GREW Energy, Shanti Educational Initiatives Boards Approve Merger Scheme, Set Share Exchange Ratio

The Board of Directors of GREW Energy and Shanti Educational Initiatives at a recent meeting, has approved the proposed Scheme of Arrangement between Shanti Educational Initiatives (SEIL) and Shanti Learning Initiatives (SLIPL) and GREW Energy (GEPL) and their respective shareholders and creditors.

The scheme provides, as a first step, for the slump sale of the business undertaking from SEIL to SLIPL in consideration for the issuance of shares by SLIPL to SEIL, with the valuation determined by an independent valuer. As a second step, it envisages the amalgamation of SEIL with the Company, pursuant to which GEPL will issue shares to the shareholders of SEIL based on an independent share exchange valuation

GEPL, a venture of the Chiripal Group, is one of India’s fast-growing solar PV manufacturers. The company operates a 6.5 GW PV module manufacturing plant in Dudu, Rajasthan, with plans to scale to 11.0 GW, and is setting up an 8.0 GW solar PV cell and Ingot-Wafer facility in Narmadapuram, Madhya Pradesh. GREW manufactures high-efficiency N-type TOPCon solar modules on G12R and M10R technologies, designed for reliable performance across utility, commercial, industrial and rooftop projects. With a strong focus on quality standards, sustainable manufacturing, GREW Solar is contributing to India’s clean energy growth.

SEIL specialise in offering strategic solutions that cater to a diverse range of educational institutions, spanning from preschool levels through post-graduation. Additionally, the company has extended its expertise to include the establishment and management of schools, addressing the unique needs of aspiring individuals. 

The Board also approved the share exchange ratio for the proposed merger. The ratio was approved based on the comprehensive valuation exercise carried out and recommended by two independent registered valuers, M/s Finvox Analytics and A N Gawade. As per the valuation, the shareholders of SEIL will get 100 fully paid equity shares of face value of INR 1 per share in GEPL for every 212 fully paid equity shares of face value of INR 1 each held by them in SEIL.

Ernst and Young (EY) and P. Murali Consultants has acted as the transaction advisors to the proposed transaction.    

Speaking on the development, Vinay Thadani, CEO and Director, GREW Energy, said, “This proposed merger marks a significant milestone in our broader group restructuring initiative. It is a strategic step towards reorganising, consolidating and streamlining the corporate structure, resulting in greater operational efficiency and implementing smoother and more effective controls and processes. As we continue to scale our integrated solar manufacturing capacities and advance our plans to expand into global markets, this merger strengthens our foundation and positions us to deliver sustainable, long-term growth. The proposed merger is not merely a structural consolidation, but a strategic realignment designed to accelerate value creation. The listing of the company will provide enhanced transparency, institutional credibility, and a robust foundation for sustainable expansion.”

Vishal Chiripal, Managing Director, Shanti Educational Initiatives (SEIL), said, “The proposed merger brings together the strengths of both entities and creates a stronger and more efficient structure. We are confident that this will enhance shareholder value and provide SEIL shareholders the benefit of participating in GREW Energy’s growth journey as it scales its business.” 

The proposed Scheme is subject to requisite approval from shareholders and creditors, Stakeholders, Stock Exchange, jurisdictional National Company Law Tribunal (NCLT) and other applicable regulatory authorities. Upon receipt of all regulatory approvals and necessary compliances, GREW Energy will get listed on the recognised stock exchange