We wish to inform you that the company has incorporated wholly owned subsidiaries, as attached herewith.
MADHAVIPL · price
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Awaiting price reaction for this filing.
Madhav Infra Projects has incorporated nine wholly owned subsidiaries, all named with a 'MIPL Solar' or 'Madhav Solar' prefix, each with an authorized and paid-up capital of ₹1 lakh (10,000 equity shares of ₹10 each). These subsidiaries will act as Special Purpose Vehicles (SPVs) to execute solar projects awarded by M.P. Urja Vikas Nigam Limited, a Government of Madhya Pradesh enterprise, which the company had disclosed on December 29, 2025. The listed company holds 100% shareholding in each of the nine new entities, and the initial capital infusion is in cash. The filings confirm these are newly incorporated Indian companies with no prior turnover or operating history.
This is a structural move to ring-fence individual solar projects under separate SPVs, which is a standard practice in the infrastructure/solar EPC industry and does not change the listed company's consolidated earnings profile. For shareholders, it signals execution progress on the previously announced MPUVNL solar orders but carries no immediate impact on share price or shareholder value.