Gensol Engineering raises INR 9 billion in equity capital

Solar EPC, EV manufacturing, and EV leasing service provider Gensol Engineering Ltd (Gensol) on Tuesday announced it has raised INR 9 billion in equity capital through a preferential round.

The equity fund raised saw the participation of distinguished domestic and international participants including Foreign Portfolio Investors such as Elara India Opportunity Fund, Aries Opportunities Fund, Tano Investment Opportunities Fund, and others.

"We continue to build on our successful performance through the latest fund-raise. This capital infusion strengthens Gensol's financial position, facilitating new possibilities with funds being deployed for working capital, inorganic growth opportunities, and further investment in our subsidiaries," said Anmol Jaggi, Chairman and Managing Director at Gensol commenting on the equity raise.

"Our priority remains delivering value to shareholders and customers while solidifying our commitment to playing a key role in India's transition to green energy and clean mobility," he added.

The latest capital raise is subject to shareholder's approval at the EGM scheduled to be held on March 2 and statutory approval in compliance with SEBI regulations.