Divestment of 100% equity stake in Ishaan Solar Power Private and its wholly-owned subsidiary, namely, SEI Tejas Private Limited.
Awaiting price reaction for this filing.
The Board of Refex Renewables approved selling its entire 100% stake in wholly-owned subsidiary Ishaan Solar Power Private Limited (along with step-down SEI Tejas) for a cash consideration of Rs 3.93 crore, with completion targeted by June 30, 2025. The buyer is Mr. Pashupathy Shankar Gopalan, a promoter and shareholder of Avyan Pashupathy Capital Advisors (a promoter-group entity), making this a related-party transaction done at an independent valuation of Rs 212.21 per share. Ishaan and SEI Tejas are being hived off because their businesses are not in sync with the company's segment and SEI Tejas's net worth is fully eroded (negative Rs 19.20 crore); the company says the divestment will not materially impact consolidated financials. Separately, the Board withdrew the earlier approved Rs 160 crore rights issue citing weak market conditions, global instability, and SEBI's revised rights issue framework. FY25 standalone loss widened to Rs 919 lakh (vs Rs 703 lakh) and standalone net worth is fully eroded, with auditors flagging a material going-concern uncertainty on both standalone and consolidated bases; consolidated FY25 loss was Rs 3,639 lakh.
Shareholders should note the company is selling loss-making, non-core solar subsidiaries to a promoter-related buyer at a small cash consideration and has shelved its Rs 160 crore fundraise, while standalone net worth is fully eroded and auditors have raised a going-concern flag — together pointing to weak near-term financial health despite management's plan to keep operating.