New Delhi: Shares of Gensol Engineering declined more than 4 per cent on Monday after the promoters of company divested a 2.37 per cent stake in the EPC firm.
Extending the losses for the 10th straight day, Gensol Engineering’s stock went lower by 4.32 pc to Rs 308 apiece on the National Stock Exchange (NSE).
On the BSE, the scrip of the company fell 4.10 pc to Rs 308 apiece.
In the last 10 trading sessions, Gensol Engineering’s shares plunged up to 46 per cent.
The market is trading in the positive zone. The 30-share BSE Sensex climbed 279.52 points or 0.38 per cent to 74,612.10 in the late morning trade. Also, the NSE Nifty advanced by 82.70 points or 0.37 per cent to 22,635.20.
In a regulatory filing on Friday, Ahmedabad-based Gensol Engineering said that promoters of the company have sold 9 lakh shares or nearly a 2.37 per cent stake to unlock liquidity that will be reinvested into the business through equity infusion.
This step is part of a strategy aimed at reinforcing the company’s balance sheet and supporting stability, the company said in a statement
Further, the promoters will infuse the same amount received through this sale or more amount in the warrant subscription round executed on June 18, 2024, thereby providing additional growth capital to the company.
After the stake sale, Gensol’s promoters will continue to hold a 59.70 per cent shareholding in the company, it added.
Established in 2012, Gensol Engineering specialises in solar power engineering, procurement, and construction (EPC) services, along with cutting-edge electric mobility solutions.
