Waaree Energies share price gained over 2 percent in December 23 trade after the board approval of capital expenditure amounting to over Rs 2,000 crore.
The board of directors in a meeting held on Monday, December 23 also approved an investment of Rs 200 crore for setting up 300 MW of electrolyser manufacturing plant in its wholly owned subsidiary Waaree Clean Energy Solutions Private Limited under the PLI tender issued by MNRE through SECI.
The capex will be funded by mix of Debt and Internal accruals, the company said in a statement.
Waaree Energies stock quoted at Rs 2,940 per share on the NSE, rising 2.11 percent from its previous close.
"Capital Expenditure amounting to Rs. 2073 crores and Investment of Rs. 650 crores for setting up 3.5 GWh Lithium Ion Advanced Chemistry Storage Cell manufacturing plant in its wholly owned subsidiary Waaree Energy Storage Solutions Private Limited," it added.
It further said, "Capital Expenditure amounting to Rs 130 crores in Invertor Business through its wholly owned subsidiary Waaree Power Private Limited. Waaree Energies Ltd contribution will be upto Rs 40 crores."
Waaree Energies shares drop 33% from peak; analysts assess trading strategy for solar EPC stock
Shares of Waaree Energies made market debut on October 28 by listing at Rs 2,500 apiece at a massive premium of 66.3 percent over the issue price of Rs 1,503 per share on the National Stock Exchange (NSE).
The Rs 4,321-crore IPO witnessed strong demand with the offer being oversubscribed 76.34 times. Investors bid for 160.91 crore shares, far exceeding the 2.1 crore shares on offer, according to exchange data.
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