GTV Engineering Limited Approves Preferential Share Issue and Acquisition of Chirchind Hydro Power
GTV Engineering Limited announced on March 23, 2026, that its Board of Directors approved a proposal to give loans, guarantees, provide security, and/or make investments up to Rs. 100 crore, exceeding prescribed limits under the Companies Act, 2013. This approval is subject to shareholder approval via a special resolution in an upcoming Extraordinary General Meeting (EGM).The Board also approved the issuance of up to 39,42,047 equity shares with a face value of Rs. 2 each on a preferential basis for consideration other than cash (share swap). These shares are to be issued to M/s GTV Infrastrucutres Private Limited, an existing shareholder of M/s Chirchind Hydro Power Private Limited ('CHPPL'), in exchange for the acquisition of 1,12,56,250 equity shares of CHPPL, representing 35.31% of its paid-up equity share capital.
The equity shares will be issued at Rs. 59.65 per share, including a premium of Rs. 57.65 per share, based on a valuation report from an independent registered valuer. The preferential issue and acquisition are pending shareholder approval at the upcoming General Meeting and any required regulatory approvals.
The acquisition of CHPPL equity shares will result in CHPPL becoming a subsidiary of GTV Engineering Limited, and Shivalik Energy Private Limited, a subsidiary of CHPPL, becoming a step-down subsidiary of GTV Engineering Limited.
The Board also approved a Share Swap Agreement between GTV Engineering Limited and M/s GTV Infrastrucutres Private Limited, along with related party transactions.
The company has scheduled an Extraordinary General Meeting for April 16, 2026, at 11:30 AM. The record date for voting on resolutions is set for April 9, 2026. Central Depository Service Limited (CDSL) will provide remote e-voting services, and M/s Ankur Chouksey and Associates will serve as the scrutinizer.
Financial Details of the CHPPL Acquisition:
| Particulars | Details |
|---|---|
| Turnover (Rs. in Crores) | 2024-2025: 32.60, 2023-2024: 25.99, 2022-2023: 35.33 |
| Cost of Acquisition (Approximately) | Rs. 23.52 Crores |
| Percentage of Shareholding Acquired | 35.31% |
| Total Number of Shares Acquired | 11,256,250 |
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