Indosolar Shares Hit Upper Circuit On Listing As WaareeIndo

Shares of Waaree Energies Ltd.-backed Indosolar Ltd. hit upper circuit on Thursday, after it resumed its trading at the stock exchanges on Thursday as WaareeIndo.

The solar cells manufacturer resumed its trading at Rs 165.06 apiece. However, it later rose 5% on both NSE and BSE to trade at Rs 173.31 on both the benchmark indices. The total market capialisation of the company stood at Rs 721.08 crore.

This comes as WaareeIndo is listed under the ‘T’ Group of securities, which means that intraday buying and selling of the stock shall not be allowed and the stock shall trade with an upper circuit for first 10 trading sessions.

According to data on BSE the shares of the company were suspended due to procedural reasons, and the stock was last traded three years ago in June 2022. In the session on June 24, 2022, the shares had settled at Rs 3.21 after a 4.57% decline.

Indosolar was acquired by Waaree Energies under the insolvency proceedings initiated in October 2018 under the Insolvency and Bankruptcy Code, 2016, due to heavy financial losses. After its acquisition, the company has reported a net profit of Rs 55 crore in financial year 2025, compared to a loss of Rs 15.44 crore in fiscal 2024.

It is promoted by the recently listed Waaree Energies, which owned 4 crore equity shares indicating 96.15% stake in the company as of March 31, 2025. However, the clear energy player earlier this month offloaded up to 4.76 lakh equity shares, or 1.15% stake of Indosolar through an offer for sale at a price of Rs 10 each.

This was in order to maintain minimum public shareholding norms, which shall be 75% for the promoter, which in this case is Waaree Energies. Among other shareholders, more than 58,600 retail shareholders own 13,69,105 equity shares, or 3.29% stake in Indosolar. Bank of Baroda own 19,042 equity shares HUFs own 54,019 equity shares.