Waaree Energies stock in focus today as firm completes acquisition of shares in United Solar

Shares of Waaree Energies are in focus on Tuesday after the green energy firm said its  wholly owned subsidiary Waaree Solar Americas Inc has completed the acquisition of 53,68,551 series B preferred shares of United Solar Holding Inc for a total consideration of approximately $30 Mn.

In the previous session, Waaree Energies stock ended 2.38% higher at Rs 2790.35 against the previous close of Rs 2725.55. Market cap of the firm stood at Rs 80,261 crore.

Total 1.05 lakh shares of the firm changed hands amounting to a turnover of Rs 28.87 crore.

In early March, the Mumbai-based solar manufacturer disclosed that Waaree Solar Americas Inc had executed a Share Subscription Agreement with United Solar Holdings Inc. (USH). Under the deal, WSA will subscribe to approximately 53,68,551 Series B preferred shares of USH for a total consideration of approximately $30 million, subject to conditions precedent to closing.

United Solar is headquartered in the Sohar Freezone of Oman. The company is led by 50 experienced solar energy experts with strong technical capabilities and international project experience. Focusing on the global polysilicon market, the company places particular emphasis on product certification and research and development for the US market.

Waaree Energies is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. Its product portfolio includes solar energy products consisting of the PV modules such as multicrystalline modules; Monocrystalline modules; and TopCon modules.