WAAREE RENEWABLE TECHNOLOGIES LIMITED — M&A Activity 2026

Jan 26, 2026

==> picture [189 x 28] intentionally omitted <==

Execution with Pace & Comfort

January 26, 2026

To To The Manager The Manager BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1 Block G, Dalal Street, Fort, Bandra - Kurla Complex, Bandra (East) Mumbai-400001 Mumbai - 400 051 Scrip Code: 534618 Scrip Symbol: WAAREERTL

- Sub: Outcome of the Board Meeting Regulation 30 and other applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

Dear Sir/Madam,

Pursuant to Regulation 30 read with Schedule III Para A of Part A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Listing Regulations”), we wish to inform you that, the Board of Directors of the Company at its adjourned meeting held today i.e. January 26, 2026, has, inter alia, considered and approved the following:

Waaree Renewable Technologies Limited (“the Company”) to enter into a binding term sheet for acquisition of ~55% of the stake in the equity share capital of Associated Power Structures Limited (“ASPL”) for a total consideration of INR ~1,225 crores mix of primary & secondary, subject to completion of due diligence and customary closing conditions.

Associated power Structures Limited established in 1996, is in the business of Power transmission and distribution into infrastructure sector. Further, pursuant to the above acquisition of shares, Associated Power Structures Limited will become a subsidiary of the Company.

The requisite disclosure as required under Regulation 30 of the SEBI Listing Regulations read along with SEBI circular SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 dated December 31, 2024 is enclosed herewith as Annexure - ‘A’

The Meeting was commenced at 11:38 am and concluded at 11:58 am.

Please take the same on your records and suitably disseminated at all concerned.

Thanking you,

Yours faithfully,

For Waaree Renewable Technologies Limited

HEEMA Digitally signed by HEEMA KALPESHKU KALPESHKUMAR SHAH Date: 2026.01.26 MAR SHAH 14:08:22 +05'30'

Heema Shah Company Secretary ACS 52919 Email id: info@waareertl.com

Place: Mumbai

Waaree Renewable Technologies Limited

(A subsidiary of Waaree Energies Limited)

504, Western Edge-1, Off. Western Express Highway, Tel.: +91 22 6644 4444 CIN : L93000MH1999PLC120470 Borivali (E), Mumbai 400 066. Maharashtra INDIA E : info@waareertl.com GST: 27AADCS 1824J2ZB W : www.waareertl.com

==> picture [189 x 28] intentionally omitted <==

Execution with Pace & Comfort

ANNEXURE A

==> picture [448 x 600] intentionally omitted <==

----- Start of picture text -----

Sr. No. Particulars Details
1. Name of the target entity, details in Associated Power Structures Limited
brief such as size, turnover etc. (“ASPL”)
Brief details of its net worth, total assets as on
March 31, 2025 and turnover (including other
income) for the year ended 31 [st] March, 2025,
are set out below;
Amount (Rs. in Crores)
Net worth Turnover Total Assets
(including
other
income)
339.53 1,226.64 834.15
2. name of holding company of the Not Applicable
incorporated company and relation
with the listed entity
3. Whether the acquisition would fall No, the transaction is not a related party
within related party transaction(s) transaction and none of the promoter/
and whether the promoter / promoter group/ group companies have any
promoter group/ group companies interest in the entity being acquired.
have any interest in the entity being
acquired? If yes, nature of interest
and details thereof and whether the
same is done at “arm’s length”.
4. Industry to which the entity being The Company is engaged into Power
acquired belongs Transmission and distribution into
Infrastructure Sector.
5. Objects and effects of acquisition Investment is part of WRTL’s strategic
(including but not limited to, initiative to expand its presence and
disclosure of reasons for acquisition strengthen its capabilities across the
of target entity, if its business is renewable energy and energy efficiency
outside the main line of business of ecosystem. APSL operates in a
the listed entity) complementary sector aligned with WRTL’s
long-term vision of integrated clean energy
solutions.
6. Brief details of any governmental or Not Applicable.
regulatory approvals required for the
acquisition.
7. Indicative time period for completion 30 [th] April , 2026
of the acquisition.
8. Nature of consideration – whether Cash consideration (by way of cheque or Bank
cash consideration or share swap and Transfer)
details of the same.
9. Cost of acquisition or the price at INR ~1,225 crores (Primary + Secondary)
which the shares are acquired
----- End of picture text -----

Waaree Renewable Technologies Limited

(A subsidiary of Waaree Energies Limited)

504, Western Edge-1, Off. Western Express Highway, Tel.: +91 22 6644 4444 CIN : L93000MH1999PLC120470 Borivali (E), Mumbai 400 066. Maharashtra INDIA E : info@waareertl.com GST: 27AADCS 1824J2ZB W : www.waareertl.com

==> picture [189 x 28] intentionally omitted <==

Execution with Pace & Comfort

==> picture [448 x 278] intentionally omitted <==

----- Start of picture text -----

10. Percentage of Shareholding / control ~55%
acquired and / or number of shares
acquired
11. Brief background about the entity
acquired in terms of products/line of Date of May 21, 1996
business acquired, date of Incorporation
incorporation, history of last 3 years’ Country of India
turnover, country in which the Incorporation
acquired entity has presence and any CIN U29299GJ1996PLC029688
other significant information (in Business Power Transmission &
brief) Undertaken Distribution
Turnover of Year Amount
last three FY 24-25 1,216.91
years (in FY 23-24 619.76
Crores) FY 22-23 416.80
Presence in ASPL undertaken business
other in several countries.
countries
other NA
significant
information
----- End of picture text -----

Waaree Renewable Technologies Limited

(A subsidiary of Waaree Energies Limited)

504, Western Edge-1, Off. Western Express Highway, Tel.: +91 22 6644 4444 CIN : L93000MH1999PLC120470 Borivali (E), Mumbai 400 066. Maharashtra INDIA E : info@waareertl.com GST: 27AADCS 1824J2ZB W : www.waareertl.com