2:1 Bonus Issue: Engineering Co Raises 900 Cr Via Preferential Issue Of Warrants

Small cap renewable energy and electric mobility pioneer, Gensol Engineering Ltd shares rallied 8.05% intraday today after it informed via its BSE filing about raising Rs 900 crore (Rs. 9 billion) equity capital via warrants convertible into equity shares on a preferential basis. This major milestone comes at a juncture when Gensol is on an exceptional growth trajectory and is leading the green energy and clean mobility revolution, according to its press release. Gensol Engineering shares rallied over 1800% in last 2-years. Check details below:

Gensol Engineering Raises Rs 900 Crore: Commenting on the fund raise, Mr. Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Limited said, "We continue to build on our successful financial performance through the latest fund raise. This capital infusion strengthens Gensol's financial position, facilitating new possibilities with funds being deployed for working capital, inorganic growth opportunities, and further investment in our subsidiaries. Our priority remains delivering value to shareholders and customers while solidifying our commitment to playing a key role in India's transition to green energy and clean mobility. We highly value the trust placed in our vision and growth trajectory by the investor community".

The equity fund raise saw participation from distinguished international and domestic participants including FPIs such as Elara India Opportunity Fund, Aries Opportunities Fund, Tano Investment Opportunities Fund etc. The capital raise is subject to shareholders' approval at the EGM of the company to be held on 2 March, 2024 and statutory approvals in compliance with SEBI Regulations.

Gensol Engineering Stock Performance & Return: Current market price of Gensol Engineering shares on BSE is Rs 1119.60 apiece with intraday gain of 8.05%. The 52-week high price of Gensol Engineering shares on BSE is Rs 1147.00 apiece and 52-week low price is Rs 265.42 apiece, respectively. The company's market capitalisation is Rs 4240.44 crore. Gensol Engineering shares already surged 101% in last 6-months, rallied 239% in last 1-year, and offered shareholders return of 1864% in last 2-years. In last 3-years, Gensol Engineering stock zoomed 5893%.

Gensol Engineering Bonus Issue In 2023: The company earlier this year announced 2:1 bonus issue and declared October 17 as the record date for bonus issue.

Gensol Engineering Executed MoU With Gujarat Govt for EV Manufacturing: Earlier this year on January 9, 2024, Gensol Engineering signed an MoU with Gujarat government for EV manufacturing. Commenting on the signing of the MoU, Anmol Singh Jaggi, Co-founder, Gensol Group said, "We extend our sincere gratitude to the Government of Gujarat for their invaluable collaboration and support. Our profound thanks for fostering an environment that aligns with our vision for revolutionizing the ever-growing EV landscape. The INR 2,000 Crore investment stands as a testament to our confidence in the state's commitment to sustainable growth and green manufacturing. We look forward to a mutually beneficial partnership that propels Gujarat to new heights in the EV revolution."

Gensol Engineering Q3 Results: The company for the quarter ended December 2023 declared its consolidated net profit at Rs 12.31 crore as against the net loss of Rs 1.90 crore for the October-December quarter of 2022-23 financial year, as per its exchange filing. Its total income for the quarter under consideration declared at Rs surged to 227.12 crore as compared to to Rs 52.22 crore declared in the corresponding quarter of last year. Meanwhile, expenses arrived at Rs 209.71 crore for the period under consideration, as compared to Rs 48.49 crore in the October-December period last fiscal.

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 a nd investors in Solar Power Sector through its offerings of complete concept to commissioning services for MW scale grid-connected solar power projects.

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