The exemption was granted following an application by the C.T. Doshi Family Trust, which sought relief under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations (SAST).
The proposed transaction involves the transfer of a 44.88% direct stake and an 18.34% indirect stake in Waaree Energies from promoter Chimanlal Tribhuvandas Doshi to the family trust.
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In its order, SEBI said the proposed transfer is an internal family succession arrangement and not a commercial transaction.
The regulator also noted that the transfer will not result in any change in the promoter group’s overall shareholding, control or management of Waaree Energies.
SEBI further observed that the company’s public shareholding will remain unchanged and that the minimum public shareholding requirements will continue to be met following the transaction.
The market regulator also took into account that the trustees and beneficiaries of the family trust are immediate family members and lineal descendants of the promoter.
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SEBI said the exemption will remain valid for one year, within which the proposed transfer must be completed.
Shares of Waaree Energies ended slightly lower at ₹2,857.30 on Friday, ahead of the update. The stock has gained over 5% in the last six months, while falling more than 3% so far this year.
