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Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default

EntrackrEntrackr · 2m ago
Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default
Medial

Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default The Indian Renewable Energy Development Agency (IREDA) has moved the National Company Law Tribunal (NCLT) against Gensol Engineering Ltd, seeking insolvency proceedings over a Rs 510 crore loan default, according to a regulatory filing made to the Bombay Stock Exchange (BSE). As per the filing, IREDA has filed the application under Section 7 of the Insolvency and Bankruptcy Code (IBC), showing a significant step in its attempt to recover dues from the Ahmedabad-based renewable energy firm. Gensol, which has been active in engineering, procurement, and construction (EPC) services for solar power projects, as well as in the electric mobility space, had taken loans amounting to over Rs 977 crore from IREDA and Power Finance Corporation (PFC). Out of Rs 977 crore, around Rs 664 crore was allocated for purchasing EVs for BluSmart, an electric ride-hailing platform co-founded by Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi. This insolvency action comes just weeks after IREDA complained to the Economic Offences Wing (EOW), accusing Gensol of diverting funds and submitting false documents. The agency also said the company’s promoters reduced their shareholding without informing the lender. Following the controversy, market regulator SEBI barred both Jaggi brothers from holding any executive or directorial positions in listed companies. The duo stepped down from their respective roles on May 12. Gensol, once considered a rising player in India’s green mobility and solar infra push, is now facing a potential corporate insolvency resolution process (CIRP), subject to admission by the National Company Law Tribunal (NCLT).

Reliance Group’s ₹17,600 crore fundraising strategy set to offer capital for their expansion plans | Mint

LivemintLivemint · 9m ago
Reliance Group’s ₹17,600 crore fundraising strategy set to offer capital for their expansion plans | Mint
Medial

- Reliance Group companies, Reliance Infrastructure Ltd and Reliance Power Ltd, are set to implement their growth strategies with a fundraising of ₹17,600 crore and zero-debt status. - The companies have recently raised ₹4,500 crore through preferential issues of equity shares and ₹7,100 crore from Varde Partners through equity-linked long-term FCCBs. - An additional ₹6,000 crore will be raised through qualified institutional placement (QIP), with each company targeting ₹3,000 crore. - Shareholder approvals are expected by the end of the month for the resolutions that are in place. - With a conservative debt-to-equity ratio of 70:30, the fundraising will provide a total investment outlay of ₹50,000 crore for future business plans over the next few years.

Zomato secures Rs 8,500 Cr via QIP

EntrackrEntrackr · 7m ago
Zomato secures Rs 8,500 Cr via QIP
Medial

Zomato Limited announced on Friday that it has raised Rs 8,500 crore through a Qualified Institutions Placement (QIP) of equity shares. Last week, the foodtech firm received shareholders’ approval for the fundraise. The issuance involved 33,64,73,755 equity shares at Rs 252.62 each, including a premium of Rs 251.62 per share. This issuance price represents a 5% discount on the determined floor price of Rs 265.91 per share, the company informed in its stock exchange filings. This capital infusion is expected to bolster Zomato's financial position, facilitating business expansion and strategic initiatives, especially in the quick commerce space via Blinkit. The offering, which opened on November 25 and closed on November 28, received approval from Zomato’s Fund Raising Committee during its meeting held earlier today. Prominent mutual funds, such as ICICI Prudential and Motilal Oswal, were among the significant allottees, with the latter acquiring a total of 6.92 crore shares, accounting for 20.81% of the issue size. After the transaction, Zomato’s paid-up equity share capital has risen to Rs 917.28 crore. For the fiscal year ending in, Zomato achieved a remarkable 68.5% quarter-on-quarter growth in operating revenue, reaching Rs 4,799 crore in Q2 FY25 from Rs 2,848 crore in Q2 FY24. The company also recorded a 4.8x increase in net profit to Rs 176 crore in the September quarter. A recent report by Motilal Oswal highlights that Blinkit, owned by Zomato, dominates the quick commerce market with a 46% share. Zepto holds the second position with a 29% share, while Swiggy Instamart follows in third place with a 25% market share. Compared to the closing price of last Friday (November 22), Zomato saw a 6.8% rise to Rs 282 per share at 11:30 AM on November 29, 2024. The company’s market cap currently stands at around Rs 2,35,481 crore or $28 billion, while its closest rival, Swiggy, is trading at Rs 470 per share with a market cap of Rs 90,712 crore or $10.7 billion.

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