Quality Power Electrical Equipments Limited board has approved raising up to ₹700 crore via a Qualified Institutions Placement (QIP) and acquiring Winwin Speciality Insulators Limited through a share swap and cash deal.

The Board of Directors, in its meeting held on September 23, 2026, approved the issuance of equity shares or other securities for an aggregate amount not exceeding ₹700 crore. This fund-raising initiative is subject to regulatory approvals and shareholder consent. Additionally, the board approved the acquisition of up to 100% of the paid-up equity share capital of Winwin Speciality Insulators Limited (Winwin).

Acquisition of Winwin Speciality Insulators

The company entered into a Share Purchase Agreement (SPA) to acquire up to 1,91,95,007 fully paid-up equity shares of Winwin at an acquisition price of up to ₹141.88 per share, for an aggregate consideration of up to ₹272.34 crore. The consideration will be discharged through a combination of cash and equity shares.

The company will issue and allot up to 10,17,123 fully paid-up equity shares to certain Selling Shareholders of Winwin as a preferential issue. These "Swap Shares" will be issued at an issue price of ₹1,460.00 per share, which is higher than the floor price of ₹1,456.40 per share determined under ICDR Regulations. The balance consideration of up to ₹123.84 crore will be paid in cash.

Winwin is engaged in the manufacture of high-voltage ceramic and polymeric insulators. The acquisition aims to enhance the competitiveness and integrated business model of Quality Power. The transaction is expected to be completed on or before March 31, 2027.

Selling Shareholders and Swap Details

Note: The table above summarizes key allotments. Total acquisition covers up to 1,91,95,007 shares representing up to 100% capital.

Regulatory Compliance and Next Steps

An Extra-Ordinary General Meeting (EGM) of shareholders has been convened for October 19, 2026, via video conferencing to seek approval for these matters. The trading window for designated persons was closed with immediate effect from September 20, 2026, and will reopen 48 hours after the declaration of the meeting's outcome.

The notice was issued pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Deepak Ramchandra Suryavanshi, Company Secretary and Compliance Officer, signed the intimation from Sangli.

What the Numbers Show

The acquisition price of ₹141.88 per share for Winwin implies a valuation based on its recent revenue trajectory. Winwin reported provisional revenue from operations of approximately ₹17.07 crore in FY26, up from ₹12.72 crore in FY25 and just ₹1.07 crore in FY24. This rapid revenue growth likely underpins the premium paid for the target entity, aligning with the strategic goal of integrating high-voltage insulator manufacturing into Quality Power’s existing electrical equipment portfolio.

Quality Power Electrical Equipments Limited will host investors and analysts for a physical plant visit on September 11, 2026. The event is part of the company’s proposed acquisition of Winwin Speciality Insulators Limited.

The interaction is scheduled for 10:30 am in Sangli. Company officials will conduct the group meeting at the target company’s facility. The visit aims to provide stakeholders with insights into the operations of the entity being acquired.

Event Details

The company disclosed the intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The interaction will be conducted on a group basis through physical mode.

Discussion Scope

Company officials will refer only to the latest publicly available documents during the discussions. No unpublished price-sensitive information will be shared during the meeting. The date and time remain subject to change due to exigencies on the part of the company or participants.

Deepak Ramchandra Suryavanshi, Company Secretary and Compliance Officer, issued the disclosure from Sangli on September 7, 2026.