Waaree Energies Stock Price: Solar PV modules maker Vaari Energies Ltd is buying 100 per cent stake in Enel Green Power India Pvt Ltd (EGPIPL). This deal is being done for Rs 792 crore and for this a share purchase agreement has been signed with Enel Green Power Development Srl. Vari Energies informed the stock markets about this on January 10.
Enel Green Power Development Srl is one of the largest renewable energy companies in Europe. EGPIPL is its Indian business. EGPIPL has solar and wind projects in India. After this purchase, EGPIPL will become a subsidiary of Vaari Energies.
Waaree Energies said in an exchange filing that the acquisition will diversify the company’s revenue streams, enhance execution capabilities for wind projects, and support rapid growth of the IPP business. This purchase deal will be completed in 3 months, but for this it is necessary to fulfill the conditions prescribed in the agreements.
Waaree Energies was listed in October
On Friday, January 10, shares of Vaari Energies closed at Rs 2566.40 on BSE. The share was listed on October 28, 2024, with a premium of about 70 percent over the upper price band of Rs 1503 of the IPO. It started at ₹2550.00 on BSE and ₹2500 on NSE. According to BSE data, on October 28, shares of Vaari Energies closed at Rs 2336.8. The share is currently priced about 10 percent higher than this closing price. The IPO price has become stronger by almost 71 percent from Rs 1503.
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IPO was filled more than 79 times
The promoters held 64.30 percent stake in the company till October 24, 2024. Market cap is Rs 73700 crore. The stock has so far seen a high of Rs 3,740.75 on BSE. The promoters of the company are Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi and Vaari Sustainable Finance Private Limited. Vaari Energies has a large order book of solar PV modules. Waaree Energies’ Rs 4,321.44 crore IPO had received a good response and closed with 79.44 times subscription.