Waaree Energies Limited has announced a capital infusion of ₹300 Crore into its wholly-owned subsidiary, Waaree Energy Storage Solutions Private Limited (WESSPL), through a rights issue. The company subscribed to 60 crore partly-paid equity shares, each with a face value of ₹10. Of this amount, ₹5 per share has been paid on application, while the remaining ₹5 per share will be payable on call.
As per the filing of the company, WESSPL was incorporated in February 2020 and it is based in Mumbai. The company had no turnover during the financial year ending on 2025. After the completion of this transaction, WESSPL will still remain a 100 percent subsidiary of Waaree Energies.
According to Waaree Energies, the money obtained will be applied to open a manufacturing facility on Lithium-ion Advanced Chemistry Storage Cells. This program has direct connection to renewable energy industry and it is in line with the business ideas of Waaree.
At around 10.38 AM, on the announcement day, Waaree Energies stock was 0.42% down compared to the current price on the NSE or 3,489.90. In the trading process, the stock recorded an intraday high of 3509.60 and an intraday low of 3467.
They all were done over cash consideration. Waaree Energies made a clear statement that such capital infusion would not alter the percentage of its stake in WESSPL. This is a strategic step which highlights the interest of Waaree to grow its presence in the energy storage market as part of its overall vision to reinforce the renewable energy solutions.
