New Delhi, May 20 -- Waaree Energies Ltd, a solar module manufacturer which listed on the stock exchanges late last year, said Tuesday it has struck a deal to Kamath Transformers Pvt Ltd for Rs 293 crore ($34 million) in cash.
The acquisition of the transformer manufacturer is likely to be completed in the current financial year, Waaree Energies said in a stock exchange filing.
Founded in 1996, Kamath Transformers recorded standalone revenue of Rs 122.68 crore in FY24, up from Rs 54.41 crore and Rs 25.73 crore in the previous two years, Waaree said.
According to VCCEdge, Kamath Transformers recorded a net profit of Rs 15.65 crore in FY24, compared with a loss of Rs 82 lakh in FY23.
Founded in 1990, Waaree Energies is among the country's top manufacturers of solar PV modules and solar cells with an aggregate installed capacity of 13.3 GW and 5.4 GW, respectively, according to its website. The company has five solar module manufacturing facilities in India, along with international presence.
Waaree Energies commands a market capitalisation of over Rs 84,000 crore, according to BSE data. The company listed on stock exchanges in October 2024 with its shares making a debut at Rs 2,550 apiece, a 70% premium to its IPO price of Rs 1,503. The shares touched a peak of Rs 3,740.75 apiece a few days later but have since come down to Rs 2,900 levels.
Published by HT Digital Content Services with permission from VC Circle.