Mahindra & Mahindra Limited has announced its decision to acquire a 26% stake in Neon Hybren Private Limited, a step-down subsidiary, for up to Rs. 11.17 crores. The company approved this acquisition on 9th April 2026 and subsequently executed a Share Subscription and Shareholders Agreement with Neon and Mahindra Susten Private Limited.

Strategic Solar Power Initiative

The acquisition forms part of Neon's plan to establish a Group Captive Power Plant in Punjab, India. The facility will supply power generated from a grid-connected photovoltaic ground-mounted captive power plant to Mahindra & Mahindra on a captive basis. To comply with the Electricity Rules 2005, the company is required to hold at least 26% of Neon's share capital to qualify as a captive user.

Corporate Structure and Ownership Changes

Neon Hybren Private Limited is currently a wholly owned subsidiary of Mahindra Susten Private Limited, which in turn is a subsidiary of Mahindra Holdings Limited. Mahindra Holdings Limited is a wholly owned subsidiary of Mahindra & Mahindra Limited, making Neon a step-down subsidiary of the parent company.

Upon completion of the transaction, Mahindra Susten Private Limited's shareholding in Neon will be diluted from 100% to 74%, while Mahindra & Mahindra will directly hold 26% equity shares. Despite this change, Neon will continue to remain a step-down subsidiary of the company.

Financial Profile of Neon Hybren

Neon Hybren Private Limited was incorporated on 3rd May 2024 and is primarily involved in production and sale of power, generating electricity, and distributed energy services including rooftop solar installations for commercial, industrial, institutional and residential segments.

The company reported nil revenue from operations and a net loss of Rs. 9.23 lakhs for the year ended 31st March 2025, with a net worth of Rs. 10.77 lakhs.

Regulatory Compliance and Transaction Structure

The investment falls within the ambit of Related Party Transactions as per SEBI Listing Regulations and will be conducted on an arm's length basis. The transaction requires no governmental or regulatory approvals and will be executed through cash consideration. The proceeds from this investment will be utilized by Neon for future business operations and general corporate purposes.

The acquisition aligns with Mahindra & Mahindra's renewable energy initiatives and ensures compliance with captive power regulations while maintaining operational control through its subsidiary structure.

Mahindra & Mahindra Limited has published newspaper advertisements on 7th April 2026 informing shareholders about the Securities and Exchange Board of India's (SEBI) special window for re-lodgement of physical share transfer requests. The advertisements were published in Business Standard (English) and Sakal (Marathi) newspapers in Mumbai editions.

SEBI Special Window Timeline

SEBI had discontinued transfer of physical shares from 1st April 2019. However, the regulatory body opened a special window from 7th July 2025 to 6th January 2026 for re-lodgement of physical share transfer requests originally submitted before 1st April 2019 but returned due to deficiencies in documentation.

To facilitate investors further, SEBI has decided to open another special window for one year from 5th February 2026 to 4th February 2027.

Eligibility Criteria

The company has outlined specific eligibility requirements for shareholders seeking to utilize this special window:

Exclusions and Restrictions

Certain cases will not be considered under this special window:

• Cases involving disputes between the transferor and transferee
• Securities which have been transferred to the Investor Education and Protection Fund (IEPF)

Processing Requirements

All shares re-lodged during this period will be processed through the transfer-cum-demat route. The processed shares will only be issued in dematerialized (demat) form after transfer and will be subject to a lock-in period of one year.

Contact Information

For further information or clarification, shareholders can contact the company or its Registrar and Transfer Agent (RTA):

The information has also been uploaded on the company's website at www.mahindra.com . The notification was signed by Sailesh Kumar Daga, Company Secretary (FCS: 4164), and copies were sent to Luxembourg Stock Exchange and London Stock Exchange Plc.