KPI Green Energy Surges 9.5% on Bonus Share News and Solar Project Success

28 Dec 2023 , 02:34 PM

KPI Green Energy’s shares surge by 9.5% to reach a new high at Rs 1,402 following the company’s announcement of considering the issuance of bonus shares. 

The company’s board is set to meet on December 30 to discuss a proposal for issuing bonus equity shares.

On January 18, 2023, KPI Green Energy had declared a bonus issue in the ratio of 1:1, providing one free share for every equity share held by shareholders.

The stock has rallied over 60% in the calendar year 2023.

The company informs exchanges about the successful commissioning of 17.35 MWp solar power projects by KPI Green Energy and its wholly-owned subsidiary for clients such as Jay Metal Tech, Reenam Fabrics Pvt. Ltd., JPB Fibers, and Creative Technologies.

In addition, the company successfully commissions 16.83 MWp solar power projects under the ‘Captive Power Producer (CPP)’ segment in accordance with agreements with 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, a part of the KP Group, specializes in developing wind, solar standalone, and hybrid power projects in the renewable energy sector.

The KP Group recently placed an order for 193.2 MW, comprising 92 wind turbines of the S120-140 model, with Suzlon Energy earlier this month.

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