BSL Limited has acquired a 26% stake in Bhadla Minigrid Solar 5 Private Limited for ₹2.35 crore. The move is designed to augment the company’s captive renewable energy capacity.

The acquisition involves purchasing 23,50,000 equity shares of face value ₹10 each. The transaction was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Deal Structure and Target

Bhadla Minigrid Solar 5 Private Limited is a special purpose vehicle incorporated on January 31, 2025. The entity has not yet commenced operations, so turnover figures are not applicable. It operates in the power generation sector.

The acquisition does not constitute a related-party transaction. Promoters or group companies hold no interest in the target entity.

Strategic Rationale

The primary objective is to secure qualifying solar captive power for BSL’s plants located in Mandpam, Bhilwara. The project includes a 4.4 MW AC / 6.5 MW DC solar power plant along with a 4.92 MWh battery energy storage system (BESS).

This infrastructure is located in Setrawa, Phalodi District, Jodhpur, Rajasthan. The company states that this setup will ensure long-term cost efficiency and sustainability in compliance with applicable electricity laws for captive power consumption.

Timeline and Approvals

The company expects to complete the acquisition within four months. No government or regulatory approvals are required for this transaction.

BSL Ltd shareholders approved all four ordinary resolutions placed before the 55th Annual General Meeting held on September 1, 2026. The meeting was conducted through video conferencing and other audio-visual means.

The resolutions included the adoption of audited financial statements for FY26, reappointment of two directors retiring by rotation, and ratification of cost auditor remuneration for FY27.

Voting Participation

A total of 11,800 shareholders were on record as of August 25, 2026. Out of 1,02,92,168 total shares, approximately 57.15% of votes were polled across the resolutions. No shareholders attended in person or via proxy; participation was exclusively through remote e-voting or e-voting during the virtual meeting.

Promoter group participation stood at 97.31% for key resolutions, while public non-institutional participation remained low at 2.20%.

Resolution Details

All resolutions were passed with overwhelming support. The scrutinizer report, issued by V.M. & Associates on September 2, 2026, confirmed compliance with SEBI Listing Obligations and Disclosure Requirements Regulations.

• Financial Statements: Adopted with 99.9992% votes in favor.
• Director Reappointment (Arun Kumar Churiwal): Passed with 99.9990% support.
• Director Reappointment (Ravi Jhunjhunwala): Passed with 99.9991% support.
• Cost Auditor Remuneration: Ratified with 99.9991% approval.

Opposition votes were negligible, ranging from 47 to 54 shares against the resolutions, primarily from the public non-institutional category.