Shares of solar EPC company Gensol Engineering surged nearly 10% to hit an intraday high on Wednesday after the company announced raising Rs 900 crore. The company’s Board of Directors approved the issuance of 1.03 crore warrants with a face value of Rs 10 per share. Foreign portfolio investors including Elara India Opportunity Fund, Aries Opportunities Fund, Tano Investment Opportunities Fund, and others took part in the fundraising. The capital raise is subject to shareholders’ approval at the Extraordinary General Meeting to be held on March 2, 2024, and statutory approvals in compliance with SEBI Regulations.
Gensol Engineering offers services in the renewable energy and electric mobility space. The Chairman and Managing Director of Gensol Engineering, Anmol Singh Jaggi, stated that the latest fundraise strengthens the company’s financial position and enables new possibilities in working capital, inorganic growth opportunities, and further investment in subsidiaries.
The stock has seen significant fluctuations over the last few months, reaching a 52-week high of Rs 2,527.05 on October 12, 2023, and a 52-week low of Rs 708.90 on December 11, 2023. Since then, the stock has gained 62%. In recent months, renewable energy stocks have rallied following the launch of the Pradhanmantri Suryodaya Yojana by Prime Minister Narendra Modi and the government’s clean energy push in the Union Budget 2024.
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