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Latest news about Gensol Engineering

NCLAT Directs NCLT to Hear Former Gensol Engineering Director's Plea 4 days ago

The National Company Law Appellate Tribunal (NCLAT) has instructed the National Company Law Tribunal (NCLT) to hear and decide on a plea by Harsh Singh, a former independent director of Gensol Engineering. Singh's plea challenges a previous NCLT order that called for an investigation into individuals associated with the company. The NCLAT has given Singh two days to file a stay vacation application. This development follows recent insolvency proceedings initiated by the NCLT against Gensol Engineering and its subsidiary, Gensol EV Lease.

Gensol Engineering Enters Insolvency as NCLT Admits IREDA's Plea 9 days ago

NCLT Reserves Order on Rs 729 Crore Insolvency Pleas Against Gensol Engineering 10 days ago

Gensol Engineering Faces Setback as NCLAT Upholds Asset Freeze Jun 04, 2025

NCLT Ahmedabad Freezes Assets of Gensol Engineering Promoters and Associates May 29, 2025

More news about Gensol Engineering

28May 25

Gensol Engineering Faces Multiple Regulatory Actions: NCLT Freezes Accounts Amid Fraud Allegations

Gensol Engineering is under severe regulatory pressure due to alleged corporate fraud. The NCLT has frozen the company's bank accounts and lockers, while SEBI has barred promoters from the securities market. The Debt Recovery Tribunal has restricted asset transfers and seized Blu Smart cabs. Credit rating agencies have downgraded Gensol's debt to default status. These actions indicate serious financial and regulatory challenges, potentially impacting the company's operations, financial flexibility, and investor confidence.

22May 25

SEBI Tightens Regulations in Wake of Gensol Engineering Fraud Case

SEBI is implementing stricter regulations in response to the Gensol Engineering fraud case. The new measures aim to improve corporate governance, debt market operations, and loan-related matters. Gensol Engineering faces market access restrictions, leadership changes, regulatory scrutiny, and insolvency proceedings. The broader market impact includes potential stricter corporate governance norms, new debt market rules, and changes in loan-related policies.

20May 25

Gensol Engineering Under MCA Probe, Investigation to Conclude in 3-5 Months

The Ministry of Corporate Affairs (MCA) has initiated an investigation into Gensol Engineering and 18 Blusmart-affiliated entities, set to conclude within 3-5 months. This probe coincides with the government's plans to amend Section 31(4) of the Insolvency and Bankruptcy Code (IBC) in the upcoming Monsoon Session of Parliament, aiming to streamline the insolvency resolution process by adjusting the Competition Commission of India (CCI) approval timeline.

17May 25

Gensol Engineering in Turmoil: CFO Resigns Amid Regulatory Probes and Bankruptcy Filing

Gensol Engineering is facing multiple challenges. CFO Jabirmahendi M. Aga has resigned citing regulatory issues. SEBI has barred the company and former directors from securities markets due to fund diversion allegations. IREDA has filed a bankruptcy application against Gensol for a Rs 510.00 crore default. These events have put the company's future in jeopardy, requiring immediate action to address regulatory, financial, and trust issues.

16May 25

Gensol Engineering Shares Surge Amid Regulatory Challenges and Management Shake-up

Gensol Engineering Ltd. shares hit the 5% upper circuit for the fourth consecutive day, despite ongoing regulatory and financial challenges. SEBI has launched an investigation into the company and barred its top executives from the securities market, leading to their resignations. IREDA has filed an insolvency petition against Gensol for a Rs 510.00 crore loan default. Despite these issues, investors appear to be taking a contrarian view, driving the stock's continued rally.

15May 25

Gensol Engineering Stock Surges Amid Regulatory and Financial Challenges

Gensol Engineering's stock hit the 5% upper circuit for the third consecutive session, reaching ₹62.44, despite facing significant challenges. IREDA filed an insolvency application against the company for a ₹510.00 crore default. SEBI issued an interim order barring promoters from trading and ordering a forensic audit. The Securities Appellate Tribunal granted a two-week extension for the company to respond to SEBI's allegations.

