Waaree Energies Share Price in Focus; SEBI Exempts Promoter Share Transfer to Family Trust From Open Offer

Waaree Energies Limited has received an exemption from the Securities and Exchange Board of India (SEBI) for the proposed transfer of promoter shareholding to the CT Doshi Family Trust without triggering a mandatory open offer. 

SEBI said the proposed transaction is part of an internal family succession plan and does not result in any change in the company's management, control or public shareholding. 

Proposed Share Transfer 

The exemption allows the CT Doshi Family Trust to acquire a 44.88% direct stake in Waaree Energies from Chimanlal Tribhuvandas Doshi. The trust will also acquire an 18.34% indirect stake through the acquisition of nearly 100% of Waaree Sustainable Finance Pvt. Ltd. 

Ordinarily, such a transaction would attract the mandatory open offer provisions under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as it involves substantial voting rights and indirect ownership. 

SEBI's Findings 

SEBI observed that the transaction is a non-commercial internal restructuring undertaken solely for succession planning within the promoter family. 

Following the transfer, the promoter shareholding will remain unchanged at 64.22%, while public shareholding will continue at 35.78%. The regulator also noted that beneficial ownership will remain within the promoter family, with the trust's beneficiaries comprising the settlor's children, their spouses and lineal descendants. 

Basis for the Exemption 

Although SEBI's Master Circular requires the transferor to have been disclosed as a promoter for at least three years, Waaree Energies has been listed only since 28 October 2024.  

However, the Takeover Panel noted that the promoter had already been identified in the company's draft red herring prospectuses filed in 2021 and 2023. 

The panel also considered the succession planning objective, taking into account 91-year-old Chimanlal Doshi's age, and found no adverse impact on public shareholders or any ultimate change in control.  

SEBI agreed with the panel's view and also referred to its earlier exemption order in the MPS Limited matter. 

Read More: SEBI Cracks Down on ₹144 Crore Stock Manipulation Case, Bars 221 Entities! 

Waaree Energies Share Price Performance  

As of 03 July 2026, Waaree Energies Limited share price closed at ₹2,857.30 per share, reflecting a decline of 0.77% from the previous trading session. 

Conclusion 

The exemption will remain valid for one year, during which the CT Doshi Family Trust must complete the acquisition. The trust will also be required to submit a post-acquisition report to SEBI within 21 days of completion while continuing to comply with applicable disclosure requirements. 

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