Gensol Engineering raises ₹900 crore equity from Elara and others | Mint
Active Stocks
Thu Feb 22 2024 15:29:56
  1. Bharti Airtel share price
  2. 1,134.50 -0.46%
  1. Tata Steel share price
  2. 145.85 1.39%
  1. State Bank Of India share price
  2. 765.95 -0.73%
  1. HDFC Bank share price
  2. 1,419.80 -1.28%
  1. Power Grid Corporation Of India share price
  2. 282.55 0.86%
Business News/ News / India/  Gensol Engineering raises 900 crore equity from Elara and others
BackBack

Gensol Engineering raises ₹900 crore equity from Elara and others

In January, the renewable energy and electric mobility company reported a consolidated net profit of ₹12.31 crore for the December quarter, compared to a net loss of ₹1.90 crore a year ago.

Gensol has a presence in the solar engineering procurement and construction (EPC), EV leasing, and EV manufacturing sectors, (File Photo: Mint)Premium
Gensol has a presence in the solar engineering procurement and construction (EPC), EV leasing, and EV manufacturing sectors, (File Photo: Mint)

New Delhi: Renewable energy and electric mobility company Gensol Engineering Limited said it has raised a 900 crore in equity capital through warrants convertible into equity shares on a preferential basis.

In a statement on Wednesday, Gensol said the fundraise saw participation from Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund, among others.

“This major milestone comes at a juncture when Gensol is on an exceptional growth trajectory and is leading the green energy and clean mobility revolution," it said.

The fundraise is subject to shareholders’ approval at the company’s extraordinary general meeting on 2 March, and statutory approvals.

Gensol has a presence in the solar engineering procurement and construction (EPC), EV leasing, and EV manufacturing sectors, and aims to grow five-fold in the next three years.

Anmol Singh Jaggi, chairman and managing director, Gensol Engineering Limited, said: “We continue to build on our 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."

“Our priority remains delivering value to shareholders and customers while solidifying our commitment to playing a key role in India’s transition to green energy and clean mobility. We highly value the trust placed in our vision and growth trajectory by the investor community," he added.

In January, the company reported a consolidated net profit of 12.31 crore for the December quarter, compared to a net loss of 1.90 crore a year ago. Total income during the quarter rose to 227.12 crore, up from 52.22 crore a year ago.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

ABOUT THE AUTHOR
Rituraj Baruah
Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 07 Feb 2024, 10:53 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App