KPI Green Energy shares rise after subsidiary bags 13.3 MW solar power projects

In an exchange filing after the market hours on August 26, KPI Green Energy said that its wholly-owned subsidiary Sun Drops Energia Private has received Letters of Intent for executing solar power projects with a cumulative capacity of 13.3 Megawatt (MW) under its ‘Captive Power Producer (CPP)’ business segment.

Sumicot Ltd, Ekta Prints Pvt. Ltd, Radhika Fabrics, and Sanjopin Industries Pvt. Ltd. have awarded the orders. According to the filing, the projects are scheduled to be completed in the financial year 2024-25.

KPI Green Energy shares opened the session at ₹917, nearly a percent higher from the previous close of ₹908.7. The stock gained 1.7% and hit an intraday high of ₹925 per share on the NSE.

On August 16, KPI Green Energy’s board of directors approved the issue and allotment of 1,06,95,187 equity shares with a face value of ₹5 each to eligible Qualified Institutional Buyers at an issue price of ₹935 per equity share, including a premium of ₹930 per equity share.

The premium also included a discount of ₹48.24 or 4.91% of the floor price, which amounted to ₹983.24 per share. The company raised ₹1,000 crore through the QIP.

After the allotment of shares, the company's paid-up equity share capital increased from ₹60.28 crore, consisting of 12,05,65,216 shares with a face value of ₹5 each, to ₹65.63 crore, consisting of 13,12,60,403 shares with a face value of ₹5 each.

Morgan Stanley Asia (Singapore) emerged as the largest allottee in the QIP, receiving 40.89% of the total offer size, or 43,73,008 shares.

BOFA Securities Europe SA - ODI was the second biggest allottee as it was allotted 7,37,431 shares or 6.89% of the total offer size.

KPI Green Energy shares traded flat at ₹907.35 apiece on the NSE, down by 0.08% at 1:50 PM on August 27.