Sebi Grants Waaree Energies Promoter Exemption for Family Trust Share Transfer
The Securities and Exchange Board of India (Sebi) has exempted the proposed transfer of promoter shareholding in Waaree Energies from the mandatory open offer requirement, allowing the transaction to proceed as part of a family succession planning exercise.The exemption follows an application by the C.T. Doshi Family Trust, which sought relief under the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations.
Under the proposed transaction, promoter Chimanlal Tribhuvandas Doshi will transfer a 44.88 per cent direct stake and an 18.34 per cent indirect stake in Waaree Energies to the family trust.
In its order, Sebi said the transaction constitutes an internal family succession arrangement rather than a commercial acquisition. The regulator noted that the transfer would not result in any change in the promoter group’s overall shareholding, control or management of the company.
Sebi also observed that the company’s public shareholding will remain unchanged and that the minimum public shareholding requirements will continue to be met after the transfer.
The regulator further took into account that the trustees and beneficiaries of the C.T. Doshi Family Trust comprise immediate family members and lineal descendants of the promoter, reinforcing the succession planning nature of the transaction.
The exemption will remain valid for one year, during which the proposed share transfer must be completed.
Shares of Waaree Energies ended Friday’s session marginally lower at Rs 2,857.30. The stock has gained more than 5 per cent over the past six months, although it remains down over 3 per cent so far in 2026.
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