- **Lexora Global is a publicly listed shell that was hollowed out and then deliberately refilled - a dormant securities trader with zero revenue, whose entire promoter stake was acquired in 2025 by five individuals who injected a solar subsidiary, rewrote the company’s purpose, and renamed it Lexora Global Limited**. The recurring approach is acquisition-led entry: the new promoters bought a clean listed vehicle, dropped in a ready-made operating company they already controlled, and are now bolting on new business lines by altering the company’s constitutional documents and forming project-specific partnerships. # Business segments A single operating engine - a solar power developer that builds, owns and supplies electricity to an industrial customer - with two more engines that exist only as amended objects in the company’s charter, waiting for substance. ## 1. Solar power: the group’s only operating business **A wholly owned subsidiary builds and runs solar plants for a cement manufacturer under a long-term supply contract - the revenue is metered, the tariff is fixed, and the customer is locked in.** - **One customer, two project vehicles** - Solarfusion Renewables, the subsidiary Lexora bought for Rs. 4.13 crore, holds a 74% stake in two special purpose vehicles formed with Vasuki Cement, which holds the remaining 26% in each; the SPVs exist solely to generate and supply solar power to Vasuki Cement under a contract worth Rs. 36.30 crore. - **Paid per unit, not per project** - billing is based on actual metered energy at an agreed tariff per kilowatt-hour, so revenue rises and falls with generation, not with construction milestones. - **The subsidiary does everything** - The SPVs/SRPL are responsible for design, financing, construction, commissioning, operation and maintenance of the solar project, making it a full-scope developer rather than a pure asset owner. - **A hard deadline with built-in protection** - the project must be commissioned by June 30, 2026, but if delays are caused by grid connectivity, government approvals or other events beyond the seller’s control, the SPV is compensated as if it were generating power. - **The subsidiary already had revenue before acquisition** - in its first year to March 2025, Solarfusion Renewables reported turnover of Rs. 12.74 crore excluding GST, so Lexora bought a business with live operations, not a start-up idea. ## 2. Agro and food products: a charter entry with no operations **The board has permission to enter the agro business - but as of the filings, that is all it is: permission.** - **Objects added, nothing built** - the board approved altering the company’s constitutional documents to cover manufacturing, processing, trading, importing and exporting of spices, oil seeds, grains, vegetables, herbs and pickles, but no assets, contracts or operational details have been disclosed. - **Subject to shareholder vote** - the change was put to an extraordinary general meeting for approval, meaning it was still a proposal rather than a concluded step at the time of reporting. ## 3. UAE subsidiary: a placeholder for future expansion **The board resolved to incorporate a wholly owned subsidiary in the United Arab Emirates - a structure waiting for a business.** - **Approved but not yet formed** - the board gave its go-ahead on April 4, 2026, but no incorporation date, capital commitment or operational mandate appears in the filings. - **No disclosed purpose** - the subsidiary is a corporate shell in waiting; the dossiers do not specify what it will trade, manufacture or service. # Group structure and partners **A five-person promoter group controls roughly 71% of a listed company that owns one operating solar subsidiary, two project SPVs and a planned UAE entity - all layered under a Gujarat headquarters.** - **Control acquired in three steps** - the promoters bought a 27.55% stake from public shareholders, received a preferential allotment of 43% of the expanded capital, and made an open offer for a further 26%, ending with 70.55% of the fully diluted equity. - **The operating subsidiary sits beneath the listed parent** - Lexora Global owns 100% of Solarfusion Renewables, which in turn owns 74% of two SPVs, Solarfusion RE Park One and Solarfusion RE Park Two, with Vasuki Cement holding the minority 26% in each. - **The leadership runs both the parent and the subsidiary** - Chairman Vinubhai Vekaria and Whole-time Director Manan Trivedi were the founder-directors of Solarfusion Renewables, holding 60% and 40% respectively before Lexora bought it, so the people who sold the solar business to the listed company are the same people now running the listed company. - **The company moved home** - the corporate office shifted from Mumbai, Maharashtra to Rajkot, Gujarat, aligning the company’s geography with its promoters’ base.