In a strategic move, the boards of solar PV manufacturer Grew Energy and Shanti Educational Initiatives Ltd (SEIL) have approved a merger under a comprehensive group restructuring plan. This merger is set to provide a new direction and growth pathway for both companies.
According to regulatory filings, SEIL shareholders will receive 100 fully paid equity shares in Grew Energy for every 212 shares they hold. This decision marks a significant milestone for Grew Energy, a Chiripal group company, which operates a major photovoltaic module manufacturing plant in Rajasthan and is expanding its facilities in Madhya Pradesh.
Vinay Thadani, CEO & Director of Grew Energy, emphasized that this merger is pivotal to the company’s broader restructuring initiatives and will bolster their efforts to scale production, enter global markets, and sustain long-term growth.
(With inputs from agencies.)
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