Gensol Engineering Limited announced today that Managing Director Anmol Singh Jaggi has sold 215,000 shares to reduce the company’s pledged shares. According to the investor release, the sale represents less than 1 per cent of the total promoter shareholding and is aimed at improving financial stability.
The shares of Gensol Engineering Limited were trading at ₹544.40 down by ₹21.20 or 3.75 per cent on the NSE today at 10.40 am.
The company’s promoters currently own 2.38 crore shares (62.5 per cent of total shareholding), with 81.7 per cent of these shares pledged as of December 31, 2024. The pledged shares serve as collateral for long-term debt from IREDA and PFC for the EV leasing business, as well as for Loan Against Shares (LAS).
“The decision to sell a portion of my shareholding is driven by our commitment to make Gensol a pledge-free company,” stated Jaggi in the release. All proceeds from the sale will be used to release pledged shares and repay associated loans.
The company noted that 1.01 crore shares are pledged with IREDA and PFC, while 0.89 crore shares are pledged as LAS. Following a transaction with Refex Mobility for EV vehicle sales, 0.26 crore pledged shares will be released, with the company working on similar transactions to release the remaining pledged shares.
Gensol Engineering Limited specializes in solar power EPC services and electric mobility solutions.
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