GRE Renew Enertech Limited has initiated a postal ballot process seeking shareholder approval to reallocate ₹2.06 crore from its solar project to general corporate purposes. The e-voting is scheduled from May 26, 2026, to June 24, 2026, following a Board meeting held on May 23, 2026. The company published a newspaper advertisement regarding the proposed variation in the utilisation of the Initial Public Offering (IPO) proceeds and the Notice of Postal Ballot in the Financial Express on May 26, 2026, and in the Financial Express Gujarati on May 27, 2026.

Background of the Variation

The company proposes to reallocate ₹2,06,12,830, originally allocated for an automated Solar Panel Dry Cleaning System, to general corporate purposes. This decision follows a review of project implementation requirements, where the Board determined that manual and semi-mechanised cleaning through manpower deployment offers greater operational flexibility and ease of maintenance compared to the automated system. The Board confirmed that the aggregate allocation towards general corporate purposes will remain within the regulatory limits of 15% of gross proceeds or ₹10 crore, whichever is lower.

Revised Allocation of Funds

The reallocation will adjust the distribution of the net proceeds from the IPO, which aggregated ₹3,522.81 Lakhs. The revised allocation ensures that the aggregate amount towards general corporate purposes remains within the regulatory limits.

Exit Offer for Dissenting Shareholders

In compliance with Section 27(2) of the Companies Act, 2013, and Regulation 28(1A) and Schedule XX of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, an exit offer will be provided to dissenting shareholders if specific conditions are met. The offer is triggered if the resolution is dissented by not less than 10% of members who voted, and the amount utilised for the objects is less than 75% of the amount raised. The exit price will be determined by a SEBI-registered Merchant Banker.

E-Voting Process

The remote e-voting facility is provided by National Securities Depository Limited (NSDL). Shareholders holding shares in demat form can vote through their depository accounts or the NSDL e-voting website. The scrutinizer for the process is Mr. Vivek J. Vakharia. The results of the postal ballot will be announced within two working days from the conclusion of the e-voting period.

GRE Renew Enertech Limited has secured an order worth ₹81,72,197 for the development of a grid-connected rooftop solar power project. The contract was awarded by Govind Bronze Alloys LLP, a domestic entity, and falls under the company's ordinary course of business operations.

Order Details

The project involves the installation of a 303.26kW (DC) or 250 kW (AC) rooftop solar plant. The execution of the EPC contract will be carried out on a turnkey basis, with the work expected to be completed as per an agreed project schedule of approximately three months. The order value is inclusive of applicable taxes.

Business Context

The company clarified that the order is routine in nature and pertains to its existing solar EPC operations. There are no interests from the promoter, promoter group, or group companies in the transaction, nor is it a related party transaction. The terms and conditions are standard commercial terms customary to such contracts.

This disclosure was submitted as part of the company's fortnightly business update mechanism adopted for enhanced transparency and investor communication. The receipt of the order does not result in any change to the company's business model, risk profile, or capital structure.