Bondada Engineering Limited ( bondada engineering ) has acquired a 60% equity stake in Onix IPP Private Limited, thereby securing a controlling interest in a 225 MW (AC) solar power portfolio. This strategic move positions the company to generate predictable annuity-based revenues from a government-backed agricultural feeder solarisation programme in Maharashtra. The acquisition complements the group’s existing annuity income from Battery Energy Storage System (BESS) assets, strengthening its portfolio of steady and recurring cash flows.

The transaction was disclosed on July 27, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI master circular for compliance circular no. HO/49/14/14(7)-CFD-POD2/1/3762/2026 dated July 11, 2023. The company confirmed that all requisite regulatory and governmental approvals have been obtained, and the acquisition is completed.

Onix IPP Private Limited serves as the Special Purpose Vehicle (SPV) for the implementation of the solar power project under Mukhyamantri Saur Krushi Vahini Yojana 2.0. This initiative operates under Component C of the PM-KUSUM Scheme in the State of Maharashtra. The SPV holds a power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The agreement secures an estimated annual revenue of approx. INR 150.48 Crs.

The acquisition structure involved a cash consideration for 6000 shares at a face value of Rs.10 each. This transaction grants Bondada Engineering Limited 60% of the paid-up equity share capital of Onix IPP Private Limited, establishing it as the majority shareholder. The deal is not classified as a related party transaction.

Transaction Details

Strategic Implications

The acquisition marks a significant step in Bondada Group’s objective to establish a presence in renewable energy asset ownership and creation. By integrating this 225 MW solar portfolio, the company diversifies its revenue streams beyond its core engineering operations. The long-term nature of the PPA with MSEDCL provides visibility into future cash flows, aligning with the group’s focus on stable, recurring income sources. This addition to the renewable energy IPP portfolio enhances the company’s balance sheet resilience through low-risk, government-backed assets.

Bondada Engineering Limited has recommended a final dividend of 14% for the financial year ended March 31, 2026, marking a significant return to shareholders following its transition from the SME platform. The Board of Directors, in a meeting held on July 24, 2026, also approved the migration of the company’s equity shares to the Main Board of BSE Limited and National Stock Exchange of India Limited (NSE). This strategic move aims to enhance liquidity and visibility, subject to shareholder approval via postal ballot. The record date for determining dividend entitlement is fixed at August 14, 2026.

The board authorized the opening of the final Dividend Account for FY25-26 and approved the Director’s Report along with the Secretarial Audit Report issued by the company’s secretarial auditors. Additionally, the Cost Auditor’s Report for FY25-26 was considered and approved, with the remuneration of the cost auditors recommended for ratification by members at the ensuing Annual General Meeting (AGM).

Governance and Appointments

To comply with regulatory requirements for main board listing, the company appointed Mr. P. Dinakara Rao as an Additional Independent Director effective July 24, 2026. Mr. Rao, a former Chief General Manager at State Bank of Hyderabad with over four decades of experience in banking and financial services, will hold office until the AGM. His appointment aligns with Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The board also proposed the reappointment of Mrs. Neelima Bondada and Dr. Bondada Raghavendra Rao, who retire by rotation. Furthermore, the Secretarial Auditor was appointed for a five-year term commencing from FY26-27, and an Internal Auditor was appointed for FY26-27.

Capital Structure and Borrowing Powers

The board sought shareholder approval for borrowing powers up to ₹10,000 crore under Section 180(1)(c) of the Companies Act, 2013, and the creation of security under Section 180(1)(a). Additionally, authorization was sought to raise funds through the issuance of Non-Convertible Debentures (NCDs) or other suitable instruments up to ₹500 crore.

AGM and Voting Details

The 14th Annual General Meeting is scheduled for August 21, 2026. KFin Technologies Limited has been appointed as the E-voting Agency, and Vivek Surana & Associates as the Scrutinizer for both the AGM and the postal ballot regarding the main board migration. Shareholders holding shares as of July 24, 2026, with registered email addresses will receive the AGM notice and e-voting instructions electronically.

What the Numbers Show

The declaration of a 14% final dividend signals confidence in the company’s cash flow generation post-migration. The substantial borrowing limit of ₹10,000 crore, contrasted with the immediate NCD raise cap of ₹500 crore, suggests a phased approach to capital raising, likely aligned with long-term expansion plans rather than immediate short-term funding needs. The appointment of an additional independent director underscores the company’s commitment to strengthening corporate governance standards as it transitions to the main exchanges.