Sanginita Chemicals Limited Enters Share Swap and Share Purchase Agreement with Agastya Green Energy Limited and Others

Sanginita Chemicals Limited Enters Share Swap and Share Purchase Agreement with Agastya Green Energy Limited and Others​

Sanginita Chemicals Limited announced on March 20, 2026, that it has entered into a Share Swap and Share Purchase Agreement ("SSSPA") with Agastya Green Energy Limited ("AGEL"), B N G Investment LLC ("Acquirer 1"), and Mr. Anubhav Agarwal ("Acquirer 2"). The agreement involves the acquisition of AGEL, the allotment of fresh equity shares to Acquirer 1 for a cash consideration, and the purchase of the entire stake of the Existing Promoters and Promoter Group of the Company by the Acquirers.

Pursuant to the SSSPA, the Company will swap equity instruments of AGEL with Acquirer 1 and allot fresh equity shares to Acquirer 1 via a preferential issue. A cash consideration will also be provided. The existing promoters and promoter group, including Mis Sanginita Industries LLP, Mr. Dineshsinh Bhimsinh Chavada, Mr. Vijaysinh Dineshsinh Chavda, Ms. Hansaben Dineshsinh Chavada, and Ms. Anita Ravindrasinh Aswar, will transfer their shares to the Acquirers.

The preferential issue will involve the allotment of up to 1,52,87,356 equity shares of Rs. 10 each, with an issue price of Rs. 13.05 per share, aggregating to Rs. 19,94,99,995.80.

The acquisition of AGEL, which is engaged in solar panel and cell manufacturing, EPC, and power generation, is expected to provide Sanginita Chemicals with an integrated platform across the renewable energy value chain. The transaction triggers an open offer obligation under the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.

Source:​