Small-cap stock engaged in the business of offering EPC services for solar power plants jumps 8 percent in the day’s trade following approval to raise funds of up to Rs. 900 Crores.
With a market capitalization of Rs. 4,259 Crores, the shares of Gensol Engineering Limited were trading at Rs. 1,125.55, up 7.75 percent from its previous day’s close price of Rs. 1,044.60.
The board of directors of Gensol Engineering Limited has approved the fundraising of up to Rs. 900 Crores by issuing 1.3 crore warrants of the company in one or more tranches within 18 months to the promoter and non-promoter group by way of a preferential issue on a private placement basis.
Gensol Engineering Limited has achieved significant advancements in the Solar EPC, EV Leasing, and EV Manufacturing sectors. The company’s dedication to innovation and environmental stewardship drives its continued progress, aiming for a 5X growth within the next three years
In Addition to this Gensol Engineering Limited has acquired entire stake in Gensol Green Energy Private Limited by investing Rs. 99,990, following which it will become the wholly-owned subsidiary of Gensol Engineering Limited. Gensol Green Energy Private Limited is engaged in the generation of electric energy.
Gensol Engineering Limited is part of the Gensol Group of companies, it offers engineering, procurement, and construction (EPC) services for the development of solar power plants.
Its revenue from operations grew 138 percent from Rs. 154 Crores in FY22 to Rs. 366 Crores in FY23, accompanied by increasing profits of Rs. 11 Crores to Rs. 27 Crores.
Written by: Bharath K.S
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