KPI Green Energy Share Price Rises 5% On Bonus Issue Record Date Announcement

Shares of KPI Green Energy Ltd. advanced 5% in early trade on Friday, after the company announced the record date for a 1:2 bonus issue in an exchange filing on Thursday.

The company has set Jan. 3 as the record date for determining eligibility of shareholders for bonus issue of shares. The KPI Green Energy bonus issue is subject to the approval of shareholders, which is being obtained through postal ballot, the solar energy company said.

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 the company's securities premium account as of March 31, 2024.

The solar power company held 13.1 crore shares for Rs 65.6 crore before the bonus share announcement. After the issue of bonus shares, it will hold 19.7 crore equity shares for Rs 98.5 crore, it said. Additionally, a security premium of Rs 32.81 is needed to implement the bonus issue.

KPI Green recently signed a Memorandum of Understanding with the Rajasthan government for the development of hybrid, solar and wind power projects in Jaisalmer.

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."

KPI Green Energy share price rose as much as 5% to Rs 802.30 apiece. It pared gains to trade 3.85% higher at Rs 793.50 apiece, as of 10:11 a.m. This compares to a 0.51% decline in the NSE Nifty 50 Index.

It has risen 69.03% on a year-to-date basis. Total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 50.58.

One analyst tracking the company has maintained a 'buy' rating, according to Bloomberg data.