Waaree Energies-backed penny stock zooms 1,600% from its previous close; check details

Waaree Energies-backed Indosolar Ltd, which was a penny stock until Wednesday, resumed its trading at the stock exchanges on Thursday, June 19, 2025 at Rs 165.06 apiece. The Solar cells manufacturer resumed its trading 1,600 per cent higher above its indicated previous close at Rs 9.71, with a total market capitalization of Rs 686.71 crore.

Shares of Indosolar were suspended due to procedural reasons and the stock was last traded three years ago in June 2022, the data from BSE showed. The stock had settled at Rs 3.21 on June 24, 2022, falling 4.75 per cent for the day, hitting its lower circuit. The stock was last seen in double digits in 2015 and has remained a penny stock since then.

Waaree Energies-backed Indosolar Ltd, which was a penny stock until Wednesday, resumed its trading at the stock exchanges on Thursday, June 19, 2025 at Rs 165.06 apiece. The Solar cells manufacturer resumed its trading 1,600 per cent higher above its indicated previous close at Rs 9.71, with a total market capitalization of Rs 686.71 crore.

Shares of Indosolar were suspended due to procedural reasons and the stock was last traded three years ago in June 2022, the data from BSE showed. The stock had settled at Rs 3.21 on June 24, 2022, falling 4.75 per cent for the day, hitting its lower circuit. The stock was last seen in double digits in 2015 and has remained a penny stock since then.

Indosolar is now acquired by Waaree Energies, but the company had earlier faced insolvency proceedings initiated by lenders in October 2018 under the Insolvency and Bankruptcy Code, 2016, due to heavy financial losses. Post its acquisition, the company has reported a net profit of Rs 55 crore in FY25, compared to a loss of Rs 15.44 crore in FY24.

The shares will trade under the scrip ID WAAREEINDO and shall be listed under the ‘T’ Group of securities, which means that intraday buying and selling of the stock shall not be allowed and the stock shall trade with a upper circuit of 5 per cent for first ten trading sessions.

"We would like to inform you that Indosolar has received listing and trading approval from National Stock Exchange (NSE) and BSE on June 17, 2025. Accordingly, shares of the company will be available for trading with effect from Thursday, June 19, 2025," said Indosolar in an exchange filing with the bourses earlier this week.

Indosolar Ltd is promoted by the recently listed Waaree Energies Ltd, which owned 4,00,00,000 equity shares or 96.15 per cent stake in the company as of March 31, 2025. However, the clear energy player offloaded up to 4,76,495 equity shares, or 1.15 per cent stake of Indosolar through an offer for sale (OFS) on June 5 and 6, 2025 at a price of Rs 10 each.

The move is aimed at meeting minimum public shareholding norms, which shall be diluted up to 75 per cent for the promoter, which in this case is Waaree Energies. Among other shareholders, more than 58,600 retail shareholders own 13,69,105 equity shares, or 3.29 per cent stake in Indosolar. Bank of Baroda own 19,042 equity shares HUFs own 54,019 equity shares.