Investment5 Feb 2026, 05:32 pm
Waaree Energies Partially Utilizes IPO Proceeds, Changes Project Location
AI Summary
Waaree Energies Ltd, a Solar Equipment Manufacturing company, has partially utilized the proceeds from its public issue and changed the location of its project. The company has acquired land and entered into long-term lease agreements for cell, module, and ingot-wafer manufacturing in Gujarat and Maharashtra. The remaining approvals will be applied for at the appropriate stage. The company had parked Rs. 26.11 crore in the current account of Sangam Solar One Private Limited as of December 31, 2025, which is in line with its investment policy. The company is awaiting a new approval for the same from the Board of Directors.
Key Highlights
- Waaree Energies has partially utilized the proceeds from its public issue.
- The company has changed the location of its project from Odisha to Gujarat and Maharashtra.
- Waaree Energies has acquired land and entered into long-term lease agreements for cell, module, and ingot-wafer manufacturing.
- The company has parked Rs. 26.11 crore in the current account of Sangam Solar One Private Limited.
- Waaree Energies is awaiting a new approval for its investment policy from the Board of Directors.