Acquisition

25.06.2026 BSE Limited National Stock Exchange of India Limited Department of Corporate Services Listing Department Floor 25, P. J. Towers, “Exchange Plaza”, Dalal Street, C-1, Block G, Bandra – Kurla Complex, Mumbai-400 001. Bandra (E), Mumbai – 400 051. Scrip Code: 532051 Scrip Symbol: SWELECTES Dear Sir / Madam, Sub: Intimation regarding acquisition of 49% equity shares of Gridnex Solar Power Private Limited We would like to inform you that pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the wholly owned subsidiary company i.e., SWELECT SolarKraft Private Limited has entered into an agreement to acquire 49% (forty nine percent) equity shares of GRIDNEX SOLAR POWER PRIVATE LIMITED (‘Gridnex Solar’/‘target entity’), a company based in Haryana, which is in the process of setting up of grid connected Solar PV based Power Plants. The details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular No. HO/49/14/14(7)2025- CFD-POD2/I/3762/2026 dated January 30, 2026 are as follows: (a) name of the target entity, details in brief GRIDNEX SOLAR POWER PRIVATE such as size, turnover etc. LIMITED The target entity was incorporated on 17th March 2026 with a paid-up equity share capital of Rs.1,00,000/- and is yet to commence its commercial operations. Financial parameter of target entity (31st March 2026): Turnover (Rs. in Crore) - Nil PAT (Rs. in Crore) - Nil Net worth (Rs. in Crore) - 0.01 (subscription amount to MOA) (b) whether the acquisition would fall within No. related party transaction(s) and whether the promoter/ promoter group/ group The Company would become a related party companies have any interest in the entity subsequent to the completion of the proposed being acquired? If yes, nature of interest acquisition. and details thereof and whether the same is done at “arm’s length”; (c) industry to which the entity being Solar power generation and distribution acquired belongs; (d) objects and impact of acquisition The object of the acquisition is to expand the (including but not limited to, disclosure of Company’s business footprint and expected to reasons for acquisition of target entity, if augment the consolidated turnover of the its business is outside the main line of Company on a sustained, long-term basis. business of the listed entity); Gridnex Solar is in the process of setting up of grid connected Solar PV based Power Plants (SPP) of 8 X 10 MW totaling 80 MW under Surya Mitra Krishi Feeders Scheme, with feeder solarization component of PM KUSUM- C scheme for sale of power to Madhya Pradesh Power Management Company Limited (MPPMCL). The transaction contemplated does not result in a change of control of the target entity, as Apollo Green Energy Limited shall continue to remain the majority shareholder of the Company. Further, the transaction does not alter the management, operations or day-to- day control of the target entity. (e) brief details of any governmental or Not Applicable regulatory approvals required for the acquisition (f) indicative time period for completion of The acquisition will be made as per the Share the acquisition Purchase and Shareholders Agreement or such other agreements entered / to be entered amongst the SWELECT SolarKraft Private Limited, Gridnex Solar and Apollo Green Energy Limited. (g) consideration - whether cash Cash consideration or share swap or any other form and details of the same (h) cost of acquisition and/or the price at Cost of acquisition - INR 4,31,20,000/- (Indian which the shares are acquired Rupees Four Crores Thirty-One Lakhs Twenty Thousand only) (i) percentage of shareholding / control The wholly owned subsidiary company i.e., acquired and / or number of shares SWELECT SolarKraft Private Limited acquired proposes to acquire 4,900 equity shares having face value of Rs.10/- each (49% of total paid up equity shares of the target entity) (j) brief background about the entity GRIDNEX SOLAR POWER PRIVATE LIMITED acquired in terms of products / line of was incorporated as a wholly owned business acquired, date of incorporation, subsidiary of APOLLO GREEN ENERGY history of last 3 years turnover, country in LIMITED in Haryana. which the acquired entity has presence and any other significant information (in Line of business acquired: The target entity is brief) involved in the business of generation, accumulation, purchase, sale, supply and trading of electricity and power generated through renewable energy sources including solar energy, wind energy and other non- conventional energy sources on a commercial basis, including designing, developing, erecting, installing, commissioning, operating and maintaining solar power plants, rooftop solar systems, photovoltaic systems and other renewable energy-based projects on EPC basis or otherwise. Date of incorporation: 17th March 2026 History of last 3 years’ turnover: Not Applicable, since it was recently incorporated and audit for the first financial year is yet to be completed. We request you to kindly take on record the above compliance. Thanking you, Yours faithfully, For SWELECT ENERGY SYSTEMS LIMITED Arulkumar Pudur Shanmugasundaram CEO & Managing Director DIN: 08371976