Vardhman Special Steels Amends Share Subscription and Shareholder Agreement with ASG HOLDCO BETA PTE. LTD. & Sone Solar

Vardhman Special Steels Ltd. has executed an amended Share Subscription and Shareholder’s Agreement with ASG HOLDCO BETA PTE. LTD. (Promoter) and Sone Solar Private Limited (Power Producer). The amendment comes in continuation to the approval and execution of the Share Subscription and Shareholder’s Agreement dated 06 December, 2023 and 16 December, 2023. The amended agreements include a Power Supply and Offtake Agreement for setting up a 55 MW DC solar capacity in Punjab. The amendments include provisions for dividend recovery by Sone through upward revision in power tariff, and adjustments in the contracted and assured delivered energy based on the efficiency of the solar panels. The Share Subscription and Shareholder’s Agreement also includes provisions for the refund or compensation of the difference between the Fair Market Value and Face Value of the shares in case of exercise of Call Option or Put Option.