Waaree Energies, a leading solar photovoltaic module manufacturer, has acquired a 76 per cent stake in Racemosa Energy India for Rs 530 million. The company announced in an exchange filing that its board of directors approved the deal at a meeting on 18 September.

Founded in 2018, Racemosa Energy India is a Maharashtra-based producer of smart electric meters. Waaree Energies stated that the acquisition aims to integrate smart meters into its portfolio, enhancing its presence across the energy value chain. Following the deal, Racemosa Energy India will become a step-down subsidiary of Waaree Energies.

Earlier this week, Waaree Energies also revealed plans to offload a 14.66 per cent stake in its subsidiary Indosolar Ltd to comply with SEBI’s minimum public shareholding guidelines. The company will sell 6.1 million shares of Indosolar through an offer for sale, at a minimum price of Rs 500 per share. Bidding for non-retail investors took place on 18 September, while retail investors were able to participate on 19 September.

Waaree Energies’ share price has risen nearly 15 per cent over the past month, supported by strong Q1 results and a robust order book.