Disclosure Context

Document Type: Regulatory filing under Regulation 30 of SEBI (LODR) Regulations, 2015

Subject: Disclosure of Postal Ballot Notice seeking shareholder approval for variation in IPO proceeds utilization

Date: May 25, 2026

Place: Mehsana, Gujarat

Postal Ballot Mechanics

Cut-off Date: Friday, May 22, 2026 for determining shareholders eligible to vote

E-voting Period: Commences Tuesday, May 26, 2026 at 9:00 AM IST and ends Wednesday, June 24, 2026 at 5:00 PM IST

E-voting Service Provider: National Securities Depository Limited (NSDL)

Scrutinizer: Mr. Vivek J. Vakharia (Membership No. FCS: 11851), Proprietor of M/s. Vivek J. Vakharia & Associates

Result Declaration: Within two working days from conclusion of e-voting (by June 26, 2026)

Result Platforms: BSE website, company website (https://greindia.com), and NSDL website (www.evoting.nsdl.com)

Resolution Details

Agenda Item 1: Variation in the Utilisation of the Initial Public Offering (IPO) proceeds

Resolution Type: Special Resolution requiring postal ballot approval

Financial Impact

Original IPO Proceeds: ₹3,522.81 Lakhs (₹35.23 Crore)

Original Allocation:

  • Solar Power Plant (7.20 MW AC / 9.99 MW DC): ₹3,158.31 Lakhs
  • General Corporate Purposes: ₹364.50 Lakhs

Proposed Reallocation Amount: ₹2,06,12,830 (₹2.06 Crore)

Source of Reallocation: Component originally allocated for Automated Solar Panel Dry Cleaning System (including Solar Panel Dry Cleaning Robots with fixed docking stations, WiFi CCTV Camera, WiFi Router and Installation & Commissioning Charges)

Revised Allocation:

  • Solar Power Plant: ₹2,952.18 Lakhs (reduced from ₹3,158.31 Lakhs)
  • General Corporate Purposes: ₹570.63 Lakhs (increased from ₹364.50 Lakhs)

Rationale: The company has decided to adopt manual and semi-mechanized cleaning through deployment of manpower instead of the automated system due to operational flexibility, ease of maintenance, and long-term operational efficiency considerations.

Exit Offer Conditions

In compliance with Section 27(2) of Companies Act, 2013 and Regulation 281A of SEBI ICDR Regulations, an exit offer to dissenting shareholders will be triggered if:

1. The resolution is dissented by not less than 10% of members who voted

2. The amount utilized for objects of the issue falls below 75% of the amount raised through the IPO (including GCP amounts)

Eligible Shareholders: Those who vote against the resolution and continue to hold shares as on the relevant date

Exit Price Determination: To be determined by SEBI-registered Merchant Banker according to Schedule XX of ICDR Regulations:

  • For frequently traded shares: Higher of 52-week VWAP or highest price in 26 weeks
  • For infrequently traded shares: Based on book value, comparable multiples, and customary valuation parameters

Implementation Timeline

Funds Utilization: The reallocated funds (₹2.06 Crore) are proposed to be utilized towards General Corporate Purposes on or before March 31, 2027

Management Authorities

Mr. Kamleshkumar D Patel (Managing Director), Mr. Kirtikumar Suthar (Whole-time Director), Mr. Mukeshkumar Trivedi (Whole-time Director), or Mr. Rohan Dhruve (Company Secretary & Compliance Officer) are severally authorized to implement the resolution and make necessary filings with regulatory authorities.