Gensol Engineering shares rise over 7% after promoter hikes stake to 21.17%; check details

In a filing to the stock exchanges on Thursday, the company said that its promoter and managing director, Anmol Singh Jaggi, has invested more in the company by acquiring 12,000 equity shares through open market operation. With the latest share acquisition, his stake has increased to 0.0003%.

Previously, Anmol Singh Jaggi held 80,18,711 equity shares in the company, Gensol Engineering informed the bourses.

After the announcement, shares of Gensol Engineering zoomed as much as 7.62% to hit an intraday high of ₹888.85 apiece on the NSE, ending the 9-day downward trend. However, the stock pared some of its early gains to close at ₹849.9 apiece, up 2.92% on the NSE.

The stock saw a 9-day losing streak since September 13, declining nearly 11% during the period. The renewable energy stock has dropped nearly 9% in the past one month and over 4% in the last five sessions.

Earlier this month, the company’s Board gave the go-ahead to raise ₹750 crore via a Qualified Institutional Placement (QIP). The renewable energy firm’s Board approved the allocation of 7.5 crore equity shares with a face value of ₹10 each to raise the funds.

The board also approved the allotment of shares to two non-promoter investors.

“The Board of Directors approved offer, issue and allot up to 5,70,798 fully paid-up equity shares of the Company having face value of Rs. 10.00 (Rupee Ten Only) each at a price of ₹986 (Rupees Nine Hundred Eighty Six Only) per equity share (including a premium of ₹976 per share) on Preferential Basis to Non-promoters for consideration other than cash (share swap) to the below mentioned proposed allottees,” the company said in a stock exchange filing.

Gensol Engineering, a leading renewable energy firm, primarily engages in solar power engineering, procurement, and construction (EPC) projects. The company also offers electric mobility solutions.