Agastya Energy

Agastya Energy and Infrastructure received a ₹106.04 crore EPC and O&M contract from IMC Solar BDN LLP for a 47.8 MW solar power plant spread across 15 sites. The contract covered design, engineering, procurement, construction and commissioning within 150 days of land allotment, along with maintenance of the delivered plant, with the schedule subject to land acquisition. The awarding entity was a step-down subsidiary of the company and the transaction was described as a related-party deal undertaken at arm's length. IMC Solar BDN was the group's solar independent power producer vehicle, for which ₹35 crore of capital expenditure was earmarked within the ₹566.10 crore preferential equity and warrants package approved on 7 October 2026. The company reported revenue of ₹151.50 crore in FY24 from copper chemicals and was renamed from Sanginita Chemicals with a new symbol AGASTYAEN effective 25 September 2026.

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Agastya Energy and Infrastructure shareholders approved a preferential issue of up to 55,06,094 equity shares and 9,73,65,077 warrants at ₹55.03 each, aggregating about ₹566.10 crore, at an extraordinary general meeting on 7 October 2026. The meeting also approved alteration of the articles of association and the Agastya Energy And Infrastructure Limited Employee Stock Option Scheme 2026 for up to 50,00,000 options via a trust route. The board had cleared the same preferential proposal on 9 September 2026 and a corrigendum on 2 October detailed the planned deployment as about ₹546.10 crore of solar capex through a wholly owned subsidiary and step-down entities, comprising ₹451.10 crore for ingots and wafers, ₹25 crore for modules and cells, ₹35 crore for battery storage and ₹35 crore for a solar project, plus ₹10 crore working capital and ₹10 crore general corporate purposes. The company was renamed from Sanginita Chemicals to Agastya Energy and Infrastructure with the trading symbol changing to AGASTYAEN effective 25 September 2026. It reported revenue of ₹151.50 crore in FY24 from copper-based chemicals led by cuprous chloride, cupric chloride and copper sulphate.

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Agastya Energy and Infrastructure shareholders approved a preferential issue of up to 55,06,094 equity shares and 9,73,65,077 warrants at ₹55.03 each, representing potential proceeds of ₹566.10 crore. The warrants could be exercised within 18 months, with 25 per cent payable at allotment and the balance on exercise. The company’s stated financing plan earmarked ₹546.10 crore for solar ingot-and-wafer, module-and-cell, battery-storage and solar IPP projects, with ₹10 crore each for working capital and general corporate purposes. Shareholders also approved an employee stock-option scheme covering up to 50 lakh options, with a minimum one-year vesting period and exercise over up to 10 years. The scheme allowed shares to be sourced through fresh issuance or secondary acquisition by an employee trust and extended eligibility to employees of the company, its subsidiaries and associates. Revenue was ₹151.5 crore in FY24, while net debt stood at ₹32.87 crore.

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Agastya Energy and Infrastructure sent a corrigendum on 2 October 2026 to its 9 September extraordinary general meeting notice for the meeting scheduled on 7 October 2026, detailing the objects of a preferential issue aggregating about ₹566.10 crore. Out of the proceeds, about ₹546.10 crore was earmarked for capital expenditure across a wholly owned subsidiary and three step-down subsidiaries, comprising ₹451.10 crore for a solar ingot and wafer unit, ₹25 crore for solar modules and cells, ₹35 crore for a battery storage project and ₹35 crore for a solar power producer project, with ₹10 crore for working capital and ₹10 crore for general corporate purposes. Funds were to flow through the wholly owned subsidiary into the four named entities, with promoter subscription intent, price recomputation terms and the status of twelve proposed allottees also set out. The company was renamed from Sanginita Chemicals to Agastya Energy and Infrastructure with the trading symbol changing to AGASTYAEN effective 25 September 2026. It operated a single chemicals segment led by cuprous chloride, cupric chloride and copper sulphate, with FY24 revenue of about ₹151.50 crore, EBITDA of ₹4.41 crore and net debt of ₹32.87 crore.

