Mukul Agarwal-Backed Stock Approves Raising of 887 Cr By Issuing Convertible Warrants; Check Details Here

Gensol Engineering has informed the stock market that the company has received in-principle approval from the National Stock Exchange and Mumbai Stock Exchange for issuing convertible warrants.

The company is going to issue warrants to the promoter and non-promoter category investors on a preferential basis. Gensol Engineering has informed the stock market that the company is going to issue warrants to the promoter and non-promoter category investors on a preferential basis. The company is going to issue 1.0185 crore warrants with ₹10 face value at the rate of Rs 871 per warrant to promoter and non-promoter investors, which will help it raise Rs 8,87,11,86,389.

Amid weakness in the stock market, shares of Gensol Engineering Limited fell marginally and were trading at Rs 966.30. Shares of Gensol Engineering Limited, a leading solar and EV business company with a market cap of around Rs 3660 crore, have a 52-week high of Rs 1376 while a 52-week low of Rs 436.

The stock of Gensol Engineering has given investors a return of 14% in the last 5 days, while it has given a return of 1823% in two years and a bumper return of 4660% in the last four years.

Veteran stock market investor Mukul Agarwal holds a 1.51 per cent stake in Gensol Engineering Limited and owns 5.70 lakh shares of the company.

Earlier this week, the company informed the stock market that it has appointed Kuljit Popli, who has worked with IREDA, as an independent director and Ali Imran Naqvi as an executive director. Gensol Engineering Limited has informed the stock market that two new veterans have been given the command of the company as an independent director and executive director. The officers appointed as independent director and executive director of Gensol Engineering are industry veterans. Popli has more than 40 years of experience in the energy sector, while Naqvi, who has previously worked as the CEO of Gensol Engineering Limited's solar EPC business, has 14 years of professional experience. Popli has worked in IREDA from 2014 to 2019

Recently, Gensol Engineering has announced that the company has received in-principle approval for the issue of warrants. Gensol Engineering said they have received the approval for the issuance of 10,185,059 equity shares at Rs 10 each, linked to the conversion of warrants issued on a preferential basis.

Established in 2012, Gensol Engineering Limited, a part of the Gensol group, provides engineering, procurement, and construction (EPC) services for solar power plants globally. The company tackles international turnkey projects and has a proven track record exceeding 770 MW of installed solar capacity across ground-mounted and rooftop installations. Gensol is committed to sustainability and is revolutionizing the Indian EV industry by not only setting up a cutting-edge manufacturing facility for electric three-wheelers and four-wheelers in Pune, but also offering comprehensive leasing solutions for a variety of customer segments including passenger, fleet, and cargo needs.