Genus Power, since the opening bell today has been among the top three gainers on the BSE; from its close of Rs.115.39, the stock opened slightly higher at Rs.116.30 but soon surged on to hit a new 52-week high at Rs.127.50 and continues to trade around the same levels currently.
There has been news in the market for some time now about the company looking to raise funds; there was unconfirmed news that it was looking at selling stake to PE funds and DIs. Yesterday evening the company said that its Board is meeting on the 4th of July to consider and approve proposal for fund raising by way of issue of share warrants through ‘Preferential Issue’.
The Board will also meet to consider and recommend dividend, if any, on equity shares of the Company for FY23.
The company, a smart meter manufacturer, recently bagged a letter of award (LoA) worth above Rs 2,800 crore.