Vibhav Energy converts Rs. 150 Crore ICDs into equity; ceases to be wholly-owned subsidiary

Vibhav Energy Private Limited, a subsidiary of Inox Green, has converted inter-corporate deposits (ICDs) of Rs. 150 Crore into equity shares of face value Rs. 10/- each.

Sat 10 Oct 2026

ICD Conversion Amount

Rs. 150 Crore

Company Shareholding in Vibhav

75%; Authum holds 25%

Shares Allotted to Company

5 Crore equity shares against its ICDs of Rs. 50 Crore

How the holding changed

• On 9th October, 2026, Vibhav Energy Private Limited converted inter-corporate deposits (ICDs) aggregating Rs. 150 Crore into equity shares of face value Rs. 10/- each.
• 5 Crore equity shares were allotted to the Company against its ICDs aggregating Rs. 50 Crore.
• 10 Crore equity shares were allotted to Authum Investment & Infrastructure Limited against its ICDs aggregating Rs. 100 Crore.
• After these allotments, the Company's shareholding in Vibhav stands at 75% and Authum's at 25%. Vibhav has ceased to be a wholly-owned subsidiary and continues to be a subsidiary.

Why the conversion was done

• The update states the conversion of ICDs into equity shares restructures the Company's existing financial exposure in accordance with the terms of the inter-corporate facility agreement.
• It does not involve any fresh cash outflow by the Company, and the consideration is non-cash.
• The acquisition is stated as completed, and no governmental or regulatory approval is required.

Related party angle

• Vibhav is a subsidiary of the Company, and the conversion of ICDs into equity shares constitutes a related party transaction.
• The update states the transaction has been done at arm's length.
• Other than Vibhav being a subsidiary, neither the promoter nor promoter group entities have any direct interest in the transaction.

About Vibhav

• Incorporated on July 10, 2017, it is engaged in providing operation and maintenance services for wind power service providers within India.
• The authorised share capital of Vibhav is Rs. 500.01 Crore, and the paid-up equity share capital after considering the conversion of ICDs of the Company and Authum is Rs. 400.01 Crore.
• The turnover of Vibhav for FY 2025-26 was Nil, and its turnover in each of the last three years was Nil.

What this means in simple terms

• A wholly-owned subsidiary is now a 75%-owned subsidiary. A new shareholder, Authum, has come in at the subsidiary level by converting the deposits it had extended to Vibhav into shares. Because of that simultaneous allotment, the Company's stake reads 75% instead of the earlier full ownership.
• The Company's exposure to Vibhav continues, but in the form of equity shares rather than ICDs. No new cash has moved in this transaction.
• The update also records that Vibhav's turnover was Nil in FY 2025-26 and in each of the last three years.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.