The board also said that it decided to increasing the authorised share capital of the company from Rs 40 crore to Rs 50 crore.
Stock Market News: Shares of Gensol Engineering surged as much 3 per cent on Tuesday i.e. January 2, 2024. The scirp opened at Rs 869.20 and gained around 3.15 per cent against the previous close of Rs 848.65 to hit intraday high of Rs 875.40. However, the counter gave up the early gain amid a volatile market.
The surge in share price was noticed as the company has announced that it will raise up to Rs 300 crore via qualified institutional placement (QIP).
The stock has been gaining for the last five days and has given a positive return of 11.47 per cent in this period. On technical parameters, shares of Gensol Engineer are trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
“For an aggregate amount not exceeding Rs 300 crores or equivalent amount thereof by way of public issue, preferential allotment, private placement, including one or more qualified institutional placement of Equity Shares (‘QIP’) ,” Gensol Engineering said in its exchange filing.
The board also said that it decided to increasing the authorised share capital of the company from Rs 40 crore to Rs 50 crore.
“the Board of Directors has approved for increase in the Authorized Share Capital of the Company from INR 40,00,00,000.00 (Indian Rupees Forty Crores Only) which comprise of 4,00,00,000 (Four Crores) Equity Shares of Rs. 10.00 each to INR 50,00,00,000.00 (Indian Rupees Fifty Crores Only) which comprise of 5,00,00,000 (Five Crores) Equity Shares of Rs. 10.00 each,” the filing reads.
Disclaimer: The article is for informational purposes only and not investment advice.