Zodiac Energy completed the acquisition of a 63.5% equity stake in Zenwatt Clean Energy Private Limited on September 21, 2026. The transaction makes Zenwatt a subsidiary of the listed entity, advancing its strategy to expand its renewable energy portfolio and operational capabilities in the Battery Energy Storage Systems (BESS) sector.

The acquisition was executed through a cash consideration of ₹18 per equity share. Zodiac Energy acquired 6,35,000 equity shares with a face value of ₹10 each, resulting in an aggregate consideration of ₹1,14,30,000. This move follows the Board of Directors' approval announced on February 9, 2026.

Transaction Details

Zenwatt Clean Energy Private Limited, incorporated on July 7, 2023, operates exclusively in India. The company is engaged in the business of Battery Energy Storage Systems (BESS). As per the disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transaction was undertaken on an arm’s length basis.

Financial Profile of Target

Zenwatt reported a turnover of ₹5,13,000 for FY26. The entity recorded nil turnover for both FY25 and FY24. The company has an authorized share capital of ₹3 crore divided into 30,00,000 equity shares of ₹10 each, with a paid-up share capital of ₹1 crore comprising 10,00,000 equity shares.

Related Party Aspect

The disclosure confirms that the promoters and members of the promoter group have an interest in the acquisition. However, the company stated that the transaction adheres to applicable laws and was conducted at arm's length. No governmental or regulatory approvals were required for this acquisition.

Zodiac Energy promoter Jugalkishor Harikrishnadas Shah gifted 6,40,233 equity shares to his son and daughter-in-law on September 15, 2026. The transfer consolidates holdings within the promoter group.

The transaction was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing was submitted to the BSE and NSE on September 17, 2026.

Transaction Details

Jugalkishor Harikrishnadas Shah transferred his entire holding of 6,40,233 shares (face value ₹10 each) via an off-market gift. The shares were distributed as follows:

Holding Changes

Prior to the transaction, Kunjbihari Jugalkishor Shah held 94,64,290 shares (62.46%). Parul Kunjbihari Shah held 4,24,800 shares (2.80%). Jugalkishor Harikrishnadas Shah held 6,40,223 shares (4.23%).

Following the gift:

Jugalkishor Harikrishnadas Shah’s holding dropped to zero. The total promoter group stake remains unchanged at 69.83% (10,581,479 shares), as the transfer occurred within the group.

What the Numbers Show

The transaction consolidates voting control under Kunjbihari Jugalkishor Shah, whose stake now exceeds two-thirds of the voting capital. The aggregate promoter group ownership remains static at 69.83%, indicating no dilution or external acquisition.