Waaree Energies Promoter Group Executes Inter-Se Share Transfer of 18.35% Equity
By Ankur Chandra | Updated at: May 31, 2025 07:30 PM IST
In a strategic internal reorganisation of the structure, the Promoter Group of Waaree Energies Limited has entered into an inter-se transfer of 5.27cr equity shares amounting to 18.35% of the company’s paid-up share capital via gift transfer amongst the immediate relatives. This is an exempt transaction pursuant to Regulation 10(1)(a)(i) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Share Transfer Breakdown
The transfer, which takes place on or after May 30, 2025, consists of four primary transfers between family members:
| Transferor | Transferee | Relation | Shares Transferred |
|---|---|---|---|
| Mrs. Binita Hitesh Doshi | Mr. Hitesh Chimanlal Doshi | Spouse | 1,59,82,934 |
| Mrs. Bindiya Kirit Doshi | Mr. Kirit Chimanlal Doshi | Spouse | 1,98,16,202 |
| Mrs. Nipa Viren Doshi | Mr. Viren Chimanlal Doshi | Spouse | 1,62,02,129 |
| Mr. Pujan Pankaj Doshi | Mr. Pankaj Chimanlal Doshi | Son | 7,26,690 |
| Total | 5,27,27,955 |
These equity shares will be gifted without any monetary consideration, as declared in regulatory filings, citing “natural love and affection” as the rationale.
Impact on Shareholding
Following the completion of this transaction, the combined holding of the acquirers will rise significantly:
| Acquirer | Pre-Transaction Holding | Post-Transaction Holding | % Increase |
|---|---|---|---|
| Hitesh Chimanlal Doshi | 4.91% | 10.47% | +5.56% |
| Kirit Chimanlal Doshi | 3.55% | 10.45% | +6.90% |
| Viren Chimanlal Doshi | 3.81% | 9.45% | +5.64% |
| Pankaj Chimanlal Doshi | 8.56% | 8.82% | +0.25% |
| Total | 20.83% | 39.19% | +18.35% |
Concurrently, the shareholding of the transferors will reduce to zero, reflecting the completion of the gifting arrangement.
Regulatory Compliance
- The transaction qualifies for exemption under Regulation 10(1)(a)(i) due to the familial nature of the transfer.
- As the company was listed on October 28, 2024, all disclosures under Chapter V of the Takeover Regulations have been or will be duly made.
- The acquirers have affirmed that all exemption conditions under the relevant regulation have been complied with in full.
Corporate Context
Waaree Energies Limited, one of the leading player in India’s solar energy sector, has witnessed major promoter realignment post listing. History The company is a part of Waaree Sustainable Finance Private Limited (formerly known as Mahavir Thermoequip Pvt. Ltd.), large promoter group of which comprising several family trusts and solar infrastructure firms. This internal equity reshuffle is expected to consolidate promoter control while retaining ownership within the core family structure, potentially offering greater alignment in long-term strategic direction.
REF: https://www.bseindia.com/xml-data/corpfiling/AttachLive/CBE3B46C_84E3_4369_A8B7_8BA44AA6FE6E_123852.pdf
