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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Gensol Engineering board approves 1:10 stock split, fundraising up to $50 million
Gensol Engineering, in its meeting today, approved a 1:10 stock split along with a fundraise of $50 million through the issuance of Foreign Currency Convertible Bonds (FCCBs), American Depository Receipt, Global Depository Receipt and/or other global listed/unlisted securities with options of conversion into equity shares of company.
The company announced that it will split its existing equity shares from a face value of Rs 10 per share to Re 1 per share, effectively increasing the number of outstanding shares tenfold.
The record date for the purpose of determining the shareholder eligibility will be informed in due course, the company said. Additionally, the process is expected to be completed within 3 months from the approval of the shareholders of the company.
This move aims to enhance liquidity, make the stock more affordable for retail investors, and improve trading volumes. The record date for the stock split will be determined after shareholder approval.
Alongside the stock split, Gensol Engineering’s Board also approved a fundraise plan of up to $50 million.
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The company informed that this issuance will be structured through a private placement or other suitable modes, subject to regulatory approvals. The pricing and other terms will be finalized in compliance with the SEBI Listing Regulations and the Foreign Exchange Management Act (FEMA).
Also read: Rs 6,500 cr pulled out of debt funds in February. Is there trouble ahead?
Gensol Engineering share price performance
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