It added that the promoters will infuse the same amount received via this sale or more in the warrant subscription round, which was executed on June 18, 2024, thereby providing additional growth capital to the company.
“Following this transaction, the promoters continue to hold a substantial 59.7% stake,” the company said in an exchange filing.Earlier in the week
Gensol Engineering chairman and MD Anmol Singh Jaggi had told CNBC-TV18 that the company’s promoters would look into buying shares of the firm from the open market soon. However, he had not share a timeline for the same.He also spoke of outstanding warrants that have been paid in part. These warrants were issued at ₹870 per share and promoters had committed to put in ₹130 crore through this issue. He said that 25% or close to ₹30 crore has been paid with the remaining ₹100 crore in the balance.
“I think either we will, to regain the trust of our customers, will go ahead with the open market purchase or we will go ahead and infuse the liquidity into the business by subscribing to our warrants. But like I mentioned, I do not have exact timeline on it as we speak, but over the weekend or over the next week, we will be taking concrete steps on this,” Jaggi had said.
Jaggi also denied any wrongdoing in response to ratings agency ICRA’s allegation of falsification of loan repayment document “There has been zero wrongdoing, as far as we are aware, and we will continue to work with high ethical standards,” Jaggi said, adding that an independent committee has been formed to verify the allegations. “We are committed, we are strong and we will bounce back,” Gensol’s Chairman & MD said.
Gensol Engineering’s next board meet is scheduled for Thursday, March 13, where it will consider multiple proposals, including a stock split and raising of funds.
Gensol Engineering shares ended 2.33% lower at ₹327 apiece on Friday, March 7. The stock has declined 55.9% in the past month.
