Gensol Engineering announces bonus share issue; stock doubles in three months

Shares of Gensol Engineering have delivered multibagger returns to investors in different time frames. The company board of directors has decided to reward the investors and has announced a bonus in 2:1 ratio for the investors. The company announced the same through an exchange filing.
 

"The board of directors of the company considered, approved and recommended a bonus issue of 2 equity shares for every one equity share held by the shareholders of the Company as on the record date," it said in the exchange filing with the bourses on Tuesday.

However, the company filing also stated that the bonus issue of equity shares will be subject to approval of the members through general meeting and any other applicable statutory and regulatory approvals, as may be required. Also, the record date for the same shall be intimated later, it added.

Shares of Gensol Engineering were trading slightly lower on Thursday at Rs 2018.05, compared to its previous close at Rs 2026.35 Wednesday, after hitting its 52-week high at Rs 2026.35 in the previous trading session. The total market capitalization of the company stood close to Rs 2,500 crore.
 

Gensol Engineering has surged more than 90 per cent in the last two months, while the stock has gained more than 100 per cent in the last three months, from its price around Rs 1,000. The stock has rallied 165 per cent from its 52-week low at Rs 797, hit in March 2023.

Recently, Gensol Engineering bagged an order for solar EPC projects in Dubai, United Arab Emirates (UAE) with an order value of Rs 101.6 crore. It announced two turnkey maiden international solar engineering, procurement, and construction (Solar EPC) projects with the Dubai Government Workshop Warehouse and the Dubai Police.
 

Founded in 2012, Gensol Engineering is a part of the Gensol group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. The company reported a net profit at Rs 12.43 crore with a revenue from operations at Rs 146.63 crore in the quarter ended on June 30, 2023.

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