Vikran Engineering closes Rs 49 crore Onix loan, acquires NOPL Solar
Vikran Engineering Limited has closed a Rs 49.15 crore loan arrangement extended to Onix Renewable Limited following execution of a Composite Amendment and Supplement Agreement on May 20, 2026. The company disclosed the development to stock exchanges under Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
In a separate disclosure, the company also announced completion of the acquisition of a 51% equity stake in NOPL Solar Projects Private Limited, taking its total holding in the company to 100%.
Loan adjustment
The loan arrangement was originally disclosed on February 3, 2026. The Composite Amendment and Supplement Agreement was executed among Vikran Engineering, Onix Renewable Limited, NACOF Oorja Private Limited and NOPL Solar Projects Private Limited.
Out of the total outstanding loan amount of around Rs 49.15 crore, Rs 10 crore has been adjusted towards consideration payable for acquisition and transfer of shares of NOPL Solar Projects.
The remaining Rs 39.15 crore has been adjusted against an unsecured loan earlier provided by Onix Renewable to NOPL Solar Projects as promoter contribution for project-related expenses.
Following the adjustment, the Rs 39.15 crore amount will be treated as working capital contribution in the form of an unsecured loan from Vikran Engineering to NOPL Solar Projects, which is now a wholly owned subsidiary.
Stake acquisition
Vikran Engineering executed a Share Purchase Agreement for acquisition of 5,100 equity shares representing 51% of the paid-up equity share capital of NOPL Solar Projects Private Limited.
The shares were acquired at Rs 10,000 per share for a total cash consideration of Rs 5.10 crore. The acquisition was completed on May 20, 2026.
Before the transaction, Vikran Engineering already held a 49% stake in the company. Following the latest acquisition, its shareholding has increased to 100%.
Solar project business
NOPL Solar Projects Private Limited was incorporated on May 20, 2024, with a paid-up capital of Rs 1,00,000.
The company is engaged in development, operation and maintenance of a 969 MW (AC) grid-connected solar power project under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme in Maharashtra.
According to the disclosure, the company has already undertaken execution of solar power projects during FY 2025-26.
Related party transaction
The acquisition has been classified as a related party transaction as one director and one key managerial personnel (KMP) of Vikran Engineering also serve as directors in NOPL Solar Projects.
Vikran Engineering stated that the transaction was conducted on an arm’s length basis. The company also clarified that no promoter, promoter group or group companies have any other interest in the target entity beyond the disclosed shareholding.
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