Summary of Key Information:

Reporting Period (Quarter/Year): Not Applicable (Board Meeting Disclosure)

Nature of Filing / Announcement: Outcome of Board Meeting under Regulation 30 of SEBI Listing Regulations

Audit Opinion:

Not Specified

Key Financial Highlights:

Not Specified

Corporate Actions:

Joint Venture Formation:

  • Board approved execution of Securities Subscription Agreement (SSA) and Joint Venture Agreement (JVA) with Rays Power Infra Private Limited and Rays Green Energy Manufacturing Private Limited
  • Company will invest to hold 50% equity share capital of Rays Green, with Rays Power holding remaining 50%
  • Joint venture purpose: Establishment, development, commissioning and operation of 2.4 GW solar photovoltaic cell manufacturing facility at Mohasa, District Narmadapuram, Madhya Pradesh
  • Facility location: Approximately 41.30 acres at Mohasa, Babai, Narmadapuram District, Madhya Pradesh

Financial Commitment:

  • Equity investment: Aggregate subscription amount of up to ₹100,00,00,000 (One Hundred Crore)
  • Initial subscription: ₹26,82,16,200 (Twenty-Six Crore Eighty-Two Lakh Sixteen Thousand Two Hundred) for 12,600 equity shares
  • Issue price: ₹21,287 per equity share (Face value: ₹10 + Securities premium: ₹21,277)
  • Loan commitment: Up to ₹320,00,00,000 to be extended to Rays Green for project funding
  • Total financial commitment: ₹520,00,00,000

Governance Rights:

  • Appointment of nominee director(s) on Rays Green Board
  • Affirmative voting rights and reserved matters requiring prior approval of both parties
  • Pre-emptive rights/participation rights in future securities issuances
  • Restrictions on alteration of share capital, borrowings, disposal of material assets without prior approval
  • 5-year lock-in on securities followed by Right of First Offer restrictions

Target Entity Details - Rays Green:

  • Incorporated: April 5, 2022
  • Business: Manufacturing, designing, developing, trading, importing, exporting, assembling, operating and maintaining renewable energy products
  • Turnover: FY 2025-26: ₹437.63 crore, FY 2024-25: ₹166.75 crore, FY 2023-24: Nil
  • Capital: Authorized and Paid-up share capital of ₹1,00,000 each (10,000 equity shares of ₹10 each)
  • Domestic operations only

Variation in IPO Objects:

  • Modification approved for utilization of Fresh Issue proceeds from investment in subsidiary Kartik Solarworld Private Limited for 1.2 GW facility to investment in Rays Green JV for 2.4 GW facility
  • Original IPO: Total offer of ₹5,500 million comprising fresh issue of ₹4,400 million and pre-IPO placement of ₹1,100 million
  • Unutilized amount for Pandhurana Project: ₹4,200 million as of June 30, 2026
  • New project: 2.4 GW Solar PV n-type TOPCon G12R cell manufacturing plant

New Project Details:

  • Location: Manufacturing Zone for Power and Renewable Energy Equipment, Plot no. P-23, Mohasa-Babai Industrial Area, Narmadapuram, Madhya Pradesh
  • Land: 41.30 acres allotted by Madhya Pradesh Industrial Development Corporation, lease deed registered March 4, 2025
  • Estimated total project cost: ₹10,000 million
  • Funding through unutilized IPO proceeds: ₹4,200 million
  • Project implementation schedule: Commercial production expected by June 2027

Benefits Cited:

  • Improved capital efficiency: ₹417 crore per GW capital cost
  • Reduced project execution costs
  • Strategic location within solar manufacturing cluster
  • Regulatory readiness: Consent to establish obtained from Madhya Pradesh Pollution Control Board
  • Power cost advantage: Eligible for subsidized electricity at approximately ₹4.30 per unit
  • Reduced project implementation timeline (construction commenced)

Other Significant Information:

  • Project technology: TOPCon solar photovoltaic cells
  • Expected to provide backward integration, secure long-term cell supply, reduce dependence on third-party suppliers
  • Enhanced business synergies with company's existing solar EPC and module manufacturing operations