Bondada Engineering Limited has initiated a postal ballot process to seek shareholder approval for migrating its equity shares from the SME Platform of BSE Limited to the Main Board of BSE Limited and listing on the Main Board of National Stock Exchange of India Limited (NSE). The remote e-voting period commenced on July 28, 2026, at 9:00 A.M. (IST) and concludes on August 26, 2026, at 5:00 P.M. (IST). Results will be declared on or before August 28, 2026. This strategic transition aims to enhance liquidity, improve marketability, and attract institutional investors, marking a significant step in the company’s growth trajectory following its earlier recommendation of a 14% final dividend for FY25-26.

The Board of Directors approved the postal ballot notice in a meeting held on July 24, 2026. The resolution requires a special majority, with an additional regulatory condition under Regulations 277 and 280(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Specifically, the votes cast by shareholders other than promoters in favor of the resolution must be at least twice the number of votes cast against it by non-promoter shareholders. Approval by shareholders does not guarantee migration; the company must also satisfy all eligibility criteria prescribed under Chapter IX of the SEBI ICDR Regulations and receive approvals from BSE Limited, NSE, and other statutory authorities.

Voting Process and Eligibility

Shareholders holding shares as of the cut-off date, July 24, 2026, are eligible to vote. The communication is being sent electronically to members with registered email addresses with the Company’s Registrar and Share Transfer Agent (RTA), KFin Technologies Limited, or Depository Participants. Physical copies of the ballot are not being dispatched in compliance with Ministry of Corporate Affairs (MCA) circulars.

M/s. Vivek Surana & Associates, Practicing Company Secretaries, Hyderabad, has been appointed as the Scrutinizer for the postal ballot process. KFin Technologies Limited provides the remote e-voting facility. Shareholders can cast their votes via demat account logins through NSDL or CDSL platforms or directly via the KFin e-voting portal. Corporate members must submit scanned board resolutions or authority letters to the Scrutinizer.

Strategic Rationale and Governance

The explanatory statement highlights that migration will provide enhanced visibility among domestic and international investors, increased participation by mutual funds and foreign portfolio investors, and better access to domestic capital markets for future fundraising. The company has expanded its operations in Engineering, Procurement and Construction (EPC), telecom infrastructure, renewable energy, Battery Energy Storage Systems (BESS), and defence manufacturing.

To align with main board listing requirements, Bondada Engineering appointed Mr. P. Dinakara Rao as an Additional Independent Director effective July 24, 2026, in compliance 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.

What the Numbers Show

The push for main board listing coincides with the company’s robust capital structure plans. Earlier in July, the Board sought borrowing powers up to ₹10,000 crore and authorization to raise funds through Non-Convertible Debentures (NCDs) up to ₹500 crore. The migration to the main exchanges is expected to facilitate these long-term expansion plans by improving access to diverse funding sources and enhancing corporate credibility. The stringent voting requirement for non-promoter shareholders ensures that the move reflects broad investor confidence rather than just promoter control.

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.