Waaree Energies board approves investment proposals worth ₹850 crore and ₹2,000 crore capex, shares climb over 2%

Waaree Energies Ltd announced on Monday that its board has approved a capital expenditure of ₹2,073 crore and three investment proposals aggregating to ₹850 crore.

Shares of the company gained over 2% on Monday, December 23, after the approval. The stock closed 2.39% up at ₹2,948.39 apiece on the NSE. Waaree Energies stock was listed on the bourses on October 28 at ₹2,500 a piece, marking a stellar premium of 66.3% against its issue price on the NSE.

The company said its board has approved three investment proposals aggregating ₹850 crore to set up electrolyser and storage cell manufacturing facilities. Additionally, the board also approved capital expenditure (capex) of ₹130 crore in the inverter business through its wholly-owned subsidiary Waaree Power Private Limited.

The board approved "capital expenditure of ₹551 crore and investment of ₹200 crore for 300 MW electrolyser manufacturing plant in its wholly-owned subsidiary Waaree Clean Energy Solutions, under the PLI Scheme," Waaree Energies said in an exchange filing.

It also approved a capital expenditure of ₹2,073 crore and an investment of ₹650 crore for setting up a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant in its wholly-owned subsidiary Waaree Energy Storage Solutions.

The company said in the filing that the capex will be funded by a mix of debt and internal accruals.

Moreover, the board also approved the appointment of Amit Paithanka, Chief Executive Officer (CEO), as an Additional Director of the company, designated as Whole Time Director. His appointment for five years will be effective from December 23, 2024, and is subject to the approval of shareholders.