3423% return in 2 years: Multibagger engineering stock hits upper circuit amid fundraising buzz

Multibagger Stock: Shares of Gensol Engineering Ltd hit an upper circuit on Thursday i.e. on December 28 amid reports that the company's board will soon meet to consider plans to raise funds. The counter jumped around 5 per cent to trade at Rs 803.05 on the BSE. The counter had closed at Rs 764.85 in the last trading session on the BSE.

Gensol Engineering, with a total market capitalization of close to Rs 3,050 crore, has stated that a meeting of the board of directors of the company will be held to consider and approve the proposal of raising funds by way of issuance equity shares or any other eligible securities.

"...to consider and approve the proposal of raising of funds by way of issuance equity shares or any other eligible securities ("Securities") through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws, 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.

The multibagger stock has made investors wealthier by 3423 per cent in the last two years. In the last one year, Gensol Engineering shares have gained 114 per cent.

Earlier, Gensol Engineering issued bonus shares in a 2:1 ratio. Eligible shareholders of the company had received two bonus shares for each share held by them as of the record date.