Shares of KPI Green Energy Ltd rallied over 3% today after board of directors recommended on Thursday the issue of bonus equity shares in a proportion of 1:2. The company will issue one bonus equity share of Rs 5 each for every two existing shares of Rs 5 each, which is subject to the approval from the shareholders, according to an exchange filing.
The bonus shares will be dispatched within two months from the date of the board’s approval and on or before January 14, 2025.
The multibagger stock gained 3.46% to Rs 77.95 in early deals today. The power stock opened higher at Rs 760 against the previous close of Rs 750.90 on BSE. KPI Green Energy shares have gained 59.16% in 2024 and risen 100.85% in a year. The stock has climbed 454.34% in two years.
A total of 4142 shares of the firm changed hands, amounting to a turnover of Rs 31.66 crore on BSE. Market cap of the company stood at Rs 9943 crore on BSE.
The stock hit a record high of Rs 1116 on August 12, 2024 and a 52-week low of Rs 346.47 on November 16, 2023.
In terms of technicals, the relative strength index (RSI) of KPI Green Energy stands at 42, signaling it’s trading neither in the overbought nor in the oversold zone. The stock is trading lower than the 10 day, 20 day, 30 day, 50 day but higher than the 100 day, 150 day and 200 day moving averages.
KPI Green Energy said, “1. Considered and recommended issue of Bonus Equity Shares in the proportion of 1:2 i.e. 1 (One) bonus equity share of Rs. 5/- (Rupees Five) each for every 2 (Two) existing equity share of Rs. 5/- (Rupees Five) each fully paid up, held by the shareholders of the Company as on the record date, subject to the approval of shareholders through Postal Ballot. Details for issue of bonus equity shares in terms of SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123, dated July 13, 2023, is attached as Annexure – A. 2. Considered and approved alteration of the Capital Clause (Clause V) of the Memorandum of Association of the Company (MoA) inter alia to accommodate issue of Bonus equity shares.”
KPI Green Energy is a solar power generating company focused on providing solar power both as an Independent Power Producer (IPP) under the brand name of `Solarism’ and as service provider to Captive Power Producer (CPP) customers.
