History of HEG Ltd.
YEAR EVENTS 1972 - The Comp. was incorporated on 27th October, at Delhi. The Comp. belongs to the Bhilwana Group of industries. It was promoted jointly by Rajasthan Spinning and Weaving Mills Ltd. [RSWMLs] & M/s. Pechinery Ugine Kuhlmann [PUKs] of France. The main object of Comp. is manufacture of graphite electrodes & anode & other graphite & carbon products.
- The Comp. entered into a technical-cum-financial collaboration agreement with La Societi Des Electrodes Et. Refracaires Soviet [SERSs] of France.
1976 - 3,00,000 No. of Equity shares allotted without payment in cash to collaborators & 3,09,700 No. of equity shares issued to investria. 1,04,000 pref. & 12,50,000 No. of equity shares offered at par to the public during February 1976. Pref. shares redeemable at par on 30.4.1991.
1978 - 3,70,000 No. of equity shares issued at par to Indian promoters & foreign collaborators during 1978/79. Arrears: Rs 11,250.
1981 - 15,99,540 Bonus equity shares issued in prop. 2:5.
1982 - The Comp. entered into a joint sector agreement with Industrial promotion and Investment Corporation of Orissa Ltd., for establishing a ceramic apparatus insulator project. For this purpose, a new Comp. was incorporated under the name of Ipigraph Electro-Ceramic Ltd.
- 11,05,120 No. of equity shares allotted to financial institutions at par on conversion of loans. 4,42,048 bonus equity shares due on these shares were alotted to financial institutions. 1984 - Comp. undertook a Rs 7.60 crores modernisation programme to enable production of longer length electrodes & ultra high power electrodes in line with the latest technology.
- The Textile Units was set up & its was financed out of internal accruals. The Comp. also took on lease the spinning unit of Bhilwara Spinners, Ltd., for a period of five years from 1st November.
- The Comp. undertook a modernisation of Bhilwara unit. The Comp. hoped to finalise foreign collaboration agreement with a knitwear manufacturer to obtain the necessary technical know-how.
- The Comp. received a Letter of Intent to manufacture 60,000 tonnes per annum of newsprint in Madhya Pradesh.
1985 - The Comp. issued 15% secured non-convertible debentures of the aggregate face value of Rs 7.60 crores on rights basis to finance part of project cost of Jammu spinning unit & to meet working capital requirements.
1987 - The Comp. proposed to form a subsidiary namely Bhilwara Viking Petroleum, Ltd., for oil exploration in technical-cum-financial participation with a Norweigian Comp. M/s. Viking Offshore Drilling A/s.
- The Comp. received a letter of intent for setting up of 25,000 spindles project in Jammu.
1988 - The Comp. proposed to increase the capacity of graphite electrodes from 17,500 tonnes to 21,000 tonnes with the installation of modern fuel efficient, cost effective baking furnaces with impregnation facility & new graphitisation furnace.
1989 - The Comp. by an auction through High Court, acquired a textile unit of 14,300 spindles.
- The lease agreement with M/s. Bhilwara Spinners, limited expired on 31st March, & the Comp. was taking necessary steps to amalgamate the operations of spinning unit with the Company.
- With effect from 25th September, Bhilwara Viking Petroleum Ltd., a subsidiary of Company, was merged with the Company.
1990 - The Comp. along with Rajasthan Spinning and Weaving Mills, Ltd., promoted a 100% export oriented unit for cotton spinning in Madhya Pradesh at District Khargone by way of investments in the equity shares of Maral Overseas limited under which the unit was being set up.
- The Comp. offered 1,87,500-12.5% secured fully convertible debentures of Rs 200 each for cash at par on rights basis in the ratio of 1 convertible debentures: 40 fully paid-up equity shares held [all were taken ups]. Additional 28,125 debentures allotted to retain oversubscription.
- Another 9,375 debentures were reserved for allotment to the employees on an equitable basis [all were taken ups].
- The Comp. issued another 1,87,500-12.5% secured fully convertible debentures of Rs 200 each through prospectus. Out of these, 1,78,125 debentures were offered to public [all taken ups]. Additional 26,940 debentures were allotted to retain oversubscription.
