Green Energy Stock Wins Solar Power Projects After 1:2 Bonus Shares Allotment; Scrip Gains 515% In 1 Year

As of Friday's closing session, KPI Green Energy Ltd. has a market capitalization of Rs 10,885.23 Cr, making it a mid-cap company in the power industry. The stock closed at Rs 1805.70 per share, which is a new 52-week high and a 5% upper circuit level. One of Dalal Street's multibagger stocks is KPI Green Energy, which gave its shareholders a magnificent return of 515% in only a single year. However, the company's most noteworthy development is that it received the solar photovoltaic power project following the issuance of 1:2 bonus shares to shareholders.

KPI Green Energy News

"We are pleased to inform you that the tariff for 200MWAC (240MWp) grid connected Solar Photovoltaic Power Project won by KPI Green Energy Limited ('the Company') through competitive bidding process vide RFS No. GUVNL/800 MW/Khavda/Solar (Phase XX) dated 20.05.2023 issued by GUVNL for Procurement of Power from 800 MW grid connected Solar Photovoltaic Power Projects located in Gujarat State Electricity Corporation Ltd. ('GSECL') Solar Park at Khavda (GSECL Stage 2) with Greenshoe option of additional capacity upto 800MW has been adopted by Hon'ble Gujarat Electricity Regulatory Commission ('GERC'). The tariff adoption order dated February 23, 2024, has been published and available on the website of Hon'ble GERC," said KPI Green Energy in a regulatory filing on Friday.

KPI Green Energy Bonus Shares

In accordance with the approval of shareholders, which is being obtained through postal ballot, the company established Thursday, February 15, 2024, as the record date for determining the eligibility of shareholders entitled to the issuance of bonus equity shares of the company in the proportion of 1 equity share of Rs. 10/- each for every 2 existing equity share of Rs. 10/- each, or 1:2.

Regarding the bonus share allotment, KPI Green Energy informed stock exchanges last week on 16th February that the Board of Directors "Considered and approved the allotment of 2,00,94,203 (Two Crores Ninety-Four Thousand Two Hundred and Three) equity shares having face value of Rs.10/- each as bonus equity shares, in the ratio of One (1) equity share having face value of Rs. 10/- each for every Two (2) existing equity share having face value of Rs. 10/- each, to the Members whose names appeared in the Register of Members/List of beneficial owners as on February 15, 2024, being the record date fixed for that purpose."

"Consequently, the paid-up equity share capital of the Company stands increased from Rs. 40,18,84,050/- (Rupees Forty Crores Eighteen Lakhs Eighty-Four Thousand and Fifty only) comprising 4,01,88,405 (Four Crores One Lakh Eighty-Eight Thousand Four Hundred and Five) Equity Shares of Rs. 10/- each to Rs. 60,28,26,080/- (Rupees Sixty Crores Twenty-Eight Lakhs Twenty-Six Thousand and Eighty only) comprising 6,02,82,608/- (Six Crores Two Lakhs Eighty-Two Thousand Six Hundred and Eight) equity shares of Rs. 10/- each. The new Bonus Equity shares allotted shall rank pari-passu in all respects with the existing Equity Shares in the Company. The requisite compliances with respect to credit of Bonus Equity Shares in the demat accounts of the Shareholders shall be completed in due course," the company further said in a regulatory filing.

About The Company

KP Group's solar and hybrid division has the name KPI Green Energy Limited (formerly known as KPI Global Infrastructure Limited). It's a well-known solar and hybrid power generation corporation with headquarters in Gujarat. Under the brand name "Solarism," the company designs, constructs, owns, runs, and maintains solar and hybrid power plants as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPPs).