Gensol Engineering Ltd, a renewable energy and electric mobility player, today raised a significant INR 900 crore ($108.46 million) equity capital through warrants convertible into equity shares on a preferential basis. The company plans to deploy these funds for working capital, inorganic growth opportunities, and further investment in its subsidiaries as it aims for a 5X growth within the next three years.
The equity fund raise saw participation from international and domestic participants including foreign portfolio investors such as Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund.
The capital raise is subject to shareholders’ approval at the EGM of the company to be held on 2 March, 2024 and statutory approvals in compliance with SEBI Regulations.
Commenting on the fund raise, Anmol Singh Jaggi, chairman and managing director, Gensol Engineering, said, “We continue to build on our successful financial performance through the latest fund raise. 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.”
Founded in 2012, Gensol Engineering is a part of the Gensol group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. Over the years, it has installed ground-mounted and rooftop solar power plants with a combined capacity of over 600 MW. Expanding its operations, Gensol has also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India, for the development and production of electric three wheelers and four wheelers. Alongside, Gensol offers comprehensive EV leasing solutions.
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