Gensol Engineering raises Rs 900 cr equity capital via convertible warrants – EQ
In Short : Gensol Engineering has successfully raised Rs 900 crore in equity capital through convertible warrants. This significant fundraising indicates investor confidence in the company’s prospects, potentially supporting its expansion plans and initiatives in the renewable energy sector.
In Detail : The equity fundraise saw participation from international and domestic participants including FPIs such as Elara India Opportunity Fund and others.
Gensol Engineering Ltd. – which offers engineering, procurement and construction (EPC), and solar advisory services – has raised Rs 900 crore equity through the issue of convertible warrants on a preferential basis.
The equity fundraise saw participation from international and domestic participants including FPIs (foreign portfolio investments) such as Elara India Opportunity Fund, Aries Opportunities Fund, Tano Investment Opportunities Fund etc.
“The capital raise is subject to shareholders’ approval at the EGM of the company to be held on 2 March, 2024 and statutory approvals in compliance with SEBI Regulations,” the company said in an exchange filing.
According to Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Limited, the capital infusion will strengthen the company’s financial position.
“We continue to build on our successful financial performance through the latest fundraise. This capital infusion strengthens Gensol’s financial position, facilitating new possibilities with funds being deployed for working capital, inorganic growth opportunities, and further investment in our subsidiaries,” Jaggi said.
Gensol Engineering Limited is a part of the Gensol group of companies. Gensol has also established an electric vehicle (EV) manufacturing facility in Pune, India, for the development and production of electric three-wheelers and four-wheelers.
Over the years, Gensol has installed ground-mounted and rooftop solar power plants with a combined capacity of 600 MW.
The company has also established an electric vehicle (EV) manufacturing facility in Pune for the development and production of electric three-wheelers and four-wheelers.
