History of Summit Securities Ltd.
YEAR EVENTS 1945 - The Comp. was Incorporated at Mumbai. The Main object of the Comp. is Designing, manufacturing & erection of steel towers for transmission lines & other steel structurals, ropeway tressels & railway electrification masts. In the civil engineering area, power house construction is also carried out.
1965 - Out of 4,50,000 No. of equity shares issued, 1,20,000 shares issued as fully paid-up to vendors.
1966 - 2,25,000 bonus equity shares issued in prop. 1:2. Pref. dividend raised from 5.5% to 7% from 1.10.1965 9.5% II Pref. shares issued in June to the public. Arrears Rs 750.
- 1,50,000 No. of equity shares issued to the public in December. Arrears Rs 750.
1972 - 4,12,500 Rights equity shares issued in December. 8,750-9.5% III Pref. shares issued on 15th November 1973. [1750 to IDBI; 3,000 to ICICI & 4000 Pref. shares redeemable during 15th November 1983/85 & 4,750 shares redeemable during 15th November 1985/88 at 6 months notice.
1980 - The Comp. acquired the assets of Polysteels [Is] limited [in liquidations] in an auction held by Official Liquidator under the direction of Gujarat High Court.
1984 - The Comp. issued 2,00,000-13 1/2% convertible debentures of Rs 300 each for Rs 600 lakhs on rights basis. 50% of face value of each debenture was converted into 10 No. of equity shares of Rs 10 each at a premium of Rs 5 per share as on 30th September.
- The balance amount outstanding per debenture of Rs 150 is redeemable in four equal annual instalments commencing from 30th September, 1989 or earlier at the option of Company.
- 19,99,870 No. of equity shares of Rs 10 each were allotted at a premium of Rs 5 per share upon conversion of debentures. 13 debentures forfeited for non-payment of allotment money.
- With effect from 5th June, the name of Comp. was changed from Kamani Engineering Corporation limited to KEC International, Ltd.
1985 - The Comp. redeemed 15,000-7% redeemable cumulative-I preference shares of Rs 100 each at a premium of Rs 5 per share on 30th September, and, in lieu thereof, allotted 14,909-13 1/2% secured non-convertible debentures of Rs 100 each [iii seriess] on 1st October.
- The balance 91 debentures were allotted to non-residents after receiving the permission from the Reserve Bank of India. The debentures are redeemable at par in four equal annual instalments commencing from 30th September, 1992.
1986 - For the stringing of 500KV HVDC Quard Bundle Line which was being done for first time in India, the Comp. proposed to import a new stringing equipment.
1987 - The Mini Steel Plant suffered a major set back due to reduction in the allocation of imported melting scrap from 100% to 45% as a result of which the plant had to be closed intermittently.
- The Comp. set up an International Trade Division with the object of exporting goods mainly to Russia & the other COMECON Countries.
- The Comp. signed a technical collaboration agreement with INKA Systems, Ltd., U.K. in the field of environmental engineering, in particular for treatment of industrial effluents, sewage and waste water.
1988 - During December, the Comp. offered 2,00,000-12.5% secured redeemable convertible debentures of Rs 100 each for cash at par on `Rights basis' in proportion 1 debenture: 25 equity shares held. Additional 30,000 debentures were allotted to retain oversubscription.
- Simultaneously to the rights issue, the Comp. issued 2,00,000-12.5% secured redeemable convertible debentures of Rs 100 each through a prospectus. Of these 20,000 debs. were issued to employees/workers of Comp. on preferential allotment basis [only 450 debentures taken ups].
- The remaining 1,80,000 debentures along with 19,550 debentures not taken up by employees were offered for public subscription. Additional 30,000 debentures were allotted to retain oversubscription.
- Rs 75 of face value of each debenture was to be automatically & compulsorily converted into 5 equity shares of Rs 10 each at a premium of Rs 5 per share on the expiry of six months from the date of allotment of debentures.
- The Non-convertible portion of Rs 25 of face value of each debenture was to be redeemed at par in four equal annual instalments on the expiry of 7th, 8th, 9th & 10th year from the date of allotment of debentures. As per the terms of this issue 23,00,000 No. of equity shares were allotted [prem. Rs 5 per shares] in July 1989 in part conversion of debentures.
- Partly paid up shares of 1968-69, called up 5 Pref. share forfeited. Arrears Rs 9000.
1990 - CETEX Petrochemicals, limited was amalgamated with the Comp. with effect from 1st June. As per the terms of amalgamation, 35,52,800 No. of equity shares of Rs 10 each of Comp. were issued to the erstwhile shareholders of CETEX in the ratio of 2 equity shares of Rs 10 each of Comp. for every 5 equity shares of Rs 10 each of CETEX.
1992 - 54,44,449 Rights equity shares allotted [prem. Rs 30 per share prop. 1:2s]. Another 2,72,222 shares allotted to employees [prem. Rs 30 per shares].
1994 - Besplke Finvest Private limited became a wholly owned subsidiary of the Company.
- 49,85,000 No. of equity shares of Rs 10 each [prem. Rs 220 per shares] allotted through private placement.
1995 - The Comp. has commissioned a state-of-the art plant at Nagpur for manufacture of Transmission line towers for a capacity of 21,000 MT per annum.
- A joint venture was established in Vietnam for manufacture of Transmission Line Towers & undertaking Transmission Line Projects.
