Waaree Energies Limited has informed the Exchange regarding Notice of Postal Ballot
WAAREEENER · price
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Awaiting price reaction for this filing.
Waaree Energies has issued a postal ballot notice seeking shareholder approval (Special Resolution) to change the location of its 6 GW integrated solar manufacturing project originally planned in Dhenkanal, Odisha. The Ingot-Wafer facility will shift to Nagpur, Maharashtra, the Solar Cell facility to Unn, Gujarat, and the Solar Module facility to Samakhiali, Gujarat. The total project cost of around Rs. 90,500 million remains unchanged. The company cites power availability uncertainty and local execution issues at the Dhenkanal site as the reason for relocation. E-voting runs from July 3, 2025 to August 1, 2025, and dissenting shareholders will be offered an exit opportunity at a price set by a SEBI-registered merchant banker. The IPO had raised Rs. 36,000 million as fresh issue, of which Rs. 28,603 million remains unutilized as of March 31, 2025.
Shareholders are being asked to approve a meaningful change in where the IPO funds will be deployed, though the overall project cost is unchanged. The move may improve execution speed through better infrastructure and state incentives, but adds risk of multi-site execution and potential capacity underutilization. Investors who disagree with the change can avail an exit opportunity at a merchant-banker-determined price.