KPI Green Energy Ltd. shares rose 2.32% to ₹768.45 on the NSE as of 10:04 AM after the company’s board recommended a bonus equity issue in the proportion of 1:2. This means shareholders will receive 1 bonus share for every 2 shares held, subject to shareholder approval.
Details of the Bonus Issue
- Bonus Ratio: 1:2 (one share for every two shares held).
- Face Value: ₹5 per share.
- Approval Timeline: Shareholder approval required; bonus shares to be dispatched within two months of board approval, on or before January 14, 2025.
- Funding: To be issued from the company’s securities premium account as of March 31, 2024.
Post-issue, the company’s equity shares will increase from 13.1 crore shares worth ₹65.6 crore to 19.7 crore shares worth ₹98.5 crore, requiring a securities premium adjustment of ₹32.81 crore.
KPI Green Energy’s Past Achievements
The company recently signed two significant Power Purchase Agreements (PPAs) with Gujarat Urja Vikas Nigam Ltd. for 620 MW of renewable energy projects:
- 250 MW: Grid-connected solar power project.
- 370 MW: Grid-connected hybrid renewable energy project.
These agreements underscore KPI Green’s growing footprint in India’s renewable energy sector.
Market Reaction
The bonus announcement, coupled with the company’s strong pipeline of renewable energy projects, has bolstered investor sentiment, pushing shares higher.
Disclaimer: The information provided is for informational purposes only and should not be considered financial advice. Always consult a financial advisor before making investment decisions.
