GRE Renew Enertech has expanded its renewable energy footprint in Gujarat with two solar power commissioning milestones. The company successfully operationalized Ground Mounted Solar Power Projects aggregating to 7.20 MW (AC) / 9.67 MW (DC) at Village Gadha and Vaktapur in Taluka Himmatnagar, District Sabarkantha, with commercial operations commencing on May 27, 2026. Adding to this, the company's wholly owned subsidiary has also commissioned a 1.5 MW (AC) / 2.016 MW (DC) solar power project in Gujarat, further strengthening the group's clean energy capacity.

The operationalization of the parent company's projects follows the receipt of requisite approvals from concerned authorities, including charging permission and the completion of meter sealing formalities. While the plants are now active, the commissioning certificate from the Gujarat Energy Development Agency (GEDA) is currently under process and is expected to be received in due course. The commissioning of the 7.20 MW (AC) project marks the execution of the company's growth strategy and the achievement of the principal object for which funds were raised through its Initial Public Offer. The intimation was submitted to BSE Limited pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Project Details

The solar power projects — spanning both the parent company and its wholly owned subsidiary — add significant capacity to the group's portfolio. The key technical and location details are outlined below:

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.