Sun Drops Energia Limited, a subsidiary of KPI Green Energy Limited, has agreed to acquire up to 100% equity stake in DEK and Mavericks Green Energy Limited (DMGEL) for a transaction value of approximately ₹55.80 crore.
According to a regulatory filing dated August 21, 2026, the proposed acquisition involves the purchase of up to 1,70,84,853 equity shares of DMGEL at a price of ₹32.66 per share. The transaction will be executed through a share-swap arrangement, with Sun Drops Energia proposing to issue up to 15,89,781 Compulsorily Convertible Preference Shares (CCPS) to the shareholders of DMGEL as consideration.
The transaction is targeted for completion by September 30, 2026, subject to obtaining the required shareholder approvals.
Upon acquisition of 50% or more of DMGEL’s equity share capital, the company will become a step-down subsidiary of KPI Green Energy Limited.
DMGEL Business Profile
Incorporated on November 16, 2021, and headquartered in Ahmedabad, DMGEL operates in the renewable energy sector. The company provides engineering, procurement and construction (EPC) and project development solutions across ground-mounted solar projects, commercial and industrial (C&I) rooftop solar, hybrid power projects, battery energy storage systems (BESS) and transmission infrastructure.
The acquisition is expected to strengthen Sun Drops Energia’s technical capabilities and project execution expertise across renewable energy and associated infrastructure.
Financial Performance
DMGEL reported a revenue of ₹213.98 crore in FY 2025-26, compared with ₹150.04 crore in FY 2024-25 and ₹30.62 crore in FY 2023-24.
The company has a paid-up equity capital of ₹17.08 crore and an authorised share capital of ₹25 crore.
Related-Party and Valuation Details
The filing identifies the transaction as a related-party transaction, as Dr. Faruk G. Patel, promoter and director of Sun Drops Energia, holds an 8.95% equity stake in DMGEL.
The transaction has been stated to be on an arm’s-length basis, supported by an independent valuation report dated August 20, 2026, prepared by IBBI-registered valuer Abhishek Chhajed.
No external government or regulatory approvals are required for the transaction, apart from the applicable shareholder approvals.
The acquisition would expand Sun Drops Energia’s capabilities across solar, hybrid power, energy storage and transmission infrastructure, while strengthening KPI Green Energy’s presence across the renewable energy value chain.
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