Olectra Greentech Ltd

Olectra Greentech Ltd

Olectra Greentech Limited (Formerly known as Goldstone Infratech Limited) was incorporated in October 2000 to takeover the telecom business of Goldstone Technologies as part of restructuring programme undertaken by the Goldstone Technologies Ltd.Presentlythe Company is primarily engaged in the manufacturing of composite polymer insulators also manufacturing of electrical buses.During the FY2007-08the company has changed its name from Goldstone Teleservices Ltd to Goldstone Infratech Ltd. Goldstone Infratech Limited (GIL or the Company) and its consolidated subsidiaries are mainly engaged in the business of manufacture of Telecom Cable Jointing Kits and Composite Polymer Insulators with production facilities situated at IDA Cherlapally Hyderabad R.R.Dist. Andhra Pradesh.Consequent to the Amalgamation of M/s Newtech Stewing Telecom Limited M/s Shree Shree Telecom Private Limited and M/s Sunplast O-Met Limited with the Company as per the approval of Hon'ble High Court of Andhra Pradesh to the Scheme of amalgamation on 30th June 2009 the Board of Directors of the Company at their meeting held on 28th August 2009 had allotted 57432 number of equity shares of Rs.4/- each to the remaining shareholders of M/s Sunplast O-Met Limited.During the year 2009-10the company has allotted 57432 Nos. of Equity Shares @ 4/- each amounting to Rs. 229728/- to remaining shares holders of Sun Plast O Met Limited pursuant to Scheme of Amalgamation.The Company has invested Rs 6.00 crore in TF Solar Power Pvt Limited towards Equity Share Capital and allotted 6000000 shares of Rs 10/- each on 14.04.2010. The company has acquired 10000 Shares of TF Solar Power Pvt Ltd from its Promoters on payment of ` 100000/-.During the year 2012-13the Company had successfully developed and type tested the Cross Arm Insulators for FSC platforms as Import Substitution for the first time in India and further the company had also developed Horizontal Line Post Insulators and became the first company in the country to develop this and got approval of power utilities. Further the Company had successfully produced 765KV Insulators for Transmission Lines.The name of the Company was changed to Olectra Greentech Limited effective 06 July 2018. The change was as a part of corporate rebranding and to reflect the current focus and business activities of the Company.During the FY2018the company issued and allotted 14100000 equity shares on preferential basis to non-promoters at a price of Rs.80.10/- each including premium of Rs. 76.10/- each.In addition the Company issued on preferential basis to the Promoter Group 5400000 Convertible warrants of Rs.4/- each at a premium of Rs.76.10/- per warrant.From the FY2018the company started manufacturing electrical buses.The Company is listed in the National Stock Exchange (NSE) and the Bombay Stock Exchage (BSE).In view of expanding business operations and to meet the capital requirements the Company has raised funds by allotting 26500000 Equity Shares and 9100000 Convertible Warrants at Rs 175.30/- per share to M/s. MEIL Holdings Limited (MHL) on preferential basis. MHL has also acquired 10000000 (One Crore only) Equity Shares of the Company from Trinity Infraventures Limited through share purchase agreement entered between them.On 30 March 2019 the Company has allotted 2700000 Equity Shares to M/s. Goldstone Power Private Ltd (belonging to the Promoter Group) pursuant to the conversion of warrants.The Company incorporated another wholly owned subsidiary namely Evey Trans Private Limited on 20 September 2018. OHA Commute Private Limited a wholly owned subsidiary of Evey Trans Private Limited has also became the second layer subsidiary of the Company.On 09 April 2020 the Company has allotted 2700000 equity shares to M/s. Goldstone Power Private Limited (belonging to the Promoter Group) pursuant to the conversion of remaining 2700000 warrants.Pursuant to resolution passed by the shareholders in their meeting held on 09th September 2019 and post transfer of the entire equity shareholding (of Evey Trans Private Limited) to MEIL Holdings Limited Evey Trans Private Limited and Oha Commute Private Limited ceased to be subsidiaries of the Company w.e.f. 13th January 2020. The Company has subscribed 26% stake in Evey Trans (SMC) Private Limited on 27th January 2020. As on 31 March 2021 Company has a subsidiary a Joint Venture and a Associate Company namely TF Solar Private Limited SSISPL-OGL-BYD Consortium and Evey Trans (SMC) Private Limited respectively.The Company acquired 51% stake in the Evey Trans (GTC) Private Limited on 12th April 2021.