Gensol Engineering Ltd recently announced that the company has commissioned a ground-mounted 40-acre solar power plant in Jharkhand.
Solar solutions provider Gensol Engineering has announced a stock split amid a continuous fall in share price. According to an exchange filing, the company – which is in the renewable sector – has announced the sub-division of equity shares from the face value of Rs 10 per share to Rs 1 per share. The move is expected to enhance stock liquidity.
Gensol Engineering shares have dropped from the 52-week high of Rs 1,125.75 to Rs 133.20 in the last trading session.
Additionally, a special resolution to issue securities on a preferential basis to the promoter group was also tabled.
Amid this, Gensol Engineering Ltd on Wednesday announced the company has commissioned a ground-mounted solar project in Jharkhand.
This 40-acre solar power plant will generate over 15 million units of clean energy annually, offsetting 21,000 metric tonnes of Co₂ emissions every year, Gensol Engineering said in an exchange filing.
This project is developed under a Rs 40 crore EPC contract and underscores Gensol’s expertise in executing complex solar installations in challenging terrains. The scope includes comprehensive operations and maintenance (O&M) support for five years.
The project is located at Panchet town of Dhanbad district in Jharkhand.
Gensol Engineering on Thursday announced plans to raise Rs 600 crore through the issuance of foreign currency convertible bonds and warrants.
The move aims at achieving sustainable growth, reducing debt, and maximising value for its stakeholders, the company said in an exchange filing.
The Board of Directors, in its meeting held earlier today, has approved fundraising initiatives amounting to Rs 600 crore, aimed at significantly enhancing its financial standing, the company said.
While Rs 400 crore will be raised through the issuance of Foreign Currency Convertible Bonds (FCCBs), and Rs 200 crore by issuing warrants to promoters.
Currently, Gensol Engineering has a debt of Rs 1,146 crore against reserves of Rs 589 crore, resulting in a debt-equity ratio of 1.95.
With PTI inputs
