Waaree Energies Limited has informed the Exchange regarding Board meeting held on Jun 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 (ingot-wafers, cells and modules) that was originally disclosed in the October 2024 IPO prospectus. The company explicitly cited delays in executing the project at the originally planned site and wants to redeploy IPO funds faster. The new plan splits the facility across four sites: 3 GW Modules at Samakhiali (Gujarat), 3 GW Modules at Gujarat/Tamil Nadu, 6 GW Cells at Unn (Gujarat), and 6 GW Ingots and Wafers at Nagpur (Maharashtra). Total hard cost remains essentially unchanged at about Rs. 904.96 crores versus Rs. 904.99 crores earlier, but the cost mix has shifted sharply - land cost rises over 3x to Rs. 46.18 crores, buildings/civil work jumps to Rs. 146.16 crores, freight nearly doubles to Rs. 25.28 crores, and contingencies balloon to Rs. 46.91 crores, while machinery spend drops to Rs. 367.95 crores and utilities fall to Rs. 256.90 crores. The change needs shareholder approval through a special resolution via postal ballot.
Neutral to mildly negative in the short term. The total deployment of IPO money stays the same, so there is no fresh cash demand, but the company's own admission of execution delays and the need to re-plan the site could dent investor confidence. Moving from a single integrated campus to four separate locations adds logistical complexity and execution risk, though it may bring tax and regional policy benefits. Retail investors should watch the postal ballot result and look for an updated commissioning timeline in coming quarters.