 "Here's why Waaree Energies share was buzzing in trade on Jan 13; details")
Waaree Energies share price: Battery manufacturing player Waaree Energies shares were buzzing in trade on Monday, January 13, 2025, as the scrip rose as much as 3.18 per cent to hit an intraday high of Rs 2,648 per share.
The rise in Waaree Energies share price came after the company announced that it has entered into a Share Purchase Agreement with Enel Green Power Development S.r.l on January 10, 2025 for acquisition of 100 per cent of the share capital of Enel Green Power India (EGPIPL) for up to Rs 792 crore.
In an exchange filing, Waaree Energies said, “We hereby inform you that Waaree Energies Limited has entered into a Share Purchase Agreement with Enel Green Power Development S.r.l on January 10, 2025 for acquisition of 100 per cent of the share capital of Enel Green Power India Private Limited (EGPIPL) for a total amount of up to Rs 792 crore, subject to customary closing adjustments.”
It added, “Enel Green Power Development is one of Europe’s largest renewable energy companies, and EGPIPL is its Indian business.”
EGPIPL owns solar and wind projects in India which includes approximately 640 MWAC / 760 MWDC operational and portfolio under development. Operational portfolio includes projects jointly owned with a partner where majority equity stake is with EGPIPL.
Waarree Energies claimed that the acquisition will diversify revenue streams, enhance execution capabilities for wind projects, and facilitate expedited growth of Waaree’s IPP business.
Also Read
The acquisition will be completed in three months subject to fulfilment of conditions precedent as set out in the definitive agreements, the company said.
Waaree Energies IPO Listing
Shares of Waaree Energies had a stellar debut on the stock exchanges on October 28 last year.
Waaree Energies shares listed at Rs 2,550 on BSE, reflecting a premium of 69.66 per cent over the IPO allotment price of Rs 1,503. Meanwhile, on the National Stock Exchange (NSE), the stock listed at Rs 2,500, reflecting a premium of 66.33 per cent.
About Waaree Energies
Founded in 1990, Waaree Energies is among India's leading renewable energy companies, accelerating the global energy transition. Headquartered in Mumbai, the company operates state-of-the-art manufacturing facilities with an installed capacity of ~13.3 GW for solar PV modules (including 1.3GW of Indosolar).
With presence across India and more than 25 countries worldwide, it offers innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems.
At 1:00 PM, Waaree Energies shares were trading 0.95 per cent lower at Rs 2,542.05. In comparison, BSE Sensex was trading 0.93 per cent lower at 76,656.97 levels.