Modulex Construction Technologies Ltd Company Summary

Modulex Construction Technologies Ltd Summary

Modulex Construction Technologies Limited was originally incorporated in the name, Tumus Electric Corporation Limited on May 24, 1973. The Company changed its name to, Modulex Construction Technologies Limited effective from December 14, 2018. Modulex is Indias first and the worlds largest steel modular manufacturing facility with an annual capacity of 2,00,000 sq. m. The Company is engaged in production, building, supplying, fabricating and manufacture of modular steel buildings and currently Companyis implementing its project at Pune through its Subsidiary.Consequent upon embarking to execute the business plan, the Companys subsidiary Modulex Modular Buildings Private Limited (MMBPL) is continuing with construction of a factory facility to produce steel modules and the upcoming commercial operation date of the factory, the Company has started the process of recruiting suitable personnel and leading HR firms, both in India and overseas. The factory land owned by MMBPL, 250 kms from Mumbai, is being developed in a 40-acre site, in MIDC, Indapur, Pune Dist. This manufacturing facility is India and worlds modular buildings manufacturing cluster. The manufacturing facility in the initial phase will see 20 acres being developed consisting of three sheds totaling to circa 35,000 square meters (circa 3,50,000 square feet) which will produce steel modules and ancillary products such as bathroom pods, doors and windows.The technology used by MMBPL, i.e., the Group Company is franchised from Modulex Modular Buildings Plc., UK and enables to deliver design and manufacturing (through MMBPL) carbon neutral, Smart, BOPAS certified buildings on a fixed cost and time guarantee in nearly half the time and with high quality. The cost of the modular buildings is similar to traditional construction cost. MMBPL had secured investment from large industrial and real estate companies as strategic partners who will be adopting the Companys technology and absorbing a significant portion of the factorys output capacity, thereby underpinning the investment made by Company in acquiring shares of MMBPL. The Company has a significant order pipeline from customers in India and in the UK for export order. The Company with unique offering of design and manufacturing of steel modular buildings and the construction thereof, through its subsidiary MMBPL is perfectly positioned. The Company proposes to develop design templates for various sectors within real estate such as hotels, hospitals, schools, hostels, old age homes etc. to offer designing solutions for clients which result in a greater speed in delivery of the completed buildings.During FY 2015, the Company allotted shares on right basis to existing shareholders in the ratio of 9 Equity shares for every 10 held in Board Meeting dated 9th February, 2015.On 15th July 2015, the Company received a show cause dated 13th May, 2015 from Securities and Exchange Board of India on account of alleged delay/ non-filings under Regulation of 8(3) SAST Regulations 1997 for prior period of 1997 to 2011 when the Company was under the old promoters/ management. Pursuant to approval of Shareholders obtained by way of Postal Ballot Notice dated 12th January, 2016, the Company allotted 1,34,500 Equity Shares of Rs. 10/- each at par on preferential basis to existing promoter of the Company, Uttam Bharat Bagri on 14th March, 2016.Pursuant to the approval of Shareholders obtained by way of Special Resolution in 43rd AGM of the Company held on 30th September 2016, the Company allotted 1,77,500 Equity shares of Rs. 10/- each at par on preferential basis to existing promoter of the Company, Uttam Bharat Bagri on 5th October, 2016.Uttam Bagri, the past promoter of the Company had entered into Share Purchase Agreement (SPA) on 27th September 2017 with Redribbon Modulex Buildings Limited (the Acquirer) and the Company, pursuant to which Acquirer made an Open Offer under SEBI (SAST), 2011. Accordingly, acquirer had cumulatively acquired 8,86,890 (68.89%) Equity Shares through SPA and Open Offer. After completion of Open Offer in terms of SEBI (SAST), 2011 in February 2018, Acquirer acquired control of the Company and has been designated as the Promoter of the Company. During the year 2019, the Company acquired 78.59% of the subscribed Share Capital of the Modulex Modular Buildings Private Limited (MMBPL) by way of swap of shares on preferential basis and MMBPL became a Subsidiary of the Company. The Board of Directors of the Company raised funds by issuing 4,15,72,186 Equity Shares of face value of Rs. 10/- each, on 26th October, 2018, against Equity Shares of Modulex Modular Buildings Private Limited on preferential basis by way of swap of Equity Shares. As a result of this, Redribbon Modulex Buildings Limited, Mr. Suchit Punnose and Redribbon Advisory Services Private Limited became the new promoters of the Company in 2019.Give Vinduet Windows and Doors Private Limited became the Subsidiary Company effective from May 13, 2023.