- The balance 9,375 debentures along with 1,185 additional debentures [as retention of oversubscriptions] were offered to employees. None were taken up. All these 10,560 debentures were allotted privately. Each debentures was converted into 5 fully paid-up equity shares of Rs 10 each at a premium of Rs 30 per share on 7th December, 1991.
- 10,700 shares issued at par to the erstwhile subsidiary company Bhilwara Viking Petroleum limited pursuant to the amalgamation.
1991 - With effect from 30th October, 1991, the name of Comp. was changed from Hindustan Electro-Graphites Limited to HEG limited.
- One kiln of 30,000 tonnes per annum was commissioned.
- The Comp. issued 14% secured non-convertible debentures of the aggregate value of Rs 500 lakhs to UTI, LIC, GIC & subsidiaries on private placement basis. These debentures are redeemable at 5% premium as follows: Rs 400 lakhs in equal instalments at the end of 6th, 7th & 8th year from 24.7.1991 & Rs 100 lakhs at the end of 7th year from 24.7.1991.
- The Comp. issued 19% secured non-convertible debentures of the aggregate value of Rs 100 lakhs to Army Group Insurance Fund on private placement basis. These debentures are redeemable at 5% premium in three equal instalments at the end of 6th, 7th & 8th year from 24.7.1991 [date of allotments].
- With effect from 30th October, the name of Comp. was changed from Hindustan Electro-Graphites, Ltd., to `HEG Limited'.
- 2,01,925 No. of equity shares allotted [prem. Rs 30 per shares] in full conversion of debs. on 7.12.1991. 240 debs. remained to be converted as the allotment money on debs. was yet to be received.
- During the year under report, Bhiwara Viking Petroleum Ltd., a subsidiary of Company, has merged with the Comp. with restrospective effect from 25th September, 1989, pursuant to the orders of Hon'ble High Court of Delhi.
- As reported last year the Comp. has signed a collaboration agreement with sponge Iron India Ltd., a Govt of India Undertaking, for installing 60,000 tons capacity sponge iron plant in Durg District [M.P.s].
- 1,84,325 - 12.5% Fully convertible debentures of Rs 200/-each for cash at par aggregating to Rs 368.65 lacs were issued on Rights basis to the existing equity share-holders of Comp. & Rs 1,87,500 - 12.5%.
- Fully Convertible Debentures of Rs 200/-each at par aggregating to Rs 375.00 lacs were issued to the public.
1992 - The Comp. has built a colony for labourers by which the absenteeism has been substantially reduced. The Comp. has also intstalled a 1150 KVA DG set, thereby minimising the impact of frequent power shortages.
- Due to severe shortage of foreign exchange faced by country, no substantial increase in the drilling operations by ONGC/Oil India has taken place during 1991-92.
- During the year, one kiln of 30,000 tons per annum was commissioned in March 1992 while the 2nd kiln also started operations in May 1992.
1993 - The unit undertook expansion for installing 9,216 spindles for manufacturing polyester viscose yearn. Profitability at Jammu unit was adversely affected due to phenomenal increase in raw cotton prices & recession in the world textile market.
- The Comp. undertook further expansion of installing 9,216 spindles for manufacturing PV blended yarn.
- During Sept.Oct. 1982, 58,50,000 rights equity shares issued [Prop. 5:8; Prem. Rs 30s]. 21,50,000 shares issued on pref. basis to shareholders of Rajasthan Spg. and Wvg. Ltd., Maral Overseas limited Bhilwara Synthetics limited & to 15% NCD holders of the Company. Another 4,00,000 shares issued to employees [only 1,62,850 shares taken ups].
1994 - During November, 26,33,000 No. of equity shares were allotted to promoters on private placement basis.
1996 - Balancing equipments were added to maintain competitive edge and to increase product versatility. The Comp. pursuaded the hydel power project at Tawa primarily to ensure power supply for graphite plant, when there is power scarcity.
- The Comp. proposed to acquire sponge iron plants incorporating indigenous know-how & with a capacity of 60,000 TPA each.
- Technical assistance agreement was signed with Sponge Iron India limited [SIILs], a Government of India undertaking.
- The 12.8 MW Co-generation power unit for sponge iron plant was commissioned during the year.
1997 - The 12.8 MW co-generation power unit was also successfully commissioned during the year.
