Shares of solar EPC company Gensol Engineering jumped nearly 10% to hit the day’s high of Rs 1,147 on the NSE on Wednesday after the company informed exchanges about raising Rs 900 crore.

The company’s Board of Directors approved issuing 1.03 crore warrants with a face value of Rs 10 per share, each carrying a right exercisable by the warrant holder to subscribe to one equity share per warrant in one or more tranches. In the fundraising exercise, FPIs including Elara India Opportunity Fund, Aries Opportunities Fund, Tano Investment Opportunities Fund and others took part, a company release said.

The capital raise will be subject to shareholders’ approval at the EGM of the company to be held on March 2, 2024, and statutory approvals in compliance with SEBI Regulations.

Gensol offers services in renewable energy and electric mobility space.

Commenting on the fundraise, Anmol Singh Jaggi, Chairman and Managing Director of Gensol Engineering said that the company is continuing to build on its 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.The stock has seen sharp moves over the last 3-4 months. After hitting a 52-week high of Rs 2,527.05 on October 12, 2023, the stock plunged to a 52-week low of Rs 708.90 on December 11, 2023. The decline was to the tune of 72%. Since then, the counter has seen a sharp spike, gaining 62%.Also Read: TRF shares soar 20% after company cancels merger scheme with Tata Steel

Shares of select renewable energy stocks have been rallying since Prime Minister Narendra Modi launched the Pradhanmantri Suryodaya Yojana on the occasion of the consecration ceremony of Ayodhya Ram Mandir in January.

Later, the Government’s clean energy push in the Union Budget 2024 further gave an impetus to solar energy stocks. Finance Minister Nirmala Sitharaman had announced rooftop solarization for 1 crore households to obtain up to 300 units of free electricity per month.

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