Swelect Energy Systems approved two corporate actions on September 24, 2026, expanding its renewable energy portfolio through an additional equity investment in USolar Assetco Four Private Limited and a full acquisition of GNU Solar Assetco Two Private Limited.

Additional investment in USolar Assetco Four

The Investment Committee of the Board of Directors approved an additional investment in the equity share capital of USolar Assetco Four Private Limited, a wholly owned subsidiary, of up to ₹20.77 crore. The funds will be used to set up a 26.6 MWp DC solar power plant under the Group Captive Scheme. Following allotment of shares to other identified group captive investors, Swelect Energy Systems' stake in the subsidiary will reduce from 100% to 74%, changing its status from a wholly owned subsidiary to a subsidiary.

The investment will be made in multiple tranches as per the offer letter circulated by the investee company. The transaction is classified as a related party transaction under SEBI Listing Obligations and Disclosure Requirements Regulations, and is being conducted on an arm's length basis. The consideration is in cash, at a price of ₹89 per share, comprising a face value of ₹1 and a premium of ₹88 per equity share. The company proposes to subscribe to up to a maximum of 23,33,331 equity shares of face value ₹1 each.

Key details of the USolar Assetco Four investment are summarised below:

USolar Assetco Four Private Limited was incorporated on June 2, 2025, with a paid-up equity share capital of ₹10,00,000 and is yet to commence commercial operations. It became a wholly owned subsidiary of Swelect Energy Systems on July 9, 2026. Its line of business covers solar power generation, erection and commissioning of solar and other renewable energy devices, and facilitation of solar, wind, and other renewable energy plant deployment, including consultancy, installation, maintenance, and operation relating to renewable energy systems.

Acquisition of GNU Solar Assetco Two

The Investment Committee also approved the acquisition of 100% equity shares of GNU Solar Assetco Two Private Limited, a company based in Karnataka, at a cost not exceeding ₹10 lakh. Upon completion, GNU Solar Assetco Two will become a wholly owned subsidiary of Swelect Energy Systems and is planned to set up a solar power plant under the Group Captive Scheme. The acquisition will be executed as per a Securities Purchase Agreement or such other definitive agreement to be entered into with the selling shareholders.

Key details of the GNU Solar Assetco Two acquisition are summarised below:

GNU Solar Assetco Two Private Limited was incorporated on June 15, 2026, as a subsidiary of U-Solar Clean Energy Solutions Private Limited in Karnataka, with a paid-up equity share capital of ₹10,00,000. It is yet to commence commercial operations, and its audit for the first financial year is yet to be completed. Its line of business covers erection and commissioning of solar and other renewable energy devices, facilitation of solar, wind, and other renewable energy plant deployment, and consultancy, installation, maintenance, and operation relating to renewable energy systems. No governmental or regulatory approvals are required for either transaction.

Swelect Energy Systems approved the transfer of a 26% equity stake in its subsidiary, ESG Solar Energy Private Limited, to Garg Acrylics Limited. The transaction, valued at ₹31 lakh, was executed on August 31, 2026, via resolution by circulation. This move creates a renewable power structure with a proposed group captive consumer.

Post-transfer, ESG Solar Energy will remain a subsidiary of Swelect Energy but will no longer be wholly owned. Garg Acrylics acquired 2,600 equity shares with a face value of ₹10 each.

Transaction Details

The board disclosed that the sale consideration amounts to ₹31,00,000. The agreement was formalized through Form SH-4 on August 31, 2026. Final completion of the disposal depends on approval from the board of ESG Solar Energy Private Limited.

Garg Acrylics Limited was incorporated on November 22, 1983, in India. The company confirmed that the transferee does not belong to the promoter, promoter group, or group companies. Consequently, the transaction does not fall under related-party regulations.

Financial Position of Subsidiary

ESG Solar Energy has not yet commenced commercial production or operations. For the fiscal year FY25-26, the unit reported nil turnover and nil income. Its audited financial statements reflect a negative net worth of ₹7.83 lakh.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.