14May 25

Gensol Engineering Faces Multiple Challenges: IREDA's Bankruptcy Application and SEBI's Regulatory Actions

IREDA has filed a bankruptcy application against Gensol Engineering for a default of Rs 510.00 crore. This follows SEBI's actions barring the company and its promoters from the securities market due to allegations of fund diversion and governance issues. The Securities Appellate Tribunal (SAT) has granted Gensol Engineering two weeks to respond to SEBI's order, with further regulatory actions expected in the coming weeks.

12May 25

Gensol Engineering's Managing Director Anmol Singh Jaggi Steps Down

Anmol Singh Jaggi, Managing Director of Gensol Engineering Ltd, has resigned from his position. The company confirmed the departure but did not provide specific reasons. No immediate succession plan or new appointment has been announced, creating uncertainty about the company's future leadership and strategic direction. Gensol Engineering, known for its involvement in renewable energy, particularly solar power solutions, may face scrutiny from investors and market participants in the wake of this unexpected leadership change.

12May 25

Gensol Engineering Faces Leadership Shakeup as Top Executives Step Down

Gensol Engineering Ltd, a key player in the renewable energy sector, is undergoing a significant leadership change. Managing Director Anmol Singh Jaggi and Whole-Time Director Puneet Singh Jaggi, both described as 'embattled promoters', have resigned from their positions. This sudden departure of top executives raises questions about the company's future direction and stability. Gensol Engineering, known for its solar EPC services and power plant operations, now faces the challenge of filling these crucial roles and maintaining investor confidence during this transition period.

09May 25

SEBI Orders Forensic Audit of Gensol Engineering Amid Fund Diversion Allegations

SEBI has appointed Raju and Prasad Chartered Accountants to conduct a forensic audit of Gensol Engineering's financial statements from FY 2021-2022 to 2024-2025. The audit will investigate potential manipulation of books, misstatements, and wrongful diversion of funds. This action follows SEBI's interim order on April 15 raising concerns about alleged fund diversion. The audit may impact investor confidence and lead to increased regulatory scrutiny for the company.

08May 25

SEBI Launches Forensic Audit into Gensol Engineering's Financials

Securities and Exchange Board of India (SEBI) has launched a forensic audit of Gensol Engineering's financial statements. This comprehensive examination aims to uncover any potential financial irregularities or discrepancies. The audit could impact investor sentiment, the company's stock price, and raise questions about financial transparency. Possible outcomes range from mandated changes in financial practices to potential penalties, depending on the audit findings.

08May 25

SEBI Orders Forensic Audit of Gensol Engineering Amid Market Access Ban

SEBI has appointed Raju and Prasad Chartered Accountants to conduct a forensic audit of Gensol Engineering's financials for FY 2022-25, following allegations of fund diversion. The Securities Appellate Tribunal (SAT) has refused to stay SEBI's order barring the company from accessing securities markets. The audit report is due within six months. Gensol faces scrutiny over a Rs 978 crore loan for EV purchases, with Rs 262 crore reportedly unaccounted for. The company's stock has plummeted 59% in the past month due to these regulatory challenges.

07May 25

Gensol Engineering Faces Setback as SAT Upholds SEBI's Market Ban

The Securities Appellate Tribunal (SAT) has denied relief to Gensol Engineering Ltd against SEBI's April 15 order. SEBI had barred the company and its promoters from the securities market due to allegations of fund diversion and governance issues. The SAT's decision maintains SEBI's restrictions, prohibiting the company from accessing the securities market and its promoters from engaging in market activities. This regulatory action highlights concerns about fund misuse and internal controls at Gensol Engineering.

06May 25

Gensol Engineering Shares Plummet 59% Amid Regulatory Scrutiny

Gensol Engineering's stock price fell 4.99% to ₹66.97 on BSE, marking the 18th consecutive lower circuit day. The stock has declined 59% during this period and 94% from its 52-week high. The company faces regulatory scrutiny with the Ministry of Corporate Affairs ordering an investigation for alleged companies law violations. This follows SEBI's action barring the company's promoters from the securities market. The consecutive lower circuits reflect severe investor concerns about the company's regulatory compliance and future prospects.

