Waaree renewable technologies has successfully completed the allotment of 99,223 equity shares to an eligible employee under its Employee Stock Options Plan 2022. The Board of Directors approved this allotment through circular resolution on December 24, 2025, at 4:11 p.m., following the exercise of vested options by the employee as approved by the Nomination and Remuneration Committee.

Share Capital Enhancement

The ESOP exercise has resulted in a notable increase in the company's paid-up share capital. The following table shows the capital structure changes:

All equity shares maintain a face value of ₹2 each and are fully paid-up, ensuring consistency in the company's share structure.

Financial Realization and ESOP Details

The exercise of stock options generated significant financial inflow for the company:

The newly allotted shares are pari passu and identical in all respects with existing equity shares, including payment of dividend and other rights.

Regulatory Compliance and Documentation

The allotment was conducted in full compliance with SEBI regulations, specifically under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The company has filed necessary applications with both BSE Limited and National Stock Exchange of India Limited for in-principle approvals.

Key regulatory filings include applications numbered 154748 and 165160 with BSE Limited, and application number 51742 with National Stock Exchange of India Limited. The initial ESOP plan filing was made on July 7, 2022, with subsequent amendments filed on December 10, 2022, and October 1, 2025.

Corporate Structure

Waaree Renewable Technologies Limited operates as a subsidiary of Waaree Energies Limited and is incorporated under CIN: L93000MH1999PLC120470. The company maintains its registered office at 504, Western Edge-1, Off Western Express Highway, Borivali (East), Mumbai-400066, Maharashtra, and continues to focus on power infrastructure sector operations while maintaining compliance with all applicable securities regulations.

Waaree Renewable Technologies Limited has disclosed receiving a GST assessment order from tax authorities. The renewable energy company received formal notification on December 22, 2023, regarding the assessment order issued by Maharashtra tax authorities.

GST Assessment Details

The Assistant Commissioner of State Tax (INV-01), Investigation-A, Mumbai has issued an assessment order in Form GST DRC-07 under multiple tax provisions. The order covers the tax period from April 2021 to March 2022, representing the company's FY22 operations.

Nature of Tax Violation

The assessment order stems from observations made during the course of investigation by tax authorities. The primary issue identified relates to input tax credit management and compliance with GST provisions.

The specific violation involves:

• Failure to reverse common input tax credit used for exempt supply
• Non-compliance with proportionate reversal requirements relative to total turnover
• Issues identified during the investigation period covering FY22

Legal Framework and Provisions

The assessment order has been issued under tax legislation covering multiple jurisdictions. The order invokes Section 73 of the Central Goods and Services Tax Act, 2017, along with corresponding provisions under The Maharashtra Goods Services Tax Act, 2017. Additionally, the order references Section 20 of the Integrated Goods Services Tax Act, 2017.

Financial Impact Assessment

Waaree Renewable Technologies has provided an impact analysis of the assessment order on its business operations and financial position.

Company Response Strategy

The company has outlined its approach to address the GST assessment order through appropriate legal channels. Waaree Renewable Technologies plans to file an appeal against the order related to input tax credit reversal.

The company's response strategy includes:

• Filing an appeal against the assessment order
• Adhering to prescribed timelines for legal proceedings
• Ensuring compliance with regulatory disclosure requirements
• Maintaining transparency with stakeholders through proper communication channels

Regulatory Compliance and Disclosure

The disclosure has been made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has also complied with SEBI circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2023, ensuring regulatory compliance.

Waaree Renewable Technologies, a subsidiary of Waaree Energies Limited, operates in the renewable energy sector and maintains its corporate headquarters in Mumbai. The company has stated that this information will be made available on its official website for stakeholder access and transparency.