| Work Detail |
On December 18, 2024, the Board of Directors of SWELECT Energy Systems Limited convened for a meeting and approved several important business decisions.
The Board gave the green light to raise funds through the issuance of up to 1,385 Secured, Unlisted, Rated, Redeemable, Non-Cumulative, Taxable, Non-Convertible Debentures (NCDs). Each debenture will have a face value of ?10,00,000, aggregating to a total of ?138.5 crores. These debentures will be issued in one or more tranches on a Private Placement basis, in compliance with the Companies Act, 2013, and other relevant regulations. The necessary details, as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, are included in the annexure.
In addition, the Board approved the conversion of a loan given to SWELECT HHV Solar Photovoltaics Private Limited, a wholly-owned subsidiary, into preference shares. SWELECT HHV Solar Photovoltaics proposed converting the loan into 40,00,000 preference shares with a face value of ?100 each, amounting to a total consideration of ?40 crores. This conversion relates to the outstanding loan amount due from the subsidiary.
The Board also authorized the establishment of four wholly-owned subsidiaries. These new subsidiaries will focus on generating electricity through solar power plants. The names of the proposed subsidiaries, pending approval from the Registrar of Companies, include SWELECT Sunpower Plus Private Limited (or SWELECT MW Private Limited), SWELECT Solarkraft Private Limited (or SWELECT Luminis Solar Private Limited), SWELECT GP Private Limited (or SWELECT Ecoray Power Private Limited), and SWELECT SE Private Limited (or SWELECT Radiant Power Private Limited). The formation of these subsidiaries will further strengthen the company’s commitment to expanding its renewable energy portfolio.
These steps are aligned with the company’s strategic focus on sustainable energy generation and enhancing its presence in the solar power sector. The detailed disclosures required under the SEBI regulations have been provided in the annexures attached to the board meeting notice. |
