Rajesh Power Services Limited has disclosed an inter-se transfer of equity shares between promoter and promoter group members under Regulation 29(2) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction involved the redistribution of shareholding among the promoter group through off-market gift deed arrangements executed on March 13, 2026.

Transaction Overview

The inter-se transfer involved a total of 7,00,000 equity shares being redistributed among three promoter group members. All transactions were conducted through off-market gift deed arrangements, representing a strategic reallocation of shareholding within the promoter group structure.

Shareholding Changes

The transaction resulted in significant changes to the shareholding pattern among the promoter group members:

Daxesh Ramchandra Panchal (Disposal)

Kurang Ramchandra Panchal (Acquisition)

Nehal Ramchandra Panchal (Acquisition)

Company Capital Structure

The company's equity share capital structure remained unchanged following the inter-se transfer:

Regulatory Compliance

The disclosure was made in compliance with Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company filed the necessary documentation with BSE Limited, providing detailed information about the shareholding changes and transaction specifics. Company Secretary and Compliance Officer Jyoti Dakshesh Mochi signed the disclosure documents on behalf of the company on March 16, 2026.

Rajesh Power Services has announced that its wholly-owned subsidiary, Rajesh Power Projects Private Limited, has signed a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) for the development of a 65 MW / 130 MWh standalone Battery Energy Storage System (BESS) project at Virpore in Gujarat.

Project Specifications and Commercial Terms

The battery storage project encompasses substantial capacity specifications with defined commercial parameters for long-term operations.

Strategic Market Entry

The BESPA marks Rajesh Power Services' formal entry into the utility-scale battery energy storage segment through its subsidiary. The project was awarded under tariff-based competitive bidding as part of GUVNL's 'Request for Selection for setting up of Standalone BESS – Phase VII', supported by Viability Gap Funding (VGF) through the Power System Development Fund (PSDF).

Management Commentary

Commenting on the development, Mr. Kurang Panchal, Managing Director of Rajesh Power Services Limited, stated that the signing of the BESPA with GUVNL marks an important milestone as the company enters the utility-scale battery storage segment. He emphasized that as renewable energy capacity continues to grow, battery energy storage systems will play a critical role in ensuring grid flexibility and reliability.

Market Context and Impact

Standalone battery storage systems are increasingly being adopted by utilities to support renewable energy integration and enhance grid flexibility. The 65 MW system with 130 MWh capacity can supply power for up to two hours, helping manage intermittency and strengthen grid stability. Gujarat has emerged as one of the leading states in deploying grid-scale battery storage, with GUVNL initiating multiple phases of BESS procurement to complement the state's expanding renewable energy capacity.