05May 25

Gensol Engineering Addresses Legal Dispute with Orix Leasing Over EV Transfers

Gensol Engineering is involved in a legal dispute with Orix Leasing regarding the transfer of leased electric vehicles. The Delhi High Court has issued an ex-parte interim order preventing Gensol and BluSmart from transferring EVs leased from Orix to third parties. Gensol has clarified that it has made full lease payments for 37 out of 175 vehicles and is seeking legal advice. The company emphasizes that the matter is sub judice and they are taking steps to protect their interests.

02May 25

Gensol Engineering Shares Plummet: 16 Days of Lower Circuit Amid Regulatory Concerns

Gensol Engineering's stock has hit a new 52-week low, marking 16 consecutive days of lower circuit limits. The share value has dropped 54.60% in the past 16 trading sessions and is now 93.40% below its 52-week high. SEBI has banned the company's promoters from holding positions in listed companies and halted a planned 1:10 stock split due to allegations of fund diversion. These actions have significantly impacted investor confidence and the company's strategic plans.

30Apr 25

Gensol Engineering's Company Secretary Resigns Following SEBI Interim Order

Gensol Engineering Limited announced the resignation of Mr. Rajesh Parmar from his position as Company Secretary and Compliance Officer, effective April 29, 2025. The resignation is attributed to recent developments, including an Interim Order issued by SEBI on April 15, 2025. The company has complied with regulatory requirements by disclosing the resignation details to stock exchanges under SEBI regulations.

30Apr 25

SEBI Chairman Flags 'Egregious Behaviour' in Gensol Engineering's IPO Case

SEBI Chairman Tuhin Kanta Pandey has expressed serious concerns about the IPO ecosystem, using Gensol Engineering Ltd as an example of 'egregious behaviour'. This development calls for increased vigilance from all stakeholders in the IPO process, suggesting potential stricter regulatory scrutiny, enhanced due diligence, and greater transparency in IPO filings. The case may have significant implications for Gensol Engineering, including increased scrutiny and potential legal consequences, while also serving as a wake-up call for the broader IPO market in India.

29Apr 25

Gensol Engineering: Retail Investors Increase Stake Amid ED Raids and Fraud Allegations

Gensol Engineering's shares have hit a new 52-week low following Enforcement Directorate raids and amid fraud allegations. The ED conducted searches at the company's premises in Ahmedabad and Gurgaon, seizing documents and electronic devices as part of a FEMA investigation. The ED has also issued orders to three major banks under FEMA. Despite these issues, retail investors have increased their stake to 30.68%, while promoter holdings have nearly halved to 35.87%. The company's CFO stated they are taking appropriate legal measures, but the financial impact remains unquantified.

28Apr 25

Gensol Engineering Under Scrutiny: Enforcement Directorate Conducts Search Operation

The Directorate of Enforcement (ED) carried out a search and seizure operation at Gensol Engineering's premises in Ahmedabad and Gurgaon on April 27, 2025, under the Foreign Exchange Management Act (FEMA), 1999. Documents, electronic devices, and financial records were seized. The ED issued orders to several banks, including Axis Bank, HDFC Bank, and ICICI Bank. Gensol Engineering stated that the financial impact is currently unquantifiable and is taking appropriate legal measures in response.

28Apr 25

Gensol Engineering Faces Regulatory Actions, Stock Plunges 83% in 2025

Gensol Engineering is under severe regulatory scrutiny in 2025. The Enforcement Directorate raided company offices on April 27, seizing documents under FEMA. SEBI barred company promoters from securities markets over fund diversion allegations. The stock price plummeted 83% in 2025, reflecting a significant loss of investor confidence. The company faces ongoing investigations and challenges in restoring trust.

