Wheels India Limited Acquires 32.65% Stake in Solar Energy Company for ₹3.43 Crores

Wheels India Limited has successfully completed a strategic investment in the renewable energy sector, acquiring a significant stake in a solar power company for ₹3.43 crores. The transaction was completed on April 30, 2026, as part of the company's expansion into clean energy solutions.

Investment Details

The acquisition involved the purchase of 3,43,245 equity shares of Emerge Solar One Private Limited at ₹100 per share, representing the face value of each equity share. The total investment amount of ₹3,43,24,500 secures Wheels India a 32.65% shareholding in the target company.

Parameter: Details Investment Amount: ₹3,43,24,500 Number of Shares: 3,43,245 equity shares Share Price: ₹100 per share Current Shareholding: 32.65% Future Shareholding: 18.87% (after other off-taker investment)

Target Company Profile

Emerge Solar One Private Limited (CIN U35105TN2024PTC173924) operates in the renewable energy sector, specifically focusing on solar power generation. The company was incorporated on October 08, 2024, and is engaged in generating, producing, and distributing solar energy with an aggregate capacity of up to 13.864 MWp DC in Tamil Nadu.

The target company is a subsidiary of EG Green Parks Private Limited and currently has a paid-up capital of ₹8,20,000. As the entity has not yet commenced its main business operations, its turnover remains nil.

Strategic Rationale

The acquisition serves Wheels India's objective of procuring solar power under the captive generation scheme. This investment represents a strategic move outside the company's main line of business, positioning it to benefit from renewable energy generation for its operational requirements.

The generated electricity from the solar plants will be sold under the Captive Scheme as per the Power Purchase Agreement (PPA) framework. The transaction requires regulatory approval from TANGEDCO (Tamil Nadu Generation and Distribution Corporation).

Transaction Structure

The acquisition was completed through cash consideration rather than share swap or other forms of payment. Wheels India confirmed that this transaction does not fall within related party transactions, and no promoter, promoter group, or group companies have any interest in the acquired entity.

The company has notified both the National Stock Exchange of India Limited and BSE Limited about this investment under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring full regulatory compliance and transparency.

Wheels India Limited has submitted its quarterly compliance certificate to stock exchanges, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018. The Chennai-based automotive component manufacturer filed the mandatory certificate for the quarter ended March 31, 2026.

Regulatory Compliance Filing

The company submitted the certificate under Regulation 74(5) of SEBI regulations to both National Stock Exchange of India Limited and BSE Limited on April 06, 2026. Company Secretary and Compliance Officer K V Lakshmi signed the submission letter, ensuring compliance with depository participant regulations.

Filing Details: Information Regulation: SEBI (Depositories and Participants) Regulations, 2018 - Section 74(5) Quarter Ended: March 31, 2026 Filing Date: April 06, 2026 Stock Exchanges: NSE (Symbol: WHEELS) and BSE (Scrip Code: 590073)

Certificate Confirmation

Cameo Corporate Services Limited, serving as the company's Registrar and Share Transfer Agent, issued the compliance certificate dated April 02, 2026. The certificate confirms that securities received from depository participants for dematerialisation during the quarter were properly processed and confirmed to depositories.

Compliance Verification

The Registrar confirmed several key compliance aspects:

Securities received for dematerialisation were accepted or rejected as per regulations

All securities comprised in certificates have been listed on stock exchanges where earlier issued securities are listed

Security certificates received for dematerialisation were mutilated and cancelled after due verification

Depository names were substituted in the register of members as registered owners within stipulated time limits

Corporate Information

Wheels India Limited operates from its registered office at 21, Patullos Road, Chennai, with manufacturing facilities at Padi, Chennai. The company maintains its corporate identity number L35921TN1960PLC004175 and continues regular compliance with securities market regulations.

The filing represents routine quarterly compliance activity, demonstrating the company's commitment to maintaining proper depository participant relationships and securities handling procedures as mandated by SEBI regulations.

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