Gensol Engineering Okays Rs 750 Cr QIP & Preferential Issue of 5.7 Lakh Shares

On Monday, attention will probably be focused on Gensol Engineering, a small-cap capital goods stock. At their meeting on Friday, September 06, 2024, the company's Board of Directors authorised and implemented a substantial change to the Qualified Institutional Placement (QIP) plan, among other things. The company has added an additional Rs 250 crores to the already authorised amount, increasing the issue size from Rs 500 crores to Rs 750 crores. On August 12, the company had declared a Rs 500 crore QIP.

The Board of Directors has also approved for increase in the authorized share capital of the company from Rs 50,00,00,000.00 which comprises 5,00,00,000 equity shares of Rs. 10.00 each to Rs 75,00,00,000.00 which comprise 7,50,00,000 equity shares of Rs. 10.00 each.

In the meeting, the Board of Gensol Engineering also approved the re-appointment of Mr. Anmol Singh Jaggi as the managing director of the company for the period of 5 years and Mr. Puneet Singh Jaggi as the whole-time director of the company for the period of 5 years.

Gensol Engineering on Friday informed the stock exchanges that the Board of Directors "Approved offer, Issue and Allot upto 5,70,798 fully paid-up equity shares of the Company having face value of Rs. 10.00 (Rupee Ten Only) each at a price of Rs. 986.00 (Rupees Nine Hundred Eighty Six Only) per equity share (including a premium of Rs. 976.00 per share) on Preferential Basis to Non-promoters for consideration other than cash (share swap) to the below mentioned proposed allottees."

Recently, on September 2nd, the consortium consisting Gensol Engineering and Matrix Gas & Renewables emerged as the lowest bidder for the Rs 164 Crore EPC of India's First Biomass to Green Hydrogen project. The company has a strategic alliance with Westinghouse, USA, which has several factories operating all over the world and proprietary technologies.

Gensol Engineering stated on Thursday that it has acquired 9,999 equity shares, representing 99.99% of the entire capital shares of Gridstor Energy Private Limited. Gridstor Energy becomes a wholly-owned subsidiary of Gensol Engineering with this Rs 99,990 transaction. Under the direction of Gensol Engineering, Gridstor Energy Private Limited, registered under CIN: U35105GJ2024PTC154856, will now function, expanding the business's reach in renewable energy storage solutions.

On Friday, the shares of Gensol Engineering ended on the BSE lower by 0.57% at Rs 932.45 apiece with a market cap of Rs 3,531.46 Cr.