Waaree Energies Promoters Execute Inter-Se Transfers of 18.35% Equity Stake

Authored By Ankur Chandra | Last Modified: May 31, 2025 07:30 PM IST

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The promoter group of Waaree Energies Limited announced an inter-se transfer of 5.27 crore equity shares or 18.35% of the total share capital of the company. The deal, done through a gift, is not subject to open offer requirements under Regulation 10(1)(a)(i) of SEBI Regulations, 2011.

Key Transaction Details

The proposed transaction involves the following promoter group members as transferors and acquirers:

Transferor	Acquirer	Relationship	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

The transfers are scheduled to occur on or after May 30, 2025.

Shareholding Impact

Post-transfer, the individual and collective shareholding of the acquirers will increase significantly:

Acquirer	Pre-Transaction (%)	Post-Transaction (%)
Hitesh Chimanlal Doshi	4.91%	10.47%
Kirit Chimanlal Doshi	3.55%	10.45%
Viren Chimanlal Doshi	3.81%	9.45%
Pankaj Chimanlal Doshi	8.56%	8.82%
Total Promoter Acquirers	20.83%	39.19%

Correspondingly, the seller group’s shareholding will reduce to nil.

Regulatory and Strategic Rationale

The deal is exempt from open offer under SEBI Regulation 10(1)(a)(i) as it relates to the transaction between immediate relatives of the promoter group. It is considered a gift and deemed no consideration, no family tie, or notional family readjustment. The promoters further said the company has made all requisite disclosures ever since Waaree Energies got listed on October 28, 2024. There are no encumbrances on the shares being transferred as certified under Regulation 31(4) of the Takeover Code.

About Waaree Energies Limited

Waaree Energies is an India-based solar PV module manufacturer and an EPC solutions provider. The firm is housed as one of the entities in the Waaree Group conglomerate and has multiple solar and energy related companies.

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REF: https://nsearchives.nseindia.com/corporate/team_sandeshc_27052025105559_Disclosure.pdf

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