Waaree Energies to Acquire Indosolar Limited in Amalgamation Deal
Waaree Energies Limited's board approved the amalgamation of Indosolar Limited. Indosolar had assets of ₹404.92 crore and turnover of ₹68.36 crore (June 30, 2026). Waaree Energies had assets of ₹23,798.16 crore and turnover of ₹6,221.67 crore. Indosolar shareholders will receive 1 Waaree share for every 11 held.
The amalgamation involves significant financial figures and aims to consolidate operations, which is expected to have a substantial impact on Waaree Energies' business structure and market position.
The amalgamation is expected to simplify the group structure, create operational synergies, and enhance value for stakeholders, indicating a positive outlook.
Waaree Energies Limited has announced the approval of a draft Scheme of Amalgamation for Indosolar Limited with Waaree Energies Limited. The Board of Directors of Waaree Energies approved this scheme on September 23, 2026. This amalgamation is being undertaken under Sections 230 to 232 of the Companies Act, 2013.
The scheme is subject to various statutory and regulatory approvals, including those from the BSE Limited, the National Stock Exchange of India Limited, the National Company Law Tribunal, and the shareholders and creditors of both companies.
Indosolar Limited, the transferor company, had total assets of ₹404.92 crore, a net worth of ₹323.63 crore, and a turnover of ₹68.36 crore as of June 30, 2026. Waaree Energies Limited, the transferee company, reported total assets of ₹23,798.16 crore, a net worth of ₹13,869.90 crore, and a turnover of ₹6,221.67 crore as of the same date.
The primary rationale for the amalgamation is to simplify the group structure and consolidate operations, as both companies are involved in manufacturing solar photovoltaic modules. This integration is expected to create a backward-integrated undertaking, optimize inventory, improve cost structures, and eliminate continuing related party transactions. Waaree Energies believes this will lead to operational synergies, flexible capital deployment, and enhanced value for stakeholders.
Under the approved Share Exchange Ratio, shareholders of Indosolar Limited will receive 1 equity share of ₹10 face value in Waaree Energies Limited for every 11 equity shares of ₹10 face value held in Indosolar Limited. This ratio was determined based on reports from registered valuers SSPA & CO. and GT Valuation Advisors Private Limited, with a fairness opinion provided by Emkay Global Financial Services Limited.
What to do with a filing like this
Waaree Energies Limited filed this with the NSE as a statutory disclosure, categorised under amalgamation. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Waaree Energies Limited. Read the original for the full detail.