Waaree Energies Share Price in Focus; Approves Scheme of Amalgamation of Indosolar with the Company

Waaree Energies has approved the draft scheme for the amalgamation of Indosolar Limited with Waaree Energies Limited, according to a filing. The board approved the proposal on September 23, 2026.  

Indosolar’s Position 

Indosolar had total assets of ₹404.92 crore and a net worth of ₹323.63 crore as of June 30, 2026. Its turnover stood at ₹68.36 crore. 

Waaree Energies had total assets of ₹23,798.16 crore, with a net worth of ₹13,869.90 crore and turnover of ₹6,221.67 crore as of June 30, 2026.  

Manufacturing Operations 

The two companies operate in solar manufacturing, although their capabilities differ. Indosolar manufactures solar photovoltaic modules but does not have cell manufacturing capacity. It depends on Waaree Energies or external suppliers for its principal raw materials.  

Waaree Energies manufactures both solar cells and modules. It is also involved in setting up solar projects and selling electricity. The filing states that combining the businesses would bring cell and module production under one entity.  

Share Exchange 

As part of the proposed arrangement, Indosolar shareholders will receive one Waaree Energies share for every 11 Indosolar shares held, excluding shares already held by Waaree Energies. 

The exchange ratio was determined through reports from SSPA & Co. and GT Valuation Advisors. Emkay Global Financial Services has issued a fairness opinion on the ratio.  

Other Changes 

The scheme would end Indosolar’s separate listed-company obligations and remove duplication in audits, board meetings, statutory filings and related-party disclosures. It also provides for consolidated procurement and borrowing.  

Approvals Required 

The proposal still requires approvals from BSE, NSE, the National Company Law Tribunal and shareholders and creditors, wherever applicable. If approved and made effective, Indosolar will be dissolved without winding up. 

Read More: CEAT Share Price in Focus; Converts $24.5 Million Inter-Company Loan into Equity!  

Waaree Energies Share Price Performance  

As of September 24, 2026, 11:20 am, Waaree Energies share price was trading at ₹2,492.10, a 0.79% decrease from the previous closing price. 

Conclusion  

The amalgamation remains subject to approvals from the stock exchanges, NCLT, and other relevant parties. The scheme provides for a 1:11 share exchange ratio. 

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