26Apr 25

Gensol Engineering in Hot Water: IREDA Alleges Contract Breach and Unauthorized Shareholding Dilution

IREDA reports that Gensol Engineering's promoters allegedly diluted their shareholding without lender approval, violating loan terms. IREDA filed a complaint with the Economic Offences Wing and started an internal review. Gensol's account is 'under stress' but not an NPA. IREDA denies issuing letters referenced by credit rating agencies about falsified documents. The situation raises concerns about corporate governance and may impact investor confidence in Gensol Engineering.

25Apr 25

Gensol Engineering: Regulatory Actions and Complaints Amid Ongoing Investigations

Gensol Engineering is under intense regulatory pressure as the ED investigates unauthorized foreign remittances, SEBI bars promoters from securities markets, and IREDA files a complaint alleging falsified documents. The company's shares have hit a 52-week low, falling for 12 consecutive days. Investigations by multiple agencies are ongoing, with allegations of loan diversion and governance issues.

24Apr 25

Gensol Engineering: ED Conducts Searches, Registers FEMA Case Amid Controversy

Enforcement Directorate (ED) has conducted searches at Gensol Engineering's premises in Delhi, Gurugram, and Ahmedabad, registering a case under FEMA. The company's promoters are under investigation following a SEBI report alleging financial misconduct. Gensol's stock has fallen 18.56% since the controversy began, with a 5% lower circuit for six consecutive days. SEBI has barred the company and its promoters from the securities market. Gensol denies any connection to the Mahadev Book app case and claims no official communication from ED regarding the matter.

23Apr 25

Gensol Engineering and Promoters Deny Involvement in Mahadev Betting App Case

Gensol Engineering Limited has strongly denied any connection to the Mahadev Book App case being investigated by the Enforcement Directorate (ED). The company and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, stated they have not received any summons or communication from the ED regarding this case or any new probe. Gensol Engineering clarified that previous media reports suggesting their involvement are incorrect and misleading. The company reaffirmed its commitment to transparency and compliance with regulatory disclosures.

22Apr 25

Gensol Engineering Faces Regulatory Scrutiny: ED Investigation and SEBI Action

Gensol Engineering faces investigations from multiple agencies including ED under PMLA, Ministry of Corporate Affairs inquiry into subsidiary Gensol Electric, and SEBI's interim order barring founders from securities markets. SEBI has also halted the company's planned 1:10 stock split. The stock has plummeted 5.00%, hitting a lower circuit limit, and has dropped 90.57% from its 52-week high.

21Apr 25

Gensol Engineering Faces SEBI Scrutiny and MCA Examination, Stock Plummets to 52-Week Low

SEBI's investigation into Gensol Engineering revealed multiple discrepancies, including non-existent manufacturing activity at its Pune EV facility, misleading disclosures, and allegations of share price manipulation and fund misappropriation. The Ministry of Corporate Affairs (MCA) will examine SEBI's order. SEBI has barred the company's promoters from the securities market. As a result, Gensol Engineering's stock price has fallen to a 52-week low, reflecting a loss of investor confidence.

19Apr 25

Gensol Engineering's EV Plant Scrutiny: NSE Visit Raises Concerns

NSE officials found Gensol Engineering's Pune EV plant inactive with only 2-3 laborers present. SEBI's interim order alleges misleading disclosures about EV pre-orders and potential fund misappropriation. The company's planned stock split is on hold, and several directors have resigned. These developments raise significant concerns about Gensol's operations, transparency, and corporate governance.

18Apr 25

Gensol Engineering: Four Independent Directors Resign Amid Turmoil and SEBI Probe

Four independent directors of Gensol Engineering have resigned following SEBI's regulatory scrutiny and concerns over the company's financial health. The resignations include Mr. Harsh Singh and Mr. Kuljit Singh Popli, citing professional commitments and recent developments. SEBI has barred the company's promoters from the securities market, alleging fund diversion and misuse of loans. A forensic auditor will be appointed to examine the company's financial accounts. The company has put a proposed stock split on hold, adding to investor uncertainty.

