After 2:1 Bonus Issue Multibagger Engineering Stock To Consider Fund Raising

Small cap multibagger engineering sector stock Gensol Engineering today gained more than 0.93% after it informed plans to consider and approve the proposal of raising funds by way of issuance of equity shares at its upcoming meeting to be held on January 1, 2023. Last trading price of Gensol Engineering share on BSE is Rs 772.00 per share. Gensol Engineering shares zoomed 129% year-to-date and gained 3287% in last 2-years. Check details below:

Gensol Engineering To Consider Fund Raising: According to the BSE filing of the company dated today, "to consider and approve the proposal of raising of funds by way of issuance equity shares or any other eligible securities ("Securities") through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the Company."

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 2923.79 crore. Gensol Engineering shares fell 5.91% in last 2-weeks, soared 89% in last 6-months, jumped 128% YTD, and offered return of 106% in last 1-year. In last 3-years, Gensol Engineering stock surged 3495%.

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 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.