The board of directors of KPI Green Energy Ltd. recommended on Thursday the issue of bonus equity shares in a proportion of 1:2.
The company will issue one bonus equity share of Rs 5 each for every two existing shares of Rs 5 each, which is subject to the approval from the shareholders, according to an exchange filing.
The bonus shares will be dispatched within two months from the date of the board's approval, on or before Jan. 14, 2025. The bonus shares will be issued from the company's securities premium account as of March 31, 2024.
The solar power company held 13.1 crore shares for Rs 65.6 crore before the bonus share announcement. After the issue of bonus equity shares, it will hold 19.7 crore equity shares for Rs 98.5 crore, it said. Additionally, a security premium of Rs 32.81 is needed to implement the bonus issue.
KPI Green Energy's Past Orders
Earlier in October, KPI Green Energy has entered into two power purchase agreements with Gujarat Urja Vikas Nigam Ltd. for 620 MW of renewable energy projects.
The first power purchase agreement is for a 250-megawatt grid-connected solar power project, while the second is for a 370 MW grid-connected hybrid renewable energy project.
In September, the company bagged a 12.72-megawatt wind-solar hybrid power project under its captive power producer business segment from the chief electrical inspector.
The project was developed for KPI Green Energy and its wholly owned subsidiary, Sun Drops Energia.
Shares of KPI Green Energy closed 0.44% higher at Rs 751 apiece on the National Stock Exchange, compared to a 0.11% decline in the benchmark Nifty 50. The share price has risen 116.32% in the last 12 months and 53.49% on a year-to-date basis.
An analyst tracking the company has 'recommended a 'buy' rating on the stock, according to Bloomberg data.
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