KPI Green Energy to raise Rs 475 crore, check stock reaction

Shares of KPI Green Energy ended over 2% lower even as the company's board approved a preferential issue of up to 1.01 crore fully convertible equity warrants, each with a face value of ₹5 at an issue price of ₹470.3, aggregating to ₹475 crore to Quoyosh Energia Pvt Ltd., an entity within the promoter group category.

KPI Green shares closed 2.14% lower at Rs 416.25, and have declined by 25% so far in 2025. Market cap of the firm stood at Rs 8214 crore. 

The company said its board has approved to create, offer, issue and allot a preferential issue of up to 1.01 crore fully convertible equity warrants, with a face value of ₹5 against each warrant at an issue price of ₹470.3, aggregating to ₹475 crore to Quoyosh Energia Pvt Ltd., an entity belonging to the promoter group category.

Upon full conversion of the issued warrants, Quoyosh Energia will hold a 4.87% stake in the company. This was confirmed as, Post the issue, Quyosh Energia will hold 4.87% stake in the company, assuming full conversion of warrants issued pursuant to the preferential issue, the company said."

Earlier this month, KPI Green secured an order valued at ₹489.17 crore from Gujarat State Electricity Corporation Ltd. (GSECL) for the installation of a 142 MW (DC)/110 MW (AC) floating solar project at the Kadana Dam reservoir in Gujarat.

Scheduled for completion within 18 months, the contract also encompasses a 10-year operations and maintenance component. On this development, KPI Green commented, "KPI Green said the contract strengthens its position across ground-mounted, rooftop and now floating solar segments." The company expects this contract to reinforce its position as an integrated player in varied solar segments.