Emphasising that the transaction has not yet been concluded, Gensol Engineering said that the EV assets are still the property of the company.
Renewable energy sector player Gensol Engineering Limited and Refex Green Mobility Limited (RGML) have shared an update on reports that the former is planning to sell 2,997 electric vehicle (EV) assets amid the continuous downfall in the share price of the company.
In an exchange filing, the companies confirmed that that discussion is still underway and waiting for regulatory and financial approvals.
“The terms of the transaction had been mutually agreed upon, and a comprehensive evaluation is currently underway, covering financial, legal, and operational aspects. Gensol has been fully cooperative in supporting this review process by providing all required documentation and clarifications. Additionally, companies are awaiting financial and regulatory approvals to proceed with the transaction,” the company informed through an exchange filing.
Emphasising that the transaction has not yet been concluded, Gensol Engineering said that the EV assets are still the property of the company.
“Contrary to speculative reports, the transaction has not yet been concluded. Until completion, the EV assets remain the property of Gensol and continue to operate on the BluSmart platform,” the filing reads.
They have shared the recent update amid a continuous fall in stock prices. The counter has been falling for the last six days and has dipped 21.83 per cent in the period.
The counter opened with 5 per cent lower circuity today at Rs 193.90 against the previous close of Rs 204.10 on the BSE.
The 52-week high of the counter is Rs 1,125.75, and the 52-week low is Rs 193.90.
Earlier, the company shared 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.
With PTI inputs
