History of Prism Cement
YEAR EVENTS
1992 - The Company was incorporated under the name and style of Karan Cement Limited on 26th March, by Dr. B.V Raju and his associates.
1993 - A Joint Venture Agreement has been executed on 16th April, between Mr. Rajan Raheja, F.L. Smidth & Co., A/S, Denmark and The Industrialisation Fund for Developing Countries, Denmark for promoting a project for setting up and operating a 2 million tonnes per annum cement plant by the Company.
1994 - The name of the Company was subsequently changed to Prism Cement Limited and a fresh Certificate of Incorporation consequent on change of name was obtained on 15th September.
- The Company is presently engaged in setting up a 2 million tones
per annum cement plant near Satna in Madhya Pradesh.
- The Company is installing Generating Power Sets of 12 MVA
capacity.
- The Company has obtained the Madhya Pradesh Pollution Control
Board's clearance and the Site Environment clearnace from the
Industries Department, Government of Madhya Pradesh for
establishing the plant at the selected site.
- The Company has allotted 3,50,00,000 No. of Equity Shares of Rs
10 each for cash at par to Promoters, their business associates
and to the Directors and friends.
1995 - The Company made its maiden public issues of 7,87,60,000 equity shares of Rs. 10/- each, at par, aggregating Rs. 7,876 lakhs and 37,00,000 13.5% secured redeemable partly convertible debentures PCD) of Rs. 250/- each, at par, aggregating Rs. 9,250 lakhs in the month of January.
- The Company has tied up its full requirement of term loans of Rs.
24,300 lakhs with financial institutions and banks. The Company
has signed a foreign currency loan agreement with International
Finance Corporation, Washington and a Rupee term loan agreement
with The Industrial Credit and Investment Corporation of India
Limited.
1996 - The Company has signed loan agreements with all Financial Institution/Banks who have sanctioned term loans.
- It is proposed to issue upto 1,66,70,000 Equity Shares of Rs.10/-
each for cash at a price to be determined as per SEBI guidelines
or at par, whichever is higher, on preferential basis to the
Indian promoters and/or their relatives, group/associate
Companies, whether such persons are members of the Company or
not, as may be deemed appropriate by the Board.
1997 - The company, jointly promoted by the Rajan Raheja group, F L Smidth & Co of Denmark and the industrialisation fund for Developing Countries, Denmark, is believed to have the largest single kiln cement plant in the country.
- The company proposes to cater mainly to north and central ndia.
It has set up a central marketing office at Allahabad in Uttar
Pradesh (UP), which is supported by regional offices at Satna,
Varanasi (UP) and Delhi. Besides, it has also set up area
offices and depots at all major towns of UP, MP and Bihar.
- As on September 22, 121 issuers have entered into agreements with
NSDL to get their securities dematerialised.
1998 - Prism Cements of the Raheja group, which owns a two million tpa cement plant at Satna in Madhya Pradesh, in setting up another plant of similar capacity at Kottapadu village in Kurnool district of Andhra Pradesh.
- The Madhya Pradesh-based group has chosen to set up the plant in
Kurnool district, keeping in view the large limestone deposits
the district possesses.
1999 - Prism Cement is all set to ride the boom in the cement industry.
- The Company will introduce a new product by January 2000 and will
also plan to expand our operations in southern India by 2002.
- The company has improved its capacity utilization from 33 per
cent to 70 per cent, reduced its power consumption and costs and
tightly consumption and costs and tightly monitored the freight
cost.
- The company's performance in the second quarter will not be
impressive as the plant was shut for 20 days in September for
maintenance and the demand was also depressed owing to the
monsoons.
2000 - The Board of Directors of the company has decided, subject to necessary approvals, to increase authorised capital from Rs. 300 crores to Rs. 400 crores made of 40 crores equity shares of Rs. 10/- each and Issue of equity shares at a price as per SEBI Guidelines or at par, whichever is higher, by way of private placement, preferential or by a combination thereof to the Indian promoters and/or their group/associate companies.
- The Company increase in authorised capital from Rs 300 crores to Rs.
25 crores.
- The Company has allotted 4,11,45,000 No. of equity shares of Rs 10
each at par to Mr. Rajan Raheja, promoter, by converting the existing
loan amounting to Rs 41,14,50,000 advanced by him to the company.
- Prism Cements Ltd. will allot 1,37,000 No. of equity shares at par to
its Indian promoter, Rajan Raheja.
2001 - The company has allotted 1,37,000 No. of equity shares of the face value of Rs 10 each at par to Mr Rajan Raheja.
2003 -Appoints Mr M Chabbra as the Managing Director of the company
2004 -Company's shares delisted from Delhi Stock Exchange & Hyderabad Stock Exchange
2006 - Prism Cements Ltd has appointed Mr. Akshay R. Raheja as Additional
Director w.e.f. October 30,2006.
-Prism Cement Ltd has informed that Mr. Ramen Ray Mandal has resigned as
Nominee of ICICI Bank Ltd on the Board of Directors of the Company
w.e.f. December 14, 2006.
