Waaree Energies Limited’s board of directors approved the draft scheme of amalgamation of Indosolar Limited with Waaree Energies Limited and their respective shareholders.
The proposed amalgamation aims to consolidate the companies’ assets and liabilities, integrate solar cell and module manufacturing into a single entity, and simplify the group structure. Under the proposed scheme, Waaree Energies will issue one fully paid-up equity share of Rs 10 for every 11 fully paid-up equity shares of Rs 10 held by eligible Indosolar shareholders. Upon the scheme becoming effective, Indosolar will be dissolved without a separate winding-up process. Following the amalgamation, the promoter shareholding in Waaree Energies will decrease from 64.12 per cent to 63.91 per cent, while public shareholding will increase from 35.88 per cent to 36.09 per cent.
