KPI Green share rises over 3% on 1:2 bonus issue announcement; details

KPI Green share price: Solar power company KPI Green shares were buzzing in trade on Monday, November 18, 2024 as the scrip soared up to 3.46 per cent to hit an intraday high of Rs 776.95 per share.

 

However, at 10:16 AM, the KPI Green scrip was off highs and was trading 2.20 per cent higher at Rs 767.45 per share. In comparison, BSE Sensex was trading 0.31 per cent lower at 77,338.37 levels.

 

The uptick in KPI Green share price came after the company announced that the Board of Directors of the company, on November 14, 2024, considered and recommended issue of Bonus Equity Shares in the proportion of 1:2 that is one bonus equity share of Rs 5 each for every two existing equity share of Rs 5 each fully paid up, held by the shareholders of the Company as on the record date, subject to the approval of shareholders.

 

In an exchange filing, KPI Green said, “We wish to inform you that the meeting of the Board of Directors of the Company held today i.e. November 14, 2024 at the registered office of the Company, wherein Board of Directors, inter alia, has considered and recommended issue of Bonus Equity Shares in the proportion of 1:2 i.e. 1 (One) bonus equity share of Rs. 5/- (Rupees Five) each for every 2 (Two) existing equity share of Rs 5 (Rupees Five) each fully paid up, held by the shareholders of the Company as on the record date, subject to the approval of shareholders through Postal Ballot.”

 

A bonus equity share, or a bonus share, is a free additional share of a company that is given to existing shareholders.

 

Established in 2008, KPI Green Energy Ltd operates as a subsidiary of KP Group. Specialising in renewable energy, the company undertakes the complete lifecycle of solar and wind solar hybrid power projects. It functions both as an Independent Power Producer (IPP) and service provider for Captive Power Producers (CPPs) under its ‘Solarism’ brand, offering development, construction, ownership, management, and maintenance services for renewable power facilities.

 

The market capitalisation of the company is Rs 10,073.58 crore, according to BSE. The 52-week high of the stock is Rs 1,116 while its 52-week low is Rs 346.07 per share.