Shares of Waari Energies Ltd hit an intra-day high of Rs 2967.95 on Monday, registering a rise of over 3%.
The main reason for this surge in shares is the approval of three investment proposals worth Rs 850 crore by the company.
Board approved schemes
- Electrolyzer and Storage Cell Manufacturing Plant:
- Capital expenditure of Rs 551 crore for 300 MW electrolyzer manufacturing plant.
- Additional investment of Rs 200 crore.
- Lithium-Ion Storage Cell Plant:
- Capital expenditure of Rs 2,073 crore for setting up a 3.5 gigawatt-hour lithium-ion advanced chemical storage cell plant.
- Capital investment of Rs 650 crore.
- Investment in Inverter Business:
- Investment of Rs 130 crore through the company’s wholly owned subsidiary Vaari Power Pvt. Ltd.
How will the financing be done?
The company said that financing for these plans will be done through debt and internal accruals.
Other announcements from the Board
- Appointment of CEO:
- The Board approved the appointment of Amit Paithanka as Additional Director of the Company.
- His appointment is subject to shareholder approval.
IPO and stock performance
- IPO launch:
- The IPO of Vari Energy came this year in October 2024.
- Listing Details:
- On BSE: The share listed at ₹2,550, 69.7% higher than the IPO price of ₹1,503.
- On NSE: The share was listed at ₹2,500.
- Share growth:
- The stock has increased by 98% since the IPO price.
