Waaree Energies: Early birds Madhu Kela, Ravi Dharamshi make multibagger returns in solar play
Ravi Dharamshi, who backed Waaree Energies when hardly anyone else was talking about it, have made multifold returns on the solar energy stock, which got listed on the stock exchanges today.
Madhu Kela's wife, Madhuri, owned 33,41,700 shares, or 1.27% equity in Waaree Energies. Disclosures made by the company in its red herring prospectus (RHP) show that Kela participated in a private placement in June 2023 and purchased 7.25 lakh shares at Rs 550 per share.
Details of his previous investments in Waaree are not in the public domain, but he is believed to have invested in the company earlier in 2022 during previous fundraising rounds.
Even at Rs 550, Kela made a substantial notional profit of 364% in just 16 months, as the stock listed at Rs 2,550 on the BSE, representing a 69.7% premium over its issue price of Rs 1,503.
Similarly, Ravi Dharamshi's ValueQuest Scale Fund was also allotted 909,091 shares at Rs 550 each during the private placement. Other investors include Niveshaay Hedgehogs.
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