Samvardhana Motherson International Limited has informed the exchanges that its step-down subsidiary Onega Solar Private Limited allotted 69,79,648 equity shares at a face value of Rs 10 each on a private placement basis on June 26, 2026. The allotment aggregated to Rs 6.98 crore.
Onega Solar Private Limited is a special purpose vehicle established for the development of a 15 MWp Group Captive Solar Project in Uttar Pradesh. The SPV was acquired through Motherson New Energy Limited, a wholly owned subsidiary of Samvardhana Motherson International. The acquisition of equity shares and compulsorily convertible debentures totalling 100% ownership was completed on December 24, 2025. The Group Captive Solar Project is intended to supply power to the domestic operations of Samvardhana Motherson International under the applicable regulatory framework.
The allotment was carried out to comply with shareholding requirements under the Group Captive framework in applicable electricity laws and regulations. Participating entities included Samvardhana Motherson International, its subsidiaries, joint ventures, associates, and promoter group entities.
Post allotment, Onega Solar ceased to be a wholly owned subsidiary of Motherson New Energy and became a subsidiary of MNEL. Samvardhana Motherson International holds 11.72% of the equity share capital of the SPV directly and 86.77% indirectly through its subsidiaries on a fully diluted basis. MNEL continues to hold control of the SPV through its aggregate direct and indirect ownership stake.
The SPV continues to remain an indirect subsidiary of Samvardhana Motherson International. The dilution in shareholding was undertaken solely to comply with the Group Captive regulatory framework and does not result in any change in the management or control of Onega Solar Private Limited.
The disclosure was made pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.