Waaree Energies Promoters Execute Inter-Se Transfers of 18.35% Equity Stake
By Ankur Chandra | Updated at: May 31, 2025 07:30 PM IST
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
