Waaree Energies, a leading solar PV module manufacturer, has acquired a 76 per cent stake in Racemosa Energy India for Rs 53 crore. In an exchange filing, Waaree Energies said that the company’s board of directors, which met on September 18, approved the acquisition.
Racemosa Energy India, founded in 2018, is a Maharashtra-based manufacturer of smart electric meters. Waaree Energies said the company’s primary objective for the majority acquisition of Racemosa Energy India is to integrate smart meters into the company’s portfolio to strengthen its presence across the energy value chain.
After the acquisition, Racemosa Energy India will become a step-down subsidiary of Waaree Energies, the company said in the exchange filing.
Waaree Energies’ subsidiary stake sale
Earlier this week, Waaree Energies announced that it will offload a 14.66 per cent stake in its subsidiary company Indosolar Ltd. The company said that it is selling the stake in the subsidiary company to comply with the minimum public shareholding guidance of SEBI.
The company said that it is going to sell 61 lakh shares of Indosolar via an Offer for sale to retail and non-retail investors with a minimum price of Rs 500 per share.
While the bidding day for the non-retail investors was September 18, the retail investors can bid for the Indosolar shares on September 19, from 09:15 AM to 03:30 PM.
Waaree Energies share price
On Friday, Waaree Energies’ share price has gained about 15 per cent in the past months due to good Q1 results and a healthy order book.