GKW L History
NSE:GKWLIMITEDBE | IND:Miscellaneous | ISIN code:INE528A01020 | SECT:Miscellaneous
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The Company History page lists out the major events in chronological order for GKW Ltd.
| Company History - GKW Ltd. | ||
| The Company was incorporated in West Bengal on 17th February,1931 as a Private Limited Co. under the name, Henry Williams India (1931) Ltd. and was formed inter alia with the object of acquiring & carrying on the business of Henry Williams (India) Ltd; which founded the company's manufacturing works at Calcutta. The Company has four operating divisions viz., precision pressing division, steel division, fastener division and engineering & forging division. The Precision pressing division makes precision presswork for electrical, automotive and textile industries stampings and strip would cores for electrical industry. The Steel division makes electrically melted alloy steels, rolled and bright bars. The Fasteners division makes bolts, nuts, screws and other fasteners. Engineering and forging division produces drop upset and press forgings. 1934 - The name of the Company was changed to the present one on 19th December, on the purchase of large interest in the company by Guest Keen and Nettlefolds Ltd. of Birmingham, England. The Company was converted into a Public Ltd. Co. on 22nd October, 1956. 1960 - On 12th November, the Company made a rights issue of 20 lakhs equity shares of Rs 10 each at a premium of Rs 18.50 per share and the issue was fully subscribed. The terms of the rights issue included a provision whereby Guest, Keen and Nettlefolds Ltd., the principal shareholders of the Company, would subscribe for part of their rights entitlement by the transfer to the Company of their shareholding in Sankey Electrical Stampings Ltd. - This transfer of shares was affected consequent upon which Sankey Electrical Stampings Ltd., (formerly Sankey Electrical Stampings Pvt. Ltd.) became a subsidiary of the Company. 1963 - 2,14,583 shares issued without payment in cash. 21,07,291 Bonus shares issued in prop. 1:2. 1973 - 31,60,937 Bonus shares issued in prop. 1:2. 1974 - 2,50,000 right shares issued in July, to resident Indian shareholders (prem. Rs 10 per share). 1978 - 48,66,406 Bonus shares issued in prop. 1:2. 1981 - The tenure of the 7.75% Debenture Stock 1976/81 which was due for redemption on 1st January, was extended for a period of 12 years with enhanced rate of interest at 11% per annum. 1982 - During August-September, the Company offered to the public 7,62,500-13.5% secured convertible debentures of Rs 200 each for a total amount of Rs 15.25 crores. Out of this, the following debentures were offered on a preferential basis: - 3,00,000 debentures to resident Indian shareholders, 87,500 debentures to the Company's debentures to the Company's Indian directors, employees and business associates. The unsubscribed portion from the preferential offer was to be made available to the public. Each debenture had a convertible part of Rs 50 and non-convertible part of Rs 150. - Out of the convertible part of Rs 50, (i) Rs 30 was to be converted into 3 equity shares of Rs 10 each of the Company at par within 6 months from the date of allotment and (ii) Rs 20 was to be converted into 2 equity shares of Rs 10 each at par 2 years after the first conversion. - The balance Rs 150 per debenture was to be redeemed at par in 5 equal annual instalments of Rs 30 each at the end of 8th, 9th, 10th, 11th and 12th years from the date of allotment. There is also a provision for purchase of the debentures by the Company. 1983 - 58,83,331 shares allotted to financial institutions on part conversion of their loans. 50,60,849 Bonus shares then issued in prop. 1:3 in January. 22,87,500 shares issued to the holders of 13.5% convertible debentures on part conversion of these debentures. 1984 - The Company issued 15% non-convertible debentures for a total value of Rs 995 lakhs. 1985 - The 545 workers of the Forgings Division were offered a voluntary retirement scheme and 169 of them opted for it so far. - 15,25,000 No. of equity shares issued at par in conversion of 13.5% debentures. 1989 - Working of the electrical stampings division suffered a setback mainly due to an industrial disruption in Bangalore, considerable drop in demand in several customer industries and change in import policy placing several materials on OGL. - The steel division did not perform satisfactorily owing to technical and maintenance backlog and loss of markets, as a result of the prolonged lock-out. Performance of the screws and fasteners division was also adversely affected. 