Gensol Engineering To Raise Rs 300 Crore Via QIP
Gensol Engineering Ltd. has approved raising up to Rs 300 crore via qualified institutional placement.
The board approved raising the funds through public issue, preferential allotment, private placement—including one or more QIP of equity shares with a face value of Rs 10 each—it said in its exchange filing on Monday.
It also approved increasing the authorised share capital of the company from Rs 40 crore to Rs 50 crore, which comprises five crore equity shares of face value Rs 10 each.
Gensol Engineering expects its revenue to increase to Rs 4,000 crore by FY26 from Rs 393 crore in FY23, with all businesses contributing to the growth, Chairperson Anmol Singh Jaggi told NDTV Profit last week.
"I believe that the whole theme of renewable energy and electric mobility are things of the future, and we have extremely strong footing when it comes to both of these."
Given its existing order book, the company needs Rs 200–300 crore more, the chairperson said. "When all the businesses grow at a breakneck speed, they need to be capitalised adequately."
Shares of Gensol Engineering closed 0.41% higher at Rs 849.65 apiece on the NSE, as compared with a 0.05% advance on the benchmark Nifty 50.
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