| YEAR EVENTS
1981 - The Company, incorporated on 10th March, under the name of
Parthasarathy Cements and Industries limited at Hyderabad in
Andhra Pradesh and obtained the Certificate of Commencement of
Business on 16th May. It was promoted by S. Ramachandra Rao,
P. Thakur Prakash Rao, P. Haranath, P. Krishna Prasada Rao and
their associates. The main activity of the Company is
manufacture of Cement.
1987 - The Company came under the provisions of Sick Industrial
Companies (Sp. Provisions) Act, 1985, and a reference was made to
the Board for Industrial and Financial Reconstruction.
- Allotted 8,00,000 shares to promoters, directors, their friends
etc. and 4,20,000 shares to APIDC. 15,80,000 shares then issued
at par of which 79,000 shares were reserved for allotment on a
preferential basis to employees/workers of the Company but none
were taken up. The remaining 15,01,000 shares, along with 79,000
shares not taken up by employees, were offered for public
subscription during Feb. (only 5,100 shares taken up). The
balance 15,74,000 shares devolved on the underwriters.
1988 - In March, the company was taken over by Mr. N. Krishna Mohan and
Mr. V.V.S.R. Anjaneyulu. Associates as per approval of IDBI.
Subsequently, the name was changed to Goldstar Cements Limited.
- The Company undertook to set up a new dry process mini cement
plant with an installed capacity of 66,000 TPA of ordinary
Portland cement with the installation of a single stream 200 TPD
dry process rotary kiln, with suspension preheater and other
auxiliary equipments. The suspension pre-heater dry process
technology was selected for manufacture of cement.
- 10,00,000 No. of equity shares allotted to promoters at par.
1990 - BIFR sanctioned the rehabilitation/expansion package for an
enhancement of capacity from 200 TPD to 600 TPD.
1991 - 55,20,000 No. of equity shares allotted to promoters, etc. at par
as per the BIFR rehabilitation package.
1992 - 14,23,800 No. of equity shares allotted.
1993 - Necessary approvals were obtained from BIFR and other financial
institutions to make a rights issue of Rs 600 lakhs.
1995 - The Company's project for expansion was commissioned on 21st
April.
- 64,46,280 shares allotted.
1996 - Non-availability of need based working capital adversely affected
the operations of the company.
- The name of the Company was changed from Goldstar Cements Ltd. to
Sri Chakra Cements Ltd. effective 26th August.
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