Pursuant to Regulation 30 read with Schedule III of Listing Regulations, we wish to inform that Board has approved the Composite Scheme of Arrangement amongst Shanti Educational Initiatives ....
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On 2 March 2026, the board of Shanti Educational Initiatives approved a Composite Scheme of Arrangement under Sections 230-232 of the Companies Act. The scheme has two parts: (1) The company's entire education business (turnover of INR 26.32 crore, 100% of total turnover, and 86.2% of net worth) will be transferred via slump sale to its wholly-owned subsidiary Shanti Learning Initiatives Pvt Ltd for INR 94.15 crore, paid through 9.41 crore equity shares (not cash). (2) After the slump sale, Shanti Educational Initiatives will merge into Grew Energy Pvt Ltd, a much larger solar PV module and cell manufacturer (net worth INR 1,086.7 crore, turnover INR 1,589.6 crore, total assets INR 3,944.3 crore). Shareholders of Shanti Educational Initiatives will receive 100 equity shares of Grew Energy (post face value split from INR 10 to INR 1) for every 212 shares held. Grew Energy will then seek listing on BSE. The scheme needs BSE, SEBI, NCLT, and CCI approvals. Separately, the board approved reappointment of Independent Director Mr. Susanta Kumar Panda for a second 5-year term.
This is a transformative deal for shareholders: the listed education company is effectively being absorbed by a significantly larger solar energy business. Existing shareholders will end up holding shares in a solar manufacturing company (Grew Energy) rather than the education business. Given Grew Energy's much larger size and the rationale highlighting solar sector growth potential, this could be positive for long-term value if the scheme is approved, but it changes the fundamental nature of the listed entity entirely. Stock may see volatility as the scheme progresses through regulatory approvals.