KPI Green Energy shares rose nearly 2% on August 27, following the company’s announcement that its subsidiary received Letters of Intent (LoI) for new solar power projects. The company’s wholly-owned subsidiary, Sun Drops Energia Private, will execute these projects, totaling 13.3 Megawatts (MW) under the ‘Captive Power Producer (CPP)’ segment. The orders were awarded by Sumicot Ltd, Ekta Prints Pvt. Ltd, Radhika Fabrics, and Sanjopin Industries Pvt. Ltd., with the projects expected to be completed in the financial year 2024-25.
The stock opened at ₹917, up about 1% from the previous close of ₹908.7. It rose 1.7% during the day, reaching an intraday high of ₹925 per share on the NSE. This positive movement reflects investor optimism following the announcement.
On August 16, KPI Green Energy’s board approved the issuance of 1,06,95,187 equity shares with a face value of ₹5 each to Qualified Institutional Buyers at ₹935 per share. The issue included a premium of ₹930 per share, with a discount of ₹48.24, which was 4.91% off the floor price of ₹983.24. The company raised ₹1,000 crore through this Qualified Institutional Placement (QIP).
Following the share allotment, KPI Green Energy’s paid-up capital increased from ₹60.28 crore to ₹65.63 crore. The total number of shares rose from 12,05,65,216 to 13,12,60,403.
Morgan Stanley Asia (Singapore) was the largest allottee, receiving 40.89% of the shares, while BOFA Securities Europe SA – ODI was the second-largest, receiving 6.89% of the shares. Despite these developments, KPI Green Energy shares were trading slightly lower at ₹907.35, down by 0.08% at 1:50 PM on August 27.
