Modulex, India's pioneering steel modular manufacturing facility and the world's largest, boasts an annual capacity of 200,000 square meters. Originally incorporated as 'Tumus Electric Corporation Limited' on May 24, 1973, Modulex Construction Technologies Ltd. underwent a name change to 'Modulex Construction Technologies Limited' on December 14, 2018. The company primarily focuses on producing, supplying, and fabricating modular steel buildings.
In pursuit of its business plan, Modulex's subsidiary, Modulex Modular Buildings Private Limited (MMBPL), is currently constructing a factory to produce steel modules. In preparation for the factory's commercial operation, the company has initiated the recruitment process, engaging HR firms both domestically and internationally. Situated on a 40-acre site owned by MMBPL, approximately 250 kilometers from Mumbai in MIDC, Indapur, Pune District, this manufacturing facility marks India's and the world's largest modular buildings manufacturing cluster. Initially, the facility will encompass 20 acres, featuring three sheds totaling around 35,000 square meters (or approximately 350,000 square feet), dedicated to producing steel modules and ancillary products such as bathroom pods, doors, and windows.
MMBPL employs technology franchised from Modulex Modular Buildings Plc., UK, enabling the delivery of carbon-neutral, Smart, BOPAS-certified buildings with fixed cost and time guarantees, accomplished in nearly half the time compared to traditional methods and with high quality. The cost of these modular buildings is comparable to that of traditional construction.
Strategically partnered with major industrial and real estate entities, MMBPL has secured investments that will absorb a significant portion of the factory's output capacity, reinforcing the Company's investment in MMBPL shares. With a substantial order pipeline from clients in India and the UK for export orders, the Company, through its subsidiary MMBPL, is well-positioned with its unique offering of designing and manufacturing steel modular buildings.
Furthermore, the Company plans to develop design templates tailored to various real estate sectors such as hotels, hospitals, schools, hostels, and retirement homes, facilitating quicker delivery of completed buildings to clients.
In FY 2015, the Company issued shares on a rights basis to existing shareholders at a ratio of 9 equity shares for every 10 held, as resolved in a Board Meeting on February 9, 2015.
On July 15, 2015, the Company received a show cause notice dated May 13, 2015, from the Securities and Exchange Board of India regarding alleged delays/non-filings under Regulation 8(3) of the SAST Regulations 1997 for the period spanning 1997 to 2011, when the Company was under previous management.
Following Shareholder approval obtained through a Postal Ballot Notice on January 12, 2016, the Company allocated 134,500 equity shares of Rs. 10/- each at par on a preferential basis to the existing promoter, Uttam Bharat Bagri, on March 14, 2016.
Similarly, pursuant to Shareholder approval secured through a Special Resolution at the 43rd AGM held on September 30, 2016, the Company allocated 177,500 equity shares of Rs. 10/- each at par on a preferential basis to the existing promoter, Uttam Bharat Bagri, on October 5, 2016.
Uttam Bagri, the former promoter, entered into a Share Purchase Agreement (SPA) on September 27, 2017, with Redribbon Modulex Buildings Limited (the Acquirer) and the Company. Subsequently, the Acquirer made an Open Offer under SEBI (SAST), 2011, acquiring a cumulative total of 8,86,890 (68.89%) equity shares through the SPA and Open Offer. Following the completion of the Open Offer in February 2018, the Acquirer gained control of the Company and was designated as its Promoter.
In 2019, the Company acquired 78.59% of the subscribed Share Capital of Modulex Modular Buildings Private Limited (MMBPL) through a swap of shares on a preferential basis, resulting in MMBPL becoming a subsidiary of the Company.
