Waaree Kicks Off OFS to Trim 1.15% Stake in Indosolar, Align with SEBI’s MPS Mandate

Waaree Energies Limited, the promoter of Indosolar Limited, has commenced the sale of 4,76,495 equity shares—representing 1.15% of Indosolar’s total paid-up equity capital—through an Offer for Sale (OFS) starting today. The move is aimed at aligning with the Minimum Public Shareholding (MPS) norms mandated by SEBI

The OFS is being conducted via a separate window on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). On June 5, only non-retail investors are eligible to place bids. Retail investors will have the opportunity to participate tomorrow, on June 6. Non-retail investors may also choose to carry forward their unallotted bids to the second day. Antique Stock Broking Limited is acting as the Seller’s Broker for this transaction.

The floor price has been fixed at ₹10 per equity share, with no retail discount offered. Allocation will be made using a proportionate method at a single clearing price. A minimum of 25% of the offer shares has been reserved for mutual funds and insurance companies, while at least 10% is earmarked for retail investors. Any unsubscribed portion in one category will be reallocated to the other if necessary

This OFS follows SEBI’s prescribed methods under Rule 19A(5) of the Securities Contracts (Regulation) Rules, 1957, and Regulation 38 of the Listing Obligations. It also adheres to SEBI’s November 2024 circular detailing approved methods for increasing public shareholding.

Settlement for non-retail investor bids placed today will take place on the following trading day, while allocations to retail investors and any carried-forward bids will be settled two trading days after the offer opens. The process is governed by strict rules regarding bidding, payment, and order modifications as outlined in the OFS guidelines.

By launching this OFS, Waaree Energies is taking a decisive step to enhance public participation in Indosolar, further reinforcing its regulatory commitment and support for India’s solar manufacturing ambitions