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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
‘Gensol liquidity woes may last 90 days; paring BluSmart ties’
Gensol Engineering’s liquidity mismatch is temporary and its linkages with ride-hailing service BluSmart are being wound down, the founder of both companies told ET amid a crisis that has seen the solar engineering, procurement, and construction (EPC) company lose 65% of market value in a month.
The crash accelerated after rating agencies ICRA and CARE downgraded Gensol Engineering’s credit rating to default. ICRA cited debtservicing documents submitted by Gensol that it said were “apparently falsified.” This will be investigated, said Anmol Jaggi, Gensol Engineering’s chairman and managing director and cofounder of BluSmart.
On Thursday, the company announced a Rs 600 crore fundraise to quell investors’ nerves.
“We are working on two areas,” Jaggi told ET. “A committee with independent external experts has been formed to investigate the falsification of documents charge. Neither me nor my brother will sit on that committee. We have announced a fundraise of Rs 600 crore through foreign currency convertible bonds and promoter contribution. We expect liquidity challenges for next the 90 days till when credit rating agencies can review their outlook.”
The board has approved a stock split in the ratio of 10:1. The promoters will exercise warrants at Rs 56 apiece for shares with a face value of Re 1 each. That amounts to Rs 560 at the existing face value of Rs 10 per share prior to the split. This is a premium of 113% to the current share price of Rs 262.
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Gensol Engineering is a contractor for solar power projects but also has an electric vehicle leasing business. It has leased 5,500 vehicles to BluSmart.
‘GOOD TRACK RECORD’
When asked if the pressure of BluSmart’s operations was being borne by Gensol
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21.05 / 10:17
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21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
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21.05 / 10:17
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Subscribe to enjoy similar stories.Homegrown advertising group RK Swamy Ltd is betting on its integrated marketing model to drive growth over the next few years, combining media, creative and other advertising services even as the ‘Big Four’ agency networks increasingly separate those businesses.“We never did disaggregated media and creative [although] that was an option 20 years ago,” Shekhar Swamy, MD and group CEO of RK Swamy Ltd told Mint in an interview.“How can you disaggregate the two? The media function holds a lot of data, and then when media and creative walk separately, it creates a lot of tension. This is not a sensible model for a client.”RK Swamy’s clients include Magicbricks, Polycab, and several government institutions and PSUs such as LIC.The company reported a 15% jump in annual revenue for FY26 to ₹351.73 crore, while profit before tax and exceptional items rose 30% year-on-year to ₹32.2 crore.
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21.05 / 09:47
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Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
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