KPI Green Energy zooms 9% on plans to consider second bonus issue in 2023
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Shares of KPI Green Energy zoomed 9.5 per cent to hit a new high at Rs 1,402 after the company announced its plans to consider issue of bonus shares.
The company in an exchange filing post market hours on Wednesday, said that its board will meet on December 30 to consider a proposal for issue of bonus equity shares.
At 10:50 AM, the stock had pared some gains and quoted 5 per cent higher at Rs 1,346. The counter saw trades of around 72,000 shares as against the two-week daily average volume of around 30,000 shares on the BSE.
Earlier on January 18, 2023, the company had declared bonus issue of shares in the ratio of 1:1; i.e. one free share for every shareholder holding a equity share. For the calendar year 2023, the stock has so far rallied over 60 per cent.
Apart from the bonus issue plan, the company also informed the exchanges about the successful commissioning of solar power projects totaling 17.35 MWp by KPI Green Energy and its wholly-owned subsidiary, KPIG Energia Private Limited.
These projects were executed on behalf of its clients Jay Metal Tech, Reenam Fabrics Pvt. Ltd., JPB Fibers, and Creative Technologies.
Similarly on Tuesday, the company said it successfully commissioned the total 16.83 MWp solar power projects under the 'Captive Power Producer (CPP)' segment in line with the agreement with the respective CPP customers.
Last week, KPI Green Energy approved the issue and allotment of 25.36 lakh equity shares, to eligible QIBs at Rs 1,183.00 per equity share, aggregating to Rs 300 crore.
KPI Green Energy is part of KP Group, which, specialises in developing wind, solar standalone, and hybrid power projects in renewable energy sector.
Earlier this month, the Group had placed an order of 193.2 MW comprising of 92 wind turbines of S120-140 model to Suzlon Energy.
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