Shares of KPI Green Energy Ltd. dropped by 3% after reaching a day’s high of Rs 902.50 on 26th September, despite the company receiving a letter of award (LoA) to develop a hybrid power project of 66.20 megawatts (MW) under the captive power producer (CPP) segment.

The firm received an order from Sai Bandhan Infinium Pvt. Ltd. to develop a hybrid power project, which is tentatively scheduled for completion by July 2025 in various phases.

Earlier this month, the company secured approvals from the Chief Electrical Inspector (CEIG) for a 12.72 MW wind-solar hybrid power project, also to be developed under its captive power producer (CPP) business segment.

Additionally, the company received CEIG approval to construct 16 MW of solar power projects within its CPP business segment.

The company recently raised Rs 1,000 crore through a Qualified Institutions Placement (QIP) at an issue price of Rs 935 per equity share, which includes a premium of Rs 930 per share.

After the share allotment under the QIP, the company’s paid-up capital increased to Rs 65.63 crore, comprising 13,12,60,403 equity shares with a face value of Rs 5 each.

The stock has surged by almost 86% year-to-date. The company’s market capitalisation dropped to Rs 11,655 crore.

At 12:10 PM, the shares of KPI Green Energy were trading 1.44% lower at Rs 885.10 on NSE.

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