Disclosure under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015- Intimation Notice of Postal Ballot
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GRE Renew Enertech Ltd is seeking shareholder approval via postal ballot (special resolution) to reallocate ₹2.06 crore from its Solar Power Plant project to General Corporate Purposes. The company completed its IPO in January 2026 raising ₹35.23 crore. The funds being reallocated were originally meant for an Automated Solar Panel Dry Cleaning System (robots, CCTV cameras, routers, and installation charges). The company states it will now use manual and semi-mechanised cleaning instead, citing operational flexibility and maintenance ease. The revised General Corporate Purposes allocation increases from ₹3.65 crore to ₹5.71 crore. Voting period runs from May 26 to June 24, 2026.
This is a relatively small variation (about 5.8% of IPO proceeds) and does not change the main solar project objective. However, it signals management discretion over fund usage. If 10%+ shareholders vote against AND less than 75% of IPO funds remain for project objects, promoters must provide an exit offer to dissenting shareholders at a price determined by a merchant banker.