Samvardhana Motherson Subsidiary Allots Shares for Solar Project

Samvardhana Motherson International Ltd (SAMIL) announced that its step-down subsidiary, Onega Solar Pvt Ltd (OSPL-SPV), has allotted 69,79,648 equity shares. This allotment, valued at ₹6,97,96,480, was made on a private placement basis to SAMIL and other related entities. OSPL-SPV is a special purpose vehicle developing a 15 MWp Group Captive Solar Project in Uttar Pradesh. The share allotment was necessary to comply with Group Captive framework requirements, resulting in OSPL-SPV ceasing to be a wholly owned subsidiary of SAMIL's subsidiary, Motherson New Energy Limited (MNEL). Despite the dilution, OSPL-SPV remains an indirect subsidiary of SAMIL and under its control, aligning with the company's sustainability goals and aiming for long-term cost efficiencies and reduced carbon footprint.