Shares of renewable energy company Gensol Engineering ended today's session in the green after a number of bulk deals on Thursday.
The stock started the session in the red and opened at Rs 235.90 against the previous close of Rs 238.50 on the BSE. However, it gained amid buying and touched the intraday high of Rs 248 - a gain of 3.98 per cent.
The scrip held firmly in green and ended the session at Rs 243.90 with a gain of 2.26 per cent. Between this, the stock had hit an intraday low of Rs 230.
The 52-week high of the counter is Rs 1,125.75 and the 52-week low is Rs 224.45. The market cap of the BSE SmallCap company is Rs 926.88 crore.
Bulk Deals
Multiplier Shares and Stock Advisors sold 2 lakh shares at an average price of Rs 242.44 per share while India Chain Pvt Ltd sold 4.3 lakh shares at a floor price of Rs 236.74.
Cinco Stock Vision offloaded 2.3 lakh shares at an average of Rs 244.37 apiece and Agnija Tie-Up Pvt Ltd sold 2 lakh shares at Rs 237.9 per share.
Earlier, the company announced plans to raise Rs 600 crore through the issuance of foreign currency convertible bonds and warrants.
The move aims at achieving sustainable growth, reducing debt, and maximising value for its stakeholders, the company said in an exchange filing.
Currently, Gensol Engineering has a debt of Rs 1,146 crore against reserves of Rs 589 crore, resulting in a debt-equity ratio of 1.95.
After the Rs 600 crore fundraise, the company’s reserves are expected to increase to approximately Rs 1,200 crore.
With Rs 615 crore of divestments underway, the company’s debt will be reduced to approximately Rs 530 crore.
This Rs 600 crore fundraise, coupled with the strategic divestments, will be crucial in strengthening and positioning the company for sustained growth, he said.
In a separate filing, the company clarified "that the issuance of promoter warrants is happening at Rs 56 per share of Re 1 face value, which is equivalent to Rs 560 per share of Rs 10 face value, considering the 10:1 stock split approved by the Board".
The company further said that "at Rs 56 per Re 1 face value share, the pricing represents a 213 per cent premium over the current market price of Rs 262 per share (Rs 10 face value adjusted)".
With PTI inputs