Waaree Energies Limited has informed the Exchange about the Outcome of the Board Meeting held today i.e., June 20, 2025.
WAAREEENER · price
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Awaiting price reaction for this filing.
Waaree Energies' board has approved shifting the location of its 6 GW integrated solar manufacturing project that was originally outlined in the October 2024 IPO prospectus. The company said it is facing delays at the originally planned site and wants to deploy IPO proceeds faster. Under the new plan, the project will be split into 3 GW of module capacity at Samakhiali (Gujarat), another 3 GW of modules at Gujarat or Tamil Nadu or another location, 6 GW of cell capacity at Unn (Gujarat), and 6 GW of ingot-wafer capacity at Nagpur (Maharashtra). The total project cost stays roughly the same at around Rs. 90,495 million (about Rs. 9,050 crore). The change still needs shareholder approval through a special resolution via postal ballot.
The location shift is aimed at speeding up execution and getting the IPO money to work sooner, which is positive if it removes bottlenecks. However, the explicit admission of project delays at the original site and the need to restructure across four locations may raise short-term execution concerns for shareholders.