Rajesh Power Services has incorporated a 100% wholly owned foreign subsidiary, Rajesh Power Services NZ Limited, in New Zealand. The company received confirmation of the incorporation on August 14, 2026, marking its entry into the overseas market for power infrastructure services.

The new entity will focus on electrical and solar engineering, procurement, and construction (EPC) projects within the power transmission and distribution industry. This expansion aligns with the parent company’s core business lines, extending its operational footprint to the New Zealand market.

Transaction Details

Rajesh Power Services acquired 100% control of the subsidiary through a cash subscription to its share capital. The cost of acquisition corresponds to the initial share capital subscribed as per the incorporation documents. As a newly formed entity, Rajesh Power Services NZ Limited reported nil turnover, with no business operations having commenced yet.

Regulatory Disclosures

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, read with Para A of Part A of Schedule III and SEBI Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

The transaction is classified as a related party transaction due to the holding-subsidiary relationship. However, the promoters and promoter group hold no direct interest in the entity beyond their shareholding in Rajesh Power Services Ltd. No governmental or regulatory approvals are required for this incorporation.

Rajesh Power Services Limited has accepted the resignation of Viral Deepakbhai Ranpura as an Independent Director, effective August 11, 2026. The departure impacts the company’s governance structure, as Ranpura simultaneously ceases to hold positions on the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Corporate Social Responsibility Committee. This change requires the Board to appoint a successor to maintain the mandatory composition of independent directors and committee memberships as per regulatory requirements.

The resignation was formally communicated to the Bombay Stock Exchange (BSE) on August 12, 2026, pursuant to Regulation 30 read with Para A, Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Jyoti Daksheshkumar Mochi, the Company Secretary and Compliance Officer, signed the intimation letter, confirming that the resignation was tendered vide letter dated August 11, 2026.

Resignation Details

According to the filing, Ranpura cited "personal and medical occupancy" as the sole reason for his resignation. He confirmed in his resignation letter that there are no other material reasons for stepping down. The details of the change were disclosed in compliance with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Governance Implications

As an Independent Director, Ranpura’s exit necessitates immediate attention from Rajesh Power Services Limited to ensure continued compliance with SEBI norms regarding independent director representation on key board committees. The company must now identify and appoint a new independent director to fill the vacancy and reconstitute the affected committees.

Ranpura, holding DIN 07177208, stated in his resignation letter addressed to the Board of Directors that he wishes the company well for the future. He requested that notice of his resignation be given to the Stock Exchange, the Registrar of Companies, and other regulatory agencies as required. The filing confirms that he does not hold any other directorships in listed entities.