Zenith Steel Pipes & Industries Ltd Share Price

History of Zenith Steel Pipes & Industries Ltd

Zenith Steel Pipes & Industries Limited was formerly incorporated as 'Zenith Limited' on August 5, 1960. The Company changed the name from 'Zenith Limited' to 'Zenith Birla (India) Limited' on October 18, 2005 and thereafter, the name was changed to 'Zenith Steel Pipes & Industries Limited' on February 12, 2020. The Company is a leading manufacturer of Steel Pipes in India. It is engaged in the manufacturing and selling of ERW And SAW Pipes. They operate in two divisions, namely pipes division at Khopoli and tools division at Nasik and Aurangabad. The tool division of the company is engaged in manufacturing HSS cutting tools and is focused towards the auto/engineering segment. The company's subsidiaries include Zenith (USA) Inc. and Zenith Middle East FZE. The company was establishe ...d with the main object to manufacture black welded and galvanized steel pipes and was promoted by house of Birla. Also, they came out with their first public issue of equity share during the year. In the year 1961, the company started factory at Khopoli for Pipe Manufacturing and in the year 1992, they commenced commercial production at Khopoli. In the year 1968, they started Rolls & Shears Division (RSD)/ Tool Mfg. Division (TMD). In the year 1974, they started special steel division at Khopoli. Till 1971, the company was manufacturing Steel Pipes by medium frequency electric resistance contact welding process. Thereafter, the manufacturing process was converted to the latest technology of High Frequency Induction Welding (HFIW) process. In the year 1980, the company started chemical division at Boisar for manufacturing dye intermediates. In the year 1981, they incorporated a joint venture, PT South Pacific Viscose in Indonesia. In the year 1981, the company started paper plant at Banah in Punjab. In the year 1982, Indian Tool Manufacturers Ltd was amalgamated with the company and the textile division of Indian Tool Manufacturers Ltd became a division of the company. Also, Avit Overseas Corporation, New York, a subsidiary of Indian Tool Manufacturers Ltd became a subsidiary of the company. In the year 1989, the company created a new division, namely Zenith International for exports. During the year 1994-95, the company sold their paper division to Shreyans Industries Ltd. In the year 1996, they sold their special steel division to Isibars Ltd. In the year 2002, the company formed three new subsidiaries namely Valueworth Trade Pvt Ltd, Zenith Dyeintermediates Ltd and Khamgaon Syntex India Ltd. In November 2004, the chemical division of the company was hived off and sold to Nipur Chemicals Ltd and in the year 2005, they transferred the textile division to Khamgaon Syntex India Ltd. During the year 2006-07, the company came out with a follow-on public offer for 23,818,182 equity shares of Rs 10 each at issue price of Rs 55 per share aggregating to Rs 131 crore to part finance the expansion project. Also, the shares of the company were listed on the National Stock Exchange with effect from April 30, 2007. The Scheme of Arrangement between the Zenith Steel Pipes & Industries Ltd (the Company), Birla Precision Technologies Ltd (BPTL), Tungabhadra Holdings Private Limited (THPL) and their respective shareholders was sanctioned by the High Court of Bombay on 8th January, 2010 and consequently, the Tooling Business of the Company demerged from the Company and merged with Birla Precision Technologies Ltd. Further, Tungabhadra Holdings Private Limited amalgamated with the Company and resulting to this, the company expanded the production capacity of Steel Pipes from 120,000 tonnes to 210,000 tonnes. The Company during the year 2011, issued 21,620,529 Bonus Shares in the proportion of one new fully paid equity share of Re. 10/- each for every five equity shares of Re. 10/- each held in the Company as on the Record Date (i.e. 12th August 2010) and resultant to the issue, the said Equity Shares got listed with Bombay Stock Exchange Limited and National Stock Exchange Limited effective from 24th August, 2010. A new wholly owned subsidiary, Zenith Middle East LLC was incorporated on November 27, 2013 in Fujairah, UAE.