Shareholders of erstwhile Indosolar can smile as the company shares will be relisted under Waaree Energies management following the approval from BSE and the NSE. Indosolar shares will be listed under the ‘T’ Group and will trade under the scrip ID WaareeIndo.
Indosolar was acquired by Waaree Energies under insolvency proceedings initiated by lenders in October 2018 through the Insolvency and Bankruptcy Code, 2016, due to heavy financial losses. Post its acquisition, the company has reported a net profit of ₹55 crore in FY 2025, compared to a loss of ₹15.44 crore in FY 2024.
As per the Resolution Plan approved by NCLT under provision of IRC, the existing paid up share capital of the Company of 37,20,67,116 equity shares of Rs 10 each amounting to Rs 372,07 crore will be reduced to 37,20,671 equity shares of face value of Rs.10 each. That means those who had held 100 shares of IndoSolar will be reduced just 1.
After the Capital Reduction, all the equity shares held by Existing Promoters/ Promoter Group shall be extinguished immediately without payment of any price to them.
The stock last closed at ₹3.22 on the BSE on June 24, 2022.
To meet minimum public shareholding norms, Waaree Energies recently sold 1.15 per cent of its stake in Indosolar through an Offer for Sale (OFS)
In an exchange filing, Waaree Energies had then said, “We hereby notify you that the Seller (Waaree Energies) proposes to sell up to 4,76,495 equity shares of face value ₹10 each of Indosolar (representing 1.15 per cent of the total paid-up equity share capital of the Company) on June 5, 2025 (T- day) (for Non-Retail Investors only) and on June 6, 2025 (T+1 Day) (for retail Investors), hereinafter be referred to as “Sale Shares” (OFS).”
The floor price was then fixed at ₹10 per share..