Promoter Group Completes Acquisition of 45.93% Stake in Waaree Energies Ltd via Inter-se Gift Transfer

Promoter Group Completes Acquisition of 45.93% Stake in Waaree Energies Ltd via Inter-se Gift Transfer​

A substantial change in control has been reported in Waaree Energies Limited, as promoter Chimanlal Tribhuvandas Doshi acquired a significant stake through an inter-se gift transfer of shares in the company's associated entity, Waaree Sustainable Finance Private Limited (WSFPL). The acquisition, finalized on June 24, 2025, provided Mr. Doshi with 45.93% of the target company’s equity share capital.

The transaction represents a culmination of several related share transfers, including initial gifts and the dissolution of Hindu Undivided Family (HUF) holdings by family members. These movements facilitated the transfer of control to Chimanlal Tribhuvandas Doshi within the promoter group structure.

Key Transactions and Stake Consolidation​

The acquisition activity involved multiple steps across different months in 2025, primarily concerning gifts and succession planning among the promoter family.

Before the final transaction, the shareholder structures saw various transfers:

• In May 2025, inter-se gift transfers of shares belonging to members of the promoter group were recorded, amounting to an indirect acquisition equivalent to 5.69% and subsequently 18.35% of Waaree Energies Limited. These transactions involved Pankaj Chimanlal Doshi, Kirit Chimanlal Doshi, Hitesh Chimanlal Doshi, and Viren Chimanlal Doshi.
• On June 3, 2025, the shares of Waaree Energies Ltd held by the HUFs of Hitesh Chimanlal Doshi, Kirit Chimanlal Doshi, Viren Chimanlal Doshi, and Pankaj Chimanlal Doshi were transferred to the respective Kartas following the dissolution of these HUFs. These transfers accounted for 193,80,002 equity shares, or 6.75% of the target company's shareholding.
• The acquisition was further influenced by an intermediate step on June 11, 2025, when Chimanlal Tribhuvandas Doshi acquired 1,99,999 shares in WSFPL, equating to a 18.37% indirect acquisition of Waaree Energies Limited.

Major Acquisition Details​

The primary acquisition was completed on June 24, 2025. Chimanlal Tribhuvandas Doshi acquired 13,19,63,212 equity shares through an off-market inter-se gift transfer from the promoter group. This direct acquisition amounted to 45.93% of Waaree Energies Limited’s total diluted share capital.

The details of the transaction are summarized below:

Company Status and Future Commitments​

The corporate entities involved in the acquisition have confirmed their standing in relation to the target company's share capital. Waaree Sustainable Finance Private Limited (WSFPL) declared that it, along with associated persons, had not created any encumbrances over its shares of Waaree Energies Ltd during the Financial Year ended March 31, 2026.

The total equity share capital of Waaree Energies Limited remained Rs. 287,28,31,990 comprising 28,72,83,199 equity shares of face value of Rs. 10/- each, following the transaction.

WAAREEENER Stock Price Movement​

Shares of Waaree Energies Limited are rallying as of 10:05 AM today, trading up 1.08% in the live market at ₹2894.3. The stock has seen significant activity this morning, with 192,888 shares traded so far.