Spice Energy Sells Entire Stake In SRM Energy; Shares Rise 1.95%

Mumbai, March 16: Spice Energy Private Limited has transferred its entire shareholding of 64,50,000 equity shares representing 71.192% of the paid up capital of SRM Energy Limited to Umesh Narpatchand Sanghvi and Sapna Sanghvi following completion of the open offer, according to a disclosure filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The transaction was executed on March 12, 2026 through an off-market transfer pursuant to the open offer process, the company said in the regulatory filing addressed to BSE. The transfer forms part of the share purchase arrangement originally outlined in the Share Purchase Agreement dated September 25, 2025.

Prior to the transaction, Spice Energy Private Limited held 64,50,000 equity shares carrying 71.192% voting rights in SRM Energy Limited. Following the transfer, the seller no longer holds any shares in the target company.

The disclosure further stated that the transfer occurred after the closing of the open offer and resulted in the promoter entity being reclassified as a public shareholder under Regulation 31A of the SEBI Listing Obligations and Disclosure Requirements Regulations.

SRM Energy Shares Edge Higher During Trading Session

SRM Energy shares traded higher during Monday’s session following the disclosure related to the promoter stake transfer.

As of 11:15 IST on March 16, 2026, the SRM Energy share price was at ₹18.85, up ₹0.36 or 1.95% from the previous close of ₹18.49, according to exchange data.

The stock opened at ₹18.80 and touched a session high of ₹18.85 during the trading session. Market capitalisation stood near ₹17.08 crore at the prevailing price level.

The share price movement coincided with investor attention around the completion of the open offer process and the resulting change in promoter ownership.

Company Background

SRM Energy Limited is engaged in the energy sector and was previously promoted by Spice Energy Private Limited. The company is listed on the BSE and operates within the power and energy infrastructure segment.

The company’s equity share capital consists of 90,60,000 shares. According to the regulatory disclosure, the voting capital before and after the transaction remained unchanged as the transfer involved existing shares rather than issuance of new equity.

Historically, SRM Energy has been involved in energy related operations and project development within the broader power sector.

Conclusion

The stake transfer marks the completion of the open offer related ownership transition in SRM Energy Limited. With Spice Energy exiting its promoter holding through the off-market transaction, control of the company shifts to the acquiring shareholders as outlined in the share purchase agreement.

Such disclosures under the SEBI takeover framework are intended to ensure transparency around substantial shareholding changes in listed companies.

Source: https://www.bseindia.com/xml-data/corpfiling/AttachHis/BF47949C_9345_421F_BAB8_203DBE4B6AC1_180545.pdf