INR 350,00,00,000 WWIL consideration paid; INR 100,00,00,000 ICD converted into 25% of Vibhav Energy

Update on acquisition of shares of Vibhav Energy Private Limited (VEPL).

Sat 10 Oct 2026

Consideration Paid

INR 350,00,00,000 (Three Hundred and Fifty Crore)

ICD Converted into Equity

INR 100,00,00,000 (One Hundred Crore) converted into equity on October 09, 2026

Equity Shares Acquired

10,00,00,000 equity shares of Rs. 10 each = 25% of VEPL's paid-up capital, fully diluted

The company has given an update on its acquisition linked transaction involving Vibhav Energy Private Limited (VEPL).

What has happened under the Resolution Plan

• The Resolution Plan for Wind World (India) Limited (WWIL) was submitted by a consortium of Inox Neo Energies Limited (the Lead Member) and the Company, and was approved by the NCLT by its order dated July 27, 2026.
• The Company's financial commitment under the Resolution Plan, as consideration for the purchase of certain identified assets of WWIL, was INR 350,00,00,000 (Indian Rupees Three Hundred and Fifty Crore).
• The Company has fulfilled that commitment by remitting this consideration to WWIL, after deducting statutory payments such as TDS, which will be shared on behalf of WWIL.

The revised route for implementation

• The scheme of arrangement forming part of the Resolution Plan was not approved by the NCLT. The consortium then revised the transaction structure under the flexibility available in the Resolution Plan.
• This Revised Structure was approved by the implementation and monitoring committee by its resolution dated August 31, 2026.
• Under the Revised Structure, the Lead Member and the Company had an option to agree on terms and conditions for infusion by the Company of debt or equity in Vibhav Energy Private Limited, one of the implementation entities of the Lead Member.

The VEPL equity conversion

• Under an inter corporate deposit agreement dated September 28, 2026, the Company had disbursed INR 100,00,00,000 (Indian Rupees One Hundred Crores) to VEPL.
• On October 09, 2026 this amount was converted into equity shares of VEPL representing 25% (twenty-five percent) of the paid-up share capital of VEPL, calculated on a fully diluted basis.
• The Company received intimation on October 09, 2026 that these equity shares have been allotted to it, and the allotment of equity shares to the Company was completed on October 09, 2026.
• It is acquiring 10,00,00,000 (Ten Crore) equity shares of VEPL, having face value of Rs. 10 each.
• No cash consideration is being paid by the Company for these shares; they are being acquired through conversion of the inter corporate deposit owed by VEPL to the Company, in terms of the ICD Agreement.

About the target entity

• VEPL is a company existing under the laws of India, with its registered office at Vadodara, Gujarat. It is a subsidiary of Inox Green Energy Services Limited.
• Its business is providing operation and maintenance services for wind power service providers within India.
• Net Worth as at March 31, 2026: INR (0.1) Crore.
• Turnover (FY 2025-26): Nil; turnover in each of the last three financial years (FY 2025-26, FY 2024-25 and FY 2023-24): Nil.
• The acquisition does not fall within related party transactions, and the promoter, promoter group and group companies have no interest in the entity being acquired.
• No governmental or regulatory approvals are required for the acquisition.
• The Company states it believes the target entity has strong potential for value creation, and that this aligns with its objective of portfolio diversification.

How to read this update

• The disclosure records two things at once: the remittance of the Company's share of consideration for the identified assets of WWIL, and the completion of a step where a INR 100,00,00,000 deposit was converted into a 25% equity holding in VEPL with 10,00,00,000 shares of face value Rs. 10 each.
• The stake is in a business whose turnover for the last three financial years is stated as Nil, and whose net worth as at March 31, 2026 is stated as INR (0.1) Crore.
• The shares were acquired without cash consideration, through conversion of an amount already disbursed by the Company.

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