Ahmedabad, March 2026: In a significant move to consolidate the Chiripal Group’s presence in the renewable energy sector, the Board of Directors of Shanti Educational Initiatives Limited (SEIL) and Grew Energy Private Limited (GEPL) have approved a comprehensive Scheme of Arrangement. The proposed restructuring is designed to streamline operations, accelerate value creation, and pave the way for Grew Energy’s independent listing and institutional credibility.

The Restructuring Roadmap

The transaction will be executed in a two-stage process:

• Stage 1 (Slump Sale): SEIL will transfer its educational business undertaking to a subsidiary, Shanti Learning Initiatives Private Limited (SLIPL). In consideration, SLIPL will issue shares to SEIL based on an independent valuation.
• Stage 2 (Amalgamation): SEIL will subsequently be amalgamated into Grew Energy Private Limited. Following this, GEPL will issue shares directly to the shareholders of SEIL, effectively transforming SEIL’s investor base into shareholders of the fast-growing solar manufacturing entity.

Share Exchange Ratio and Valuation

Following a comprehensive valuation by independent registered valuers, M/s Finvox Analytics and A N Gawade, the boards have approved the following share swap ratio:

• 100 fully paid equity shares (Face Value ₹1) of Grew Energy Private Limited for every 212 fully paid equity shares (Face Value ₹1) held in Shanti Educational Initiatives Limited.

Strategic Objectives

The merger marks a milestone for Grew Energy, one of India’s fastest-growing solar PV manufacturers. The company currently operates a 6.5 GW manufacturing plant in Rajasthan with plans to scale to 11.0 GW, alongside an 8.0 GW facility in Madhya Pradesh.

“This merger is a strategic step towards reorganising and streamlining our corporate structure. It strengthens our foundation as we scale integrated solar manufacturing and expand into global markets. The listing will provide the transparency and institutional credibility required for sustainable expansion,” said Vinay Thadani, CEO & Director of Grew Energy.

Vishal Chiripal, Managing Director of SEIL, added: “The merger brings together the strengths of both entities. We are confident this will enhance shareholder value, allowing SEIL investors to participate in Grew Energy’s high-growth journey in the clean energy sector.”

Advisors and Compliance

Ernst & Young (EY) and P. Murali Consultants acted as transaction advisors for the deal. The scheme remains subject to requisite approvals from shareholders, creditors, the National Company Law Tribunal (NCLT), and other regulatory authorities, including BSE and SEBI.