Waaree Energies Limited has informed the Exchange about Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
WAAREEENER · price
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Waaree Energies has received an arbitration notice from Enel Green Power Development S.R.L. at the International Court of Arbitration (ICC) in London. The dispute relates to a Share Purchase Agreement signed on January 10, 2025, under which Waaree was to acquire the entire share capital of Enel Green Power India Private Limited from Enel Green Power. Enel alleges breaches of the SPA and is seeking damages and loss of profits. Waaree has stated it disputes the allegations and intends to vigorously contest the claims, including filing a counter-claim if appropriate. The financial impact is not ascertainable at this preliminary stage and will depend on the final outcome of the arbitration.
This is a negative development for shareholders as it introduces legal uncertainty around a major transaction and potential financial liability. However, since the financial impact is currently unquantified and the company has stated it will defend vigorously, the stock price reaction will depend on the quantum of claims once disclosed and progress of the arbitration proceedings.