We wish to inform you that the Company has Incorporated its Wholly Owned Subsidiaries as attached herewith.
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Awaiting price reaction for this filing.
Waa Solar Ltd has incorporated 7 wholly owned subsidiaries, each named after specific project locations (Satipura, Tawlai, Awalda, Kalibawadi, Talanpur, Narayanpura, and Utawad). These subsidiaries will act as Special Purpose Vehicles (SPVs) to execute solar projects awarded by M.P. Urja Vikas Nigam Limited (a Government of MP enterprise). Each subsidiary has been set up with an authorized and paid-up capital of Rs. 1,00,000, divided into 10,000 equity shares of Rs. 10 each, fully subscribed by Waa Solar in cash. This follows the company's December 29, 2025 intimation about receiving multiple letters of award from MPUVNL. All 7 entities are classified as related party transactions since Waa Solar holds 100% shareholding in each.
This is a positive operational update showing the company is moving forward with execution of its recently won solar projects from a state government entity. Creating separate SPVs is a standard practice for solar projects, helping with project-specific financing, risk isolation, and easier execution. For shareholders, this indicates active project implementation but has no immediate material impact on share price or capital structure.