Gensol Engineering is a solar advisory and execution services company with a market cap of Rs.1540 crore. The stock today opened almost 2% up at Rs.1360 and soon went on to hit the 5% UC of the day at Rs.1404.10.

The market has given it a thumbs up – the promoters sold a 10% stake to a pool of Indian and international investors to raise Rs 140 crore.

The money raised is to be used to fund its ambitious project of setting up an electric vehicle manufacturing unit at Chakan, Pune, starting next year and also expand its solar EPC business.

The company hopes to start production from Q1 of 2023, with a capacity of 14,400 cars with deliveries expected to begin from 2024.