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 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.