The shares of this leading solar EPC company hit 52 week-high of Rs 2,239.00 apiece after the subsidiary company filed IPO papers, to raise Rs 3,000 crore via a fresh issue.
With a market capitalization of Rs 4,588.82 crore, the shares of Waaree Renewables Technologies Ltd were trading at Rs 2,203.00 per share, increasing around 11.19 percent as compared to the previous closing price of Rs 1,981.35 apiece.
According to CNBC, Waaree Energies, a wholly-owned subsidiary of Waaree Renewables Technologies Ltd, would utilize the proceeds from the new issuance to build a 6GW (gigawatt) ingot wafer, solar cell, and solar PV module manufacturing plant in Odisha. A part will also be used for general business reasons.
Furthermore, the public offering includes a new issuance of equity shares totaling 3,000 crores, as well as an offer-for-sale (OFS) of 32 lakh equity shares by a promoter and existing shareholders.
Waaree Energies, a prominent participant in India’s solar energy business, is focused on PV module manufacture, with a total installed capacity of 12 GW by June 30, 2023.
Waaree Renewables Technologies Ltd has a 12 GW Module Capacity & 5.4 GW Cell Capacity by FY24 with 1.5+ GW Commissioned Projects, and the firm has Exported Products from over 68 Countries with 1,400+ Authorized Sale Points and Franchises in India.
Looking into the company’s financial, Waaree Renewables Technologies Ltd’s revenue increased by 23 percent from Rs 121 Crore in Q2FY23 to Rs 150 Crore in Q2FY24. During the same period, net profits increased by 125 percent from Rs 8 crore to Rs18 crore.
In six months, the stock returned 95 percent, and 339.38 percent in a year. A one-year investment of Rs 1 lakh in the firm will be worth Rs 4.39 lakh.
Waaree Renewables Technologies Ltd is a company that generates power from renewable energy sources and also provides consulting services in this field.
Written by:- Abhishek Singh
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