C.T. Doshi Family Trust has completed the indirect acquisition of an 18.34% stake in Waaree Energies through a gift transaction involving its holding company, Waaree Sustainable Finance Private Limited (WSFPL). The transfer, executed on August 06, 2026, consolidates promoter family control without altering the aggregate promoter shareholding or affecting public shareholders. This move streamlines succession planning for the settlor’s family while maintaining compliance with SEBI’s takeover regulations.

The disclosure was filed with the National Stock Exchange of India Limited (NSE) and BSE Limited on August 07, 2026, under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction was exempted from open offer obligations vide SEBI Exemption Order WTM/KCV/CFD/05/2026-27 dated July 03, 2026, granted under Regulation 11(5). Prior intimation under Regulation 10(5) had been submitted on July 09, 2026.

Transaction Structure

The acquisition involves the transfer of 1,99,999 equity shares of WSFPL from Mr. Chimanlal Tribhuvandas Doshi to the C.T. Doshi Family Trust. Since WSFPL directly holds 5,27,67,331 equity shares in Waaree Energies, this inter se transfer results in the trust indirectly controlling 18.34% of the listed entity. The face value of the transferred shares is ₹10 each.

Shareholding Implications

The restructuring does not change the direct shareholding percentages of the key entities in Waaree Energies, as the underlying shares remain held by WSFPL. The C.T. Doshi Family Trust continues to hold 44.14% of the company’s equity, while Mr. Chimanlal Tribhuvandas Doshi retains his 1.63% direct stake. The public shareholding remains unchanged at 35.78%, ensuring continued adherence to minimum public shareholding requirements under the Securities Contracts (Regulation) Rules, 1957.

Regulatory Context

SEBI’s Takeover Panel recommended the exemption after noting that the transferor, Mr. Chimanlal Tribhuvandas Doshi, had been disclosed as part of the promoter group in Draft Red Herring Prospectuses since September 28, 2021, despite the company’s recent listing on October 28, 2024. The panel observed no ultimate change in control, as beneficial ownership remains within the promoter family. Hitesh Chimanlal Doshi, Managing Trustee of the C.T. Doshi Family Trust, signed the disclosure letter, confirming that the trust deed safeguards against any de facto change in control.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE377N01017/a2b85cf0-9161-482f-ab46-ccb509bb8db4.pdf

Waaree Energies , through its subsidiary Waaree Smart Meters, has acquired a 24.21% stake in Eppeleton Engineers for a consideration of ₹21.78 crore. The transaction represents a significant minority stake acquisition by the Waaree group, reflecting its strategic intent to broaden its footprint through targeted investments in the engineering sector.

Stake Acquisition at a Glance

The key details of the transaction are outlined below:

Strategic Context

The acquisition is executed at the subsidiary level, with Waaree Smart Meters serving as the investing entity on behalf of the Waaree Energies group. A 24.21% stake positions Waaree Smart Meters as a significant minority shareholder in Eppeleton Engineers. The deal valued at ₹21.78 crore highlights the group's willingness to deploy capital into strategic partnerships and investments within the engineering domain.