KPI Green Bonus Share Announcement
KPI Green Energy Ltd. has declared its intention to issue one bonus share for every two shares held, marking the second occasion of such a distribution to its shareholders. The earlier issuance, granting one bonus share for each held, took place in January of the preceding year. The recent decision was communicated through an exchange filing following a board meeting on December 30, 2023. The record date for the bonus share issuance is yet to be determined.
Fundraising and Project Development
KPI Green recently concluded a successful fundraise amounting to ₹300 crores through a Qualified Institutional Placement (QIP). Key participants in the QIP included Societe Generale, BoFA Securities, Goldman Sachs, and Quant MF. The funds raised are earmarked for a significant project in Gujarat valued at ₹900 crores. The company’s management disclosed plans to incur a debt of ₹550 crores for the same project, bringing the total debt to ₹1,100 crores.
Financial Outlook
As of now, KPI Green’s solar portfolio stands at an impressive 356 MW. The management anticipates maintaining a debt-to-equity ratio of 2:1. In the year 2023, KPI Green Energy’s shares exhibited a notable performance, concluding the week with a 10% increase and achieving a cumulative gain of 225% for the entire year.