Annual Report for the financial year 2024-25 including Notice of the 31st Annual General Meeting
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The company has filed its Annual Report for FY 2024-25 along with the notice for its 31st AGM scheduled for September 30, 2025, to be held via video conferencing. The report highlights a major transformation: new promoters acquired a controlling stake in February 2025 through an open offer, the board was reconstituted in April 2025, and the company has pivoted from real estate to earthmoving equipment rental and civil infrastructure works. The company has acquired Kalind Earth Movers (a fleet of 51 machines including excavators, JCBs, and dozers) and Prasad Earth Movers (with marquee clients like Adani, Tata Projects, and Ambuja Cement), and has secured work orders from ArcelorMittal Nippon Steel. During the transition, the company ran a lean model with minimal capex of just ₹0.03 lakh. Key AGM resolutions include a proposed name change to Kalind Limited, an increase in authorised share capital from ₹52 crore to ₹122 crore, and approval for related-party transactions up to ₹170 crore across two entities.
Shareholders should note this represents a near-complete business overhaul with new promoters, a fresh industry focus, and likely a rights issue tied to the share capital expansion. The acquisitions and major client wins signal aggressive growth ambitions, though execution risks are high given the scale of change. Expect heightened stock activity and potential dilution ahead of the AGM.