Gensol Engineering shares in focus today, here's why 

Gensol Engineering Ltd shares are in news today after the company said its promoters have infused Rs 29 crore through the conversion of warrants into equity.In a filing to the stock exchanges, the company stated that the warrants would be converted into 4,43,934 equity shares at a price of Rs 871 per share.

In the previous session, the renewable energy stock fell 5% to Rs 305.15 on BSE. Market cap of the firm slipped to Rs 1,159.64 crore. Total 1.53 lakh shares changed hands amounting to a turnover of Rs 4.74 crore on BSE.

"This step reaffirms the promoters’ deep-rooted commitment to Gensol’s strategic expansion in renewable energy and electric mobility, ensuring the company is wellcapitalized. This investment follows a recent strategic decision by the promoters to unlock liquidity through an equity stake sale with proceeds reinvested into the company," said the firm

The company's board would consider a stock split along with various fundraising options, including equity issuance and foreign currency convertible bonds, in its upcoming meeting on March 13.

The stock has fallen nearly 50% in the last ten sessions. The stock fell on Monday after the promoters offloaded 2.3 percent stake in the company. The promoters have sold approximately 2.37 percent of total equity shares of the company, amounting to 9 lakh shares.

ICRA and CARE have given credit downgrades to the company.

Last week, credit ratings agency CARE Ratings downgraded the company’s long-term and short-term bank facilities due to delays in servicing its term loan obligations. ICRA too downgraded its credit rating for Gensol Engineering.

Gensol Engineering is a part of the Gensol group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants.