KPI Green Energy Sets Jan. 3 As Record Date For Bonus Issue

KPI Green Energy Ltd. has set Jan. 3 as the record date for determining eligibility of shareholders for bonus issue of shares, according to an exchange filing on Thursday.

The company will determine the eligibility of shareholders entitled for the bonus issue in the proportion of an equity share of face value Rs 5 each for every two existing shares. The bonus issue of shares is subject to the approval of shareholders, which is being obtained through postal ballot, the solar energy company said.

On Nov. 14, the company's board of directors recommended the issue of bonus equity shares in a proportion of 1:2. The bonus shares will be dispatched within two months from the date of the board's approval, on or before Jan. 14, 2025. The bonus shares will be issued from KPI Green's securities premium account as of March 31, 2024.

KPI Green has also signed a memorandum of understanding with the Rajasthan government for the development of hybrid, solar and wind power projects in Jaisalmer, it said in another filing.

The company aims to clock an annual revenue growth of up to 60% till financial year 2030 on the back of a strong order book, Chairperson Faruk Patel had told NDTV Profit last week. "Revenue-wise, we are growing about 50 to 60% every year, which will continue with new orders."

Shares of KPI Green's closed 2.06% lower at Rs 764.10 apiece on the National Stock Exchange, compared to a 1.02% decline in the benchmark Nifty. The share price has risen 56.1% on a year-to-date basis.

An analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data.