KPI Green Energy hits new high on fresh order, stock up 250% in a year

Shares of KPI Green Energy jumped more than 3 percent to a fresh 52-week high after its arm, KPIG Energia Pvt Ltd, received an order for a solar power projects.

Sanwariya Processors Pvt Ltd has asked KPIG Energia to build 2 MW solar power projects, which are to be completed by FY25, in various tranches as per the terms of the order, the company said in a filing.

At 11:30 am, KPI Green Energy was trading at Rs 1,507 on the National Stock Exchange (NSE), up 0.6 percent from the previous close.

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KPI Green Energy is a solar power generating company that provides power both as an Independent Power Producer (IPP) under the brand name of Solarism and as service provider to Captive Power Producer (CPP) customers.

Recently, the company announced a bonus issue of one share for every two held, the record date for which is yet to be determined. This is the second instance of KPI Green issuing bonus shares.

In January 2023, it issued one bonus share for every one held. KPI Green also completed a fundraise of Rs 300 crore through a QIP issue recently. Societe Generale, BoFA Securities, Goldman Sachs and Quant MF were some of the funds that were issued shares through the offer.

The management said in October it would raise funds via the QIP for a project in Gujarat which is said to be worth Rs 900 crore. It plans to take a debt of Rs 550 crore, which will take the total borrowing to Rs 1,100 crore.

KPI Green’s solar portfolio is worth 356 MW and the company’s management expects its debt-to-equity ratio to be at 2:1.

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The stock has more than tripled investors’ money in the last year, logging gains of over 250 percent. In comparison, benchmark Nifty 50 has risen around 22 percent. In just the past six months, the stock has surged nearly 74 percent.

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