Date: September 04, 2026

Transaction Details

Target Entity: Zayo Energy Private Limited (ZEPL)

Type of Deal: Investment via subscription to Compulsorily Convertible Debentures (CCDs) in an associate company

Stake/Capacity: The aggregate shareholding of Fujiyama Power Systems in ZEPL currently stands at 50%. The shareholding will change post conversion of CCDs into equity share capital as per agreed terms and conditions.

Deal Value: ₹5,00,57,469 (Rupees Five Crore Fifty-Seven Thousand Four Hundred and Sixty-Nine only)

Deal Structure: Subscription to 833 Compulsorily Convertible Debentures at a value of ₹60,093 per CCD (including face value of ₹10 each and premium of ₹60,083)

Funding Source: Cash consideration

Financial Impact: Not explicitly disclosed in the document

Timeline: Expected to be completed within 60 days from the date of approval (September 04, 2026)

Strategic Rationale:

  • Enables backward integration
  • Strengthens the company's value chain
  • Expected to result in operational and strategic synergies
  • ZEPL is engaged in manufacturing of PV ribbon wire, PV busbar, copper wires, solder bars & solder wires, and manufacturing of aluminium frames used in solar panels (including foundry, extrusion, anodizing & cutting punching of aluminium)
  • Also manufactures solar panel products like EVA sheet, junction boxes, backsheet & other products
  • Business is in the same line as Fujiyama Power Systems

Approval Status: Board of Directors approved on September 04, 2026

Approvals Required: No governmental or regulatory approvals required

Valuation: Based on valuation of equity shares of ZEPL contained from Mr. Subodh Kumar Sharma (IBBI Registered Valuer)

Related Party Status: ZEPL is a related party, being an Associate Company. None of the promoter(s), promoter group or group companies have any interest in ZEPL. Transaction is on an arm's length basis.

Target Company Background:

  • Incorporated on May 25, 2022 (CIN: U27320DL2022PTC399031)
  • Registered Office at Plot No 4, Road No 5, G/F Jai Dev Park, East Punjabi Bagh, West Delhi, India, 110026
  • Paid-up share capital: ₹1,00,000
  • Turnover for FY 2025-26: Nil (company has not yet commenced commercial operations)
  • Operates only in India

Reference Regulation: SEBI Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026