Latest news with #Ireda
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Business Standard
3 days ago
- Business
- Business Standard
Ireda share price slips 2% after company launches ₹5,000 crore QIP
Indian Renewable Energy Development Agency (Ireda) share price slipped 2.3 per cent in trade on Friday, June 6, 2025, logging a day's low at ₹172.4 per share on BSE. The selling pressure on the counter came a day after the company's qualified institutional placement (QIP) was launched. At 9:46 AM, Ireda shares were trading 1.44 per cent lower at ₹173.95 per share on the BSE. In comparison, the BSE Sensex was down 0.28 per cent at 81,210.85. The market capitalisation of the company stood at ₹46,713.35 crore. The 52-week high of the stock was at ₹310 per share and the 52-week low of the stock was at ₹137 per share. In the past one year, Ireda shares have lost 1 per cent as compared to Sensex's rise of around 8 per cent. Ireda QIP launch On Thursday, after market hours, the company launched its ₹5,000 crore QIP. The floor price for the same was fixed at ₹173.83 per share which translated to a 1.5 per cent discount from the previous close of ₹176.5 per share. "We further wish to inform you that the 'Relevant Date' for the purpose of the QIP, in terms of Regulation 171(b)(i) of the SEBI ICDR Regulations, is June 5, 2025; and accordingly, the Floor Price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 176(1) of the Sebi ICDR Regulations, is ₹173.83 per Equity Share. Pursuant to Regulation 176(1) of the SEBI ICDR Regulations and special resolution of the Shareholders dated February 24, 2025, the company may offer a discount of not more than 5 per cent (five percent) on the Floor Price so calculated for the QIP," the filing read. In a board meeting on January 23, 2025, the fundraising up to ₹5,000 crore through QIP was approved. "The raising of funds by issue of equity shares through a qualified institutions placement (QIP), in one or more tranches, under applicable laws, for an amount aggregating up to ₹5,000 Crore (Rupees Five Thousand Crore only) or an equivalent amount thereof (inclusive of such premium as may be fixed on such equity shares), provided the shareholding of the President of India," the filing read. About Ireda Ireda is a 'Navratna' Government of India Enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). The company is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
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Business Standard
6 days ago
- Business
- Business Standard
Gensol, BluSmart face insolvency heat as NCLT issues fresh notices
Amid mounting trouble, the National Company Law Tribunal (NCLT) on Tuesday served notices to EV ride-hailing firm BluSmart Mobility Ltd and Gensol Engineering Ltd in connection with three insolvency pleas filed by financial creditors citing outstanding payments. Two of the petitions, filed by Spectrum Trimpex Pvt Ltd and Catalyst Trusteeship Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), allege that BluSmart defaulted on dues of ₹1 crore each, reported Mint. Meanwhile, Equentia Financial Services Pvt Ltd has alleged that Gensol Engineering owes it nearly ₹9 crore. The tribunal ordered the firms to file their responses within seven days. ALSO READ: NCLT allows govt to freeze Gensol Engineering accounts in fraud probe Mounting dues Last month, state-run Indian Renewable Energy Development Agency (Ireda), also filed a petition under Section 7 of the IBC against Gensol Engineering after the company defaulted on a ₹510 crore loan, the company said in a stock exchange filing. Similarly, the Centre filed a petition against Gensol through the Ministry of Corporate Affairs (MCA) citing grave violations of corporate governance norms, diversion of funds, and financial misstatements. Ireda's plea has been listed for June 11, while MCA's matter will be taken up on June 13. ALSO READ: MCA aims to complete Gensol Engineering probe in three to five months Accounts frozen Last week, the tribunal also allowed the Centre to freeze the bank accounts and lockers of Gensol Engineering Ltd, its 10 subsidiaries, and several individuals after multiple investigations revealed major financial irregularities. ALSO READ: Gensol CFO resigns amid regulatory probes, cites data disarray, chaos What the case is about Gensol Engineering came under regulatory scrutiny when market regulator Securities and Exchange Board of India (Sebi) initiated an investigation in June 2024 following complaints of share price manipulation and fund diversion by the company's promoters. The probe followed an interim order issued on April 15, 2025, wherein Sebi barred Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the securities market and holding key managerial positions within the company. The investigation revealed that Gensol had secured loans totalling approximately ₹977.75 crore from institutions like Ireda and Power Finance Corporation (PFC) for the procurement of electric vehicles. However, only a portion of these funds was utilised for the intended purpose, with the remainder allegedly diverted for personal expenses and unrelated investments, including a luxury apartment in Gurugram.
