Waaree Energies Limited announced that its Board of Directors, in a meeting held on 19 May 2025, considered and approved the following acquisitions:

• Acquisition of Kamath Transformers Private Limited by Waaree Energies Limited.
• Acquisition of Green New Delhi Forever Energy Private Limited (a newly incorporated non-operating company) by Waaree Forever Energies Private Limited, a wholly owned subsidiary of the Company.

Details of the acquisitions:

• Kamath Transformers Private Limited is in the business of manufacturing transformers. The acquisition is part of Waaree Energies' business expansion activity.
• Green New Delhi Forever Energy Private Limited is an Independent Power Producer (IPP) entity, acquired solely for the purpose of facilitating and holding specific power projects under the IPP framework. It is a newly incorporated and non-operational company.
• Both acquisitions are expected to be completed in FY 2025-26.
• The consideration for both acquisitions is Cash Consideration.
• The cost of acquisition for Kamath Transformers Private Limited is approximately ₹293 crores.
• The cost of acquisition for Green New Delhi Forever Energy Private Limited is ₹1 Lakhs at a face value of ₹10/- per share (10,000 Equity Shares).
• Waaree Energies will acquire 100% shareholding/control in Kamath Transformers Private Limited.
• Waaree Forever Energies Private Limited will acquire 100% shareholding/control in Green New Delhi Forever Energy Private Limited.
• Kamath Transformers Private Limited was incorporated on 23 May 1996. Its turnover for the last three years was: FY 2021-22: ₹2573.00 lakhs, FY 2022-23: ₹5441.00 lakhs, FY 2023-24: ₹12268.00 lakhs.
• These transactions are not related party transactions.