RASSI CEMENT

Company History - Raasi Cement

1978 - The Company was Incorporated on 15th April, at Hyderabad. The Company was promoted by Andhra Pradesh Industrial Development Corporation Ltd. (APIDC), in the joint sector with N.K.P. Raju. - The Company's object is to manufacture ordinary portland cement, pozzolana portland cement, blast furnace slag cement, masonary cement, oil well cement, rapid hardening cement and acid resistant cement. 1979 - 11,12,000 shares taken up by promoters, directors etc. 11,57,000 shares allotted to APIDC. 25,000 pref. and 21,80,500 No. of equity shares offered at par to public in December. 

 1981 - 8,90,000 Rights equity shares issued at par in prop. 1:5 in 1980/81. 1984 - Production increased marginally but profits were lower due to higher costs of inputs. 1986 - The Company offered 4,00,000 - 15% secured redeemable non-convertible debentures of Rs.100 each to the equity shareholders on a rights basis. Debentures worth Rs.3 crores were taken up by the equity shareholders. - The Company acquired limestone mining lease over an area of 2,133.36 acres in Wadapalli, Irukagunda and Kothapalli villages. - Preference dividends amounting to Rs.15,81,000 were in arrears for the period from 1st July 1987 to 31st March 1995. 1987 - 17,80,000 bonus shares issued in prop. 1:3. 1989 - 3 more Skoda DG sets with a total capacity of 4.5 MW were installed. 1990 - Profitability also improved due to improved realisation and timely decision to instal diesel generator sets to take care of powercuts. 1991 - The Company undertook the implemenation of expansion scheme by installation of ropeway across river Krishna and certain energy saving equipments. 1992 - Production marginally decreased due to recessionary trends and crashing of selling prices in all the markets. 1994 - The Company proposed to undertake trading in sanitary wares such as water closets, wash basin, flush tanks etc. - Pref. shares redeemed 71,20,000 rights issued (prop. 1:1; prem. Rs.10). Till date 70,80,848 shares taken up. 1995 - Raasi Ceramic Industry Ltd. became a subsidiary of the Company. RCIL is engaged in production and sales of sanitaryware. - 21,12,550 No. of equity shares of Rs.10 each allotted to Financial Institutions at par on conversion of 10.65% of the Funded Interest. 1996 - The Company proposed to set up a new cement project at Andhra Pradesh with a capacity of about 6 lakh tonnes per annum. - The Company also proposed to invest in the equity capital of Vennar Ceramics Ltd. which is setting up necessary facilities for refiring high value ceramic products and also a gas based power plant of 3 MW capacity. - The power produced by VCL would be first utilised for its refiring operation and the balance power would be purchased by the Company. - The Company acquired limestone mining lease over an area of 2,133.36 acres in Wadapalli, Irukagunda and Kothapalli villages. 1997 - Effective 31st March, Raasi Ceramic Industry Ltd. and Telangana Paper Mills Ltd. were amalgamated with the company. Pursuant to the scheme of amalgamation 30,235 No. of equity shares of the Company were allotted to the shareholders of erstwhile RCIL in the ratio of one equity share of the company for every 64 shares of erstwhile RCIL. - Simultaneously 21,721 No. of equity shares of the company were allotted to the shareholders of erstwhile TPML in the ratio of one equity share of the company for every 93 equity shares held in erstwhile TML. - The Indian Cements Group has acquired the controlling interest in the company. - 22,93,76 No. of equity shares of Rs.10 each allotted to the shareholders of erstwhile Raasi Ceramic Industry Ltd. and Telungana Paper Mills Ltd. pursuant to scheme of amalgamation with the Company with effect from 31st March. 1998 - Raasi Cements has recently merged two sick units, Raasi Ceramics Industry and Telangana Paper Mills, which is expected to adversely impact the bottomline of the company. - Raasi Cements Ltd (RCL), under the new management of India Cements Ltd, is all set to consolidate its position by expanding its capacity from two million tonne per annum to two-and-a-half million tonne. - Raasi Cements is a good, profit-making company with a market share of 62 per cent (both in AP and Karnataka). - Raasi is setting up another 6 lakh-tpa cement unit in Anantpur (Andhra Pradesh), and holds a substantial stake in Sri Vishnu Cements, which will also, post-takeover, go to India Cements. - India Cements has taken management control of Raasi Cement, the company it recently bought out from original promoters, the Secunderabad-based Rajus, and has announced that it is all set to arrange an `expeditious' merger between the two companies. 1999 - India Cements (ICL) has concluded a Rs 85 lakh voluntary retirement scheme (VRS) at the paper unit of Raasi Cement. - Raasi is also promoting two more information technology (IT) companies, Raasi Netcom Ltd, and Raasi Information Systems Ltd, to carry out web technology and e-commerce development work and hardware solutions implementation, respectively. - The financial institutions (FIs) and banks have approved the merger of Raasi Cements Ltd (RCL) with India Cements Ltd (ICL) with effect from April 1, 1998.