Waaree Energies Limited's promoter group has announced an intended indirect acquisition of shares under SEBI Takeover Regulations.

• Mr. Pankaj Chimanlal Doshi, Mr. Kirit Chimanlal Doshi, Mr. Hitesh Chimanlal Doshi, and Mr. Viren Chimanlal Doshi (Acquirers), who are promoters/part of the promoter group of Waaree Energies, intend to acquire 30.97% equity shares of Waaree Sustainable Finance Private Limited (WSFPL).
• WSFPL is a private limited company and a promoter of Waaree Energies, holding an 18.37% stake in Waaree Energies.
• The acquisition of shares in WSFPL will be by way of 'inter-se' transfer (gift) from other promoter group members, including Mr. Pujan Pankaj Doshi, Mr. Rushab Pankaj Doshi, Mrs. Bindiya Kirit Doshi, Mrs. Binita Hitesh Doshi, and Mrs. Nipa Viren Doshi (Transferors).
• This transaction amounts to an indirect acquisition of equity shares of Waaree Energies Limited under Regulation 3 read with Regulation 5 of the Takeover Regulations.
• The proposed transfer is part of an internal family arrangement for the welfare of family members and to facilitate succession planning.
• It is stated that the transaction will not affect the interests of public shareholders and there will be no change in the overall shareholding pattern, control, and management of the Promoter/Promoter Group of Waaree Energies post-transfer.
• The proposed acquisition is exempted under Regulation 10(1)(a)(i) of the Takeover Regulations, which pertains to inter se transfer of shares amongst qualifying persons being Immediate Relatives.
• The proposed acquisition is expected to take place on or after May 23, 2025.