Preferential Issue: This multibagger renewable energy company just raised fresh funds!

Shares of the company have more than doubled over the last two months

On Thursday, Gensol Engineering’s Board of Directors at their meeting considered and approved the allotment of 12.81 lakh equity shares of face value of Rs 10 each, at an issue price of Rs 1,036.25 per equity share.

What's noteworthy is that the promoter & promoter group category - Gensol Ventures Private Limited, has been allotted 97,445 shares. 

Other renowned investors that participated in the preference issue include Ashneer Grover and Nikhil Vora, who have been allotted 14,475 shares and 30,000 shares respectively. 

Shares of Gensol Engineering have more than doubled over the last two months. Year-to-date, the stock is up by 1,060 per cent and over the last three months, it has furnished returns of 144 per cent.    

The company recently informed the exchange that it has till September 18, 2022, in the normal course of business, closed orders from various reputed clients for the development of solar power projects worth over Rs 531 crore (exclusive of taxes), aggregating to a capacity of over 121 MWp.   

Gensol Engineering Ltd is engaged in the business of solar consulting & EPC. The company's services include solar advisory, solar EPC, solar O&M along with solar monitoring & analysis. It also provides dedicated consultancy services for extra-high voltage (EHV) transmission lines.  

On Thursday, the shares of Gensol Engineering closed at Rs 1,398.65 per share on BSE. The scrip recorded an intra-day high of Rs 1,433. The stock currently trades at a 30 per cent discount from its 52-week highs.

Watch out for this buzzing multi-bagger stock in the coming trading sessions!