After Gaining Over 150% From 52W-Low Multibagger Stock Sets Record Date For 2:1 Bonus Shares

A small-cap firm operating in the consulting services industry is Gensol Engineering. Gensol is a group of solar engineers and experts with more than 33,693 MW of expertise. As the company's board of directors sets the record date for 2:1 bonus shares, the stock has risen by more than 3% intraday.

Tuesday, September 5, 2023, saw the Board of Directors of the firm evaluate, authorise, and propose a bonus issue of 2 equity shares for every 1 equity share owned by the company's shareholders as of the record date. Up to 2,52,48,598 equity shares are planned to be issued as the total number of securities.

While announcing the record date for 2:1 bonus shares, Gensol Engineering informed stock exchanges that "We wish to inform you that pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Tuesday, October 17, 2023 as the Record Date to determine eligible shareholders entitled to receive the Bonus Shares."

The estimated date by which such bonus shares would be credited/dispatched within 2 months from the date of approval of the Board i.e. on or before 4th November, 2023 in terms of Regulation 295 of SEBI Regulations, 2018, as per a stock exchange filing.

On Friday, the shares of Gensol Engineering closed at Rs 2025.05 apiece, up by 3.41% over the previous close of Rs 1958.25. The shares of Gensol Engineering made a 52-week-high of Rs 2,119.45 on (06/09/2023) and a 52-week-low of Rs 797.05 on (14/03/2023), indicating that at the current market price, the scrip is trading 152.86% above the 1 year low and 4.45% below the 1 year high. During Q2FY24, the company reported promoters' shareholding of 62.60%, FIIs stake of 1.87%, DIIs stake of 0.64% and public stake of 34.89%.