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Waaree Energies to Divest 1.15% Stake in Indosolar via Offer for Sale

Waaree Energies has announced a 1.15% stake divestment in its solar cell manufacturing subsidiary, Indosolar, through an Offer for Sale (OFS) mechanism. The divestment includes 476,495 shares, each with a face value of Rs10. The OFS bidding window opened for non-retail investors on June 5, 2025, and will be available to retail investors on June 6. Waaree currently holds a 96.15% stake in Indosolar, acquired in 2022 following NCLT approval.

The OFS will allocate at least 25% of the shares to mutual funds and insurance firms, with a maximum cap of 25% per bidder—except for SEBI-registered mutual funds. At least 10% of the shares are reserved for retail investors, who can bid up to Rs200,000. Any excess bids in the retail category will be invalidated.

This move comes as Waaree continues its strategic expansion in India's renewable energy space. Earlier in January 2025, the company signed a Rs792 crore deal to acquire Enel Green Power India, which holds a 640 MWac (760 MWdc) solar and wind project portfolio.

Waaree reported a strong operational performance in Q4 FY25, producing 2.06 GW of modules and cells—up from 1.35 GW in the same quarter last year. Its total manufacturing capacity stands at 15 GW for modules and 5.4 GW for cells. The company enters FY26 with a robust order book of approximately 25 GW, valued at Rs47,000 crore.