Sanginita Chemicals Limited has informed the Exchange about Acquisition of AGEL shares through swap
SANGINITA · price
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Sanginita Chemicals has signed a Share Swap and Share Purchase Agreement (dated March 20, 2026) to acquire 100% of Agastya Green Energy Limited (AGEL), a solar panel/cell manufacturing, EPC and power generation company. The deal involves Sanginita issuing 1,52,87,356 fresh equity shares at Rs. 13.05 each (aggregating ~Rs. 19.95 crore) to B N G Investment LLC in exchange for 95 lakh AGEL shares. Additionally, the Acquirers (BNG Investment LLC and Mr. Anubhav Agarwal) will subscribe to 1,91,57,080 more shares via cash preferential allotment and buy out the existing promoters' entire 65,78,994 shares in Sanginita. AGEL, incorporated in March 2025, has nil turnover so far. As a result, the Acquirers will become the new promoters of Sanginita and the existing promoter group will exit.
The transaction triggers a mandatory open offer for public shareholders under SEBI takeover rules, and existing promoters will be replaced by new promoters, signaling a significant change of control. AGEL will become a wholly-owned subsidiary of Sanginita, giving the company a foothold in renewable energy, though the target has no revenue yet, so near-term financial impact is limited and the deal is more strategic in nature.