Golkonda Aluminium Extrusions Ltd Share Price

Summary

Golkonda Aluminium Extrusions Limited was originally incorporated on 22nd August, 1988 under the name of Progressive Aluminium Limited to produce extrusions and went into production in 1991. In December, 1993, the Management of the Company was taken over by Pennar Group of Hyderabad through which, its name changed to Pennar Profiles Limited. With effect from Mar.94, the name of the Company was changed from Progressive Aluminium Limited to Pennar Profiles Limited (PPL). During the year 1995-96, the company has completed modernisation & expansion. 900 Tonne extrusion press was installed & the capacity of connected handling equipment was increased from 350 TPM to 500 TPM. It also made a Rights issue of 4,07,000 non-convertible debentures of Rs 100 each for cash at par with detachable equity warrants in the ratio of 1:1 to be exchanged with equity shares of Rs 10 each at a premium of Rs 5 per share.During 1996-97, the company has been accredited with ISO 9002 certification by KPMG Peat Marwick LLP, USA.Due to continued financial difficulties and incurred losses in the year 1998-99, the Company was declared as a Sick Company by BIFR and appointed Industrial Finance Corporation of India Limited (IFCI) as the Operating Agency for rehabilitation. The companys proposal to obtain financial assistance through External Commercial Borrowing (ECB), due to its high export performance in the international market, did not materialise due to non-availability of lenders guarantee. Subsequently,
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