Waaree Energies To Divest 1.15% Stake In Indosolar Through Offer for Sale

Mumbai, June 5, 2025: Waaree Energies Limited, the promoter of Indosolar Limited, has announced an Offer for Sale (OFS) of up to 4,76,495 equity shares, representing 1.15% of Indosolar’s total paid-up equity share capital. The OFS will be carried out through the stock exchange mechanism over two days: June 5 for non-retail investors and June 6 for retail investors.

Waaree Energies Shares Gain Amid Stake Sale in Indosolar, Showing Strong Market Momentum

Waaree Energies Ltd traded positively on June 5, 2025, with the stock moving in a range between ₹2,886.80 and ₹2,988.00 during the day. As of 12:00 PM, the share price stood at ₹2,912.60, marking a gain of ₹32.60 or 1.13% from the previous close of ₹2,880.90. The stock witnessed a strong volume of over 12.9 lakh shares, with a trading value of ₹37,612.48 lakhs and a volume-weighted average price (VWAP) of ₹2,940.53.

Waaree’s stock remains active within a 52-week range of ₹1,863.00 to ₹3,743.00, with a market capitalisation of ₹83,685 crore and a beta of 1.31. The TTM EPS stands at ₹62.00, reflecting a year-on-year growth of 41.98%, while its trailing P/E ratio is 46.98. The company continues to show strength in the solar sector, maintaining strong price levels and high investor interest.

The upward momentum comes on the back of news that Waaree will offload approximately 4.76 lakh shares (1.15% stake) of Indosolar via an Offer-for-Sale (OFS). This move is aimed at meeting public shareholding norms. Waaree Energies is a prominent player in the solar module manufacturing space, with a strong promoter holding of nearly 64% and a substantial market capitalisation of about ₹83,500 to ₹83,600 crore.

Key OFS Details

Objective and Regulatory Compliance

The primary reason for Waaree Energies’ decision to divest a portion of its stake in Indosolar is to comply with Rule 19A(5) of the Securities Contracts (Regulation) Rules, 1957, and Regulation 38 of the SEBI (LODR) Regulations, 2015. These regulations stipulate a minimum public shareholding percentage for listed companies. Companies that do not meet this threshold are required to dilute promoter holdings or undertake other measures to increase public float. SEBI recognizes the OFS as a valid and efficient route to achieve this regulatory compliance.

Waaree Energies’ divestment of a 1.15% stake in Indosolar via stock exchange offer is mainly to meet SEBI’s minimum public shareholding rules. Though a small stake, this move highlights Waaree’s commitment to good governance and transparency, strengthening investor trust and market reputation. It does not impact Waaree’s core operations or growth plans, as the company retains control of Indosolar and continues expanding its solar manufacturing business globally. Overall, the divestment reinforces compliance while supporting Waaree’s long-term strategic focus.

Bidding and Allocation Schedule

• T Day (June 5): Bidding opens for non-retail investors from 9:15 a.m. to 3:30 p.m.
• T+1 Day (June 6): Retail investors can place bids; non-retail investors with unallotted bids may revise their bids.

Allocation Structure

• Mutual Funds and Insurance Companies: At least 25% of the offer is reserved for them, provided valid bids are received.
• Retail Investors: Minimum 10% of the offer shares are reserved for retail investors, defined as individuals bidding up to ₹2 lakh.
• Cumulative Bids: If retail and non-retail bids by the same individual exceed ₹2 lakh, the retail portion becomes ineligible.

Key Conditions and Disclosures

• No oversubscription allotment above 25%, except for mutual funds and insurance companies.
• Settlement for non-retail investors will be on T+1 day, and for retail and carried-forward bids on T+2 day.
• The offer may be withdrawn before June 5 or cancelled if sufficient bids are not received on the first day.

Important Notes

• No retail discount is being offered on this OFS.
• The offer is not available to investors located in the U.S. or other restricted jurisdictions.
• Bids will be accepted at a single clearing price of ₹10 per share.

This OFS represents a significant step for Indosolar Limited in its efforts to meet SEBI’s minimum public shareholding requirements. Prospective investors are advised to review the offer terms carefully and submit their bids through eligible brokers within the prescribed timelines.

REF: https://nsearchives.nseindia.com/corporate/vipulr_04062025184406_Indosolar_SellerOFSNotice_signed_revised.pdf

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