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About Us |
| The Company “GOLKONDA ALUMINIUM EXTRUSIONS LIMITED” was established and originally incorporated on 22nd August, 1988 under the name of Progressive Aluminium Limited to produce extrusions and went into production in 1991. During the year 1993 the company was taken over by Pennar Group of Hyderabad and its name was changed to Pennar Profiles Limited. |
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| During the year 2005, Alumeco Group, Denmark along with IFU Denmark (an Industrial Fund for Developing Countries) took over the company and its Management and the name of the company was changed to Alumeco India Extrusion Limited (AIEL). Thereafter, in 2015, the name of the company was changed to GOLKONDA ALUMINIUM EXTRUSIONS LIMITED. |
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| As the Company was facing various problems like liquidity crunch, labour problems, Power cuts, Credit crunch, Inability to buy material, etc., the Company stopped production. In May 2016, the Company entered into an Asset Purchase Agreement with Sagar Asia Private Limited for the sale of substantially the whole of assets of the Company, after obtaining relevant shareholder approvals. |
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| In July 2017, Mrs. Utpal Agrawal & Mr. H. P. Agrawal (acquirers) entered into Share Purchase Agreement with Alumeco Group, Denmark (the existing promoters of the Company) for purchasing their entire shareholding in the Company and taking control over the Company, after complying with Takeover Regulations. All Market Participants are hereby informed that Open Offer ( “Offer” ) by Mrs. Utpal Agrawal (‘Acquirer 1’) & Mr. Hari Prakash Agrawal (‘Acquirer 2’) (Hereinafter collectively referred to as “Acquirers”) is given to the shareholders of Golkonda Aluminium Extrusions Limited to Acquire upto 4,113,490 (Forty One Lacs Thirteen Thousand Four Hundred and Ninety) Equity Shares of face value of Rs.10/- each representing 26.00% of the total voting share capital of the Company at a price of Re. 0.50/- (Fifty Paisa Only) per fully paid up equity share payable in cash, pursuant to Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ('SEBI (SAST) Regulations, 2011') and subsequent amendments thereof from September 07, 2017 to September 20, 2017. |
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| After taking over the Company, the new management has been trying to settle the old legal cases / disputes and starting new business, including trading in ferrous and non-ferrous metals. In order to improve the financial position of the Company, Capital Reduction was done in Dec 2019 and Preferential Allotment was done in July 2021, after obtaining relevant shareholder approvals. |
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| Thereafter the company carried out the business of importing, exporting of all types of ferrous metals, non-ferrous metals, and allied machinery included sale/purchase of equity Shares, stocks, debentures, bonds, and to invest or deposit funds in such articles and to acquire, purchase sell the same, as well as materials, articles, or things, obligations, and securities issued or guaranteed by any company or entity. As on date the company is duly managed by a strong team and highly qualified of professional with numerous years of experienced team. Presently the company is led by the Managing Director Ms. Geeta Sethi and her team. |
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