Swelect Energy Acquires GNU Solar, Invests in USolar

Target Entity: USOLAR ASSETCO FOUR PRIVATE LIMITED

Type of Deal: Additional investment in equity shares of a wholly owned subsidiary (to become subsidiary post-allotment to other investors)

Stake/Capacity:

Proposed subscription of up to 23,33,331 equity shares
Present Shareholding: 100%
Post-Investment Shareholding: 74% (subject to allotment to other group captive investors)
Capacity: 26.6 MWp DC solar power plant under Group Captive Scheme

Deal Value: Not exceeding ₹20,76,66,459 (Rupees Twenty Crores Seventy-Six Lakhs Sixty-Six Thousand Four Hundred and Fifty-Nine only)

Price per Share: ₹89/- consisting of face value Re.1/- issued at a premium of ₹88/- per equity share

Funding Source: Cash consideration

Financial Impact: Expected to result in increase of consolidated turnover of the Company. No current financial impact as target entity has:

Timeline: Investment will be made as per offer letter circulated by the Investee Company in multiple tranches

Strategic Rationale: Setting up solar power plant under group captive scheme to increase consolidated turnover

Approval Status: Approved by Investment Committee of the Board of Directors

Target Company Background:

Incorporated: June 2, 2025
Line of Business: Solar Power Generation, Erection and commissioning of solar & other renewable energy devices, consultancy regarding installation and maintenance of renewable energy systems
Paid-up equity share capital: ₹10,00,000/-
Became wholly owned subsidiary of Swelect on July 9, 2026

Target Entity: GNU SOLAR ASSETCO TWO PRIVATE LIMITED

Type of Deal: 100% acquisition of equity shares

Stake/Capacity:

Acquisition of 10,00,000 equity shares having face value of Re.1/- each (100% of total shares)
Capacity: Future setup of solar power plant with initial capacity up to 11 MWp DC under group captive scheme

Deal Value: Not exceeding ₹10 lakhs (Rupees Ten lakhs only)

Funding Source: Cash consideration

Financial Impact: Expected to result in increase of consolidated turnover of the Company. No current financial impact as target entity has:

Timeline: Acquisition will be made as per Securities Purchase Agreement or other definitive agreement to be entered with selling shareholders

Strategic Rationale: Acquisition to enable future setup of solar power plant under group captive scheme, increasing consolidated turnover

Approval Status: Approved by Investment Committee of the Board of Directors

Target Company Background:

Incorporated: June 15, 2026
Line of Business: Erection and commissioning of solar & other renewable energy devices, consultancy regarding installation and maintenance of renewable energy systems
Paid-up equity share capital: ₹10,00,000/-
Previously subsidiary of U-SOLAR CLEAN ENERGY SOLUTIONS PRIVATE LIMITED