Coromandel Engineering Company Ltd Share Price

History of Coromandel Engineering Company Ltd

Coromandel Engineering Company Limited (CEC) was incorporated on September 3, 1947. Initially, Company was engaged in the activities of Civil construction line for construction of factory and other buildings. CEC is a 64 years old construction company of the USD 3.8 billion Murugappa Group. Company is one of India's oldest and respected business houses, having pioneered several novel engineering techniques and was the first to introduce pre-engineered metal building system in India. The Company is providers of integrated turn-key construction services and has executed or is executing projects across all states and union territories in India. They provide integrated turnkey construction services in the industrial, commercial, infrastructure and residential sectors of the construction ind ...ustry. Apart from these, it is into the business of property development, with their significant operations in the State of Tamil Nadu. Their business focuses on Real Estate Development of Residential and Commercial sector. In year 1959, the company built 14 storey, LIC Building on Anna Salai, Chennai which is one of the tallest buildings in South India. In November 5, 1975, the company was converted into a public limited company and the name was changed to 'The Coromandel Engineering Company Ltd'. The company's shares got listed on Madras Stock Exchange Ltd (MSE) since January 1976. During the year 1987-88, the company ventured into the business of property development and constructed many premium apartments in Chennai. Also, they constructed landmark commercial buildings in Bangalore like Unity Building, Hotel Holiday Inn and Windsor Manor. In the year 1995, the company entered into an agreement with Butler U.S.A. for putting up of Pre-Engineered Metal Building System and erected two Butler pre-fab building for Ford India. During the 2006-2007, Coromandel Holdings and Minerals Ltd (CHML), the wholly owned subsidiary company was merged with the company with effect from April 01, 2006. In the year 2009, the company received the certification for ISO 9001:2008 and OHSAS 18001:2007 from TUV SUD. During the year 2009-10, the company undertook construction of factory buildings for entities in Sugar, Tyre, Distillery, Cement etc and School Building. They also received orders for civil construction in Power Sector. The company acquired operational plant and machinery and other fixed assets amounting to Rs 140.72 lakh during the year. The company's equity shares were listed on the Bombay Stock Exchange Ltd (BSE) with effect from March 15, 2010. During the year 2010-11, the company undertook construction of factory buildings for entities across India, in Sectors like Chemicals, Fertilizer, Automobile, Power, Distillery, Cement etc and Residential Apartments and Warehouse. They acquired operational plant and machinery and other fixed assets amounting to Rs 557.13 lakh. The promoters of the Company changed from the Murugappa Group to Accord Distillers & Brewers Private Limited, Teyro Labs Private Limited, Jam Hotels and Resorts Private Limited and Sundeep Anand Jegath Rakshagan in 2023, forming 73.28% of the Paid-up share capital of the Company. Pursuant to the Open Offer made under The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the Acquirers purchased 16,613 shares from the public shareholders of the Company and the present shareholding of the Acquirers along with the share purchased pursuant to the SPA and open offer is 74.57% of Paid-up share capital of the Company.