Summary of Key Information:

Reporting Period (Quarter/Year): Not Applicable

Nature of Filing / Announcement: Intimation of Outcome of Board Meeting - Approval of Scheme of Amalgamation

Date of Board Meeting / Approval: September 23, 2026

Audit Opinion: Not Specified

Auditor's Comment: Not Specified

Key Financial Highlights:

Indosolar Limited (Transferor Company) Financials as on June 30, 2026 (₹ in crores):

  • Total assets: ₹404.92
  • Net worth: ₹323.63
  • Turnover: ₹68.36

Waaree Energies Limited (Transferee Company) Financials as on June 30, 2026 (₹ in crores):

  • Total assets: ₹23,798.16
  • Net worth: ₹13,869.90
  • Turnover: ₹6,221.67

Corporate Actions:

Amalgamation Details:

  • Scheme of Amalgamation of Indosolar Limited with Waaree Energies Limited approved under Sections 230-232 of Companies Act, 2013
  • Share exchange ratio: 1 (one) equity share of INR 10 each fully paid up of Waaree Energies Limited for every 11 (Eleven) equity shares of INR 10 each fully paid up of Indosolar Limited
  • Share exchange ratio determined by joint valuation report from SSPA & CO. (IBBI/RV-E/06/2020/126) and GT Valuation Advisors Private Limited (IBBI/RV-E/05/2020/134) dated September 23, 2026
  • Fairness opinion provided by Emkay Global Financial Services Limited (SEBI Registration No. INM000011229)

Shareholding Pattern Changes:

Indosolar Limited Pre-Scheme:

  • Promoters: 74.93% (3,11,73,505 shares)
  • Public: 25.07% (1,04,30,186 shares)

Waaree Energies Limited Pre-Scheme:

  • Promoters: 64.12% (18,44,42,013 shares)
  • Public: 35.88% (10,32,09,322 shares)

Waaree Energies Limited Post-Scheme:

  • Promoters: 63.91% (18,44,42,013 shares)
  • Public: 36.09% (10,41,57,521 shares)

Other Significant Information:

Business Activities:

  • Indosolar Limited: Manufacturing of solar photo-voltaic modules
  • Waaree Energies Limited: Manufacturing of solar photo-voltaic modules and solar cells, setting up solar projects, sale of electricity

Rationale for Amalgamation:

1. Both companies engaged in manufacturing solar photovoltaic modules

2. Simplification of group structure and cessation of separate listed entity obligations for Indosolar

3. Enhanced liquidity for Indosolar's public shareholders through shares in larger, more liquid Waaree Energies

4. Unified governance and consolidated procurement enabling operational synergies

5. Elimination of duplicated compliance layers and cost savings

6. Streamlining corporate structure for long-term sustainable growth

7. Optimal utilization of capital and enhanced operational efficiencies

Effective Date: Upon Scheme becoming effective, Indosolar Limited shall be dissolved without winding up