17Apr 25

Gensol Engineering Faces Regulatory Hurdles and Leadership Changes Amid SEBI Clampdown

SEBI issued an interim order against Gensol Engineering and its promoters for alleged fund diversion. The company's stock hit lower circuit for two consecutive days, falling 5%. SEBI barred promoters from holding key positions and restricted trading in company securities. A stock split was halted, and a forensic audit ordered. Independent Director Arun Menon resigned, citing concerns over the company's debt position and transparency issues. Gensol Engineering confirmed compliance with SEBI's directives and committed to cooperating with the upcoming audit.

16Apr 25

SEBI Bars Gensol Engineering Promoters, Halts Stock Split Amid Fund Diversion Allegations

SEBI has barred Gensol Engineering's promoters from serving as directors and dealing in securities due to fund diversion allegations. The regulator suspended the company's planned stock split and ordered a forensic audit to be completed within six months. These actions stem from discrepancies in loan usage for EV purchases and misleading investor disclosures.

15Apr 25

SEBI Cracks Down on Gensol Engineering: Directors Barred, Stock Split Halted, Forensic Audit Ordered

SEBI has issued an interim order against Gensol Engineering, barring Anmol Singh Jaggi and Puneet Singh Jaggi from serving as directors. The regulator has suspended the company's announced stock split and ordered a forensic audit to be completed within six months. This action comes amid allegations of fund diversion and report falsification. The order could significantly impact the company's operations, market perception, and investor confidence.

14Apr 25

Gensol Engineering Shareholders Approve 1:10 Stock Split and Preferential Issue

Gensol Engineering Limited received strong shareholder approval for two major corporate actions at its EGM on April 12, 2025. A 1:10 stock split (from ₹10 to ₹1 face value) was approved with 99.98% votes in favor. A preferential issue of securities to promoter group members was also approved with 99.99% votes in favor. The stock split aims to enhance share liquidity, while the preferential issue suggests continued promoter confidence in the company.

09Apr 25

Gensol Engineering Commissions ₹40 Crore Solar Plant in Jharkhand, Boosting Clean Energy Production

Gensol Engineering Limited has successfully commissioned a ground-mounted solar power plant in Panchet, Dhanbad district, Jharkhand. The ₹40 crore EPC project spans 40 acres and will generate over 15 million units of clean energy annually, offsetting 21,000 metric tonnes of CO₂ emissions. The project overcame challenging terrain using advanced mounting systems and high-efficiency PV modules. It includes a five-year operations and maintenance contract.

08Apr 25

Gensol Engineering's Stock Plunges 87% Amid Governance Issues

Gensol Engineering's stock price has fallen from ₹1,147.00 to ₹147.00 in less than a year, a drop of 87%. The company faces governance issues and credit rating downgrades, leading to its placement under Enhanced Surveillance Measures (ESM Stage 1). In response, Gensol's chairman denies wrongdoing and announces the formation of an independent committee to investigate allegations. Investors are advised to exercise caution.

27Mar 25

Gensol Engineering Clarifies Potential EV Deal with Refex Mobility Amid Market Speculation

Gensol Engineering has confirmed ongoing discussions with Refex Mobility for a potential strategic partnership involving 2,997 electric vehicles. The company issued a clarification in response to market speculation and news reports, emphasizing transparency and compliance. Gensol stated that there is no material impact from recent news articles and no related regulatory proceedings. The company is unaware of any undisclosed information affecting stock trading activity.

26Mar 25

Gensol Engineering Clarifies Ongoing Discussions with Refex Mobility for EV Takeover

Gensol Engineering Limited has confirmed ongoing discussions with Refex Mobility for a potential takeover of 2,997 electric vehicles. The companies have agreed on transaction terms, but the deal is still under evaluation and pending financial and regulatory approvals. Contrary to some reports, the transaction has not been concluded. The EV assets currently remain Gensol's property and continue to operate on the BluSmart platform. Both companies are committed to transparency and regulatory compliance throughout the process.

