Vikram Solar Limited has announced a significant strategic partnership through a domestic cell procurement agreement with Jupiter International Limited, marking a major expansion in its solar cell sourcing capabilities.

Strategic Partnership Details

The company entered into an agreement to procure high efficiency solar cells aggregating to 2GW of ALMM-compliant crystalline solar cells. The procurement covers two key product categories:

• High efficiency TopCon Solar Cells
• High efficiency mono PERC Solar Cells

Regulatory Compliance and Disclosure

The company disclosed this material agreement under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in compliance with regulatory requirements for material agreements.

Transaction Structure

The agreement represents a pure procurement arrangement with no complex shareholding or governance structures. Key aspects of the transaction include:

Strategic Significance

This procurement agreement positions Vikram Solar to strengthen its supply chain for ALMM-compliant solar cells, which are essential for solar projects in India. The 2GW capacity represents a substantial volume that will support the company's manufacturing and project development activities.

The agreement focuses on high-efficiency solar cell technologies, including TopCon and mono PERC cells, which are among the most advanced crystalline solar cell technologies currently available in the market. This strategic sourcing arrangement will enable Vikram Solar to access quality solar cells for its operations while maintaining compliance with ALMM (Approved List of Models and Manufacturers) requirements.

Vikram Solar Limited's promoters have successfully released their entire pledged shareholding, marking a significant corporate development that frees up substantial equity from encumbrance. The release, executed on February 19, 2026, involved two major promoter entities and represents a total of 9,49,60,893 equity shares.

Pledge Release Details

The pledge release encompassed shares held by two key promoter entities under the working capital facility arrangement with Indian Bank consortium:

The release was facilitated through IndBank Merchant Banking Services Limited, acting on behalf of Indian Bank as the lead bank for the working capital consortium. The formal sanction for this release was granted vide Indian Bank's sanction letter referenced LCB/KOLVSL/2025-26/1065 dated January 9, 2026.

Current Promoter Shareholding Structure

Following the pledge release, the complete promoter shareholding structure shows varied holdings across multiple entities and individuals:

Regulatory Compliance and Documentation

The disclosure was made under Regulation 31(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011, ensuring full regulatory compliance. The company has notified both BSE Limited (Scrip Code: 544488) and National Stock Exchange of India Limited (Symbol: VIKRAMSOLR) about this significant corporate action.

Gyanesh Chaudhary, serving as the authorized signatory for both Vikram Capital Management Private Limited and Gyanesh Chaudhary Family Trust, executed the necessary documentation on February 19, 2026. The digital signatures were applied at 22:00:16 and 22:01:24 IST respectively.

Impact on Corporate Structure

With this pledge release, the entire shareholding of the primary promoters—Vikram Capital Management Private Limited, Gyanesh Chaudhary Family Trust, and Gyanesh Chaudhary—is now completely free from encumbrance. However, VSL Ventures Private Limited continues to maintain its entire 1,50,99,750 shares (4.17% stake) under encumbrance.

The release represents a significant milestone for the solar energy company, potentially providing greater flexibility in corporate decision-making and future strategic initiatives. The company's shares continue to trade on both major Indian stock exchanges under the ISIN INE078V01014.