ENCLOSED HEREWITH DISCLOSURE UNDER REGULATION 30 FOR RESIGNATION OF DIRECTOR MR. BHARATKUMAR SUCHAK
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Awaiting price reaction for this filing.
On 9 April 2025, the board accepted the resignation of Non-Executive Independent Director Mr. Bharatkumar Pramodbhai Suchak (DIN: 05154775) due to other professional commitments, effective the same day. In the same meeting, Independent Director Mrs. Himani Bhootra also resigned. Separately, the board approved a preferential issue of 70 lakh equity shares at Rs. 12 each (face value Rs. 10) to 23 allottees, of which a group of 5 persons acting in concert will pick up 43 lakh shares (43%), triggering SEBI Takeover Regulations and an open offer. Together with share purchase agreements from existing shareholders, the new group will hold 70.55% of the enhanced share capital. The board also noted Solarfusion Renewables Pvt Ltd becoming a 100% subsidiary, proposed raising authorised capital from Rs. 3 crore to Rs. 10 crore, and approved designation changes for 5 directors at an EOGM on 15 May 2025.
This filing signals a near-complete change of control at the company, with a new promoter group set to own over 70% and a mandatory open offer likely for remaining public shareholders. Two independent directors exiting on the same day, alongside large-scale board reshuffling, points to a major restructuring event that could materially affect minority shareholders and the stock's trading dynamics.