Shares of Waaree Energies jumped nearly 3% on June 5, following the company’s announcement to offload a 1.15% stake in Indosolar Limited through an Offer for Sale (OFS). This move comes as part of the company’s plan to comply with SEBI’s minimum public shareholding norms.
After facing a four-day losing streak, the stock regained some strength, trading at ₹2,962 apiece in morning deals.
Waaree to Sell 4.76 Lakh Shares in Indosolar
In a regulatory filing post market hours on June 4, Waaree Energies confirmed its intention to sell 4.76 lakh shares of Indosolar at a face value of ₹10 each. The OFS opens today (T Day) for non-retail investors, while retail investors can participate on June 6 (T+1 Day).
This sale is part of the company’s effort to increase public shareholding in Indosolar, in line with regulatory requirements. The company has appointed Antique Stock Broking Limited as the broker for this transaction.
SEBI Norms Prompt Strategic Stake Sale
Waaree Energies is the sole promoter of Indosolar and, as of March 31, held a 96.15% stake in the company. The remaining 3.85% was held by the public, as per shareholding data available on the Bombay Stock Exchange (BSE).
By selling this 1.15% stake, Waaree aims to dilute its holding and bring the public shareholding closer to regulatory requirements, which mandate a minimum public float in listed companies.
Stock Performance Snapshot
Despite the positive momentum today, Waaree Energies shares had fallen over 3% in the last five sessions. Today’s gain is seen as a recovery driven by investor optimism around regulatory compliance and improved market sentiment.
Outlook
The OFS move is expected to help Waaree align with SEBI’s public shareholding rules while potentially attracting broader investor participation in Indosolar. Market participants will be watching the subscription response closely over the next two days.