25Mar 25

Gensol Engineering and Refex Green Mobility Update on EV Asset Takeover Deal

Gensol Engineering and Refex Green Mobility (RGML) have provided an update on their proposed EV asset takeover deal. The companies have agreed on terms for RGML to acquire 2,997 EV assets from Gensol. The transaction is undergoing comprehensive evaluation, including financial, legal, and operational due diligence. Both firms await necessary approvals to proceed. Contrary to some reports, the deal has not been concluded. The EV assets remain Gensol's property and continue operating on the BluSmart platform until the transaction is completed. Both companies emphasize their commitment to transparency, regulatory compliance, and strategic alignment throughout the process.

20Mar 25

Gensol Engineering Announces EGM: Stock Split and Preferential Issue on Agenda

Gensol Engineering schedules an EGM on April 12, 2025, to propose a stock split from ₹10 to ₹1 per share and a preferential issue of 3,57,14,285 warrants at ₹56 each to raise ₹199.99 crore. The company aims to address recent financial difficulties, including a 55% stock decline in March, delayed loan payments, and allegations of falsified documents. The funds will be used for working capital and corporate purposes, subject to regulatory approvals.

19Mar 25

Gensol Engineering Shares Plummet to 52-Week Low Amid Financial and Governance Concerns

Gensol Engineering's stock has hit a 52-week low of Rs 224.45, down 80% from its peak. The company faces credit rating downgrades, debt servicing delays, governance issues, and CFO resignation. SEBI has placed it under Additional Surveillance Measure (ASM) Stage 1, indicating increased regulatory oversight.

18Mar 25

Gensol Engineering Shares Plummet 5% Amid Debt Woes and Extended Losing Streak

Gensol Engineering's stock plummeted 5% to ₹236.70, hitting the lower circuit for the 15th consecutive day. The company faces credit rating downgrades due to debt servicing delays. To address concerns, promoters injected ₹29 crore through warrant conversion. Despite challenges, Gensol has a ₹7,000 crore order book and plans to raise ₹650 crore through asset sales for debt repayment.

17Mar 25

Gensol Engineering Shares Plummet Amid Financial Turmoil and Allegations

Gensol Engineering's stock plummets over 45% since listing, locked in lower circuit for five consecutive sessions. The company faces credit rating downgrades to default status and allegations of data falsification. In response, Gensol announces a 1:10 stock split and plans to raise ₹600 crore. Despite these actions, investor sentiment remains negative, reflecting concerns about the company's financial health and credibility.

13Mar 25

Gensol Engineering Shares Plunge 55% in 13 Days Amid Financial Turmoil

Gensol Engineering's stock has fallen 55% over 13 trading sessions, closing at Rs 261.70. The company faces credit rating downgrades, debt servicing delays, and CFO resignation. SEBI has placed the stock under Additional Surveillance Measure Stage 1. A board meeting is scheduled to discuss fund-raising and a stock split proposal.

13Mar 25

Gensol Engineering: Stock Split and Securities Issue Amid Financial Challenges

Gensol Engineering has approved a 10:1 stock split and plans to issue $50 million in securities. However, the company's stock hit lower circuits for four consecutive sessions, dropping to ₹262.15. Rating agencies have downgraded the company's debt to default status, with total debt facilities exceeding ₹2,040 crore. The contrast between ambitious capital-raising plans and financial challenges presents a complex situation for investors.

12Mar 25

Gensol Engineering Faces Turbulence: Stock Plummets 75% Amid CFO Resignation and Credit Rating Downgrades

Gensol Engineering is experiencing significant challenges with its stock price dropping 75% from its peak over 11 consecutive sessions. CFO Ankit Jain has resigned, effective March 13, 2025, citing personal reasons. Credit rating agencies CARE and ICRA have downgraded the company due to reported delays in debt servicing. Gensol denies falsifying documents, attributing issues to temporary liquidity problems. The company plans to raise ₹650 crore through asset sales and reports an order book of ₹7,000 crore.

