5332572026-09-245332572026-09-242026-09-245332572026-09-242026-09-24AmalgamatedEntityDomain15332572026-09-24AmalgamatedEntityDomain15332572026-09-242026-09-24AmalgamatedEntityDomain25332572026-09-24AmalgamatedEntityDomain2xbrli:purexbrli:shares533257INDOSOLAR LIMITEDWAAREEINDONOTLISTEDINE866K01023NewAmalgamation/ Mergertrue2026-09-2318:30:002026-09-24Indosolar LimitedTransferorListed Entity (self)Total assets - 404.92 Crore, Net worth - 323.63 Crore Turnover - 68.36 Crore311735050.7493104301860.25070041603691100000000Waaree Energies LimitedTransfereeOthersHolding CompanyTotal assets - 23,798.16 Crore, Net worth - 13,869.90 Crore Turnover - 6,221.67 Crore1844420130.64121032093220.35880028765133511844420130.63911041575210.3609002885995341true2026-09-232026-09-23falsetrueIndosolar Limited is subsidiary of Waaree Energies LimitedtrueIndosolar Limited is inter alia engaged in the business of manufacturing of solar photo-voltaic modules Waaree Energies Limited is engaged in the business of manufacture of solar photo-voltaic modules and solar cells, setting up of projects in solar space and sale of electricityThe Transferor Company and the Transferee Company form part of the same group. With the objective of simplifying the group structure, it is proposed to consolidate the assets and liabilities of the Parties. The rationale and the benefits of the Scheme are as follows: (i) The Transferor Company and the Transferee Company are both engaged in manufacturing solar photovoltaic modules. The Transferor Company does not have a cell manufacturing capacity and depends on the Transferee Company or other external third parties for its principal raw materials. Consequently, the Transferor Company’s dependence on others for its principal raw materials may hinder its progress to operate as a profitable independent unit. Thus, its production volumes, cost structures, and margins are substantially determined by the terms of such supply arrangement. The amalgamation of the Transferor Company with the Transferee Company places cell and module manufacturing into one entity, creating a backward-integrated undertaking with integrated production planning, optimised inventory and improved domestic content traceability. It will further eliminate the continuing related party transactions arising from cell supply and resolve the conflict inherent in allocating cell output between the two shareholder groups. (ii) The amalgamation will result in a simplification of the group structure and the cessation of the separate listed entity obligations in relation to the Transferor Company. (iii) The public shareholders of the Transferor Company will, pursuant to the Scheme, receive shares in the Transferee Company, which is a larger and more liquid listed entity, thereby allowing such shareholders enhanced liquidity, broader market participation, and the benefit of a diversified business platform. (iv) Unified governance and consolidated procurement and borrowing at the Transferee Company’s cost of funds will enable operational synergies and flexible capital deployment. (v) The Scheme eliminates duplicated compliance layers, including separate audits, board meetings, statutory filings, and related-party disclosures, resulting in cleaner group reporting. (vi) streamlining of the group corporate structure and consolidation of assets and liabilities, leading to synergies of operations and resulting in the expansion and long-term sustainable growth, which will enhance value for various stakeholders of the Parties; (vii) simplification of corporate structure by reducing the multiplicity of legal and regulatory compliances through rationalization; (viii) reduction of administrative responsibilities, multiplicity of records and legal and regulatory compliances, cost savings and elimination of duplicate expenses; and (ix) achieve optimal and efficient utilization of capital, enhance operational and management efficiencies. Accordingly, the Scheme is in the interest of the Parties involved and their respective stakeholders.Shares01:11Share Exchange - [1 (one) equity shares of INR 10 each fully paid up of the Transferee Company for every 11 (Eleven) equity shares of INR 10 each fully paid up of the Transferor Company” (“Share Exchange Ratio”)]Pursuant to the Scheme, the pre-Scheme shareholding pattern of Indosolar Limited (Transferor Company) as on June 30, 2026 is: Promoters holding 3,11,73,505 equity shares (74.93%) and Public holding 1,04,30,186 equity shares (25.07%), aggregating to 4,16,03,691 equity shares (100.00%). Upon the Scheme becoming effective, the Transferor Company shall be dissolved without being wound up, and hence there will be no post-Scheme shareholding pattern of the Transferor Company. The pre-Scheme shareholding pattern of Waaree Energies Limited (Transferee Company) as on June 30, 2026 is: Promoters holding 18,44,42,013 equity shares (64.12%) and Public holding 10,32,09,322 equity shares (35.88%), aggregating to 28,76,51,335 equity shares (100.00%). Post-Scheme, the shareholding pattern of the Transferee Company will be: Promoters holding 18,44,42,013 equity shares (63.91%) and Public holding 10,41,57,521 equity shares (36.09%), aggregating to 28,85,99,534 equity shares (100.00%). pursuant to the issue of 1 (one) equity share of INR 10 each fully paid up of the Transferee Company for every 11 (eleven) equity shares of INR 10 each fully paid up held in the Transferor Company by its shareholders (other than the Transferee Company) as on the Record Date.The Scheme is, inter alia, subject to receipt of requisite statutory, regulatory and customary approvals, including approvals of BSE Limited and National Stock Exchange of India Limited, the jurisdictional National Company Law Tribunal, and the shareholders and creditors (as applicable) of the companies involved in the Scheme.