Waaree Energies to amalgamate Indosolar Ltd., Board Approves Draft Scheme
Waaree Energies' Board approved the amalgamation of Indosolar Limited. The scheme involves a share exchange ratio of 1:11. Indosolar's financials as of June 30, 2026, include ₹404.92 Cr assets and ₹68.36 Cr turnover. Waaree Energies reported ₹23,798.16 Cr assets and ₹6,221.67 Cr turnover.
The merger of two companies, especially involving a significant increase in scale and integration of operations, is likely to have a substantial impact on Waaree Energies' business 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 announced that its Board of Directors, in a meeting held on September 23, 2026, has approved the draft Scheme of Amalgamation of Indosolar Limited with Waaree Energies Limited. This scheme is subject to various statutory, regulatory, and customary approvals, including those from the BSE, NSE, the National Company Law Tribunal, and the shareholders and creditors of both companies.
The amalgamation aims to simplify the group structure and consolidate assets and liabilities. Indosolar Limited, currently dependent on Waaree Energies for its primary raw materials, will be integrated into Waaree Energies, creating a backward-integrated entity with optimized production planning and improved cost structures. The scheme will also simplify the group's corporate structure, reduce compliance layers, and offer public shareholders of Indosolar enhanced liquidity and market participation by receiving shares in the larger, more liquid entity, Waaree Energies.
The approved scheme outlines a share exchange ratio where each shareholder of Indosolar Limited will receive one equity share of Waaree Energies Limited (face value ₹10) for every eleven equity shares of Indosolar Limited (face value ₹10). This ratio has been determined based on reports from registered valuers SSPA & CO. and GT Valuation Advisors Private Limited, dated September 23, 2026, and has also received a fairness opinion from Emkay Global Financial Services Limited.
As of June 30, 2026, Indosolar Limited had total assets of ₹404.92 crore, a net worth of ₹323.63 crore, and a turnover of ₹68.36 crore. Waaree Energies Limited, on the other hand, reported total assets of ₹23,798.16 crore, a net worth of ₹13,869.90 crore, and a turnover of ₹6,221.67 crore. The transaction is considered a related party transaction but is being discharged on an "arm's length" basis, as per MCA circular guidelines. The amalgamation is expected to streamline operations, enhance value for stakeholders, and achieve optimal utilization of capital. The Board meeting commenced at 03:30 P.M. (IST) and concluded at 05:45 P.M. (IST) on September 23, 2026.
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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.