“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that Waaree Energies Limited has made an investment amounting to Rs. 300 crores in Waaree Energy Storage Solutions Private Limited, a wholly-owned subsidiary of the Company, through rights issue,” the company said in an exchange filing.
The money is being put into Waaree Energy Storage Solutions Pvt. Ltd. (WESSPL), a fully owned subsidiary, through a rights issue. The goal is to build a 3.5 GWh advanced chemistry lithium-ion cell plant.
The investment is being made in the form of partly paid shares – Rs 5 paid now and Rs 5 to be paid later – and the entire deal is being done in cash.
WESSPL is based in Mumbai and has had no revenue in the last three financial years. It was incorporated in 2020 and operates in the renewable energy space. Since the company is already a 100% subsidiary, this move doesn’t change Waaree’s shareholding in any way.
Waaree Energies share price history
Waaree Energies’ stock has delivered a strong performance over the past several months. Year-to-date (YTD), the stock is up by 21.94%, reflecting solid investor interest. In the last six months, it has surged 43.46%, while the three-month gain stands at an impressive 17.33%. Even over the past month, the stock has climbed 9.42%, showing continued momentum despite some recent volatility.
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Waaree Energies shares closed 1.6% higher at Rs 3,488.35 on the BSE on Wednesday.
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