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Agastya Energy and Infrastructure shareholders approved the sale of company property and the appointment of Alok Jain as a non-executive independent director at the annual general meeting on 28 September 2026. The property sale agreement was dated 4 September 2026 with completion scheduled in financial year 2026-27, and the buyer was AAG Capital Holdings Private Limited in a related-party transaction to be executed at arm's length. The undertaking being sold contributed Rs 176 crore of standalone turnover as of 31 March 2026, with no sale consideration stated. The company reported gross revenue of about Rs 152 crore in FY24 from cuprous chloride, cupric chloride and copper sulphate, with about 92% earned domestically. Its change of name from Sanginita Chemicals and symbol to AGASTYAEN took effect on 25 September 2026, and net debt stood at about Rs 32.9 crore at the end of FY24.

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Agastya Energy and Infrastructure, formerly Sanginita Chemicals, approved a preferential issue of up to 55.06 lakh equity shares and 9.74 crore warrants at ₹55.03 each, subject to shareholder approval. The equity issue was valued at ₹30.30 crore, while the warrants represented up to ₹535.80 crore and could be converted into one equity share each within 18 months. The proposed allottees included BNG Investment LLC, BN Technologies India, BN Industrial Investment, Greenback Multi-Market Fund PCC, Northstar Opportunities Fund VCC, Bridge India Fund, Vikasa India EIF I Fund and Elysian Wealth Fund, alongside other named investors. The board also approved a 50-lakh-option employee stock scheme and scheduled an extraordinary general meeting for 7 October 2026. The company reported FY24 revenue of ₹151.5 crore, EBITDA of ₹4.41 crore and net debt of ₹32.87 crore. It had proposed a ₹15.54 crore rights issue in May 2024.

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Sept 9 (Reuters) - Sanginita Chemicals Ltd SNGN.NS:

• APPROVES PREFERENTIAL ISSUE OF EQUITY SHARES AND WARRANTS

• TO ISSUE EQUITY SHARES WORTH UP TO 303 MILLION RUPEES

• TO ISSUE WARRANTS WORTH UP TO 5.36 BILLION RUPEES

Further company coverage: SNGN.NS

(([email protected];))

Sanginita Chemicals received 10 domestic EPC and O&M contracts to build and operate solar power plants in Uttar Pradesh, with aggregate consideration of ₹85.22 crore including taxes. The projects ranged from 1.9MW AC to 5.9MW AC and were scheduled for installation and commissioning within 150 days of land allotment, subject to acquisition of the sites. The customers named in the awards included Sukesh Solar Services, Sukesh Solar Power, Sukesh Solar Energy, Lohchab Solar, AKY Solar, Jyotirurja Renewables, Sun Setu Power, Saur Vikas, Harit Volt and Rayvolution Energy. Sanginita's business was concentrated in inorganic metal-based chemicals, which generated FY24 revenue of ₹151.5 crore. EBITDA was ₹4.41 crore in that year, while net debt stood at ₹32.87 crore and operating cash flow was negative ₹2.30 crore.

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March 25 (Reuters) - Sanginita Chemicals Ltd SNGN.NS:

• WEBSITE HACKED ON MARCH 25, 2025

• CORE SYSTEMS AND OPERATIONS NOT IMPACTED BY WEBSITE INCIDENT

Source text: ID:nNSEc8cfPS

Further company coverage: SNGN.NS

(([email protected];))

March 20 (Reuters) - Sanginita Chemicals Ltd SNGN.NS:

• SANGINITA CHEMICALS LTD - ENTERS SHARE SWAP AND PURCHASE AGREEMENT

Source text: ID:nNSE90kdx5

Further company coverage: SNGN.NS

(([email protected];))

Aug 16 (Reuters) - Sanginita Chemicals Ltd SNGN.NS:

• TO EXPAND INSTALLED CAPACITY OF COPPER SULPHATE FROM 450 MT PER MONTH TO 700 MT PER MONTH

Source text for Eikon: [ID:]

Further company coverage: SNGN.NS

(([email protected];))

July 14 (Reuters) - Sanginita Chemicals Ltd SNGN.NS:

• TO ISSUE EQUITY SHARES ON RIGHTS BASIS FOR AN AMOUNT UPTO 259 MILLION RUPEES

Source text for Eikon: ID:nNSE37m3f0

Further company coverage: SNGN.NS

(([email protected];))