JINDAL DRILLING & INDUSTRIES LTD

JINDAL DRILLING & INDUSTRIES LTD

Previous company name
JINDAL LEASING LTD.
Name change date

Company Overview
Jindal Drilling & Industries Ltd., formerly known as Jindal Leasing Ltd., is a publicly quoted company which operates as an offshore drilling contractor. The company is the leading offshore drilling and allied services provider to national and international oil and gas companies. Services provided include offshore drilling, horizontal and directional drilling, and mud logging services.
Jindal Drilling & Industries has a strategic partnership with the American based Noble Drilling Corporation. The company aims to be a major player in its chosen markets, providing services of the highest standards of performance to its clients.
Jindal Drilling & Industries was incorporated in the year 1983 and has its registered headquarters in New Delhi, India. Its stock is listed on the Bombay Stock Exchange under the ticker symbol JINDRILL. The company is part of the D.P. Jindal Group, which is India’s most respected, diversified, and leading industrial group.
Business Summary
The Company is engaged in providing offshore drilling and allied services
Description and history
The Company is engaged in providing offshore drilling and allied services. It also provides services to oil and gas industry in India. The Company operates in three segments: offshore drilling for oil and gas; horizontal and directional drilling, and mud logging services. The Company provides horizontal and directional drilling services, using positive pulse telemetry based measurement while drilling (MWD) systems and steerable downhole mud motors. During the fiscal year ended March 31, 2010 (fiscal 2010), it operated rigs chartered from Noble namely, Noble Ed Holt, Noble Cgarlie Yester and Noble George Mcleod. During fiscal 2010, it created two business divisions: Undertaking-1 and Undertaking-2 for improving efficiency of operations on an experimental basis. The Company has two joint venture companies, Discovery Drilling Pte Limited, Singapore and Virtue Drilling Pte Limited (VDPL), Singapore.

The Company was incorporated on 17th October, 1983 & the Certificate of Commencement of Business was obtained on 29th October. The Comp. promoted by D P Jindal. It is engaged in the manufacture of seamless casing pipes & off-shore oil well drilling activities.

1984 – 70 shares subscribed for by signatories to the Memorandum of Associations & 1,49,930 shares taken up by promoters, etc. 1,50,000 shares reserved for firm allotment to promoters, etc. 50,000 reserved for allotment to business associates and employees of Comp. on a preferential basis. 6,50,000 shares along with unsubscribed portion of preferential quota, if any, were offered at par for public subscription during February/March 1984. First & final call of Rs 5 per share was made payable by 31st December, 1984.

1985 – The Company changed its name to `Jindal Drilling & Leasing Ltd. from `Jindal Leasing Ltd.’ The name was again changed to Jindal Drilling and Industries limited in 1989.

1993 – During December 1993/January 1994 the Comp. offered 10,00,000 – 19% partly convertible debentures of Rs 130 each on right basis to the existing shareholders in the ratio of one debenture for equity one equity share held. [All were taken ups]. Another 26,000 debentures were offered to employees. [Only 3,650 debentures were taken ups].

– Part `A’ of Rs 100 of debenture was converted into one equity share of Rs 10 each at a premium of Rs 90 on allotment. Part `B’ of Rs 30 per debenture was to be redeemed at Rs 15 each on 7th & 8th year from the date of allotment.

1994 – 25,00,000 No. of equity shares issued [prem. Rs 20s] on conversion of 2,50,000 cumulative convertible preference shares.

2003 – Approved the issue of Bonus shares in the ratio of one equity share for every one share held.

-Company has fixed January 2, 2004 as Record Date for determining the entitlement of members for issuing equity shares as bonus shares in proportion of one new equity share for every one existing equity share held on that date.

2007

– Jindal Drilling and Industries Ltd [JDILs] secured a contract worth Rs 130 crore for three years on firm basis for charter hire of directional drilling equipment & ser vices by ONGC limited These equipment are likely to be operational by middle of January 2008.

2008

– Jindal Drilling and Industries Ltd has informed that the Board of Directors of Comp. at its meeting held on January 31, 2008, has approved the appointment of Mr. Ajay Relan, as Additional Director of Company.

– The Company has splits its face value from Rs10/- to Rs5/-.

The Registered office located at Plot No 30, Institutional Area, Sector 44,Gurgaon 122002

Formerly known as Jindal Leasing Ltd

Business Line
Operates as an offshore drilling contractor
Subsidiary
DISCOVERY DRILLING PTE. LTD.
Advisor
S S KOTHARI MEHTA & CO.
IPO date
1/29/2001
US SIC Code
1381
Company Address
Vikram Tower 16
1207, Rajendra Place
City province or state postal code
110008, NEW DELHI
Phone: +91 11 25860727
Fax: +91 11 25754604
Country address: INDIA
Website url: www.jindal.com