KPI Green Energy Limited announced that its material subsidiary, Sun Drops Energia Limited (SDEL), has completed the acquisition of a 62.91% equity stake in DEK and Mavericks Green Energy Limited (DMGEL). The transaction concluded on September 26, 2026, solidifying KPI Green’s footprint in the renewable energy sector through this strategic consolidation.

Acquisition details and structure

SDEL acquired 1,07,47,760 equity shares of DMGEL, representing the specified percentage of the paid-up equity share capital. This move follows an initial intimation provided on August 21, 2026, regarding the proposed acquisition of up to 100% of DMGEL’s equity. The completion marks a significant step in KPI Green’s strategy to expand its operational capacity via its subsidiary network.

Consequent to this transaction, DMGEL has become a subsidiary of SDEL. Accordingly, it is now classified as a step-down subsidiary of KPI Green Energy Limited, in accordance with the applicable provisions of the Companies Act, 2013.

Regulatory compliance and disclosures

The company stated that all disclosures required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, have been duly submitted. These disclosures were aligned with SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026. The relevant information was previously submitted as "Annexure – A" to the intimation dated August 21, 2026.

The confirmation of the share transfer was received from SDEL at 10:30 am on September 26, 2026. The filing was signed by Krunal Bhatt, Company Secretary & Compliance Officer, for KPI Green Energy Limited.

KPI Green Energy Limited shareholders approved a material related party transaction with Sun Drops Energia Limited, formerly known as Sun Drops Energia Private Limited. The ordinary resolution passed with 64.16% of the valid votes cast in favor, while 35.84% voted against it.

The voting results were submitted to stock exchanges on September 26, 2026, pursuant to Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The postal ballot, conducted exclusively through electronic means, concluded on September 24, 2026. The scrutinizer’s report confirmed that the requisite majority was achieved for the single agenda item presented.

Voting breakdown by shareholder category

The approval was driven primarily by retail non-institutional shareholders, who overwhelmingly supported the transaction. In contrast, institutional investors displayed strong dissent, casting a majority of their votes against the proposal. Promoters and promoter group members abstained from voting entirely, as they were interested parties in the transaction.

What the numbers show

The data reveals a stark divergence in sentiment between institutional and retail investors regarding this related party transaction. While public institutions voted against the resolution by a margin of 84.45%, public non-institutions supported it by 99.76%. This split suggests that institutional investors may have concerns about the valuation or fairness of the deal that retail shareholders did not share or prioritize. The promoters’ complete abstention from voting highlights the regulatory requirement for interested parties to refrain from influencing such decisions, leaving the outcome entirely dependent on public shareholder consensus.