1:2 Stock Split Soon After Bonus Issue; Green Energy Stock Hits Back To Back 5% Lower Circuits; Do You Own?

Power generating company, KPI Green Energy has touched back-to-back lower circuits and Wednesday was no different. KPI Green locked at 5% lower circuit to Rs 1,668.85 apiece on BSE, in the early trade. This comes ahead of the stock's first-ever split in the ratio of 1:2 after the company rewarded investors with bonus shares. KPI is also set to pay the final dividend for FY24.

On June 5th, the stock opened at Rs 1,675.35 apiece, and did touch an intraday high of Rs 1,703.95 apiece, however, corrected significantly. Lower circuits mean that there are several sellers in a listed stock but no buyers, and that is what has happened in KPI Green shares two times in a row.

Currently, the stock froze at a 5% lower band to Rs 1668.85 apiece with a market cap of Rs 10,060.26 crore.

On the previous day, KPI Green shares froze at a 5% lower circuit as well and at that time the band was at Rs 1756.65 apiece.

KPI Green will be in focus in the coming weeks.

KPI Green Energy Stock Split:

The green energy player recommended a sub-division/split of existing equity shares of the Company from One equity share having a face value of Rs. 10/- (Rupees Ten only) each, fully paid-up, into 2 (Two) equity shares having a face value of Rs. 5/- (Rupees Five only) each, fully paid up.

The ratio of the stock split is 1:2. However, KPI has also said that the record date for the above sub-division/split of Equity Shares shall be decided after obtaining approval of the shareholders through a postal ballot and will be intimated in due course.

KPI Green Dividend:

The company is also scheduled to deliver a final dividend of 2% i.e. Re. 0.20 (Twenty Paisa only) per equity share of the face value of Rs.10/- each for the financial year 2023-24, subject to the approval of the Shareholders at the ensuing Annual General Meeting of the Company.

KPI Green Fundraising:

KPI Green announced fundraising through the issuance of equity shares of the Company ('Equity Shares') or any other equity-linked securities of the Company or other securities convertible into or exchangeable for Equity Shares by way of qualified institutions placement (including one or more qualified institutional placements in tranches) ('QIP').

The fundraising will be carried out in tranches for an aggregate amount of Rs 1,000 crore.

KPI Green Bonus Issue:

This year, in February, the company delivered a 1:2 bonus issue. The company allotted 2,00,94,203 equity shares having a face value of Rs.10/- each as bonus equity shares, in the ratio of One (1) equity share having a face value of Rs. 10/- each for every Two (2) existing equity share having face value of Rs. 10/- each.

KPI Green Energy Limited (Formerly known as K.P.I. Global Infrastructure Limited), is the Renewable vertical of KP Group and a prominent Gujarat-based Renewable power generating company. Incorporated in February 2008, focused on providing Renewable power through different Business verticals.

The company develops, builds, owns, operates and maintains Renewable power plants as an Independent Power Producer (IPP) and as a service provider to Captive Power Producers (CPP) under the brand name 'Solarism'.