11Mar 25

Gensol Engineering: Stock Volatility Amid Financial Challenges and Promoter's Equity Infusion

Gensol Engineering's stock hit lower circuit for two consecutive days following warrant conversion by promoters. The company's stock has declined 65.80% year-to-date. ICRA and Care Ratings downgraded Rs 2,050 crore of Gensol's debt to default status. Promoters sold 2.37% of total equity shares but reinvested proceeds. On March 10, 2025, promoters announced INR 29 crore equity infusion through warrant conversion at INR 871 per share. Paid-up equity capital increased from Rs. 38,00,24,340 to Rs. 38,44,63,680 post-conversion. 56,10,264 warrants remain outstanding for conversion within 18 months of initial allotment date.

11Mar 25

Gensol Engineering Strengthens Financial Position with ₹29 Crore Equity Infusion from Promoters

Gensol Engineering's promoters have converted warrants into 4,43,934 equity shares at ₹871 per share, injecting ₹28.99 crore into the company. This increased the paid-up equity capital from ₹38,00,24,340 to ₹38,44,63,680. Jasminder Kaur, a promoter group member, now owns 1.15% of the company's equity. The move is seen as a vote of confidence in Gensol's growth in renewable energy and electric mobility sectors.

10Mar 25

Gensol Engineering Faces Turbulence: Stock Plummets Amid Financial Discrepancies and Debt Woes

Gensol Engineering's stock price has fallen 56% in a month due to debt repayment concerns, promoter share sales, and allegations of falsified financial disclosures. The company missed its revenue target, achieving only Rs 1,056 crore in nine months against an annual goal of Rs 2,000 crore. Credit rating agencies have downgraded the company to default status. Promoters sold 11.15 lakh shares to raise funds. Gensol plans to sell assets and raise Rs 400 crore to address its debt issues.

10Mar 25

Gensol Engineering: Promoters Convert Warrants, Insider Sale, and Potential Stock Split

Gensol Engineering's promoters converted warrants worth ₹290 million into equity shares. Promoter Anmol Singh Jaggi sold 800,000 shares at ₹320 each in an open market transaction, reducing promoter holding to 59.70%. The board will meet on March 13, 2025, to consider a stock split. The company is also exploring fundraising options through various financial instruments.

08Mar 25

Gensol Engineering Promoters Sell Stake, Commit to Reinvestment for Growth

Promoters of Gensol Engineering Limited sold approximately 9 lakh shares (2.37% of total equity) with plans to reinvest the proceeds into the business through equity infusion. The aim is to strengthen the company's balance sheet and support sustained growth. Promoters retain a 59.70% stake and have committed to infuse an equal or greater amount in a future warrant subscription round. An upcoming board meeting on March 13 will discuss a potential stock split and fund-raising initiatives. The company has also responded to ICRA allegations, denying claims of document falsification.

08Mar 25

Gensol Engineering: Promoters Sell Stake, Plan Stock Split Amid Market Challenges

Gensol Engineering's promoters sold 2.37% stake (9,00,000 shares) with plans to reinvest proceeds. A board meeting on March 13, 2025, will consider a stock split and fundraising options. The company's CFO has resigned, and credit ratings have been downgraded by CARE and ICRA. Despite challenges, promoters retain a 59.70% stake, demonstrating commitment to the company's future in renewable energy and electric mobility sectors.

07Mar 25

Gensol Engineering to Consider Stock Split and Fund Raising Amid Leadership Changes

Gensol Engineering Ltd. has scheduled a board meeting for March 13, 2025, to discuss potential corporate actions including a stock split and various fund-raising options such as QIP, preferential issue, and FCCBs. The company has also appointed Jabirmahendi Mohammedraza Aga as CFO, replacing Ankit Jain. These strategic moves come as the company's stock has reportedly fallen over 70% from its peak, highlighting the need for measures to restore investor confidence and drive growth in the competitive renewable energy sector.