On June 23, 2018, the Board of Directors, along with Shareholder approval obtained on August 1, 2018, considered and approved a proposal to raise funds through the issuance of shares on a preferential basis. Following Shareholder approval, the Board of Directors allocated 4,15,72,186 equity shares of face value Rs. 10/- each on October 26, 2018, against equity shares of Modulex Modular Buildings Private Limited on a preferential basis through a swap of equity shares. Since these shares were issued for consideration other than cash, their price was determined based on a valuation report from a registered valuer. Consequently, Redribbon Modulex Buildings Limited, Mr. Suchit Punnose (Whole Time Director), and Redribbon Advisory Services Private Limited were designated as New Promoters of the Company within the meaning of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
In pursuit of its business plan, Modulex's subsidiary, Modulex Modular Buildings Private Limited (MMBPL), is currently constructing a factory to produce steel modules. In preparation for the factory's commercial operation, the company has initiated the recruitment process, engaging HR firms both domestically and internationally. Situated on a 40-acre site owned by MMBPL, approximately 250 kilometers from Mumbai in MIDC, Indapur, Pune District, this manufacturing facility marks India's and the world's largest modular buildings manufacturing cluster. Initially, the facility will encompass 20 acres, featuring three sheds totaling around 35,000 square meters (or approximately 350,000 square feet), dedicated to producing steel modules and ancillary products such as bathroom pods, doors, and windows.
MMBPL employs technology franchised from Modulex Modular Buildings Plc., UK, enabling the delivery of carbon-neutral, Smart, BOPAS-certified buildings with fixed cost and time guarantees, accomplished in nearly half the time compared to traditional methods and with high quality. The cost of these modular buildings is comparable to that of traditional construction.
Strategically partnered with major industrial and real estate entities, MMBPL has secured investments that will absorb a significant portion of the factory's output capacity, reinforcing the Company's investment in MMBPL shares. With a substantial order pipeline from clients in India and the UK for export orders, the Company, through its subsidiary MMBPL, is well-positioned with its unique offering of designing and manufacturing steel modular buildings.
Furthermore, the Company plans to develop design templates tailored to various real estate sectors such as hotels, hospitals, schools, hostels, and retirement homes, facilitating quicker delivery of completed buildings to clients.
In FY 2015, the Company issued shares on a rights basis to existing shareholders at a ratio of 9 equity shares for every 10 held, as resolved in a Board Meeting on February 9, 2015.
On July 15, 2015, the Company received a show cause notice dated May 13, 2015, from the Securities and Exchange Board of India regarding alleged delays/non-filings under Regulation 8(3) of the SAST Regulations 1997 for the period spanning 1997 to 2011, when the Company was under previous management.
Following Shareholder approval obtained through a Postal Ballot Notice on January 12, 2016, the Company allocated 134,500 equity shares of Rs. 10/- each at par on a preferential basis to the existing promoter, Uttam Bharat Bagri, on March 14, 2016.
Similarly, pursuant to Shareholder approval secured through a Special Resolution at the 43rd AGM held on September 30, 2016, the Company allocated 177,500 equity shares of Rs. 10/- each at par on a preferential basis to the existing promoter, Uttam Bharat Bagri, on October 5, 2016.
Uttam Bagri, the former promoter, entered into a Share Purchase Agreement (SPA) on September 27, 2017, with Redribbon Modulex Buildings Limited (the Acquirer) and the Company. Subsequently, the Acquirer made an Open Offer under SEBI (SAST), 2011, acquiring a cumulative total of 8,86,890 (68.89%) equity shares through the SPA and Open Offer. Following the completion of the Open Offer in February 2018, the Acquirer gained control of the Company and was designated as its Promoter.
In 2019, the Company acquired 78.59% of the subscribed Share Capital of Modulex Modular Buildings Private Limited (MMBPL) through a swap of shares on a preferential basis, resulting in MMBPL becoming a subsidiary of the Company.
On June 23, 2018, the Board of Directors, along with Shareholder approval obtained on August 1, 2018, considered and approved a proposal to raise funds through the issuance of shares on a preferential basis. Following Shareholder approval, the Board of Directors allocated 4,15,72,186 equity shares of face value Rs. 10/- each on October 26, 2018, against equity shares of Modulex Modular Buildings Private Limited on a preferential basis through a swap of equity shares. Since these shares were issued for consideration other than cash, their price was determined based on a valuation report from a registered valuer. Consequently, Redribbon Modulex Buildings Limited, Mr. Suchit Punnose (Whole Time Director), and Redribbon Advisory Services Private Limited were designated as New Promoters of the Company within the meaning of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
