KPI Green Energy zooms 9% on plans to consider a second bonus issue in 2023

Shares of KPI Green Energy rose 9.5 percent to a new high of Rs 1,402 after the company announced plans to consider issuing bonus shares.

The company said in an after-hours filing on Wednesday that its board will meet on December 30 to consider a proposal to issue bonus shares.

At 10.50 am, the stock had registered some gains and was trading 5 percent higher at Rs 1,346. About 72,000 shares were traded on the counter, while the two-week daily average on the BSE was about 30,000 shares.

Earlier on January 18, 2023, the company had announced a bonus issue of shares in the ratio of 1:1; that is, one free share for each shareholder who owns a share of stock. For the calendar year 2023, the stock is up more than 60 percent year to date.

In addition to the bonus issuance plan, the company also informed the stock exchanges about the successful commissioning of solar 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, the company on Tuesday said it has successfully commissioned the total 16.83 MWp solar projects under the 'Captive Power Producer (CPP)' segment, in accordance with the agreement with the respective CPP customers.

Last week, KPI Green Energy approved the issuance and allotment of 25.36 lakh equity shares, to eligible QIBs at Rs 1,183.00 per equity share, amounting to Rs 300 crore.

KPI Green Energy is part of KP Group, specialized in developing independent wind, solar energy and hybrid energy projects in the sustainable energy sector.

Earlier this month, the Group had placed an order for 193.2 MW, consisting of 92 wind turbines of the S120-140 model, with Suzlon Energy.

First print: December 28, 2023 | 11:12 am IST