Gensol Engineering Raises ₹900 Crore Equity From Elara And Others

(MENAFN- Live Mint) "New Delhi: Renewable energy and electric mobility company Gensol Engineering Limited said it has raised a ₹900 crore in equity capital through warrants convertible into equity shares on a preferential basis a statement on Wednesday, Gensol said the fundraise saw participation from Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund, among others.“This major milestone comes at a juncture when Gensol is on an exceptional growth trajectory and is leading the green energy and clean mobility revolution,” it said fundraise is subject to shareholders' approval at the company's extraordinary general meeting on 2 March, and statutory approvals has a presence in the solar engineering procurement and construction (EPC), EV leasing, and EV manufacturing sectors, and aims to grow five-fold in the next three years Singh Jaggi, chairman and managing director, Gensol Engineering Limited, said:“We continue to build on our successful financial performance through the latest fundraise. This capital infusion strengthens Gensol's financial position, facilitating new possibilities with funds being deployed for working capital, inorganic growth opportunities, and further investment in our subsidiaries.”“Our priority remains delivering value to shareholders and customers while solidifying our commitment to playing a key role in India's transition to green energy and clean mobility. We highly value the trust placed in our vision and growth trajectory by the investor community,” he added January, the company reported a consolidated net profit of ₹12.31 crore for the December quarter, compared to a net loss of ₹1.90 crore a year ago. Total income during the quarter rose to ₹227.12 crore, up from ₹52.22 crore a year ago.

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