Gensol Engineering shares rebound after nine sessions, Jabir Aga returns as CFO amid debt serving woes

Gensol Engg

Troubled EPC player Gensol Engineering has re-appointed Jabirmahendi Aga as CFO, effective immediately, replacing Ankit Jain, who has decided to pursue other opportunities, the company said in a statement.

Shares of Gensol Engineering are higher in early trade on March 7, rising by around 3% at 9:30 am, after nine sessions of fall.

Jabir has over 14 years of experience in finance and a deep understanding of Gensol's financial operations, the company said, having previously served as the CFO for Gensol Engineering, and will be reporting directly to Anmol Singh Jaggi, the Chairman & Managing Director. Gensol said the management remains committed to 'strategic priorities' and is confident of the leadership transition helping achieve objectives.

"We are delighted to welcome Jabir back to the team and are confident that his expertise and experience will be invaluable in driving the company's future growth and success," said Anmol Singh Jaggi, Chairman & Managing Director of Gensol Engineering.

"His long-standing association with Gensol and his proven track record make him the ideal candidate to guide our financial operations," Jaggi added.

Gensol expressed confidence in Jabir's expertise to 'steer the current market landscape', and drive growth initiatives. "We are going through a tough time, and Jabir is the man best suited to lead us through it,” said Anmol Singh Jaggi.

“I would also like to take the opportunity to thank Ankit Jain for his contributions over the past months. His contributions have been instrumental, and we wish him all the best in his future endeavors,” Anmol Singh Jaggi added.

Gensol's shares have slipped to multi-month low after CARE Ratings downgraded the company to 'default' due to ongoing delays in servicing its term loan obligations, and cited 'falsification' of data, an allegation that the EPC player has denied being involved with and is currently probing.

So far this year, shares of Gensol are lower by 55%.

Anmol Singh Jaggi, Chairman and Managing Director of Gensol Engineering had said on March 6 that Gensol has faced a temporary liquidity mismatch caused by the simultaneous execution of several large-scale projects. The company’s immediate focus is on safeguarding its operations, protecting customers' interests, and ensuring business continuity, he added.