Gensol Engineering has decided to raise ₹6 billion (~$68.9 million) by issuing ₹4 billion (~$45.9 million) worth of foreign currency convertible bonds and ₹2 billion (~$22.9 million) from warrants to promoters.

Through this fundraising, the company aims to reduce debt, and maximize value for its stakeholders.

Currently, the company is under a debt of ₹11.46 billion (~$131.6 million) against reserves of ₹5.89 billion (~$67.6 million). After achieving the targeted fundraise, the company’s reserves are expected to reach ₹12 billion (~$137.8 million), improving its current debt-equity ratio from 1.95 to 0.44.

Additionally, with ₹6.16 billion (~$70.7 million) of divestments underway, including the sale of vehicles and a subsidiary, Gensol’s debt will reduce to approximately ₹5.3 billion (~$60.8 million).

Anmol Singh Jaggi, Managing Director, Gensol Engineering, said the company’s priority is to strengthen its balance sheet.

Gensol has executed over 770 MW of solar projects, including rooftop, ground-mount, and floating installations. The company also has an electric vehicle (EV) manufacturing facility in Chakan, Pune, and provides EV leasing solutions.

The company reported consolidated revenue of ₹3.45 billion (~$39.69 million) in the third quarter of the financial year 2025, a 30% year-over-year increase from ₹2.66 billion (~$30.6 million.

Gensol recently signed a ₹3.5 billion (~$40.1 million) non-binding term sheet to sell its U.S. subsidiary, Scorpius Trackers, to an undisclosed renewable energy solution provider. The deal will be completed in two tranches, with full close expected by March.

In January this year, Gensol partnered with Refex Green Mobility to transfer 2,997 electric four-wheelers and the associated debt of ₹3.15 billion (~$36.43 million).

The company posted consolidated revenue of ₹3.45 billion (~$39.69 million) in the third quarter of the financial year 2025, a 30% year-over-year increase from ₹2.66 billion (~$30.6 million). Profit after tax came in at ₹180 million (~$2.07 million).