- Joint Venture was also established in Malaysia for construction of Transmission Line Projects.
- 107,95,285 bonus equity shares issued in prop. 1:2.
1996 - The Comp. has signed a joint venture agreement in Brazil to take advantage of growing market in South America.
1997 - Profitability suffered due to competitive pressures on prices and increase in interest charges.
- 37,500,000 pref. shares issued on private placement.
- KEC International [Cap: 96,000 tpas] is the largest Indian & the second largest global player. KEC has set up joint ventures in Malaysia, Brazil & Vietnam.
- KEC obtained the ISO 9001 certification. In the same year, KEC commissioned a 21,000 tpa plant at Nagpur.
- KEC International, an RPG group company, is the second-largest transmission line tower [TLTs] manufacturer in the world, with an installed capacity of 90,000 tpa.
- The Comp. has joint ventures in many Asian countries to execute transmission line contracts.
- KEC International seems to have achieved a shut-down of its Kurla unit with almost its entire 685-strong workforce accepting a voluntary retirement package. However, the Comp. is facing a piquant situation with about 150 workers & 30 staff members retracting their resignation letters & demanding that their jobs be restored.
- The president of KEC employees union, Mr D Thankappan, has in fact launched an indefinite hunger strike outside the company's Andheri office alleging that coercion had been used to get the employees to accept the VRS package.
- KEC International, a profit-making R P Goenka Group company engaged in the business of production & erection of power transmission towers, announced a voluntary retirement scheme for workers & managerial staff of its Kurla plant on August 11.
- KEC International, a 52 year old company, is the largest power transmission Comp. in Asia & ranks second globally.
- The shareholders of KEC will receive 100 shares of RPGTL for every 85 shares of KEC.
- KEC has set up joint ventures in Vietnam, Malaysia, Brazil, etc, for garnering business in these countries.
1998 - KEC is a global Comp. & is the second in the world in its category with a 12 per cent world market share & a 74 per cent domestic market share. In fact, it is second in the world after ABB [in India, ABB has divested from this business by selling SAE to the RPG groups] & has executed projects in eighteen countries.
- The Comp. introduced a voluntary retirement scheme [VRSs] for the employees at Kurla whichreceived overwhelming response with more than 90 per cent of employees opting for it.
- KEC has already merged the management structure of KEC & RPG Transmission ahead of merger of two companies, based on McKinsey recommendations.
- The year 1998 has marked the entry of another Indian Comp. in the power transmission sector in the Gulf with BSES Limited engaged in the supply & installation of two 132/11 KV sub-stations following a Rs 1.74 billion [$41 millions] deal with the Dubai Electricity & Water Authority in May.
- Another Indian power company, Bharat Heavy Electricals Limited, is awaiting decision on its bid for transmission projects in the UAE, Syria & Jordan.
1999 - The year a proposal to merge RPG Transmission with the Comp. in the ratio of 85 shares of Comp. for every 100 shares held in RPG Transmission was approved by shareholders.
2000 - Luv Chhabra is believed to have quit as managing director of RPG group power company, KEC International, barely six months since he took over.
- Ramesh Chandak has been appointed managing director of KEC International Ltd, an RPG group company.
- Mr. S.M. Kulkarni & Mr. H.M. Kothari was appointed as Directors.
2003-Approval of Development Commissioner, SPEEPZ, as a 100% Export Oriented Unit.
- Jaipur Stock Exchange has approved the proposal & delisted the company shares.
- Comp. has informed that ICRA Ltd., an investment & credit rating agency, has assigned the 'A1+' rating to the Company enhanced Commercial Paper programme of Rs.25 Crore based on the strength of stand by Letters of Credit issued in favour of Comp. by its Bankers. This Rating indicates highest safety. The prospect of timely payment of debt/obligation is the best.
-Company has been awarded the 'Restoration of Electricity in Iraq' order worth US$ 36 million duly approved by United States Army Corps of Engineers.
-KEC International Ltd has informed that the Delhi Stock Exchange has delisted the Company shares from the its Exchange wef December 10, 2003.
2004
-KEC International limited has informed that the situation of Registered Office of Comp. has changed from RPG Towers, J.B. Nagar, Andheri Kurla Road, Andheri [Es], Mumbai 400059 to 3rd floor, Transasia House, Chandivali Studio Road, Chandivali, Mumbai 400072 w.e.f. January 02, 2004.
-KEC International bags additional orders of US $ 39 mn in Iraq
-KEC International secures Rs. 2,200 mn orders for TALA project
-Kec International limited has informed that pursuant to the Company application for voluntary delisting of company shares, the Chennai Stock Exchange has approved the proposal & delisted the Company shares wef January 21, 2004.
-KEC bags Rs 1900 million orders in the Domestic Market
-KEC International Ltd gets Rs 25-cr order from APTransco
-KEC International limited has informed that RPG Cables Limited have acquired 20,41,541 equity shares aggregating to 5.69% of issued capital of KEC International Ltd
2005
-KEC International receives new orders from PGCIL
-Delist the Company shares with effect from April 29, 2005.
2008
-KEC Infrastructures Ltd has informed that the Comp. has received 'Fresh certificate of incorporation consequent upon change of name' from Ministry of Corporate affairs, Registrar of Companies for change in the name of Comp. from 'KEC Infrastructure Ltd' to 'Summit Securities Ltd'.
