Gensol Engineering To Consider Proposal of Raising Funds Next Week

The BSE saw a higher opening price for the small-cap company Gensol Engineering today at Rs 940 per share after the company announced that the Board of Directors would be meeting next week to discuss and approve a fundraising plan as well as the quarterly results for Q1FY25.

A meeting of Board of Directors of the company will be held on Monday, August 12, 2024, inter alia; to consider and approve quarterly unaudited financial result of the company for the quarter ended June 2024 and 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, according to a stock exchange filing.

Recently on July 29, 2024, Gensol Engineering received an EPC award for Rs 463 Crores solar plant at Gujarat's Khavda RE Power Park.

On July 22, 2024, Gensol Engineering emerged as the winning bidder for 116 MW (150 MWp) of solar projects in Gujarat These projects will be distributed across 27 diverse locations, all under the purview of Paschim Gujarat Vij Co. Ltd. (PGVCL), the state electricity distribution company, as per a regulatory filing.

Gensol Engineering Limited expanded its BESS order book to nearly Rs 3100 Crore earlier in June by allocating an additional 250 MW (500 MWh) for GUVNL's Battery Energy Storage Project. The project, which comprises the first and second tranches, is expected to provide Rs 2685 crore in revenue over the course of the 12-year Battery Energy Storage Purchase Agreement (BESPA).

Gensol Engineering Limited, a prominent participant in the renewable energy market, was founded in 2012 and specialises in electric mobility solutions and solar power engineering, procurement, and construction (EPC) services. In the fields of solar (Gensol Solar EPC (India & Middle East) and Scorpius Trackers), EV leasing (Let'sEV), and EV manufacturing (Gensol EV), Gensol has amassed a skilled and varied staff of more than 500 people. Almost all states in India have seen the successful completion of over 770 MW of different solar projects, including rooftop, ground mount, and floating solar systems. Gensol Solar EPC is ranked among the top 10 EPC players in India and among the top 5 in terms of independent EPC companies.