Gensol Engineering amends QIP issue size - Check details

Solar engineering, procurement, and construction (EPC) and electric mobility solutions company Gensol Engineering has amended the issue size of its Qualified Institutional Placement (QIP) fundraising to Rs 750 crore. 

Earlier, the company had announced Rs 500 crore QIP.

"To amend and rectify the issue size of Qualified Institutional Placement (“QIP”) passed in the board meeting held on August 12, 2024, by way of variance in the size of the issue from not exceeding ₹ 500 crores (Rupees Five Hundred crores only) to not exceeding ₹ 750 crores (Rupees Seven Hundred Fifty crores only) by addition of Rs. ₹ 250 crores (Rupees Two Hundred Fifty crores only). Further, all the terms and conditions regarding this addition will be same," the company said in an exchange filing.

Earlier, the company said that it bagged an additional 250 MW/500 MW Battery Energy Storage System Project (BESS) from GUVNL, taking its order book to Rs 3,100 crore in the segment.

Gujarat Urja Vikas Nigam Limited (GUVNL) had earlier awarded the company a BESS project in a similar capacity.

Gensol Engineering is a leading player in the renewable energy sector, specialising in solar power engineering, procurement and construction (EPC) services, along with electric mobility solutions.