KPI Green Energy’s subsidiary, Sun Drops Energia Limited, has approved a proposal to acquire up to a 100% stake in Mavericks Green Energy Limited (DMGEL) for a total consideration of ₹55.80 crore.
The proposed acquisition is aimed at strengthening Sun Drops’ renewable energy business by leveraging DMGEL’s technical expertise and project execution capabilities. The transaction is expected to be completed by September 30, 2026, subject to shareholder approvals and other applicable regulatory compliances.
Under the proposed deal, Sun Drops will acquire up to 1,70,84,853 equity shares of DMGEL at ₹32.66 per share, representing up to 100% of the company’s equity capital.
The consideration will be paid through the issuance of up to 15,89,781 Compulsorily Convertible Preference Shares (CCPS) of Sun Drops to DMGEL’s shareholders, subject to the required approvals and applicable provisions of the Companies Act, 2013.
If Sun Drops acquires 50% or more of DMGEL’s equity shares, DMGEL will become a step-down subsidiary of KPI Green Energy, in accordance with the Companies Act, 2013.
The transaction also involves a related-party component. Faruk G. Patel, promoter and director of Sun Drops, currently holds an 8.95% stake in DMGEL. Accordingly, the acquisition of his shares and the corresponding issuance of Sun Drops CCPS will constitute a related-party transaction.
KPI Green Energy said the acquisition will help Sun Drops expand its renewable energy operations by gaining access to DMGEL’s technical capabilities and project execution experience.
The deal comes as renewable energy developers in India continue to scale up project portfolios and strengthen their capabilities across development, engineering and execution. For the broader clean-energy ecosystem, such consolidation could support faster deployment of renewable power projects and related infrastructure.
The proposed transaction remains subject to shareholder approval and other statutory requirements before completion.
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