Gensol Engg promoters infuse Rs 29 crore in company via conversion of warrants into equity

Gensol Engg promoters infuse Rs 29 crore in company via conversion of warrants into equity

Gensol Engineering's promoters have infused Rs 29 crore into the company through the conversion of warrants into equity.

In a filing to the stock exchanges, the company stated that the warrants would be converted into 4,43,934 equity shares at a price of Rs 871 per share.

This announcement follows a consistent decline in share prices of the company, with its shares falling for the 10th consecutive session on March 10. The decline has extended to nearly 60 percent over the period.

On Monday, the stock fell further after the promoters offloaded 2.3 percent of their stake in the company, amounting to approximately 9 lakh shares.

Gensol's stock has fallen to a multi-month low due to several factors, including multiple ratings downgrades. The company has faced scrutiny over delays in servicing its term loan obligations and allegations of data falsification. However, Gensol has denied any involvement in the alleged activities and has initiated an internal investigation.

Shares of the company settled 5 percent lower in Monday's trade at Rs 305.8 per share on the NSE.

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