New Delhi, March 3 The boards of solar PV manufacturer Grew Energy and Shanti Educational Initiatives Ltd (SEIL) have approved their merger as part of a group restructuring plan.
Under the merger plan, shareholders of SEIL will receive 100 fully paid equity shares of Re 1 face value each in Grew Energy for every 212 fully paid equity shares of Re 1 face value each held by them in SEIL, according to a regulatory filing.
A Chiripal group company, Grew Energy operates a 6.5 GW PV module manufacturing plant in Dudu, Rajasthan, with plans to scale to 11 GW. It is also setting up an 8 GW solar PV cell and ingot-wafer facility in Narmadapuram, Madhya Pradesh.
SEIL specializes in providing strategic solutions tailored to a wide range of educational institutions.
Vinay Thadani, CEO & Director of Grew Energy, said, "This proposed merger marks a significant milestone in our broader group restructuring initiative."
"As we continue to scale our integrated solar manufacturing capacities and advance our plans to expand into global markets, this merger strengthens our foundation and positions us to deliver sustainable, long-term growth," he added.
