Solar module manufacturer Waaree Energies has proposed divesting 1.15% of its shares in its solar cell manufacturing unit Indosolar.

The divestment includes an offer for sale (OFS) of 476,495 shares of Indosolar, each with a face value of ₹10 (~$0.116) per share.

The OFS for retail investors will take place on June 6, 2025, while non-retail investors were allowed to place their bids on June 5.

Waaree holds 96.15% of shares in Indosolar.

The company had acquired Indosolar in 2022 following approval from the National Company Law Tribunal.

With the exception of mutual funds registered with the Securities and Exchange Board of India, no single bidder will be allocated more than 25% of the offer shares.

At least 25% of the offer shares will be reserved for mutual funds and insurance companies. If the portion of shares remains unsubscribed, it will be made available to other bidders.

A minimum of 10% of the OFS will be reserved for the retail investors who can bid for shares with a total value of ₹200,000 (~$2,329.02).

If the cumulative bids by an individual investor across the retail and non-retail categories exceed ₹200,000 (~$2,329.02), the bids in the retail category will be cancelled.

In January 2025, Waaree entered into a share purchase agreement with Enel Green Power Development to acquire 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel Green Power India owns solar and wind projects portfolio totaling 640 MWac (760 MWdc), including operational and projects under development in the country.

In the fourth quarter of the financial year 2025, Waaree’s module and cell production stood at 2.06 GW compared to 1.35 GW in the corresponding quarter last year. The company’s manufacturing capacity encompasses 15 GW of solar modules and 5.4 GW of solar cells. It has an order book of around 25 GW worth about ₹470 billion (~$5.49 billion) stepping into the next financial year.