Waaree Renewable signs Rs 1,225 crore deal for 55% stake in Associated Power Structures

Mumbai: Waaree Renewable Technologies Limited has executed definitive agreements to acquire a 55 per cent shareholding in Associated Power Structures Private Limited for a total consideration of Rs 1,225 crore, according to a regulatory filing.

The company, a subsidiary of Waaree Energies Limited, disclosed the development in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The event was recorded on May 6, 2026.

Two definitive agreements were executed as part of the transaction: a Share Purchase and Subscription Agreement (SPSA) and a Shareholders Agreement (SHA). Under the SPSA, Waaree Renewable Technologies Limited (WRTL) will acquire existing equity shares held by the Desai Family Trust, Kothari Family Trust, and Patel Family Trust, and will also subscribe to freshly issued shares of Associated Power Structures Private Limited (APSPL). The key individuals identified in the transaction are Mr. Satish Desai, Mr. Parag Kothari, and Mr. Ajay Patel.

The acquisition price will be based on the fair market value of the shares as determined by a registered valuer. Existing shares being acquired are classified as Class A equity, while the fresh shares to be issued to WRTL will be Class B equity.

Upon completion of the acquisition, APSPL will become a subsidiary of WRTL. The filing confirmed that WRTL currently holds no shareholding in APSPL and that the transaction does not constitute a related party transaction.

The SHA entered into alongside the SPSA governs inter-se arrangements between all shareholders, including rights to nominate directors, first right of subscription in the event of any future share issuance, and rights to restrict changes to the capital structure.

The company said the acquisition had originally been scheduled for completion by April 30, 2026, following the board’s approval of the transaction on January 26, 2026. However, procedural requirements related to both the transfer of existing securities and the allotment of fresh shares have pushed the expected completion date to June 15, 2026.

The disclosure was signed by Heema Shah, Company Secretary, on behalf of Waaree Renewable Technologies Limited.