JSW Energy Limited has exercised its call option to acquire the remaining 26% equity stake in JSW Mahanadi Power Company Limited (JMPCL), moving closer to complete ownership of the power generation asset. The announcement was made through a regulatory filing under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Call Option Exercise Details

The company issued a notice on 9th April, 2026, formally exercising its call option to acquire the balance 26% equity shareholding of JMPCL held by erstwhile financial creditors. This acquisition is being executed in accordance with the Approved Resolution Plan and the Securities Holders' Agreement dated 6th March, 2025, which was executed with IDBI Trusteeship Services Limited representing the erstwhile financial creditors of JMPCL.

Background of the Acquisition

JSW Energy had previously acquired 74% of the equity share capital of JMPCL on 6th March, 2025, pursuant to the implementation of a Resolution Plan approved by the Hon'ble National Company Law Tribunal, Hyderabad Bench. The company was formerly known as KSK Mahanadi Power Company Limited before the acquisition.

Regulatory Compliance

The company has indicated that detailed information required under Regulation 30 of the SEBI Listing Regulations, read with SEBI Master Circular HO/49/14/14(7)2025-CFD-POD2/II/3762/2026 dated 30th January, 2026, will be provided at the time of actual acquisition of the balance 26% equity shareholding. This suggests that while the call option has been exercised, the transaction completion and associated disclosures are pending.

Strategic Implications

With this call option exercise, JSW Energy is positioned to achieve 100% ownership of JMPCL, providing complete control over the power generation asset. The acquisition aligns with the company's strategy to expand its power generation portfolio and strengthen its position in the Indian energy sector. The transaction structure through a resolution plan indicates that JMPCL was likely under insolvency proceedings before JSW Energy's intervention.

JSW Energy Limited has achieved a significant milestone in its proposed demerger with GE Power India Limited, receiving regulatory clearances from both major stock exchanges. The company announced on April 2, 2026, that it has obtained observation letters from BSE Limited and National Stock Exchange of India Limited regarding the scheme of arrangement between the two entities.

Stock Exchange Approvals Received

The regulatory approvals came through on April 1, 2026, marking a crucial step forward in the demerger process. The company received comprehensive clearances from both exchanges under specific SEBI regulations.

Timeline of Demerger Process

The demerger scheme has progressed through several key stages since its initial approval. JSW Energy's board of directors had approved the scheme of arrangement on September 18, 2025, subject to receiving necessary regulatory and other approvals.

Following the board approval, the company filed applications with both BSE and NSE on September 26, 2025, seeking their observation and no-objection certificates under Regulations 37 and 59A of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Regulatory Framework and Compliance

The scheme of arrangement operates under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. Both stock exchanges have provided detailed observation letters outlining compliance requirements and conditions that must be met throughout the demerger process.

Key regulatory requirements include:

• Disclosure of all ongoing adjudication and recovery proceedings
• Compliance with SEBI circulars and regulations
• Transfer of all liabilities from the transferor to transferee company
• Submission of valuation reports and financial projections
• Provision of detailed shareholder classification post-scheme

Document Availability and Next Steps

JSW Energy has made the observation letters from both exchanges available on its website at the dedicated section for the scheme arrangement with GE Power India Limited. The company must now proceed to file the scheme before the National Company Law Tribunal (NCLT) within the validity period of six months from April 1, 2026.

The observation letters specify that the validity period for NCLT filing extends until October 1, 2026. The scheme remains subject to receipt of other applicable regulatory approvals and NCLT sanction before final implementation.

Demerger Structure

Under the proposed arrangement, GE Power India Limited will serve as the demerged company (transferor), while JSW Energy Limited will function as the resulting company (transferee). The scheme involves the transfer of specific business undertakings and assets from GE Power India to JSW Energy, along with corresponding liabilities and obligations.