JSW Energy declared a dividend of ₹2 per equity share for the financial year ended March 31, 2026, at its 32nd Annual General Meeting (AGM) held on July 9, 2026. The meeting, conducted via video conferencing, saw the approval of the audited standalone and consolidated financial statements alongside the re-appointment of key directors and the ratification of cost auditor remuneration. All 17 resolutions listed in the notice were passed with the requisite majority, including several ordinary resolutions for material related party transactions.

Voting Results and Key Approvals

The facility for remote e-voting was available from July 6 to July 8, 2026, followed by e-voting during the AGM. A total of 973 ballots were cast regarding the dividend declaration, with 99.9862% of valid votes in favour. The resolution to adopt the financial statements received 962 ballots, securing 99.9841% approval. The re-appointment of Mr. Sharad Mahendra as Director was approved by 99.4637% of valid votes, while the special resolution for the re-appointment of Mr. Rajiv Chaudhri as an Independent Director received 99.3026% approval.

Related Party Transactions

Shareholders approved 12 ordinary resolutions concerning material related party transactions involving subsidiaries and associates. These included transactions between the company and JSW Mahanadi Power Company Limited, JSW Renewable Energy (Vijayanagar) Limited, and JSW Energy (Utkal) Limited. Additional resolutions authorised transactions with JSW Steel Limited, JSW Neo Energy Limited, and various other subsidiaries such as JSW Renew Energy Twelve Limited and JSW Renewable Energy (Cement) Limited. The resolution regarding transactions between JSW Thermal Energy Two Limited and Toshiba JSW Power Systems Private Limited was also approved.

Meeting Proceedings

Mr. Sajjan Jindal, Chairman and Managing Director, chaired the meeting, which was attended by 109 members. The Chairman confirmed that the reports from the Statutory Auditor and Secretarial Auditor contained no qualifications. The meeting concluded at 12:26 p.m. IST. The Scrutinizer's report, confirming the passage of all resolutions, has been published on the company's website and the website of KFin Technologies Limited, the Registrar and Share Transfer Agent.

JSW Energy Limited will hold meetings of its equity shareholders and unsecured creditors on July 20, 2026, via video conferencing, pursuant to an order from the National Company Law Tribunal (NCLT), Mumbai Bench dated June 2, 2026. The meetings are scheduled to seek approval for a scheme of arrangement with GE Power India Limited under Sections 230 to 232 of the Companies Act, 2013. The equity shareholders' meeting is set for 10:30 a.m. (IST), followed by the unsecured creditors' meeting at 12:30 p.m. (IST). The scheme outlines a share entitlement ratio where 10 fully paid-up equity shares of JSW Energy will be issued for every 139 fully paid-up equity shares held in GE Power India. The appointed date for the scheme is July 1, 2025.

Key Meeting Details

The NCLT has appointed Mr. Mohan Prasad Tiwari as the Chairperson for the meetings and Ms. Pooja Singh as the Scrutinizer. Physical attendance has been dispensed with, and the facility of appointment of proxies is not available. Equity shareholders and unsecured creditors may vote through e-voting at the meeting or via remote e-voting.

Voting Schedule

Financial and Regulatory Status

The scheme has received observation letters from BSE Limited and National Stock Exchange of India Limited dated April 1, 2026, confirming no adverse observations. Fairness opinions have been issued by IDBI Capital Markets & Securities Limited for GE Power India and 3Dimension Capital Services Limited for JSW Energy. A joint share entitlement ratio report was prepared by RBSA Valuation Advisors LLP and GT Valuation Advisors Private Limited.

The existing debt structure of JSW Energy includes long-term debts of INR 6,104.08 crore, comprising non-convertible debentures (NCDs) of INR 2,500 crore and term loans of INR 3,604.08 crore. The scheme specifies that holders of NCDs in JSW Energy will continue to hold them on the same terms and conditions post-effectiveness of the scheme.