Vardhman Special Steels Limited has informed the Exchange about Amendment(s)
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Vardhman Special Steels has amended two agreements originally signed in December 2023 with promoter ASG Holdco Beta Pte. Ltd. and Sone Solar Private Limited for a 55 MW DC captive solar plant in Punjab. Under the amended Power Supply and Offtake Agreement (effective April 1, 2025), any dividend Vardhman receives from Sone will be clawed back by Sone via a higher power tariff in subsequent months, and the year-wise contracted energy in Annexure 2 has been raised because Sone installed higher-efficiency solar panels that generate more power. The amended Share Subscription and Shareholders' Agreement revises the terms of Call and Put Options, specifying that if Fair Market Value exceeds Face Value, Vardhman refunds the excess to ASG, and if FMV is lower, ASG compensates Vardhman for the shortfall.
For shareholders, the deal tweak signals that the captive solar project is delivering more power than originally planned, which is positive for long-term power cost stability, but the dividend claw-back mechanism via higher tariffs slightly dilutes the cash benefit Vardhman would otherwise enjoy from its Sone stake. The Call/Put Option revision narrows Vardhman's upside from the investment but also limits downside risk, making the arrangement more balanced overall.