The C.T. Doshi Family Trust has completed the acquisition of a 44.14% stake in Waaree Energies through an off-market gift from promoter Mr. Chimanlal Tribhuvandas Doshi. Executed on July 16, 2026, the transaction consolidates promoter family control to streamline succession planning without altering the aggregate promoter shareholding or affecting public shareholders. This move ensures smooth intergenerational wealth transfer while maintaining compliance with Securities and Exchange Board of India (SEBI) takeover regulations.

The disclosure was filed with the National Stock Exchange of India Limited (NSE) and BSE Limited on July 17, 2026, under Regulation 10(6) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. A prior intimation was submitted on July 09, 2026, under Regulation 10(5). The transaction was exempted from open offer obligations under Regulations 3, 4, and 5 vide SEBI Exemption Order WTM/KCV/CFD/05/2026-27 dated July 03, 2026, granted under Regulation 11(5).

Transaction Structure

The acquisition comprises two components: a direct transfer of 12,69,82,903 equity shares (44.14%) directly held by Mr. Chimanlal Tribhuvandas Doshi, and an indirect acquisition of 5,27,67,331 equity shares (18.34%) held by Waaree Sustainable Finance Private Limited (WSFPL). The indirect stake was acquired by transferring 1,99,999 equity shares (99.9995%) of WSFPL from Mr. Doshi to the trust. The face value of all transferred shares is ₹10 each.

Shareholding Implications

Post-transaction, the C.T. Doshi Family Trust holds 12,69,82,903 direct shares (44.14%) and indirectly controls 5,27,67,331 shares (18.34%), resulting in an aggregate holding of 17,97,50,234 equity shares (62.49%). Mr. Chimanlal Tribhuvandas Doshi retains a direct stake of 46,90,309 shares (1.63%). 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 granted the exemption after noting that the transferor had been disclosed as part of the promoter group since the company’s 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. The beneficiaries of the trust are confirmed as ‘immediate relatives’ of the transferor within the meaning of Regulation 2(1)(l) of the Takeover Regulations.

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.