Ravindra Energy Limited shareholders approved all nine resolutions proposed at the company's 46th Annual General Meeting held on September 28, 2026. The meeting, conducted via video conferencing, saw overwhelming support for key corporate actions, including the re-appointment of Shantanu Lath as Chief Executive Officer and the introduction of a new Employee Stock Option Scheme.

The scrutiny report submitted on September 29, 2026, confirmed that every resolution was passed by a requisite majority. The voting process included remote e-voting from September 23 to September 27, 2026, and electronic voting during the meeting itself. Shareholders holding equity shares as of the cut-off date of September 21, 2026, were eligible to vote. A total of 82,264 shareholders were on record, with 72 attending the meeting via video conferencing.

Key Resolutions Passed

The shareholders ratified several significant proposals, most notably the re-appointment of Shantanu Lath as Whole-Time Director and CEO for a further term of 3 years, effective August 11, 2026. This decision aligns with the Board's initial approval on August 14, 2026. Lath, who has been associated with the group since 2012 and assumed the CEO role in 2019, received votes in favor representing 99.95% of the valid votes cast for that specific resolution.

Another major approval was the Ravindra Energy Employee Stock Option Scheme 2026 (REL ESOP Scheme 2026). This special resolution passed with 99.95% of votes in favor. A related resolution also approved granting options to employees of group companies, subsidiaries, or associates under this scheme.

Voting Results Summary

The following table summarizes the voting outcomes for the key resolutions disclosed in the scrutinizer's report:

Note: Percentages are based on total valid votes cast.

Corporate Governance and Administrative Changes

Beyond executive appointments, shareholders approved the shift of the company's registered office from Karnataka to Maharashtra. This administrative change required a special resolution and consequential alteration to the Memorandum of Association. The current registered office is located in Belgaum, Karnataka.

Additionally, the remuneration limits for Dr. Vidya Murkumbi, Whole-Time Director and Chairperson, were revised. Her re-appointment as a director in place of the retiring director was also approved. Dr. Murkumbi is not related to any other Directors or Key Managerial Personnel, as disclosed in the regulatory filings.

Disclosure Details

The scrutinizer, M/s Sanjay Dholakia & Associates, certified the fairness and transparency of the e-voting process conducted through KFin Technologies Limited. The combined results were unblocked on September 28, 2026, at 12:50 pm. The detailed voting data indicates minimal dissent across all items, with opposition rarely exceeding 0.08% of valid votes. Notably, for resolutions involving promoter interest (Resolutions 2 and 7), promoter group votes polled were approximately 53.5% of their holding, compared to near-total participation in other items.

Ravindra Energy released an investor presentation on September 29, 2026, detailing its proposed merger with Energy In Motion (EIM) and confirming 260 MWp of operational solar capacity. The document outlines a strategic vision to create an integrated clean energy and electric mobility platform.

The presentation was filed under Regulation 30 of the SEBI (LODR) Regulations, 2015, following an analyst meeting held the same day. It provides granular details on the share exchange ratio, post-merger ownership structure, and the combined entity's capital expenditure plans for its battery-swapping network.

Merger structure and shareholding impact

The board has approved the amalgamation of EIM with Ravindra Energy. Upon effectiveness, the listed entity will be renamed Energy In Motion Limited. The scheme involves cancelling equity shares of EIM held by Ravindra Energy and issuing new shares to other EIM shareholders.

The share exchange ratio is set at 209 equity shares of Ravindra Energy for every 100 equity shares of EIM. This ratio is based on a joint valuation report. Post-merger, the promoter group holding is expected to rise significantly as J M Baxi Group becomes a co-promoter.

The resulting structure shows Murkumbi Group holding 75% and J M Baxi Group holding 25% of the promoter stake in the merged entity. The registered office of the combined entity will shift to Maharashtra.

Solar portfolio and capacity expansion

The presentation confirms that Ravindra Energy's renewable vertical has commissioned 261.21 MWp across 77 locations as part of its operating portfolio. This aligns with the previously reported figure of approximately 260 MWp. The company holds a grand total pipeline of 492.31 MWp when including projects under construction and development.

Key operating assets include MSKVY-1 (135.82 MWp) and MSKVY-2 (58.71 MWp) in Maharashtra, both supplying to MSEDCL. The company aims to reach a total capacity of 500 MW by March 2027.

Electric mobility network and OEM updates

Energy In Motion operates as an OEM and network provider for electric heavy commercial vehicles. As of September 2026, EIM has invoiced 452 e-tractors. The company has commissioned 8 battery swapping stations (BSS) with a daily capacity of 1,176 swaps, targeting 40 operational stations by March 2027.

EIM Megaplex Limited, a 100% subsidiary SPV, will own all swapping stations, chargers, and battery packs. This segregation allows for asset-liability matching and potential capital raises at the SPV level without diluting the listed parent.

Deployment targets by FY29-30

Strategic rationale and financial position

The merger aims to combine Ravindra Energy's distributed solar capabilities with EIM's electric heavy commercial vehicles and Battery-as-a-Service (BaaS) network. The presentation highlights that internalizing energy supply eliminates retail tariff exposure on EIM's largest input cost.

Financial data as of June 30, 2026, shows EIM has higher total assets (₹7,973.23 million) compared to Ravindra Energy's standalone total assets (₹6,992.07 million), reflecting EIM's asset-heavy infrastructure model. However, Ravindra Energy maintains a stronger net worth position relative to turnover.

What the numbers show

The combined data reveals a strategic pivot from pure-play utility generation to integrated mobility services. While the solar business provides steady cash flows with 261.21 MWp operational, the EV arm remains in early deployment with only 8 stations against a target of 40. The planned capex of ₹3,500-4,000 crore over three years for the network division indicates a significant capital intensity ahead, funded partly by monetizing existing solar assets. This structure balances a mature utility business with a high-growth, capital-intensive mobility startup.