Time of India
22-05-2025
- Business
- Time of India
Ireda moves DRT against Gensol entities
MUMBAI: Indian Renewable Energy Development Agency ( Ireda ) moved the Debt Recovery Tribunal (DRT), Delhi, against Gensol Engineering and Gensol EV Lease over a default of Rs 729 crore, the state-owned power financier said in a stock exchange filing on Wednesday. The application was filed on May 20 under Sec 19 of The Recovery of Debts and Bankruptcy Act, 1993. The company is seeking to recover Rs 510 crore from Gensol Engineering and Rs 219 crore from Gensol EV Lease. Ireda has also taken the two Gensol entities to the Insolvency court . Troubles at Gensol unfolded after a Sebi investigation last month revealed that the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, systematically used loans from several creditors, taken in the name of Gensol, to buy a luxury flat, inflate Gensol's stock price, for personal use through their private ventures, and for purposes other than those for which the loans were taken. They were also found to have forged no-default letters from lenders like Ireda and PFC to falsely project there was no default by the company. In April, Ireda filed a complaint with the Economic Offences Wing (EoW) against Gensol. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
16-05-2025
- Business
- Time of India
NCLT to hear Ireda's insolvency plea against Gensol next month: Report
The National Company Law Tribunal ( NCLT ) has issued a notice to Gensol Engineering following the insolvency plea filed against it by the Indian Renewable Energy Development Agency ( Ireda ), a report said. A bench of NCLT judicial member Shammi Khan and technical member Sanjeev Kumar Sharma instructed notice to be served to Gensol on all modes and list the matter for hearing on June 3, according to a report by Bar & Bench. Ireda had sought insolvency proceedings against Gensol Engineering over a default of Rs 510 crore, according to an exchange filing from the power financier on Wednesday. The plea has been filed under Section 7 of the Insolvency and Bankruptcy Code. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo The notice comes close on the heels of cofounders Anmol Singh Jaggi and Puneet Singh Jaggi resigning from Gensol a month after Securities and Exchange Board of India ( Sebi ) barred them from holding key positions following charges of wrongdoing against them. The markets regulator has charged them with diverting funds raised by the company for personal luxury expenses and defaults. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories
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Business Standard
15-05-2025
- Business
- Business Standard
Gensol Engineering hit 5% upper circuit for third day in row; Details here
Gensol Engineering share price hit a 5 per cent upper circuit in trade on Thursday, at ₹63.14 per share on BSE for the third consecutive session. The northward movement in the stock came after the company's Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi resigned amid alleged fund diversion. At 12:25 PM, Gensol Engineering shares were up 5 per cent at ₹63.14 per share on the BSE. In comparison, the BSE Sensex was down 0.16 per cent at 81,202.74. The market capitalisation of the company stood at ₹239.95 crore. The 52-week high of the stock was at ₹1,125.75 per share and the 52-week low of the stock was at ₹51.84 per share. Gensol Engineering fund diversion case In April, the Securities and Exchange Board of India (Sebi) issued an interim order against Anmol Singh Jaggi and Puneet Singh Jaggi over alleged fund diversion and fraudulent practices. Furthermore, the market regulator directed Gensol Engineering to halt the proposed stock split. SEBI stated that the funds were allegedly used for luxury real estate purchases, complex fund routing, and the misuse of public company resources as though they were personal assets. Sebi began investigating the company after multiple complaints and subsequent downgrades of Gensol's credit ratings by CARE Rating and Icra due to delays in servicing debt obligations by BluSmart Mobility, a related party of Gensol. In the latest development, Indian Renewable Energy Development Agency (Ireda), a state-run financier, has filed a petition under Section 7 of the Insolvency and Bankruptcy Code against Gensol Engineering after the company defaulted on a ₹510 crore loan. If the National Company Law Tribunal (NCLT) admits the insolvency petition, all creditors of the company are expected to file their claims with the court-appointed resolution professional for debt resolution, while the value of equity holdings is likely to be wiped out. On April 25, Ireda initiated an internal review in accordance with Reserve Bank of India (RBI) guidelines and its own due diligence procedures. The review revealed that the promoters had diluted their shareholdings without obtaining the necessary approval from lenders, thereby breaching the terms of the contract. As a result, Ireda filed a complaint with the Economic Offences Wing against Gensol on April 24 regarding these issues.
