Gensol Engineering rises on subscribing 99.99% stake in Gridstor Energy
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Gensol Engineering is currently trading at Rs. 949.55, up by 11.75 points or 1.25% from its previous closing of Rs. 937.80 on the BSE.
The scrip opened at Rs. 942.00 and has touched a high and low of Rs. 953.00 and Rs. 942.00 respectively. So far 1072 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1377.10 on 20-Feb-2024 and a 52 week low of Rs. 596.00 on 12-Sep-2023.
Last one week high and low of the scrip stood at Rs. 972.00 and Rs. 932.50 respectively. The current market cap of the company is Rs. 3551.72 crore.
The promoters holding in the company stood at 62.77%, while Institutions and Non-Institutions held 1.98% and 35.25% respectively.
Gensol Engineering has subscribed 9,999 Equity Shares which is 99.99% of total share capital of the company by investing Rs 99,990 in Gridstor Energy (The target company), by virtue of this transaction, the target company will become the wholly-owned subsidiary company of the Gensol Engineering.
The company wants to carry out business of generation, development, accumulation, production, manufacturing, processing and distributing of any kind of power or electrical energy using wind energy, solar energy, renewable energy, battery storage etc., through its wholly-owned subsidiary company.
Gensol Engineering is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.
