Target Entity: DEK and Mavericks Green Energy Limited (DMGEL)

Type of Deal: Acquisition of up to 100% equity shares

Stake/Capacity: Up to 100% equity stake acquisition through purchase of up to 1,70,84,853 equity shares

Deal Value: ₹55.80 Crores

Consideration Structure: The consideration shall be discharged by issuance of up to 15,89,781 Compulsorily Convertible Preference Shares (CCPS) of Sun Drops to the shareholders of DMGEL at a price of ₹32.66 per share.

Funding Source: Equity issuance (CCPS) without cash outflow

Financial Impact:

Target Company Financials:

  • Turnover (2025-26): ₹213.98 Crores (21,398 lakhs)
  • Turnover (2024-25): ₹150.04 Crores (15,004 lakhs)
  • Turnover (2023-24): ₹30.62 Crores (3,062 lakhs)
  • Authorized Share Capital: ₹25.00 Crores (2,500 lakhs)
  • Paid-up Equity Share Capital: ₹17.08 Crores (1,708.48 lakhs)

Timeline: Expected completion by September 30, 2026, subject to approval of shareholders and applicable compliances

Strategic Rationale: The acquisition is proposed to expand the renewable energy business of Sun Drops by leveraging the technical expertise and project execution capabilities of DMGEL. DMGEL is engaged in providing EPC and project development solutions in the renewable energy sector, primarily in solar power, including utility-scale ground-mounted solar, commercial and industrial rooftop solar, hybrid power solutions, battery energy storage systems, transmission infrastructure and operation & maintenance services.

Approval Status: Board of Directors of Sun Drops Energia Limited approved on August 21, 2026. Shareholder approval pending in compliance with Companies Act, 2013.

Related Party Disclosure: Dr. Faruk G. Patel, Promoter & Director of Sun Drops, holds 8.95% equity share capital of DMGEL. The transaction constitutes a Related Party Transaction to the extent of acquisition of shares held by Dr. Patel. The transaction is being done at arm's length based on valuation report by Mr. Abhishek Chhajed, Registered Valuer (IBBI/RV/03/2020/13674) dated August 20, 2026.

Regulatory Approvals: Not Applicable as per disclosure

Corporate Structure Impact: Upon acquisition of 50% or more equity shares, DMGEL will become a step-down subsidiary of KPI Green Energy Limited.