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  3. India's biggest solar panel maker Waaree Energies’ IPO delayed over dee…

India's biggest solar panel maker Waaree Energies’ IPO delayed over deemed public offer non-compliance

27 Aug 2024

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Key Takeaways

Waaree Energies' IPO is delayed due to regulatory non-compliance, requiring a resolution with authorities.

Waaree Energies' IPO is delayed due to regulatory non-compliance, requiring a resolution with authorities.

Waaree Energies

Waaree Energies

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Expert Analysis

Waaree Energies' IPO Faces Delay Due to Regulatory Non-Compliance.

Expert Analysis:

  • IPO Delay: Waaree Energies, has faced a delay in IPO approval due to non-compliance with the Companies Act, which restricts unlisted companies from selling shares to more than 200 people without a public offer.

  • Fundraising: The company raised Rs 1,000 crore from investment firm ValueQuest in August 2023 and Rs 1,040 crore from a clutch of investors, including family offices and HNI’s in an earlier round.

  • Regulatory Resolution: Due to non-compliance with the Companies Act, Waaree Energies must resolve the issue with the Registrar of Companies and MCA, potentially facing penalties and a lengthy delay in its IPO process.

Publisher:money control