheme. - Under Scheme 2 - 12.5% secured fully convertible debentures of the face value of Rs 500 each for cash at par on Rights basis. - The Rights debentures were offered as follows: (i) For shareholding upto 120 equity shares, 1 debenture: 15 equity shares held; (ii) For shareholding upto 500 equity shares 1 debenture: 20 equity shares held and (iii) For shareholding in excess of 500 equity shares, 27 debentures: 500 equity shares held. - The issue was over subscribed. A total of 4,70,644-zero interest debentures and 2,83,566-12.5% debentures were issued. - Out of the face value of Rs 425 each of zero interest debenture, Rs 175 was converted into 5 equity shares of Rs 10 each at a premium of Rs 25 per share on 15th June, 1991. - Accordingly, 23,53,220 shares were allotted. The balance of Rs 250 of the face value of each debenture was to be converted into four equity shares of Rs 10 each at a premium of Rs 52.50 per share on 15th December, 1992 at the option of the debenture holders. 32 debentures were redeemed and the balance of Rs 250 of the face value of 4,70,612 debentures was converted into 18,82,448 equity shares. - Out of the face value of Rs 500 each of 12.5% debentures, Rs 200 was converted into 5 equity shares of Rs 10 each at a premium of Rs 30 per share on 15th June, 1991. - Accordingly, 14,17,830 shares were allotted. The balance of Rs 300 of the face value of each debenture was to be converted into four equity shares of Rs 10 each at a premium of Rs 65 per share on 15th December, 1992 at the option of the debenture holders. 34 debentures were redeemed and the balance 2,83,532 debentures were converted into 11,34,128 equity shares. - The Company proposed to issue equity shares (represented by Global Depository Receipts) and/or convertible securities and/or other instruments or securities by way of offerings denominated in foreign currency to investors outside India. 1991 - It was proposed to acquire future requirements of cellulosic raw material through NABARD - assisted farm forestry plantation programmes based on contemporary technology. - The name of the Company was changed from `Bhadrachalam Paperboards Ltd.' to `ITC Bhadrachalam Paperboards Ltd.' with effect from 30th August. - 23,53,220 No. of Equity shares (Prem. Rs 25) and 14,17,830 No. of equity (prem. Rs 30) were allotted on par conversion of zero interest debs. and 12.5% debs. respectively. 1992 - 93,15,000 farmers were involved in the assisted farm-forestry plantation programme which covered more than 15,000 acres of land by fast growing eucalyptus plantation. - 18,82,448 No. of Equity shares (prem. Rs 52.50 per share) and 11,34,128 No. of equity shares (prem. Rs 65 per share were allotted on 15.12.1992 in conversion of zero-interest debs. and 12.5% debs. respectively. 1993 - The Company issued 86,80,488 No. of equity shares of Rs 10 each at a premium of Rs 90 per share on rights basis in the proportion of 1:2. - Another 3,98,600 No. of equity shares of Rs 10 each at a premium of Rs 90 per share were offered to the employees of the Company. - Simultaneously the Company also proposed to issue on preferential basis 10,000 No. of equity shares of Rs 10 each at a premium of Rs 90 per share to non-executive directors of the Company. 1994 - The Company through introduction of a new State-of-the-art paperboard machine with a capacity of 1,20,000 TPA undertook upgradation and modernisation programme. - The company also embarked upon a major energy project, comprising installation of a modern atmospheric fluidised bed cumbustion boiler with a capacity of 80 tonnes per hour with co-generation and condensation ranging from 15 to 21 MW. - 264,27,923 Bonus Equity shares issued in propn. 1:1. 1995 - The Company was in the process of concluding a forestry co-operation agreement with Jaakko Poyry, International consultants for the paper industry, to support them as consultants for the Forestry Development Project of Maharashtra. - ITC Bhadrachalam Finance & Investments Ltd. is a subsidiary of the Company. ITC Bhadrachalam Securities Ltd. deemed to be a subsidiary of the company as it become subsidiary of ITC Bhadrachalam Finance Investment Ltd. during December. 1996 - 158,62,807 No. of equity shares (prem. Rs 90 per share) issued on rights basis in prop. 3:10 of which 7,075 shares kept in abeyance. 1998 - 19,120,000 No. of equity shares of Rs 10 each (prem. Rs 65 per share) and 25,72,000 pref. shares of Rs 100 each allotted on pref. basis to the promoter ITC Ltd. - ITC Bhadrachalam Paperboards Ltd has recently commissioned a state-of-the-art paper machine that manufactures coated capital outlay of Rs.640 crore. This machine has a capacity of 1,20,000 tpa which can be extended to 1,50,000 tpa. - The performance of the company was affected by the delayed commencement of its expansion project and also by the sluggishness in the paper industry. - The rating assigned to the fixed deposit programme of ITC Bhadrachalam Paper Boards Ltd (ITCBL) has been downgraded from AA to A+ by the Credit Rating Information Services of India Ltd (Crisil), indicating adequate safety. 1999 - The company is poised to introduce branded products for the first time in the domestic and international markets. Three products are apparently now under test and are planned to be targeted at the FMCG sector. 2001 - A fire damaged ITC Bhadrachalam Paperboards' plant at Bhadrachalam in Andhra Pradesh.
