Shares of KPI Green Energy hit a 52-week high of Rs 1,540 on 12 January after the company’s arm secured a new order for a solar power project.

In its regulatory filing, the company said that its wholly-owned subsidiary, KPIG Energia Private Limited, has received an order to build a 2-megawatt solar power project under the ‘Captive Power Producer (CPP)’ Segment of the Company.

The company has to execute the order in the upcoming fiscal year in various tranches as per the terms of the order.

The company is a solar power generating company that provides power both as an Independent Power Producer (IPP) under the Solarism brand and offers services to Captive Power Producer (CPP) clients.

Earlier, the company announced a bonus issue, with an unspecified record date, that will award one share for every two held in the company. This is the second such instance of the company issuing bonus shares. In January 2023, the company had revealed a bonus issue of 1:1.

Every share held was rewarded with one bonus share in January 2023. KPI Green also finished raising Rs 300 crore through a QIP issue. A number of funds were issued shares through the offer, including Societe Generale, BoFA Securities, Goldman Sachs, and Quant MF.

In October of last year, the management declared that it would use the QIP to raise money for an estimated Rs 900 crore project in Gujarat. It intends to borrow up to Rs 1,100 crore in total, including Rs 550 crore in debt.

The management of KPI Green anticipates that the company’s debt-to-equity ratio will be 2:1 and that the company’s solar portfolio is worth 356 MW.

At 3:30 pm, the shares of KPI Green Energy closed 0.82% higher at Rs 1,509 on NSE.