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Gensol Engineering Shares Price: Gensol Engineering Shares Dropped 4% after promoters offloaded a 2.37% stake. The company is set to discuss a stock split and fundraising proposal in its March 13 board meeting.
Gensol Engineering shares down 4%.
Gensol Engineering Shares Price: Gensol Engineering Limited shares slipped -4% per cent in the morning intraday following the promoters’ stake sale of 2.37 per cent from the company. The scrip was trading at Rs 309.70 apiece around 10:00 AM, which is close to its 52-week low of Rs 303 apiece.
The stocks of Gensol Engineering Limited came down nearly -40 per cent in the past five sessions, with multiple lower circuits. The fall in the stock price of Genson Engineering Limited continued to be triggered by the downgrade of ratings by CARE and ICRA.
Gensol Engineering Limited shares are now trading below 8 out of 8 EMAs (5-day, 10-day, 12-day, 20-day, 26-day, 50-day, 100-day and 200-day).
Gensol Promoter Stake Sale
In the filing on March 07, Gensol Engineering Limited announced that the promoters have sold approximately 2.37% of total equity shares of the company, amounting to 9,00,000 shares, to unlock liquidity that will be reinvested into the business through equity infusion.
“Further underscoring their commitment, the promoters will infuse the same amount received through this sale or more amount in the warrant subscription round executed on June 18, 2024, thereby providing additional growth capital to the company,” it said in the filing.
The promoters continue to hold a substantial 59.70 per cent stake in the company.
CARE and ICRA Downgrade Rating
ICRA had downgraded the company’s ‘Long-Term Debt’ rating to ‘Default’ on March 4, and said that certain documents shared by Gensol Engineering on its debt servicing track record ‘were apparently falsified, raising corporate governance and liquidity concerns.
Issuing the clarification to dispel the warry of investors, Gensol Engineering said “Gensol Engineering Limited (GEL) acknowledges the recent credit rating downgrades by CARE and ICRA. The rating downgrade happened due to short-term liquidity mismatch which is improving by way of customer payments.”
“Further, we deny any involvement in falsification claims and would be setting up a committee to comprehensively review the matter. This underscores company’s commitment to accountability, transparency and sustainable business practices,” the company’s statement said.
Gensol Engineering Board Meeting On March 13
Gensol Engineering Limited will hold the board meeting on March 13 to consider and approve the proposal of raising of funds and to consider the stock split of the equity share.
About Gensol Engineering Limited
Established in 2012, Gensol Engineering Limited, is a leading player in the renewable energy sector specializing in solar power engineering, procurement, and construction (EPC) services, along with electric mobility solutions. Gensol boasts an experienced and diverse team of over 500 professionals across Solar (Gensol Solar EPC (India & Middle East) and Scorpius Trackers), EV leasing (Let’sEV) and EV Manufacturing (Gensol EV). Gensol Solar EPC, amongst the top 10 EPC players in India, and the top 5 in terms of independent EPC players, has successfully executed over 770 MW of diverse solar projects, encompassing rooftop, ground mount, and floating solar installations across India.