1991 - The Company's Currie Road unit at Howrah remained under lock-out. - Effective 1st April, Sankay Wheels Ltd., was merged with the company was to be operated as Sankay Wheel Division. This was to introduce automotive wheels in the business portfolio of the company. - As per the Scheme of Amalgamation the shareholders of the erstwhile Sankey Wheels Ltd. (SWL) were allotted 1 equity share of the Company for every 10 equity shares held in the erstwhile SWL. Accordingly, 1,77,762 shares were allotted. This was done under the guidance of BIFR with a view to rehabilitate SWL. - As a measure of diversification the Company considered various activities such as leasing, computer software, engineering consultancy and property development. - The Company issued 5,00,000-19% secured redeemable non-convertible debentures of Rs 100 each on private placement basis with UTI (3,75,000 debentures) and Army Group Insurance Fund (1,25,000 debentures). - The Name of the Company was changed from Guest Keen William Ltd., to GKW Ltd. 1994 - During May, Sankey Electrical Stampings division of the Currie Road Unit was reopened. - The Performance of the Steel Division was affected by a steep increase in electricity tarriff. - The Company had set up a plant to produce cement with an installed capacity of 1.2 million tonnes per annum at Rajasthan. Also proposed to enter the field of power sector. Negotiations were in an advanced stage with a leading supplier of wind energy turbine. - The Company also proposed to expand the production capacity of metal pressing division to meet the increasing demand for metal pressed components. 1995 - The performance of the Steel Division was continued to be affected by steep increase in electricity tariff. - A nut former machine was being procured for Bolt and Nut division to cater to the increased demand for the product. - The Company entered into power sector by installing two nos. Wind Electrical Generators of 550 KW each in Kayathar District of Tamil Nadu. - Effective 1st October, Powmex Steels Ltd. (PSL) was amalgamated with the Company. PSL was the leading manufacturers of high speed steel and alloy steel used in the manufacture of cutting tools, deep drawing and extrusion tools. - As per the scheme of Amalgamation the shareholders of erstwhile PSL were allotted one equity share of Rs 10 each of the Company for every 12 equity shares of Rs 10 each held in the erstwhile PSL. Accordingly 53,59,263 No. of equity shares of the Company were allotted. - GKW (Overseas Trading) Ltd., is a wholly owned subsidiary of the company. 1996 - The Company proposed to put up a plant at Pune for the manufacture of metal pressed components and sub-assemblies for the automotive sector. - 53,60,229 No. of equity shares issued to shareholders of erstwhile Powmex Steels Ltd. 1997 - All the divisions of the company were affected due to industrial slowdown in the capital goods industry. - The Company allotted zero coupon, unsecured, optionally convertible Debentures of Rs 19.50 each aggregating to Rs 27.50 crores to the promoter Group. 2000 - The Company has entered into a tripartite agreement with ABC Computers Pvt. Ltd. and NSDL for joining the depository systems. - Mr. N.D. Auddy, has been appointed as a Director on the board effective from August 1. 2001 - The lockout at the Company's Bhandup Unit of Sankey Electrical and Stamping division has been lifted from 1st November 2000. 2003 - Mr. Mohan Lal Lahoti has been appointed as an Additional Director 2004 -GKW Ltd has informed that at the AGM held on September 26, 2003, the shareholders approved the delisting of its equity shares from Calcutta & Mumbai Stock Exchanges. 2009 - Gkw Ltd has informed that Mr. Padam Singh Lodha has been appointed as a Director on the Board of Directors of the Company with effect from June, 29, 2009 in the casual vacancy caused due to the demise of Mr. P.N. Biyani. 2014 -GKW Ltd has informed that Ms. Sucharita Basu De has been appointed as Additional Director on the Board of Directors of the Company. 2015 -"GKW spurts on land sale hopes". -Company has executed a Memorandum of Understanding (MOU) with Western India Forgings Private Ltd. | ||
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Cash Flow Statement
Half Yearly Results
Capital Structure
Chairman's Speech
Company History
Locations
Dividends
Splits
Competitors
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