Maxgrow India Limited has acquired a 74% stake in Hurricane Windfarms Private Limited (HWPL) for ₹525 per share. The company purchased 1,10,999 equity shares, making HWPL a wholly owned subsidiary.

The acquisition was completed via cash consideration. HWPL is engaged in the renewable energy sector, specifically generating and selling power through wind mills. For the financial year ended March 31, 2026, the target entity reported a turnover of ₹269.12 lakh.

What the Numbers Show

The acquisition price of ₹525 per share values the transaction significantly above the face value of ₹10. HWPL's financials show a steady increase in turnover over the past three years. Revenue rose from ₹210.31 lakh in FY24 to ₹215.33 lakh in FY25, and further to ₹269.12 lakh in FY26. This represents a growth of approximately 28% in FY26 compared to the previous year.

Strategic Rationale

Maxgrow India stated the acquisition is intended to generate synergies by combining HWPL's renewable energy capabilities with its existing metal trading activities. The company expects the move to support business growth, broaden offerings, and create opportunities for cross-selling and operational efficiencies. No regulatory approvals were required for the transaction, which falls outside related party transactions.

Maxgrow India Limited has formally submitted the voting results and the Scrutinizer’s Report for its 33rd Annual General Meeting (AGM) held on September 28, 2026. The company confirmed that all five resolutions placed before shareholders were passed with the requisite majority.

The proceedings were conducted in accordance with the Companies Act, 2013, and SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. Mr. Shiv Kumar Pasi served as the Chairman of the meeting after being appointed by Director Mr. Krishnan. Notably, Non-Independent Director Mr. Amarjit Srivastava and Chairperson/Independent Director Mr. Laxman Medudula were absent due to unavoidable circumstances.

Voting Results Summary

The Scrutinizer, Ms. Bhavika Ghuntla of BYG & Associates, reported that a total of 37,393,925 shares voted in favour across all resolutions, representing 93.61% of the total votes polled. Only 12 shares were cast against any resolution, resulting in an effective opposition rate of nearly zero (0.00%).

The table below summarises the key resolutions passed during the AGM:

Voting Pattern Analysis

The voting data reveals a distinct pattern in shareholder participation. The Promoter and Promoter Group held 35,950,559 shares, all of which were cast in favour of every resolution via remote e-voting. In contrast, Public Non-Institutional investors held 3,994,506 shares, but only 1,443,378 votes were polled from this category, indicating a participation rate of approximately 36.13% among public shareholders who did vote.

The small dissenting vote of 12 shares originated entirely from the Public Non-Institutional category during remote e-voting. No votes were cast against any resolution by the Promoter group or Public Institutions.

Procedural Compliance

The company utilised remote e-voting facilities, which commenced on September 24, 2026, and concluded on September 27, 2026. The cut-off date for voting eligibility was September 21, 2026. Members attending the virtual meeting who had not previously voted were provided an additional 15-minute window post-meeting to cast their votes electronically.

The results have been filed with the BSE Limited under Regulation 44(3) of the SEBI LODR Regulations. The scrutinizer’s report and final voting results are available on the company’s website and the e-voting platform managed by MUFG Intime India Pvt Ltd.