Insolation Energy Limited has achieved a significant milestone by receiving in-principle approval from BSE Limited to migrate its equity shares from the BSE SME Platform to the BSE Mainboard. The approval, dated January 23, 2026, represents a major step forward for the renewable energy company in accessing broader capital markets and enhanced liquidity for its shareholders.

Approval Details and Timeline

The BSE communicated its approval through letter reference no. LO/MG/PJ/IP/673/2025-26 dated January 23, 2026. This approval comes in response to Insolation Energy's application submitted on December 12, 2025, which was reviewed and approved by the Internal Regulatory Oversight and Review Group of the Exchange.

Compliance Requirements and Next Steps

To complete the migration process, Insolation Energy must fulfill several mandatory requirements within the 45-day validity period. The company needs to submit a comprehensive set of documents and complete specific formalities as prescribed by BSE.

The key requirements include:

• Letter of application for listing of shares on Main Board
• Information Memorandum in the format prescribed under Section 26 of the Companies Act 2013
• Listing Agreement as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
• Latest shareholding pattern as per SEBI circular no. CIR/CFD/CMD/13/2015 dated November 30, 2015
• Financial statements as per Regulation 33 of SEBI LODR Regulations, 2015

Financial Obligations

The migration process involves specific fee payments that the company must complete as part of the listing formalities.

Regulatory Compliance Framework

Upon successful migration to the BSE Mainboard, Insolation Energy will become subject to enhanced regulatory requirements. All provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 will become applicable from the first date of trading on the Main Board.

This includes comprehensive corporate governance provisions that will strengthen the company's governance framework and provide greater transparency to stakeholders. The enhanced regulatory environment will also provide investors with additional protections and disclosure requirements.

Current Status and Future Timeline

Company Secretary and Compliance Officer Nitesh Sharma confirmed that Insolation Energy is currently processing the final listing formalities as prescribed by the Exchange. The company has committed to keeping BSE informed about further developments, including the announcement of the effective date for mainboard trading.

The 45-day validity period provides a clear timeline for completion, after which the company can apply for extensions as per BSE checklist requirements if additional time is needed to complete the migration process.

Insolation Energy has announced a significant credit rating upgrade for its wholly owned subsidiary, Insolation Green Energy Private Limited. CARE Ratings Limited has revised the subsidiary's credit ratings upward, reflecting improved financial strength and creditworthiness.

Credit Rating Enhancement Details

The rating agency has upgraded the subsidiary's credit ratings across multiple facility categories. The enhancement covers bank facilities totaling ₹146.14 crores, demonstrating CARE's increased confidence in the subsidiary's financial position.

Rating Upgrade Significance

The upgrade from CARE BBB; Stable to CARE BBB+; Stable represents a notable improvement in the subsidiary's credit profile. Additionally, the short-term rating component has been enhanced from CARE A3+ to CARE A2, indicating better short-term financial flexibility.

The long-term bank facilities amount has been reduced from ₹12.34 crores to ₹11.14 crores, while the combined long-term and short-term facilities remain at ₹135.00 crores. This adjustment reflects the subsidiary's evolving financing requirements.

Regulatory Compliance

Insolation Energy disclosed this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company filed the intimation on January 23, 2026, ensuring timely communication with stakeholders about material developments affecting its subsidiary.

The credit rating revision for Insolation Green Energy Private Limited represents a positive development for the parent company, as it reflects the improved financial health of its wholly owned subsidiary in the renewable energy sector.