EASTCOAST STEEL LTD

EASTCOAST STEEL LTD

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Company Overview
Eastcoast Steel Ltd, with headquarters in Pondicherry, India, is engaged in steel casting. Formerly known as Chudiwala Steels Ltd., the company was established in 1982.
The company primarily manufactures the following products: steel ingots and billets, steel strip, steel rods, bars, sections, drawn steel wire, reinforcing steel, cold rolled steel flats and plates and strips.
Business Summary
The main object of the Company is to manufacture steel ingota/billets .
Description and history
The main object of the Company is to manufacture steel ingota/billets.

The Comp. was incorporated on 20th August under the name of Chudiwala Steels limited and subsequently its name was changed to East Coast Steel Ltd., on 1st September 1988.

– The Comp. was promoted by Western Ministil Ltd., [WMLs] and other associates.

– The Company undertook to set up a mini steel plant with an installed capacity of 62,500 TPA of steel ingota/billets. Land admeasuring 40 acres was acquired at cuddalore Road, Pillayarkuppam post, Bahour Commune, a notified backward area in the Union Territory of Pondicherry. Main plant & machinery comprising Electric Arc furnace & the continuous billet casting machinery were supplied by ISPL Industries, Ltd., under Licence from Mannesman Demag of Germany while the transformer required for power supply sub-station was supplied by Crompton Greaves, limited

1988 – All shares were taken up by promoters, directors etc.

1989 – 20,50,475 No. of Equity shares issued at par of which the following shares were reserved & allotted on a firm basis:

– [is] 4,16,275 shares to resident Indian directors, their friends etc.,

– [iis] 4,34,200 shares to equity shareholders of Western Ministil, limited of remaining 12,00,000 shares, the following shares were reserved for preferential allotment:

– [is] 4,68,800 shares to NRIs on repatriation basis [all were taken ups] &

– [iis] 1,02,520 shares to employees of Comp. & those of promoter Comp. [only 14,600 shares taken ups]. The balance 6,28,680 share, along with 87,920 shares not taken up under preferential quota were offered to the public during May. Additional 3,07,220 shares allotted to retain oversubscription [62,441 shares to resident Indian directors; 64,779 shares to shareholders of Western Ministil Ltd.; 70,320 shares to NRIs and 1,09,680 shares to publics].

1990 – The Company licensed capacity was enhanced to 1,50,000 TPA.

1992 – During December the Comp. issued 14,02,888 No. of Equity shares of Rs.10 each at a premium of Rs.50 per share on rights basis in the prop. of 2:5. All were taken up. Allotment of 13,640 shares was kept in abeyance.

– Another 70,144 No. of Equity shares of Rs.10 each at a premium of Rs.50 per share were offered to the employees etc., of the Comp. on an equitable basis. None were taken up.

The Registered office located at Cuddalore Road, Pillayarkuppam Post, Bahour Commune, Pondicherry-607 402

Formerly known as Chudiwala Steels Ltd.

Business Line
Engaged in steel casting
Subsidiary

Advisor
KRISHNAN & GIRI
IPO date

US SIC Code
3325
Company Address
Pillaiyarkuppam Bahour Commune
Cuddalore Road
City province or state postal code
607402, PONDICHERRY
Phone: +91 413 2611422
Fax: +91 413 2611423
Country address: INDIA
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