Waaree Renewable Technologies Limited (WRTL) has announced the acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL) for a total investment value of ₹1,225 crore. This acquisition will make APSPL a subsidiary of WRTL.
The acquisition involves two key agreements: a Shareholders Agreement (SHA) and a Share Purchase and Subscription Agreement (SPSA). The SHA outlines the terms and conditions for the purchase of equity shares of APSPL by WRTL from existing shareholders, as well as the subscription to additional equity shares to be issued to WRTL. The SPSA records the inter-se arrangements between the parties concerning the company.
The parties involved in the share purchase and subscription agreement include WRTL as the purchaser, key individuals such as Mr. Satish Desai, Mr. Parag Kothari, Mr. Ajay Patel, and the Desai, Kothari, and Patel Family Trusts as the seller shareholders. APSPL, formerly known as Associated Power Structures Limited, is the target company.
As per the shareholders’ agreement, WRTL will have the rights to nominate directors, first right to share subscription in case of issuance of shares, and the right to restrict any change in capital structure unless it involves an affiliate. These rights extend to the running of APSPL’s day-to-day business.
The acquisition process, initially planned to be completed by 30th April 2026, is now expected to conclude by 15th June 2026 due to procedural requirements. This includes the transfer of existing securities and the allotment of securities through fresh issuance.
WRTL and APSPL are not related to the promoter or promoter group companies in any manner. The transaction does not fall under related party transactions and is conducted at arm’s length.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).