Waaree Energies Limited — Important, 15-12-2024: General Updates

Waaree Power Private Limited (WPPL), a wholly-owned subsidiary of Waaree Energies Ltd., has executed a Share Subscription cum Shareholders Agreement (SSSA) to acquire a 55% stake in Ewaa Renewable Techno Solutions Private Limited (ERTSPL). The acquisition involves WPPL subscribing to 5,500,000 shares at a face value of ₹10 each, amounting to a total consideration of ₹5.50 Crore. The existing shareholders of ERTSPL, Mr. Rajjat Kumar Bothra and Mr. Nitin Bothra, will hold an additional 4,500,000 shares.

This strategic initiative is part of Waaree's goal to enhance its capabilities in power electronics, aligning with the group's commitment to localized manufacturing and innovation in electronic manufacturing services, including solar inverters and EV chargers. The acquisition is expected to be completed within three months and has no regulatory approvals required. This partnership positions Waaree for significant growth opportunities in the renewable energy sector. Watch closely as this development may enhance Waaree’s market positioning and operational efficiency.