- The two power projects at Tawa & Durg, with a total capacity of 26.30 MW were commissioned in early 1997, Graphite expansion to 24,000 tons was also completed by March, 1997 & the expansion of Rishabhdev unit taking its total capacity to 32,732 spindles, which was completed in March, 1996 became fully operational.
- Shri Ravi Jhunjhunwala & Shri Shekhar Agarwal have been nominated as the Chairman, & Vice Chairman effective 6th October, 1996 respectively.
- Shri A de Lastours, Shri V K Mehta & Shri O P Gupta, Directors, retire by rotation.
- 19% Secured Redeemable Non-Convertible Debentures of Rs. 100 lacs privately placed with Army Group Insurance Fund [AGIFs] are redeemable in three equal instalments at the end of 6th, 7th & 8th year from the date of allotment being 12th February, 1992 together with 5% premium payable at the end of 7th year.
- 18.50% Secured Redeemable Non-Convertible Debentures of Rs. 1500 lacs have been allotted on private placement basis to UTI, LIC, GIC & its subsidiaries & Army Group Insurance Fund, out of whichs]
- 19% Secured Redeemable Non-Convertible Debentures of Rs. 100 lacs privately placed with The Oriental Insurance Comp. Limited [OICs] are redeemable at the end of 5th year from the date of allotment being 30th October, 1996.
- 20.80% Secured Redeemable Non-Convertible Debentures of Rs. 4200 lacs privately placed with the Industrial Credit & Investment Corporation of India Limited [ICICIs] & SCICI Limited are redeemable in twenty equal quarterly instalments commencing from 15th July, 1997 & ending on 15th April, 2002.
- During the year, the Comp. has installed & started commercial production on Hydel Power Project at Tawa & Waste Heat Recovery based power plant at Durg w.e.f. 21.1.1997 & 16.3.1997 respectively.
1998 - The two Captive Power plants, both were commissioned towards the end of 1996-97.
- The Rishabhdev Unit has been awarded SRTEPC award for highest export of 100% Poly spun yarn during 1996-97.
- Shri N. V. Khote, Shri P. Murari & Shri D. N. Davar, Directors, retire by rotation.
1999 - The Graphite Division, by virtue of its export performance bagged the 'National Award' instituted by Govt of India & the same was presented by Hon'ble Prime Minister, Shri Atal Behari Vajpayee. The Comp. also received the 'Top Export Award' from CAPEXIL for thirteenth year, consecutively.
- The Rishabhdev unit successfully commissioned a 4.2 MW Wartsila Generating set for captive consumption of Textile Division.
- The Sponge Iron Division has received National Award from the Hon'ble Prime Minister of India for excellent performance in the field of exports during the year 1997-98.
- Shri L N Jhunjhunwala, Shri Shekhar Agarwal & Shri A de Lastours, Directors, retire by rotation.
2000 - The Comp. embarked on a capacity expansion of Graphite electrode Plant from 22000 MT to 30000 MT.
- The Company Hydro Electric Plant being seasonal in nature, remained closed during the quarter.
2001 - The Comp. has shortlisted Egypt, Tunisia & Thailand for its first overseas graphite electrode making plant.
2002
-Board approves in principle the delisting of equity shares of Comp. from Delhi Stock Exchange, Jaipur stock exchange, Calcutta & Bangalore stock exchanges.
-Promoters have acquired the shares of Comp. through open market in different names.
-Completes the disinvestment of its textiles business at Rishabdev unit in Rajasthan.
-Receives CAPEXIL Award for Top Exporter.
2003
-Reports Inter-se change in the shareholding pattern of company.
-HEG Ltd has informed that at the Annual General Meeting of members held on September 27, 2003, members have approved delisting of its equity shares from Delhi, Calcutta, Bangalore & Jaipur Stock Exchanges
2004
-HEG, the flagship of LNJ Bhilwara group has emerged as the winner of an international competitive bid for supply of graphite electrodes technology to National Iranian Steel Comp. [NISCOs], the largest steel manufacturer in Iran
-Promoters increase their stake to 57.50% in the company
2008
- Heg Ltd has appointed Mr. Ashish Sabharwal as Comp. Secretary of Company.
- Heg Ltd has appointed Mr. Ashish Sabharwal as Comp. Secretary of Company.
