- विज्ञापन -
New Delhi: The promoters of Gensol Engineering Limited have sold 8,00,000 equity shares. The proceeds from the sale will be reinvested into the business through an equity infusion. As per the company, the shares have been sold to unlock liquidity that would be reinvested into the business via equity infusion.
The company called it a measure that is part of a strategy aimed at reinforcing its balance sheet and supporting stability.
It should be noted that Gensol Engineering promoters sold its shares day after announcing that they will be buying shares from the market. During an interview, Anmol Jaggi said that they intend to increase the stake and day later, today they sold 8 lakh shares at ₹320.
Earlier, Care Ratings downgraded Gensol’s bank loan of ₹716 crore to default following delays in “servicing of term loan obligations”, sending the company’s shares reeling. Gensol Engineering Ltd (GEL) on Tuesday said Care Ratings has downgraded its bank loan of ₹716 crore to default following delays in “servicing of term loan obligations”, sending the company’s shares reeling.
Following the disclosure, the company’s stock fell 20% to hit the lower circuit, settling at ₹413.95 on the BSE.
“As per feedback from GEL’s lender, there have been delays in debt serving by GEL along with pending overdues and SMA classification of the account,” the Care Ratings dated 3 March said.
A company spokesperson said: “We would like to clarify that this was a one-time disruption, resulting in a minor delay in debt repayment, which has since been promptly settled.”
SMA is a special mention account, which indicates that the loan is stressed and the borrower is unable to repay on time.
