The equity shares have been allotted at ₹871 per share, including a premium of ₹861 per share, after receiving the balance payment of ₹28.99 crore—75% of the issue price per warrant. With this conversion, the company’s paid-up equity capital has increased from ₹38,00,24,340 (3,80,02,434 equity shares of ₹10 each) to ₹38,44,63,680 (3,84,46,368 equity shares of ₹10 each). The newly allotted shares will rank pari-passu (alongside) with existing equity shares.
Jasminder Kaur, a promoter, has been allotted the entire 4,43,934 equity shares. Meanwhile, 56,10,264 warrants remain outstanding for conversion, with holders entitled to exercise their rights within 18 months of allotment.
The announcement comes amid scrutiny from rating agencies ICRA and CARE, which recently downgraded Gensol Engineering due to concerns over debt repayment delays and corporate governance. ICRA alleged that certain documents shared by the company regarding its debt servicing track record “were apparently falsified,” raising questions about its liquidity position and governance practices. CARE Ratings also downgraded the company over delayed debt servicing.
Addressing the concerns in a conversation with CNBC-TV18, Chairman and Managing Director Anmol Singh Jaggi denied any wrongdoing. He maintained there was “zero wrongdoing” and announced the formation of an independent committee to investigate the allegations.
Jaggi acknowledged a temporary liquidity mismatch that led to delays in debt servicing but assured that Gensol has repaid approximately ₹230 crore in the first nine months of the year.
Jaggi also stated that Gensol’s promoter plans to buy shares from the open market. However, on March 7, the promoters sold 9 lakh shares equivalent to 2.37% equity of the total equity shares to unlock liquidity that would be reinvested into the business via equity infusion.
