Gensol Engineering Ltd, a small-cap construction services firm, has announced its plans to raise funds through preferential issuance of securities to individuals falling under the promoter, promoter group, and non-promoter group categories. The company started trading on Friday at Rs 954.15 per share, with a 5% upper circuit limit. The proposal to raise funds will be discussed and approved by the Board of Directors in their meeting on February 6, 2024. The company has also closed its trading window for dealing in securities from February 1, 2024, until 48 hours after the conclusion of the board meeting.
Gensol Engineering’s decision to raise funds comes after it traded ex-bonus in October 2023, which resulted in a 2:1 bonus share allotment. The firm has shown impressive financial performance in the quarter ended December 31, 2023, with total revenue of Rs 227 Crore, marking a 335% increase compared to the same quarter in the previous fiscal year. The company’s EBITDA also witnessed substantial growth, jumping by 312% to Rs 70 Crore in Q3 FY24. Additionally, its EBITDA margin stood at 30.8% in the same quarter.
Mr. Anmol Singh Jaggi, Chairman and Managing Director of Gensol Engineering Limited, expressed his satisfaction with the company’s performance and highlighted its commitment to spearheading India’s energy revolution. He emphasized Gensol’s dedication to driving innovation and unlocking the nation’s potential in renewable energy and eMobility sectors. With prudent financial management and operational excellence, the company aims to sustain its growth and achieve further success in the upcoming quarters.
Please note that the facts presented in this article are sourced from the original content.
Gensol Engineering Ltd Raises Funds Through Preferential Issuance of Securities
Gensol Engineering Ltd, a small-cap construction services firm, has announced plans to raise funds through preferential issuance of securities. The funds will be issued to individuals falling under the promoter, promoter group, and non-promoter group categories.
Trading and Trading Window Closure
The company started trading on Friday at Rs 954.15 per share, with a 5% upper circuit limit. The proposal to raise funds will be discussed and approved by the Board of Directors in their meeting on February 6, 2024. As of February 1, 2024, the company has closed its trading window for dealing in securities until 48 hours after the conclusion of the board meeting.
Ex-Bonus Trading and Financial Performance
Gensol Engineering traded ex-bonus in October 2023, resulting in a 2:1 bonus share allotment. The firm has shown impressive financial performance in the quarter ended on December 31, 2023, with total revenue of Rs 227 Crore, marking a 335% increase compared to the same quarter in the previous fiscal year. The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also witnessed substantial growth, jumping by 312% to Rs 70 Crore in Q3 FY24. Additionally, its EBITDA margin stood at 30.8% in the same quarter.
Chairman’s Statement
Mr. Anmol Singh Jaggi, Chairman and Managing Director of Gensol Engineering Ltd, expressed his satisfaction with the company’s performance. He emphasized Gensol’s commitment to spearheading India’s energy revolution. By driving innovation and unlocking the nation’s potential in renewable energy and eMobility sectors, the company aims to sustain its growth and achieve further success in the future.
Definitions:
– Preferential Issuance of Securities: The process of issuing securities (such as stocks or bonds) to a specific group of individuals or institutions at a predetermined price, usually at a discount.
– Promoter: An individual or group that promotes and establishes a company, often playing a key role in its management and decision-making.
– Promoter Group: A group of individuals or entities closely associated with the promoter of a company, typically consisting of their immediate family members, relatives, and companies controlled by them.
– Non-Promoter Group: Individuals or entities not belonging to the promoter or promoter group of a company.
Related links:
– Gensol Engineering Ltd Official Website