Gensol Engineering Promoters Sell Shares for Business Reinvestment
The promoters of Gensol Engineering Limited have sold 9,00,000 equity shares, representing 2.37% of the total equity. The proceeds will be reinvested into the company, with promoters maintaining a 59.70% stake following the transaction.
The promoters of Gensol Engineering Limited have sold 9,00,000 equity shares, representing 2.37% of the company’s total equity. The proceeds from the sale will be reinvested into the business through an equity infusion.
In an official statement, the company confirmed that the promoters plan to reinvest the same or a higher amount in the warrant subscription round conducted on June 18, 2024. Following this transaction, the promoters will continue to hold a 59.70% stake in Gensol Engineering.
Gensol Engineering Limited, established in 2012, operates in the renewable energy and electric mobility sectors. The company provides solar engineering, procurement, and construction (EPC) services in India and the Middle East. It also offers solar tracking solutions through Scorpius Trackers, which it acquired in 2023.
In the electric mobility segment, Gensol is engaged in EV leasing under the brand Let's EV and manufactures electric vehicles through Gensol EV. The company has completed over 770 MW of solar projects, including rooftop, ground-mounted, and floating installations. It is also involved in the development of battery energy storage systems and green hydrogen infrastructure.
Gensol is setting up an electric vehicle manufacturing facility in Chakan, Pune, and provides EV leasing services to public sector undertakings, multinational corporations, ride-hailing services, and logistics companies. The company continues to expand its presence in the renewable energy and electric mobility industries.
RELATED ARTICLES
Delhi CM: Will Make Public Transport 100% Electric by Next Year End
Electrification of public transport remains a key focus area for the Delhi government, which plans to accelerate procure...
EXCLUSIVE: Bharat Mobility Global Expo Returns to Biennial Format; Next Edition Slated for February 2027
he shift to a biennial format aims to provide stakeholders time to develop and showcase next-generation mobility solutio...
Ola Electric Refutes Insider Trading Allegations in Clarification to Exchanges
Ola Electric Mobility Limited issues a formal clarification dismissing claims of insider trading, stating that the repor...