1990 - In June, due to strike by workmen for four weeks production dropped. - The R&D in clonal multiplication of high yielding disease-resistant planting stock received further impetus with the enhancement of mist chamber capacity from 25,000 rooted plants to 1,50,000 rooted plants per annum for vegetative propagation of genetically superior clones. - It was proposed to further augment the capacity of the chamber in a phased manner, to produce sufficient quantity of clonally multipied planting stocks to raise 1500 hectares of plantation every year. - The proposal of the Andhra Pradesh Forest Development Corporation to raise pulpwood plantations in the vicinity of the mill spread over 12,000 hectares, in an eight year cycle, had received the approval of the State Government. - During October, the company issued fully convertible debentures under two schemes as follows: Under Scheme 1-zero interest secured fully convertible debentures of the face value of Rs 425 each for cash at par aggregating to Rs 2.28 crores on Rights basis and debentures worth Rs 1.42 crores to employees under the Employees' Stock Option Scheme. - Under Scheme 2 - 12.5% secured fully convertible debentures of the face value of Rs 500 each for cash at par on Rights basis. - The Rights debentures were offered as follows: (i) For shareholding upto 120 equity shares, 1 debenture: 15 equity shares held; (ii) For shareholding upto 500 equity shares 1 debenture: 20 equity shares held and (iii) For shareholding in excess of 500 equity shares, 27 debentures: 500 equity shares held. - The issue was over subscribed. A total of 4,70,644-zero interest debentures and 2,83,566-12.5% debentures were issued. - Out of the face value of Rs 425 each of zero interest debenture, Rs 175 was converted into 5 equity shares of Rs 10 each at a premium of Rs 25 per share on 15th June, 1991. - Accordingly, 23,53,220 shares were allotted. The balance of Rs 250 of the face value of each debenture was to be converted into four equity shares of Rs 10 each at a premium of Rs 52.50 per share on 15th December, 1992 at the option of the debenture holders. 32 debentures were redeemed and the balance of Rs 250 of the face value of 4,70,612 debentures was converted into 18,82,448 equity shares. - Out of the face value of Rs 500 each of 12.5% debentures, Rs 200 was converted into 5 equity shares of Rs 10 each at a premium of Rs 30 per share on 15th June, 1991. - Accordingly, 14,17,830 shares were allotted. The balance of Rs 300 of the face value of each debenture was to be converted into four equity shares of Rs 10 each at a premium of Rs 65 per share on 15th December, 1992 at the option of the debenture holders. 34 debentures were redeemed and the balance 2,83,532 debentures were converted into 11,34,128 equity shares. - The Company proposed to issue equity shares (represented by Global Depository Receipts) and/or convertible securities and/or other instruments or securities by way of offerings denominated in foreign currency to investors outside India. 1991 - It was proposed to acquire future requirements of cellulosic raw material through NABARD - assisted farm forestry plantation programmes based on contemporary technology. - The name of the Company was changed from `Bhadrachalam Paperboards Ltd.' to `ITC Bhadrachalam Paperboards Ltd.' with effect from 30th August. - 23,53,220 No. of Equity shares (Prem. Rs 25) and 14,17,830 No. of equity (prem. Rs 30) were allotted on par conversion of zero interest debs. and 12.5% debs. respectively. 1992 - 93,15,000 farmers were involved in the assisted farm-forestry plantation programme which covered more than 15,000 acres of land by fast growing eucalyptus plantation. - 18,82,448 No. of Equity shares (prem. Rs 52.50 per share) and 11,34,128 No. of equity shares (prem. Rs 65 per share were allotted on 15.12.1992 in conversion of zero-interest debs. and 12.5% debs. respectively. 1993 - The Company issued 86,80,488 No. of equity shares of Rs 10 each at a premium of Rs 90 per share on rights basis in the proportion of 1:2. - Another 3,98,600 No. of equity shares of Rs 10 each at a premium of Rs 90 per share were offered to the employees of the Company. - Simultaneously the Company also proposed to issue on preferential basis 10,000 No. of equity shares of Rs 10 each at a premium of Rs 90 per share to non-executive directors of the Company. 1994 - The Company through introduction of a new State-of-the-art paperboard machine with a capacity of 1,20,000 TPA undertook upgradation and modernisation programme. - The company also embarked upon a major energy project, comprising installation of a modern atmospheric fluidised bed cumbustion boiler with a capacity of 80 tonnes per hour with co-generation and condensation ranging from 15 to 21 MW. - 264,27,923 Bonus Equity shares issued in propn. 1:1. 1995 - The Company was in the process of concluding a forestry co-operation agreement with Jaakko Poyry, International consultants for the paper industry, to support them as consultants for the Forestry Development Project of Maharashtra. - ITC Bhadrachalam Finance & Investments Ltd. is a subsidiary of the Company. ITC Bhadrachalam Securities Ltd. deemed to be a subsidiary of the company as it become subsidiary of ITC Bhadrachalam Finance Investment Ltd. during December. 1996 - 158,62,807 No. of equity shares (prem. Rs 90 per share) issued on rights basis in prop. 3:10 of which 7,075 shares kept in abeyance. 1998 - 19,120,000 No. of equity shares of Rs 10 each (prem. Rs 65 per share) and 25,72,000 pref. shares of Rs 100 each allotted on pref. basis to the promoter ITC Ltd. - ITC Bhadrachalam Paperboards Ltd has recently commissioned a state-of-the-art paper machine that manufactures coated capital outlay of Rs.640 crore. This machine has a capacity of 1,20,000 tpa which can be extended to 1,50,000 tpa. - The performance of the company was affected by the delayed commencement of its expansion project and also by the sluggishness in the paper industry. - The rating assigned to the fixed deposit programme of ITC Bhadrachalam Paper Boards Ltd (ITCBL) has been downgraded from AA to A+ by the Credit Rating Information Services of India Ltd (Crisil), indicating adequate safety. 1999 - The company is poised to introduce branded products for the first time in the domestic and international markets. Three products are apparently now under test and are planned to be targeted at the FMCG sector. 2001 - A fire damaged ITC Bhadrachalam Paperboards' plant at Bhadrachalam in Andhra Pradesh.
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