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.Presently,the Company is primarily engaged in the manufacturing of composite polymer insulators also manufacturing of electrical buses.During the FY200708,the 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 OMet Limited with the Company as per the approval of Honble 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 57,432 number of equity shares of Rs.4/ each to the remaining shareholders of M/s Sunplast OMet Limited.During the year 200910,the company has allotted 57,432 Nos. of Equity Shares 4/ each amounting to Rs. 2,29,728/ 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 60,00,000 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 1,00,000/.During the year 201213,the 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 FY2018,the company issued and allotted 1,41,00,000 equity shares on preferential basis to nonpromoters 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, 54,00,000 Convertible warrants of Rs.4/ each at a premium of Rs.76.10/ per warrant.From the FY2018,the 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 2,65,00,000 Equity Shares and 91,00,000 Convertible Warrants at Rs 175.30/ per share to M/s. MEIL Holdings Limited (MHL), on preferential basis. MHL has also acquired 1,00,00,000 (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 27,00,000 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 27,00,000 equity shares to M/s. Goldstone Power Private Limited (belonging to the Promoter Group), pursuant to the conversion of remaining 27,00,000 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, SSISPLOGLBYD Consortium and Evey Trans (SMC) Private Limited respectively.The Company acquired 51% stake in the Evey Trans (GTC) Private Limited on 12th April, 2021.