GREW Energy and SEIL Advance Restructuring With Merger Into GEPL Following Two-Step Scheme

Boards of GREW Energy Private Limited (GEPL) and Shanti Educational Initiatives Limited (SEIL) approved a proposed Scheme of Arrangement on Monday. The plan covered SEIL, Shanti Learning Initiatives Private Limited (SLIPL), and their shareholders and creditors. It set out a two-step restructuring that included a business transfer and a later merger.

Under the scheme, SEIL planned a slump sale of its business venture to SLIPL. SLIPL was to issue shares to SEIL, based on an independent valuation. In the next step, SEIL was to amalgamate with GEPL. GEPL was to issue shares to SEIL shareholders, using a separate share exchange valuation.

"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 Rs 1 per share in GEPL for every 212 fully paid equity shares of face value of Rs 1 each held by them in SEIL," Shanti Educational Initiatives said in a statement.

For the proposed share swap, Ernst and Young (EY) and P. Murali Consultants Private Limited were appointed as transaction advisors. The company’s board also adopted the broader restructuring strategy on March 2, 2026. That strategy included selling its education division to a subsidiary for Rs 94.16 crore, alongside the merger with solar PV producer GEPL.

Vinay Thadani, CEO & Director, GREW Energy Private Limited, said, "This proposed merger marks a significant milestone in our broader group restructuring initiative. It is a strategic step towards reorganizing, 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."

"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." Mr. Vishal Chiripal, Managing Director, Shanti Educational Initiatives Limited (SEIL).

SEIL closed at Rs 198.95 on March 2, 2026, up 0.05% from Rs 198.85. During the session, SEIL moved between Rs 166.15 and Rs 203.00. SEIL was classified as a small-cap education stock, with a market capitalisation of Rs 3,203 crore.

Metric	Value
Close (March 2, 2026)	Rs 198.95
Previous close	Rs 198.85
Day change	0.05%
Intraday low	Rs 166.15
Intraday high	Rs 203.00
Market capitalisation	Rs 3,203 crore

Over five years, SEIL delivered returns of more than 1,321%. Over three years, the stock rose over 223%. SEIL also gained more than 150% in the last 12 months. That rise exceeded the Nifty 50. In the past month, the price increased by 35%.

The approvals set the groundwork for a multi-entity restructuring across SEIL, SLIPL, and GEPL. The scheme linked the slump sale, the later amalgamation, and a defined share exchange ratio. SEIL’s stock data and longer-term returns highlighted strong price performance around the board’s March 2, 2026 decision.