The company acquired 6,40,200 equity shares at an issue price of Rs 758 per share, including a face value of Rs 10, aggregating to a total investment of Rs 48.52 crore. The transaction was completed on 23 March 2026, on a cash consideration basis.
H.G. Banaskantha Bess, incorporated in 2024, has an authorized share capital of Rs 79.02 lakh and a paid-up capital of Rs 15 lakh. The investment is aimed at supporting business expansion in the energy storage segment.
As the subsidiary is wholly owned, the transaction qualifies as a related-party transaction. However, the company clarified that apart from its shareholding, the promoter group and associated entities have no additional interest in the subsidiary.
HGINFRA is an infrastructure-development company. The company specialises in executing end-to-end Engineering, Procurement, and Construction (EPC) services and Hybrid Annuity Model (HAM) projects across transport infrastructure, renewable energy, and Battery Energy Storage Systems (BESS) including transmission.
On a consolidated basis, the company's net profit fell 18.1% to Rs 94.28 crore on a 12.4% rise in revenue from operations to Rs 1,421.16 crore in Q3 FY26 over Q3 FY25.