C.T. Doshi Family Trust to acquire 44.14% stake in Waaree Energies
C.T. Doshi Family Trust will acquire 12,69,82,903 equity shares, representing 44.14% of Waaree Energies Limited, via a gift from Mr. Chimanlal Tribhuvandas Doshi. The transaction, scheduled for on or after July 16, 2026, also includes an indirect acquisition of 18.34% through Waaree Sustainable Finance Private Limited. SEBI has granted an exemption from open offer obligations.
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C.T. Doshi Family Trust, a member of the promoter group, will acquire 12,69,82,903 equity shares of Waaree Energies Limited, constituting 44.14% of the total equity share capital, via a gift from Mr. Chimanlal Tribhuvandas Doshi. The transaction, which aims to streamline succession and facilitate intergenerational wealth transfer, is scheduled to occur on or after July 16, 2026. Additionally, the trust will indirectly acquire 5,27,67,331 equity shares, representing 18.34% of the company, by acquiring 99.9995% of Waaree Sustainable Finance Private Limited from Mr. Chimanlal Tribhuvandas Doshi.
The direct and indirect acquisitions have been exempted from open offer obligations under Regulations 3, 4, and 5 of the Securities and Exchange Board of India (Substantial Acquisitions of Shares and Takeover) Regulations, 2011. This exemption follows a specific SEBI order dated July 03, 2026, passed under Regulation 11(5) of the Takeover Regulations. The transfer is being executed without consideration as a gift.
Shareholding Details
The proposed transaction will significantly alter the direct shareholding structure of the promoter group. The following table outlines the changes in direct shareholding for the acquirer and the transferor.
| Shareholder | Shares Before Transaction | % Before Transaction | Shares After Transaction | % After Transaction |
|---|---|---|---|---|
| C.T. Doshi Family Trust | - | - | 12,69,82,903 | 44.14 |
| Mr. Chimanlal Tribhuvandas Doshi | 13,16,73,212 | 45.78 | 46,90,309 | 1.63 |
Post-transaction, the aggregate direct and indirect shareholding of the Acquirer Trust in Waaree Energies Limited will be 17,97,50,234 equity shares, amounting to 62.49% of the total equity share capital. The indirect acquisition involves the transfer of 1,99,999 equity shares of Waaree Sustainable Finance Private Limited, which holds the 18.34% stake in the target company.
Regulatory Compliance
The acquirer has declared compliance with all conditions specified in the SEBI exemption order and Chapter 8 of the SEBI Master Circular No. SEBI/HO/CFD/PoD1/P/CIR/2023/31 dated February 16, 2023. The transferor and transferee have confirmed compliance with applicable disclosure requirements in Chapter V of the Takeover Regulations during the three years prior to the proposed acquisition. The company was listed on October 28, 2024.
Historical Stock Returns for Waaree Energies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.09% | -1.95% | -7.56% | +8.47% | -11.79% | +20.57% |
How will the consolidation of control under the C.T. Doshi Family Trust influence Waaree Energies' long-term strategic direction and capital allocation decisions?
What impact will this significant change in promoter holding structure have on the liquidity and trading volume of Waaree Energies shares?
Could the concentration of 62.49% ownership within a single family trust lead to potential corporate governance concerns regarding minority shareholder rights?
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