2:1 Bonus Issue: Engineering Co Approves Fund Raising, Jumps 2250% In 2-Yrs

Small cap multibagger engineering sector stock Gensol Engineering today gained nearly 3% in morning trade after its Board approved fund-raising plans through qualified institutional placement (QIP) and/or other routes.

It informed about fund raising plans via its BSE filing on Monday. Last trading price of Gensol Engineering share on BSE is Rs 848.10 per share with intraday fall of 0.06%. Gensol Engineering shares soared 89% in last 6-months and 2250% in last 2-years. Check details below:

Gensol Engineering Approves Fund Raising: According to the BSE filing of the company dated January 1, 2024, the Board of Directors of the Company met on January 1, 2024 to consider and approve to raise up to Rs 300 crore via qualified institutional placement (QIP) route, public issue, preferential allotment, and private placement.

"The company board also announced to increase the authorized share capital of the company to Rs 50 crore including 5 crore equity shares with a face value of Rs 10 each, from Rs 40 crore including 4 crore equity shares with a face value of Rs 10 each," stated the BSE filing.

Gensol Engineering Stock Performance & Return: The stock's 52-week high price is Rs 945.85 per share and 52-week low price is Rs 265.42 per share, respectively. The company has a market capitalisation of Rs 3212.00 crore. Gensol Engineering shares declined 0.06% in last 1-week, jumped 151% in last 1-year, soared 2250% in last 2-years, and offered return of 3850%in last 3-years.

Gensol Engineering Bonus Issue: The company earlier this year announced 2:1 bonus issue and declared October 17 as the record date for bonus issue.
Gensol Engineering Financials: The company on August 14, 2023 declared a net profit at Rs 10.2 crore for the quarter ended June 30, 2023. Gensol announced Rs 10 crore net profit in the previous fiscal, according to its BSE filing. Gensol Engineering declared a surge in its revenues to Rs 151.7 crore in the first quarter of the current fiscal from Rs 102.9 crore in the last fiscal. Its Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) announced at Rs 43.7 crore, up from Rs 15.7 crore.

About: Gensol Engineering Limited (GEL), which is a BSE-listed entity and also the flagship company for the Gensol group, was setup in the year 2012 when the solar industry in India was in the stage of its infancy. GEL is dedicated to using technology, engineering and innovation to give its clients the best returns on their capital. It strives to provide support and engineering expertise to clients and investors in Solar Power Sector through its offerings of complete concept to commissioning services for MW scale grid-connected solar power projects.

Disclaimer: The stock just highlights the fund raise, bonus issue and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.