Algoquant Fintech Share Price

Algoquant Fintech Limited was erstwhile incorporated as Hindustan Everest Tools Limited on January 25, 1962. The Company name was changed to Algoquant Fintech Limited from Hindustan Everest Tools Limited on November 16, 2022. The Company is presently engaged in the business of trading in financial instruments effective from February 10, 2011. The Company is a wholly owned subsidiary of Algoquant Investment Private Limited Formerly known as Mandelia Investment Private Limited. The Company was formerly engaged in the business of trading in metals, which discontinued effective from 01 April, 2021. The company committed with production and marketing of high quality hand tools certified GS by VPA Remscheid, Germany for over 4 decades to buyers in the home country and in abroad. The products are in the names of Single Open End Spanners, Double Open End Spanners, Bihexagon Ring spanners, Combination Ring Open Ended Spanners, Sockets and Accessories, different Pliers, Pipe Wrenches (Stillson, Heavy duty and Chain Pipe Wrenches), Adjustable Wrenches, Screw Drivers, Grip Pliers, Slogging Wrenches etc. HETL produce hand tools by using high quality Chrome Vanadium Steel in different international standards like BIS, DIN, and ANSI etc. HETL in growing stage only. Growth in year by year is to boost up the company to expand the network in both domestic and in international level. The company faced an event of loss up to 200506 due to some internal and external reasons. Moreover the unprecedented power cuts even during winter months may affected the production of the company, to avoid this disturbance HETL hosted two power generators for uninterrupted power supply to our entire plant. 200607 was the milestone year to HETL, during the year comparatively the export accounted higher than the domestic sales of a company. The Companys management adopted one relentless effort to control consumption of all major inputs and increase in production efficiency. It gave good result to the company. HETL stands up from the loss to huge cash profit level. HETL have its own Research Development Centre, the Centre continuously endeavors to upgrade the existing products, process and venture in new product development and process improvement. Company extended the product range and has introduced new products based on customer requirement and its modification with help of the R D Centre. Other than the level, the company have prompt attention and services to all esteemed customers at all times and always like to establish long lasting cordial business relationship in both dimensions.The Erstwhile promoters and the Erstwhile Directors of the Company, Shri Shravan Kumar Mandelia (Promoter) and Shri Balgopal Mandelia (Promoter) had entered into a Share Purchase Agreement (SPA) dated 24th October 2020 for sale and transfer of entire Promoter Shareholding held in Hindustan Everest Tools Limited (Target Company) along with the Shares held by them in M/s Mandelia Investments Private Limited (MIPL) (the Holding Company of HETL) in favour of Algoquant Financials LLP (Acquirer), which made an Open Offer to the Public Equity Shareholders of the Company i.e., Hindustan Everest Tools Limited in terms of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto. MIPL holds 8,34,470 Equity Shares constituting 51.92% of the Voting Share Capital of the Target Company. Pursuant to the said SPA, the Acquirer acquired 100% of the Equity Share Capital of MIPL and indirectly acquired 8,34,470 Equity Shares constituting 51.92% of the Voting Share Capital of the Company. Pursuant to said SPA, there was a Change in Management Control of the Company: Mr. Shravan Kumar Mandelia and Mr. Balgopal Mandelia, Promoters and Managing Directors of the Company resigned from the directorship of the Company w.e.f. 11 February, 2021 and Mr. Dhruv Gupta and Mr. Devansh Gupta were appointed on the Board of the Company as Additional Directors (Category: Promoter Director) w.e.f. 09 February, 2021.In FY 202324, the Scheme of Arrangement amongst Growth Securities Private Limited, Algoquant Investments Private Limited and the Company and their respective shareholders and creditors which entails (i) Demerger of Stock Broking Business Undertaking of Growth Securities Private Limited into the Company and ii) Amalgamation of Algoquant Investments Private Limited with the Company became effective from 3rd October, 2024.