1,823% return in 2 years: Engineering stock hits upper circuit - Check details

Multibagger Stock: Shares of Gensol Engineering Ltd have been in an uptrend for the last two days. Gensol Engineering's share price today opened upside at Rs 954.95 and touched a 5 per cent upper circuit within a few seconds of the stock market's opening bell. 

The surge came after the company in an exchange filing said that the board of directors of Gensol Engineering Ltd has fixed a board meeting date on 6th February 2024 to consider and approve the fundraising.

"Pursuant to regulation 29(1)(d) of the SEBI (LODR) Regulation, 2015, notice is hereby given that a meeting of Board of Director of the Company will be held on Tuesday, February 6, 2024, inter alia to consider and approve the proposal of raising funds by way of preferential issue of Securities to the person belonging to promoter/promoter group/Nonpromoter group Category, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the Company," the company said in an exchange filing.

According to the BSE, the counter has given a 1,823 per cent return in the last two years. In the last one year, the counter has given a positive return of 193 per cent.

Earlier, the company informed the exchanges that its board of directors has approved fundraising through public issue, preferential allotment, and private placement, including one or more QIP of equity shares with a face value of Rs 10 each.

Gensol Engineering is a part of Gensol Group which offers engineering, procurement, and construction (EPC) services for the development of solar power plants.