Gensol Engineering raises Rs 900 cr equity capital via convertible warrants

Renewable energy solutions provider Gensol Engineering on Wednesday said it has raised Rs 900 crore through the issue of warrants convertible into equity shares on a preferential basis.

The equity fundraise saw participation from international and domestic participants including FPIs such as Elara India Opportunity Fund, Aries Opportunities Fund, Tano Investment Opportunities Fund etc.

"Gensol Engineering, a leading renewable energy and electric mobility pioneer, today raised a significant Rs 900 crore equity capital through warrants convertible into equity shares on a preferential basis," a company statement said.

The fundraise is subject to shareholders' approval at the EGM of the company to be held on March 2, 2024 and statutory approvals in compliance with SEBI Regulations.

"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," said Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering.

According to the statement, the company is aiming for a five-fold growth within the next three years, it added.

Founded in 2012, Gensol Engineering Ltd is a part of the Gensol group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants.

Over the years, Gensol has installed ground-mounted and rooftop solar power plants with a combined capacity of over 600 MW.

The company has also established an electric vehicle (EV) manufacturing facility in Pune for the development and production of electric three-wheelers and four-wheelers.