Gensol Engineering gets approval for issue of warrants - Check details

Gensol Engineering has received the in-principal approval for warrants issue from BSE, NSE. The warrants will be issued to the promoter and non-promoter categories on a preferential basis.

Gensol Engineering said they have received the approval for the issuance of 10,185,059 equity shares at Rs 10 each, linked to the conversion of warrants issued on a preferential basis. 

"Gensol Engineering Limited (“the Company”) has received the In-principal approval for warrants issue vide letter Ref: NSE/LIST/39981, dated June 03, 2024 from National Stock Exchange of India Limited and vide letter LOD/PREF/KS/FIP/363/2024-25 dated June 3, 2024 from BSE Limited to be issued to promoter and non-promoter category for consideration on a preferential basis," the company said in an exchange filing. 

Meanwhile, Gensol Engineering said its board has approved the appointment of Kuljit Singh Popli as an Independent Director of the company.

His appointment as an Independent Director (Non-Executive) for a period of five-year is subject to the approval of shareholders at the ensuing general meeting of the company, Gensol Engineering said in an exchange filing.

Popli has over 40 years of professional experience in the energy sector. He is the founder director of Clime Finance Pvt Ltd. He served as an Advisor with the International Solar Alliance for two years and was Chairman & Managing Director of the Indian Renewable Energy Development Agency Limited (IREDA) from 2014 to 2019.

Besides, the board also approved the appointment of Ali Imran Naqvi as an Additional Director (Executive) of the company for a period of five years. His appointment is subject to the approval of shareholders at the upcoming general meeting of the company.

Naqvi has more than 14 years of professional experience. In his erstwhile role, he was the CEO of Gensol Engineering Limited, Solar EPC India.

With PTI inputs