Asahi Songwon Colors Ltd

Asahi Songwon Colors Limited was originally incorporated on December 19, 1990 as a private limited company as 'Lucky Laminates Private Limited' in Gujarat. In 1995-96, the High Court of Gujarat approved the Scheme of Amalgamation of Asahi Dyechem Pvt. Ltd. On April 19, 1996, the Company got converted into Public Company and on the same day the name was changed to Asahi Songwon Colors Limited. Since then, the Company engages in manufacturing & export of color pigments and its derivatives and its manufacturing facility is located at Padra, in Vadodara District of Gujarat. The company has set up plant to manufacture Pigment Green -7 at Kadi, Mehsana with an initial capacity of 180 TPA with total capital expenditure of Rs.40 million. The commercial production of this plant commenced in the year 1991. In the year 1995- 96, the company has entered into a joint venture agreement with Songwon Color Company Limited (SCCL), South Korea with financial investment and supply of technology for manufacture of Green Crude. On entering the technical collaboration with SCCL, ASCL installed a plant for manufacturing Green Crude at a total cost of about Rs.35 million, which enhanced its installed capacity from 180 TPA to 600 TPA. Subsequently, ASCL further expanded its installed capacity to 900 M.T in 2002 and to 1080 MT in the year 2005-06 with a capital expenditure of Rs. 35 million. May 2007, the company has entered into capital market. The company has issued 37,22,222 Equity shares to the public. Issue price is Rs.90/- per share. CPC Blue Crude and new facility to manufacture Beta Blue pigment was commissioned in March, 2008. In 2014-15, the CPC Division of the Company was demerged and transferred into AksharChem (India) Limited through the Scheme of Arrangement for Demerger, which became effective from December 2, 2014. Consequent to the Scheme becoming effective, shareholders of the Company were allotted 5 fully paid up equity shares of Rs 10 each of AksharChem (India) Limited for every 26 equity share held by them in the Company as on the record date i.e. February 3, 2015. During the year 2016-17, promoters family trust Mrugesh Jaykrishna Family Trust -1 and Gokul M. Jaykrishna Family Trust made an open offer for acquisition of shares of the Company. Accordingly, during the year 4,00,000 (3.26%) equity shares held by Mrs. Paru M. Jaykrishna and 4,11,766 (3.36%) equity shares held by Mr. Munjal M. Jaykrishna of the Company were transferred to Mrugesh Jaykrishna Family Trust -1 and 15,05,049 (12.26%) equity shares held by Mr. Gukul M. Jaykrishna and 10,93,283 (8.91%) equity shares held by Mr. Munjal M. Jaykrishna were transferred to Gokul M. Jaykrishna Family Trust through the direction of aforesaid SEBI order. Further, Mrugesh Jaykrishna Family Trust -1 and Gokul M. Jaykrishna Family Trust has acquired 242,991 (1.98%) and 125,177 (1.02%) Equity Shares of the Company through the stock exchange respectively during the year. The total promoter shareholding of the Company was increased to 65.28% from 62.28%. And as a result, the name/status of the promoter company was changed from Intercon Finance Private Limited to Chelsea Marketing LLP. In 2017-18, promoters family trust Mrugesh Jaykrishna Family Trust -1 and Gokul M. Jaykrishna Family Trust has acquired 11,000 (0.09%) and 5,500 (0.04%) Equity Shares of the Company through the stock exchange respectively. The total promoter shareholding of the Company hence stands increased from 65.28% to 65.41%. Resulting this, promoter company Chelsea Marketing LLP holding 600 equity shares of the Company sold its holding. In 2018-19, Mrugesh Jaykrishna Family Trust -1 and Gokul M. Jaykrishna Family Trust acquired 26,000 (0.21%) and 23,000 (0.19%) Equity Shares of the Company through the stock exchange respectively. The total promoter shareholding of the Company was increased from 65.41% to 65.81%. In 2021, Company entered a joint venture with Tennants Textile Colors Limited (TTC) UK for manufacturing Red and Yellow (AZO) pigments at Dahej, having the initial capacity of 2400 TPD and infrastructure to expand to 10,000 TPD. '' The Company commenced commercial production of API intermediates at Chhatral Plant in Gujarat in 2023.