07Mar 25

Gensol Engineering Announces Board Meeting to Consider Fund Raising and Stock Split, Welcomes Back CFO

Gensol Engineering Limited has scheduled a board meeting for March 13, 2025, to discuss fund raising through various methods and a potential stock split. The company has also appointed Mr. Jabirmahendi Mohammedraza Aga as the new CFO, replacing Mr. Ankit Jain who resigned on March 6, 2025. The fund raising initiative may include options like qualified institutions placement, preferential issue, and foreign currency convertible bonds. The stock split consideration aims to make shares more accessible to a broader range of investors.

07Mar 25

Gensol Engineering: CFO Resigns Amid Financial Turmoil, Shares Plummet 70% from Peak

Gensol Engineering's shares have fallen 70% from their peak, locked in lower circuits for three consecutive sessions. ICRA and CARE downgraded the company's rating to 'D' due to debt servicing delays and alleged document falsification. Amid this crisis, CFO Ankit Jain has resigned, replaced by Jabirmahendi Mohammedraza Aga, effective March 7, 2025. The company faces significant challenges in restoring investor confidence and financial stability.

06Mar 25

Gensol Engineering: Shares Plummet 35% After Credit Rating Downgrades

Gensol Engineering Limited (GEL) has experienced a 35.2% stock drop over two days following credit rating downgrades by ICRA and CARE. The company's long-term fund-based facilities were downgraded to [ICRA]D from [ICRA]BBB- (Stable) due to delays in debt servicing. GEL announced a strategic debt reduction plan, including the sale of electric vehicles and divestment of a subsidiary, aiming to reduce debt by ₹665 crore. Despite financial challenges, the company reports strong growth in revenue, EBITDA, and PAT for 9M FY25. Concerns about document falsification have been raised, prompting the company to set up a review committee.

05Mar 25

Gensol Engineering Unveils Ambitious Debt Reduction Plan Amid Credit Rating Challenges

Gensol Engineering Limited (GEL) has announced a strategic debt reduction plan of Rs 665 crore through asset divestments, including the sale of electric vehicles and a subsidiary. This move aims to improve the company's debt-equity ratio from 1.95 to 0.8. The plan comes in response to recent credit rating downgrades by ICRA Limited across various facilities. Despite these challenges, GEL reports strong financial growth with a 42% increase in total revenue and a robust order book exceeding Rs 7,000 crore. The company is also addressing corporate governance concerns by setting up a review committee.

05Mar 25

Gensol Engineering Faces Challenges: Share Price Plunge, Rating Downgrade, and Document Falsification Claims

Gensol Engineering's stock price fell 30% over two days following a credit rating downgrade by CARE Ratings. The company's long-term and short-term bank facilities were downgraded to 'CARE D' due to delays in servicing term loan obligations. Gensol reported a 6.1% year-over-year decline in Q3 net profit. The company denied document falsification claims and reported a total debt of 11.46 billion rupees. Management remains optimistic about long-term growth potential despite current challenges.

04Mar 25

Gensol Engineering Shares Plummet 20% Following CARE Ratings Downgrade

Gensol Engineering Limited's stock hit a 20% lower circuit following a rating downgrade by CARE Ratings due to delays in servicing term loan obligations. CARE revised the ratings for GEL's bank facilities from CARE BB+; Stable to CARE D, affecting ₹716 crore worth of facilities. Despite mixed Q3 results and management's assurance of strong revenue visibility, the company's liquidity remains poor. Timely debt servicing for three continuous months could positively impact future ratings.

25Feb 25

Gensol Engineering Strikes ₹350 Crore Deal, Selling US Subsidiary to Boost Indian Operations

Gensol Engineering Limited has announced the sale of its US subsidiary, Scorpius Trackers Inc., to a major US renewable energy solutions provider for ₹350 crore. The deal includes the transfer of global IP rights for Scorpius Trackers' solar tracking technology, excluding India. The transaction will be completed in two tranches by March 2026. Gensol plans to use the proceeds to strengthen its balance sheet, expand operations in India, and support clean energy initiatives. The company retains its Indian subsidiary and IP rights for Indian projects.