Gensol Engineering Limited has approved a fundraise of up to Rs 6 billion to strengthen its balance sheet and accelerate its zero net-debt goal. The fundraise includes Rs 4 billion through foreign currency convertible bonds (FCCBs) and Rs 2 billion through the issuance of warrants to promoters. Additionally, the company is undertaking divestments, including vehicle sales and the sale of a subsidiary, to further enhance financial stability. With reserves expected to rise to Rs 12 billion and debt reducing to approximately Rs 5.3 billion from ongoing divestments worth Rs 6.15 billion, the company’s debt-equity ratio is set to improve from 1.95 to 0.44.
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