2 hrs ago
Waaree Energies Approves Indosolar Merger With 1:11 Share Exchange
Waaree Energies wants to combine its business with Indosolar.
Both companies are part of the same group and make solar products.
Under the proposal, Indosolar shareholders would receive one Waaree share for every 11 Indosolar shares.
Indosolar would stop existing as a separate listed company after the merger takes effect.
Waaree says the combination would bring solar cell and module production together.
It expects this to improve planning, purchasing, and the use of money.
The merger could also remove duplicate audits, meetings, and filings.
The plan still needs approval from several authorities and stakeholders.
Waaree Energies’ board approved a draft scheme to merge Indosolar with the company.
Indosolar shareholders will receive one Waaree Energies share for every 11 Indosolar shares held.
The merger aims to combine solar cell and module manufacturing under one entity.
Indosolar will be dissolved without winding up and cease to be separately listed if approved.
The scheme requires approvals from stock exchanges, the NCLT, and shareholders and creditors where applicable.
- Who
- Waaree Energies and Indosolar, which are part of the same group.
- What
- Waaree Energies’ board approved a proposed scheme to merge Indosolar into Waaree Energies.
- Where
- The article does not specify a transaction location; the companies have manufacturing facilities in India and the United States.
- When
- The article does not specify when the board approved the scheme or when the merger will take effect.
- Why
- The merger is intended to consolidate cell and module manufacturing, simplify the group structure, reduce duplicate compliance, and improve operational efficiencies.
Key facts
- Share exchange ratio
- One fully paid-up Waaree Energies share for every 11 fully paid-up Indosolar shares.
- Indosolar status
- It would be dissolved without winding up and would no longer remain separately listed once the scheme becomes effective.
- Waaree share count
- Expected to increase from 28,76,51,335 shares to 28,85,99,534 shares.
- Promoter holding
- Expected to decline from 64.12% to 63.91%.
- Public shareholding
- Expected to increase from 35.88% to 36.09%.
- Required approvals
- Stock exchanges, the National Company Law Tribunal, and shareholders and creditors wherever applicable.
- Waaree manufacturing capacity
- The company states that it has 21.15 GW of module capacity and 5.4 GW of cell capacity.
Sources
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