Sahaj Solar shares hit 52-week low on withdrawal of share issue plan

In its filing dated March 2, 2026, Sahaj Solar said the application was for the issuance of 16,67,000 equity shares of face value ₹10 each under a preferential issue.

Sahaj Solar shares slipped 11.2 per cent in trade on the National Stock Exchange (NSE), hitting its 52-week low at ₹108.2 per share. At 12:28 PM, Sahaj Solar’s share price was trading 3.8 per cent lower at ₹117.4. In comparison, Nifty was down 1.78 per cent at 24,730.7. 

 

The selling pressure on the counter came after the company informed the NSE that it has withdrawn its in-principle application filed for a proposed preferential issue of equity shares.

 

In its filing dated March 2, 2026, the company said the application was for the issuance of 16,67,000 equity shares of face value ₹10 each under a preferential issue. The application had been submitted to the exchange on September 6, 2025, the company said.

 

Sahaj Solar said it received a communication from NSE directing it to either confirm withdrawal of the application or provide satisfactory responses to the exchange’s queries by March 2, 2026, failing which the application would be returned.

 

Citing this communication, the company said it decided to withdraw the application “in the interest of the company and its shareholders”. The board of directors will take note of the withdrawal at its ensuing meeting, it added.

 

In its letter dated February 28, 2026, NSE said that despite more than five months, the company had not provided “proper, complete, and satisfactory” responses to queries raised, despite multiple written communications and follow-up calls, and that the exchange was not inclined to grant further time.

 

Sahaj Solar has established Research & Development (R&D) on solar technologies since 2007. The International Electrotechnical Commission (IEC) gave approval to the company in 2010, and the Ministry of New and Renewable Energy (MNRE) recognised it as a solar panel manufacturer in India. As the company is focused on quality and innovation, it is committed to provide the world class and innovative services and products across a range of businesses. With its expertise in Crystalline Photovoltaic Technology, the company excels in EPC services (Engineering, Procurement, and Construction) and designing.